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Early stage climate tech venture firm Green Frontier Capital on Wednesday launched the Green Frontier Capital India Climate Oppurtunities Fund with a target corpus of Rs 1,500 crore.

The fund will be Green Frontier’s first SEBI-approved Category II Alternative Investment Fund (AIF).

According to the firm, the AIF will focus on startups that helping accelerate India’s low-carbon transition through climate technologies.

The fund’s strategy is to focus on three key pillars. This includes digitisation, such as investments in Internet of Things (IoT), big data, and artificial intelligence. The firm will also focus on startups using technologies to reduce emissions across critical industries and companies that are backing solutions in biological intelligence and other fields, including sustainability, food systems, and life sciences.

“India is at the heart of the global climate action narrative. As the only large economy in the globe which is expected to quadruple its GDP over the next two decades, the choices India makes today will have global implications,” said Sandiip Bhammer, Founder and Managing Partner of Green Frontier Capital.

“Our goal is to back companies with the potential to become category leaders and deliver venture-scale returns while aligning with India’s ambitions for sustainable growth. This AIF represents our commitment to a future where economic progress and environmental responsibility go hand in hand,” he added.

The announcement comes amid a rising number of climate technologies-focused venture funds coming up in India, including Avaana Capital’s $135 million climate fund that closed last month, as firms look to capture a slice of the emerging climate tech ecosystem.