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Emerging-market climate tech hits record deal value in 2025 as India dominates VC activity
Climate tech venture investment in emerging markets (excluding China) has grown steadily over the past decade. It reached a record $1.9 billion in deal value in 2025, even as deal count continued to fall in line with broader climate tech trends. The divergence points to a maturing market, with capital increasingly concentrated in larger, later-stage transactions rather than distributed across a growing number of early bets.
India has emerged as the dominant force in the dataset, accounting for 11 of the 13 deals of $100 million or more on record, including a $300 million raise by electric air vehicle developer The ePlane Company and a $275 million round for low-carbon commercial mobility company Greenline. Intermittent renewable energy and mobility remain the two largest segments by deal value, while clean fuels saw its strongest year on record in 2025 at $380.8 million—well above its historical annual average of $66 million. Grid technology is also attracting growing attention, with 2024 and 2025 among the segment’s strongest years, reflecting demand for infrastructure solutions across markets where grid reliability remains a significant challenge.
The past 12 months have seen three of the six largest quarters on record.
| Key takeaways | 1 |
| Overview | 2 |
| VC activity | 8 |
| Trends and segments | 13 |
| References | 14 |