How many investments has Theia Ventures made?

Theia Ventures has 20 tracked investments, including 2 dated in the last 24 months.

What stage does Theia Ventures invest at?

Theia Ventures invests at the Pre-Seed, Seed, Series A stages.

Does Theia Ventures lead rounds?

Yes, Theia Ventures leads investment rounds.

Who does Theia Ventures co-invest with?

Theia Ventures most often shares deals with Alteria Capital, Accel, Better Capital, among 20 tracked co-investors.

Theia Ventures

Venture capital

Pre-Seed–Series A · 12 people tracked

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Find your way into Theia Ventures

3,965 people in our graph share verified history with the Theia Ventures team — schools, employers, funds. One of them is your warm intro.

Adrian Lloydunlockedknows Piyush Mathur · together at Marakon Associates (overlapped)

knows the team · via Marakon Associates

knows the team · via Engie

knows the team · via Standard & Poor's

×2knows the team · via Accion

knows the team · via Schneider Electric

✨ Fox Verdict

Investment thesis

Theia Ventures invests at the early stage in founders with deep technical insight and first-hand problem understanding. Grounded in the Indian ecosystem while aiming for worldwide impact, the firm focuses on foundational models spanning advanced materials, industrial decarbonization, AI-enabled circular systems, and power and industrial systems. It backs category creators who define markets by building foundational infrastructure, and proprietary technologies that shift industry economics to enable new outcomes. Beyond providing capital, the firm engages hands-on with founders—refining strategy, challenging assumptions, and opening doors—positioning itself as a partner focused on both mission and execution in hard-to-abate and deep-tech sectors.

Invests inAgTech Cleantech Climate Tech Deep Tech Energy Hardware Mobility & Transportation New Materials Europe Global India

Source: firm website, verified Aug 7, 2026.

Stage

Pre-Seed–Series A

Leads rounds

Leads

Last 12 months

2 investments

Tracked investments

Team · 12 people

from the firm's website & curated & public directories

Priya Shah· Founder and General Partner· Mumbai, Maharashtra, Indiain

Investor with over 19 years of experience in finance and venture capital across the US, UK and India, having held roles at Simpa Networks, Yunus Social Business, Acumen, British International Investment and Bloomberg. Holds an MBA from Cambridge Judge Business School and a BA from Brown University.

Piyush Mathur· Venture Partner· New Delhi, Delhi, Indiain

Venture Partner with around 17 years across clean energy, climate tech and global investing. Co-founder and MD of Odyssey Energy Solutions and former CEO of Simpa Networks, with prior VC and advisory experience at Frontiers Capital, KPMG and Deloitte. Holds an MBA from London Business School.

Sanjay Shah· Venture Partner· Bengaluru, Karnataka, Indiain

Venture Partner with over 30 years as a technology leader, serial entrepreneur and angel investor across India and the US. Founded six startups, invests through the Indian Angel Network, and has held leadership roles at the Wadhwani Foundation, iManage and Schneider Electric. IIT Bombay and Virginia Tech alum.

Alankrita Vaid· Investment Analyst· Bengaluru, Karnataka, Indiain

Joined Theia from McKinsey & Company with 2.5 years in management consulting focused on strategy, growth and PE due diligence for US healthcare clients, and previously interned at Deutsche Bank. Holds an engineering degree from BITS Pilani and has cleared all three CFA levels.

Anun Sood· Investment Analyst· Bengaluru, Karnataka, Indiain

Joined Theia from Suzuki's Next Bharat Ventures and was previously a management consultant at Dalberg Advisors working on climate and energy mandates. Holds degrees from Lady Shri Ram College and the National Law School of India University.

Harsh Bihani· Head of Finance· Bengaluru, Karnataka, Indiain

Finance leader with over nine years of experience, previously heading finance at Earlsfield Capital and managing finance operations at CarDekho Group, with earlier roles at EY and Infosys. A Chartered Accountant and Company Secretary.

Konain Mizba· Venture Scouting Lead· Bengaluru, Karnataka, Indiain

Venture Scouting Lead on the Investments team, previously at NSRCEL–IIM Bangalore working with early-stage startups in sustainable mobility and climate tech. Holds a Master's in Nanoscience and Technology.

Manish Sinha· Investment Committee — Head & Director of Venture Building, NTUitive· Singapore, Singaporein 𝕏

Investment Committee member; Head and Director of Venture Building at NTUitive.

Paarul Dudeja· Investment Committee — MD, Working Capital Fund· Washington, District of Columbiain

Paarul Dudeja is a Managing Partner at Working Capital Fund, focused on investing in equitable and sustainable supply chains. She identifies and evaluates investments aligned with the fund's mission, leads due diligence and deal execution, and manages portfolio companies with emphasis on ESG integration and outcomes measurement. Her background spans investing and entrepreneurship across multiple sectors and geographies.

p•••@workingcapitalfund.comreveal

Richard Damania· Advisor — Chief Economist, World Bank· Bethesda, Maryland, United Statesin

Advisor to Theia Ventures; Chief Economist at the World Bank.

