Cat II · Managed by Theia Ventures
Disruptive tech companies transforming energy and industrial systems
Private equity, private credit and real-estate funds that don't employ leverage except for operating needs. The largest AIF category.
Theia Ventures Investment Trust is a SEBI-registered Category II Alternative Investment Fund managed by Theia Ventures LLP, a Bangalore-based early-stage venture capital firm focused exclusively on companies building disruptive technologies for energy transition, industrial decarbonization, and deep tech. Founded and led by Priya Shah (Founder and General Partner), Theia Ventures Fund I targets a corpus of $30 million, achieving its first close of over $15 million in October 2025. British International Investment (BII) anchors the fund with a $5 million commitment, alongside international investors including Allocator One (Germany), Cisco Foundation (US), and Vitality Capital Partners (Australia). Prominent Indian backers include family offices of Anand Mahindra and Meher Pudumjee (Thermax), JM Financial, Vimson Group, and Shivanand Salgaocar Group. The fund plans to make 18–20 investments across seed to early stages with cheque sizes of $500,000 to $1 million, with 50% reserved for follow-on rounds. Portfolio companies include Sarla Aviation (aerospace), Climitra Carbon (industrial biochar), OctoLife (cooling systems), Metastable Materials (battery recycling), Canvaloop (waste-to-textiles), Novyte Materials, and Lemnisca Bio. Legal counsel on the fund launch was provided by Khaitan & Co.
Priya Shah
Founder and General Partner
MBA (Cambridge Judge Business School), BA in History (Brown University)
Priya is a seasoned investor with over 19 years of experience in finance and venture capital across the US, UK and India. She has held leadership roles at firms such as Simpa Networks, a distributed energy solar business in India. Priya has led early stage transactions across energy, mobility and agritech in firms such as Yunus Social Business, Acumen and British International Investment. She began her career at Bloomberg LP in New York. Priya holds an MBA from Cambridge Judge Business School and a BA in History from Brown University. She is a Board Member on the University of Cambridge's Alumni Advisory Council, and an advisor to Brown University's Young India Leadership Council and Women's Launchpad program.
Himanshu Sharma
Head of Investments & Portfolio
Undergraduate degree in Manufacturing Engineering (BITS Pilani), minor in Finance
Himanshu has spent 8 years working across the social impact, finance, banking, management consulting, and policy sectors in India. Before Theia Ventures, he was a part of the core team of a management consulting startup leading their business development vertical for India and South East Asia along with working as a Senior Development Consultant. Himanshu has also spent working with the Delhi Government as a Public Policy Associate and with Hon'ble Union Minister Ashwini Vaishnav as an Economic Research Associate. Himanshu started his career with JP Morgan. Himanshu holds an undergraduate degree in Manufacturing Engineering from BITS Pilani, Pilani Campus along with a minor degree certification in Finance.
Harsh Bihani
Head of Finance
Harsh Bihani heads Finance at Theia Ventures, bringing over 9 years of experience in financial operations. Previously he headed the Finance division at Earlsfield Capital (VC firm in India and Southeast Asia) and managed Used Car division finance at CarDekho Group. Earlier, he worked at EY (financial due diligence) and Infosys (cost optimisation, saving nearly $10 million annually). He is a qualified Chartered Accountant and Company Secretary, and a graduate of St. Xavier's College.
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Anun Sood
Investment Analyst
Anun Sood joined Theia from Suzuki's Next Bharat Ventures, where she focused on early-stage investments in India. Before that she was a management consultant at Dalberg Advisors working on climate and energy mandates for global institutional investors. She holds a BA in Economics from Lady Shri Ram College and an MA in Public Policy from the National Law School of India University, Bangalore.
Seema Patel
Finance & Compliance Manager
Master's in Commerce (Mumbai University)
Seema brings over 15 years of experience in managing accounts, audit, and Category II AIF operations. Before Theia Ventures she managed AIF operations at BlackSoil Group, a leading alternative credit platform with an RBI-registered NBFC and a SEBI-registered Category II AIF, including its real estate-focused credit fund partnership with Walton Street Group. Earlier in her career, she handled trade finance processing and accounts management at Deutsche Bank and Platinum Textiles. Seema holds a Master's in Commerce from Mumbai University.
Alankrita Vaid
Investment Analyst
B.E. Manufacturing Engineering (BITS Pilani), minor in Finance; CFA (all three levels cleared)
Alankrita joined Theia from McKinsey & Company, where she brings 2.5 years of experience in management consulting, working extensively on strategy, growth, and PE-led due diligences for U.S. healthcare clients. Prior to this, she interned at Deutsche Bank in Enterprise Risk Management, focusing on climate risk and Net Zero scenario analysis. Alankrita holds a B.E. in Manufacturing Engineering from BITS Pilani with a minor in Finance, and has cleared all three levels of the CFA exam.
Konain Mizba
Venture Scouting Lead
Master's in Nanoscience and Technology (JSS Academy of Higher Education and Research)
Konain Mizba joined Theia as Venture Scouting Lead on the Investments team. She brings valuable experience from her time at NSRCEL-IIM Bangalore, one of India's leading startup incubators, where she worked with early-stage startups across areas like sustainable mobility and climate tech, often in CSR partnerships. Konain holds a Master's degree in Nanoscience and Technology from JSS Academy of Higher Education and Research.
Pavan Krishna
Co-founder, Ojas Venture Partners
Paarul Dudeja
MD, Working Capital Fund
Manish Sinha
Head & Director of Venture Building, NTUitive
Piyush Mathur
AdvisorVenture Partner
Chartered Accountant; MBA (London Business School)
Piyush joins Theia as a Venture Partner with around 17 years of experience across clean energy, climate tech, and global investing. He is currently the Co-founder and Managing Director at Odyssey Energy Solutions, and previously served as CEO of Simpa Networks, where he built one of India's largest distributed energy companies. Earlier in his career, Piyush led over 50 investment and M&A deals across five continents as a VC at Frontiers Capital (Kleinwort Benson) and as an advisor at KPMG and Deloitte. He continues to hold advisory roles across global cleantech ventures and financial institutions. A Chartered Accountant by training, Piyush holds an MBA from London Business School.
Sanjay Shah
AdvisorVenture Partner
IIT Bombay and Virginia Tech alumnus
Sanjay joins Theia as a Venture Partner with over 30 years of experience as a technology leader, serial entrepreneur, and angel investor across India and the U.S. He has founded six startups with multiple successful exits and is currently building a next-gen Generative AI platform in stealth mode. Sanjay is an active investor through the Indian Angel Network, sits on the board of Awfis, and co-founded Instavans. He was previously the COO at the Wadhwani Foundation and has held leadership roles at iManage, Schneider Electric, Skelta, and others. An IIT Bombay and Virginia Tech alum, Sanjay is also a YPO member and former iSPIRT Fellow.
Anand Mahindra
AdvisorChairman, Mahindra Group
Richard Damania
AdvisorChief Economist, World Bank
Purnima Gandhi
AdvisorFormer Director, Temasek Holdings
Asha Joshi
AdvisorFormer Managing Director, Payden & Rygel
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