How Ostara Advisors is Driving India’s Climate-Tech Revolution—One Deal at a Time
- ByStartupStory | September 5, 2025
From closing India’s first EV 2-wheeler acquisition to unlocking $125 million for climate-tech startups, Ostara Advisors is quietly powering the country’s low-carbon transformation.
In 2017, while advising on what seemed like a niche deal in the electric mobility space, Vasudha Madhavan didn’t know she was about to make history. That transaction—Greaves Cotton’s acquisition of Ampere Vehicles—would become India’s first EV 2-wheeler M&A deal, and it marked a turning point in her journey from investment banker to climate-tech evangelist.
Fast forward to today, Ostara Advisors, the boutique investment banking firm she founded, has become a linchpin in India’s decarbonisation journey—unlocking over $125 million in climate capital, shaping market narratives, and serving as the go-to advisor for clean-tech startups across the country.
The Spark: From Corporate Banking to Climate Action
A seasoned finance professional with an MBA from XLRI Jamshedpur and a commerce degree from Mount Carmel College, Vasudha began her career in structured finance at ICICI Bank in 2003, before moving to Citibank to build out its Financial Sponsor Vertical. “I had the opportunity to work with over 500 PE and hedge funds,” she recalls. “But I wanted to do more than move capital—I wanted to catalyze impact.”
That conviction deepened after she transitioned to boutique investment banking, where she started working hands-on with early-stage founders. But it was the Greaves-Ampere deal that opened her eyes to a larger opportunity: a fast-emerging climate-tech sector underserved by traditional advisory services.
Planting the Seeds: The Founding of Ostara Advisors
Ostara Advisors officially launched in 2015—well before climate-tech had entered mainstream investor conversations. “Back then, climate-tech was niche. Most startups were bootstrapped or running on angel cheques. There was a real lack of capital—and an even bigger gap in strategic guidance,” says Vasudha.
After the Ampere transaction, climate-tech founders began approaching her organically, seeking help in navigating the capital ecosystem. That validation cemented Ostara’s unique value proposition: sector-focused, founder-friendly, and mission-driven investment advisory for decarbonisation startups.
From Idea to Institution: Building India’s Climate-Tech Deal Engine
Since its inception, Ostara has led several landmark transactions that have helped define India’s climate-tech ecosystem:
- $40 million fundraise for Routematic, an AI-powered corporate EV mobility platform—marking the first institutional EV transition deal in the shared mobility segment.
- Greaves Cotton’s acquisition of Ampere Vehicles, India’s first major electric two-wheeler deal that put EVs on the map for traditional auto players.
- Zypp Electric’s fundraise, which brought institutional capital into India’s fledgling EV logistics space.
- ION Energy’s Pre-Series A raise, one of the first deals in battery management systems, which helped unlock global venture capital for early-stage energy storage.
- Support for deep-tech innovators like Vitalcore and Cogos, focused on motor controllers and AI logistics—key enablers of the green transition.
Each of these deals didn’t just raise capital—they helped rewrite the story of climate-tech in India, proving it was a viable, investable, and necessary market.
Looking Ahead: Scaling Beyond Mobility
With 80% of its deals closed in the last four years, Ostara is now broadening its scope beyond electric mobility. The firm is setting its sights on industrial decarbonisation, circular economy, clean energy storage, and supply chain automation—sectors critical to India’s net-zero goals.
To support this expanded vision, the firm is planning to launch its own climate-tech venture fund, aimed at backing early-growth startups solving for high-impact decarbonisation. It’s also actively expanding its global investor network across Singapore and Dubai, forging partnerships with other advisory firms to ensure seamless capital flow into Indian innovation.
“Our long-term goal is to be the leading investment partner for climate-tech across Asia-Pacific,” Vasudha notes. “We’re not just chasing returns—we’re backing the future.”
Culture and Challenges: Staying Mission-Focused
Like many pioneers in niche sectors, Ostara faced early headwinds. Convincing investors to bet on untested technologies and first-time founders wasn’t easy. “We had to educate the market—through newsletters, webinars, industry reports. Credibility took time,” says Vasudha.
Another hurdle was navigating gender bias in a male-dominated industry. As one of the few women in leadership within the investment banking ecosystem, Vasudha made it a point to mentor others and advocate for gender equity through platforms like Aspire For Her.
But she insists that what set Ostara apart wasn’t just persistence—it was precision. “We help founders articulate their value, craft strong narratives, and connect with the right investors. It’s not just about capital—it’s about conviction.”
Powered by People, Driven by Purpose
Ostara’s success is deeply rooted in its collaborative culture and sectoral expertise. The team, guided by experts across software, material science, mobility, and energy, brings a unique blend of agility and insight. Founders and investors alike commend the firm’s transparent, research-driven, and impact-first approach.
“As we scale, we’re laser-focused on retaining the core values that built our reputation: honesty, innovation, and sustainability,” Vasudha emphasizes.
The Road Ahead
India needs $50 billion annually to meet its net-zero commitments—but in 2023, only $23 billion was deployed. This $27 billion annual shortfall represents both a challenge and a massive opportunity.
For Ostara Advisors, the path forward is clear: build bridges between innovation and capital, bring climate solutions to scale, and become the trusted investment engine for a greener Asia.
As the world races against time to tackle the climate crisis, firms like Ostara aren’t just advising—they’re accelerating the future.
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