Pavan Krishnamurthy· Member-Investment Committee· Bengaluru, Karnataka, Indiain

A venture capitalist and finance leader with over 25 years of experience; Founder of Cocreate Venture Technology and Partner at Ojas Venture Partners. Previously held leadership roles at Ernst & Young and PwC and served as CFO for venture-backed companies.

Rama Kannan· Advisory Board Member· Bangalore, Indiain

Coach and mentor with two decades in strategy and marketing across corporate and development sectors in India and Asia Pacific. Serves as independent director on two boards.

What they invest in

from 18 of 20 portfolio companies

Cleantech ×9Climate Tech ×7Energy ×7New Materials ×6Media & Entertainment ×5AI & Machine Learning ×4Deep Tech ×4Circular Economy ×3

HQs:India×15

Who they back

founder profiles across 11 portfolio companies

55%

solo founders

6 of 11 mapped founding teams

20%

repeat founders

of 15 founders with career history

Founding team size:solo founder×62 founders×33 founders×14+ founders×1

Where their founders studiedfrom 16 founders with education data

Clemson University ×2Delhi University ×2Indian Institute of Technology, Madras ×2Indian Institute of Technology, Roorkee ×2Massachusetts Institute of Technology ×2

What their founders studiedfrom 16 founders with field-of-study data

Engineering ×8Business & Management ×3Design & Architecture ×3Computer Science ×2

Where their founders worked beforefrom 15 founders with career history

Iamwire ×2Lilium ×2

Investments · 20 tracked

founders shown can be your intro path

By year:2025 · 2 2023 · 1 2022 · 14 dated

Altmaltm.bio in

altM is a materials company that develops sustainable, low-carbon alternate materials including thermoset binders, silica, rheology modifiers, and cellulosic pulp, enabling customers to build low carbon footprint product lines.

CleantechClimate TechNew MaterialsBengaluru, IN

Yugal Raj Jain(Founder)in

Bisinfotechbisinfotech.com in 𝕏

Phancy Group is a full-stack AI cloud services platform that provides heterogeneous GPU/NPU orchestration, model management, and AI infrastructure solutions for enterprise-scale deployments.

AI & Machine LearningCloud ComputingEnterprise SoftwareMarketing TechMedia & EntertainmentSaaSIndia, IN

Dai Wenyuan(Founder & CEO)

Canvaloopcanvaloop.com in

Canvaloop uses a closed-loop process to convert agricultural waste into textile-grade fibres, aiming to reduce water use and prevent crop-residue burning.

Circular EconomyClimate TechNew Materials

Co-investorsGVFL Ltd.

Climitraclimitra.com inNov 2025

Climitra builds a vertically integrated platform that converts India's waste biomass into bio-coal and removes carbon dioxide at scale for industrial decarbonization.

Circular EconomyCleantechClimate TechNew Materials

Aryaman Mihir Seth(Founder)in

Co-investorsMomentum Capital

DashamLabsdashamlabs.com in

DashamLabs develops silica aerogel flexible insulation sheets using process innovations aimed at making high-performance thermal insulation cost-efficient and scalable.

CleantechDeep TechNew MaterialsRewari, IN

Ankit Jhanwar(Co-Founder & CEO)in Dr. Apoorv Balwani(Co-Founder & CTO)in Devakar Dhingra(Co-Founder & CCO)inDr. Neha Hebalkar(Inventor Co-Founder & Scientific Advisor)in

Co-investorsIIMA Ventures

Earthsyncearthsync.io in

Earthsync provides an integrated marketplace and procurement platform for renewable energy projects, automating RFP creation, asset listing, and proposal comparison across 50+ metrics for IPPs, developers, and corporate buyers seeking decarbonization solutions.

AI & Machine LearningB2B MarketplacesCleantechClimate TechEnergySaaS

Mehul K.(Founder)in

Edgegridedgegrid.com in 𝕏Mar 2022

EdgeGrid operates an open platform and shared-energy model that lets homeowners, commercial buildings, tenants, and mobility firms connect, transact, and earn income from solar and climate-friendly power.

CleantechClimate TechEnergyHyderābād, IN

Vamsi TP(Founder)in

Energetica Indiaenergetica-india.net 𝕏

Omnimedia Group is an international publishing company specializing in technical magazines for energy, construction, tourism, pharmaceutical and life sciences industries.

EnergyMedia & EntertainmentNew Delhi, IN

Co-investorsAlteria Capital BlackSoil Blume Ventures Elevation Capital InnoVen Capital Lightspeed Venture Partners +6 more

Exponent Energyexponent.energy in 𝕏

Exponent develops battery packs and charging systems optimized for rapid charging of electric vehicles, particularly buses and commercial EVs, in India.

Climate TechEnergyMobility & TransportationBengaluru, IN

Sanjay Byalal Jagannath(Founder)in

Co-investorsAdvantedge Founders 3one4 Capital Eight Roads Ventures Hitachi Ventures Hitachi, Ltd.Lightspeed Venture Partners +1 more

Expresspharmaexpresspharma.in 𝕏

Express Pharma is India's leading business publication for the pharmaceutical industry, offering news, analysis, and insights across market trends, management practices, drug development research, and HR topics for pharma professionals.

Media & EntertainmentNot stated, IN

inc42inc42.com in 𝕏

Inc42 is an Indian startup-focused media and education company that runs hands-on training programs for founders, including courses on direct-to-consumer brand building and startup management.

EdTechFuture of WorkMedia & Entertainment

Vaibhav Vardhan(Founder)in Pooja Sareen(Founder)inUtkarsh Agarwal(Founder)in

Co-investorsAlkemi Growth Capital Alteria Capital Arkam Ventures Colossa Ventures Courtside Ventures Golden Sparrow Ventures, Llc +8 more

Lemniscalemnisca.bioNov 2025

Lemnisca Bio builds AI-native digital twins ("flight simulators") that model bioprocess behavior using machine learning combined with metabolic and reactor physics rules, helping make precision fermentation and biomanufacturing predictable and scalable.

AI & Machine LearningBiotechDeep Tech

Pushkar Pendse(CEO & Co-founder)Shilpa Nargund(CTO & Co-founder)

Metastablemetastable.in inApr 2023

Metastable extracts critical metals like cobalt, lithium, copper and aluminium from recycled materials using proprietary carbothermal reduction technology, producing them in standard commodity forms for reuse.

Circular EconomyCleantechDeep TechEnergyNew Materials

Co-investorsSpeciale Invest Surge

Novytenovyte.in

Novyte offers an AI-driven, self-improving system for materials research and development, aiming to replace intuition-based, high-trial experimentation with a guided loop that moves from idea to industrial scale.

AI & Machine LearningDeep TechNew Materials

PipeCandy** Sales Prospecting𝕏

Media & Entertainment

Co-investorsAlteria Capital Axilor Ventures Brand Capital International Endiya Partners Silicon Ventures

Probusprobus.io

Probus provides IoT and advanced analytics solutions to help companies enhance operational effectiveness through real-time data monitoring and analysis.

CleantechClimate TechData & InfrastructureEnergyIoT

Co-investorsUnicorn India Ventures

Sarla Aviationsarla-aviation.com in 𝕏

Sarla Aviation develops Shunya, an eVTOL flying taxi designed for affordable mass urban transportation, with cabin configurations for passengers, cargo, and medical response.

CleantechHardwareMobility & TransportationBengaluru, IN

Rakesh Gaonkar(Co-Founder)inAdrian Schmidt(Co-Founder & CEO)in

Co-investorsAccel

Varahavaraha.earth in

Gurgaon, IN

Vishal Kuchanur(Founder)

Co-investorsBetter Capital RTP Global AgFunder

Voltsealvoltseal.in in

VoltSeal builds battery energy storage systems (BESS) that store electricity when it is cheap or abundant, such as midday solar generation, and discharge it during peak-price evening hours.

CleantechEnergyHardwareNew Delhi, IN

Abhijeet Pandey(Founder)in Mudit Narain(Founder)in

Other

Tracked investments with no reachable website or further public details — typically companies that wound down, renamed, or were absorbed.

Novyte Materials

Portfolio news

latest coverage across their companies

Helionis Labs Raises Pre-Seed Funding from Transition VC to Advance Thermal Management Technology - Asia Pacific | Energetica India Magazine

Energetica India · energetica-india.net · Jun 9, 2026

Frequently asked questions

How many investments has Theia Ventures made?: Theia Ventures has 20 tracked investments, including 2 dated in the last 24 months.
What stage does Theia Ventures invest at?: Theia Ventures invests at the Pre-Seed, Seed, Series A stages.
What sectors does Theia Ventures focus on?: Theia Ventures focuses on AgTech, Cleantech, Climate Tech, Deep Tech, Energy, Hardware, Mobility & Transportation, New Materials.
Does Theia Ventures lead rounds?: Yes, Theia Ventures leads investment rounds.
Who does Theia Ventures co-invest with?: Theia Ventures most often shares deals with Alteria Capital, Accel, Better Capital, among 20 tracked co-investors.

Media · Podcasts & interviews

featuring the team

Exceed The Brief with Dr. Sanjay Arora | Priya Shah - Founder, Theia Ventures | Episode 1

Dr Sanjay Arora · Priya Shah

#CleantechTalks | Ep 1: Innovations in Climate Tech and Finance | Priya Shah, Theia Ventures

I-Venture @ ISB · Priya Shah

The Importance of Deep Tech for India's Climate Tech - Priya Shah of Theia Ventures

Climafix · Priya Shah

Ep.#54: How can climate tech make a positive impact in India? Meet Priya Shah - Theia Ventures

StartupBasecamp org · Priya Shah

Images

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