BlueGreen Ventures

Independent benchmarking is quietly changing how venture capital is being evaluated in India. This is a healthy development With the release of the latest Preqin -Indian Venture and Alternate Capital Association (IVCA) Performance Benchmarks for Indian Alternative Investment Funds (March 2025), LPs and GPs now have another independent reference point for evaluating fund performance using a common methodology. At BlueGreen Ventures, we have always believed that performance is best discussed through transparent benchmarking rather than adjectives or narratives After all, the Indian VC ecosystem isnt in its infancy anymore. We are firmly in VC2.0. An era where independent data, benchmarking and transparency should increasingly replace anecdotes and marketing narratives So, just like we did with the previous edition, we have compared our attributable GP track record not only against the corresponding vintage, but also across Vintage -1 and Vintage +1. We feel that looking across adjacent vintages provides a better test of #repeatability than evaluating a single vintage in isolation. The comparison continues to place our attributable GP track record for Vintage 2018 within the top quartile of Indian venture funds. Performance for Vintage 2018 (INR) is summarised here : MOIC: 5.6x TVPI: 5.1x Gross IRR 59%, Net IRR: 49 % DPI: 94 % Thus, RVPI = 4.1x approx The benchmark covers over 700 AIFs For us, these numbers are an outcome, not the story. They are the outcome of a philosophy centred on identifying structural shifts early, backing exceptional founders solving enduring problems, underwriting with discipline and allowing time for compounding to do the heavy lifting. Equally important, they reflect the work of the founders who trusted us early, our LPs who backed our conviction, and the teams that helped build these businesses. We remain grateful for that partnership. As India's venture ecosystem matures, we hope independent benchmarking becomes standard practice. Consistent measurement raises the bar for all of us and ultimately serves the interests of founders, LPs and the broader venture ecosystem. If you'd like to discuss the benchmarking methodology, our investment philosophy or BlueGreen Ventures Fund I, we'd be delighted to connect. Rajeev Suri Anup Jain Tripti Kumari Vivek Vishwakarma Sarthak Singh Arun Kumar Mittal Harshita Tripathi Avika Kapur Khyati Singh Sophie Lambin 🪁

What if the biggest climate opportunities of the next decade are not in climate at all ? Not solar panels. Not wind farms. Not carbon credits. But the infrastructure that makes all of them work. Over the last few weeks, our team at BlueGreen Ventures published a 3-part series following our vist to Ecosperity 2026 in Singapore. What began as a climate conversation ended up feeling much more like an infrastructure conversation. Three observations stood out. 𝐏𝐚𝐫𝐭 1 Generating clean energy was never the hardest problem. Managing it may be. As AI, electrification and data centres scale, the bottleneck is slowly shifting from generation to the grid itself. 𝐏𝐚𝐫𝐭 2  The risk is no longer emitting too much. The risk is being unable to prove otherwise. As carbon markets move from voluntary ambition to compliance, entirely new infrastructure is required to measure, verify and trade emissions. 𝐏𝐚𝐫𝐭 3 Climate risk is becoming a financial problem. And financial problems inevitably create new infrastructure categories. Insurance. Risk pricing. Climate intelligence. Earth observation. Across all three themes, the same pattern appeared. 𝐓𝐡𝐞 𝐨𝐩𝐩𝐨𝐫𝐭𝐮𝐧𝐢𝐭𝐲 𝐢𝐬 𝐢𝐧𝐜𝐫𝐞𝐚𝐬𝐢𝐧𝐠𝐥𝐲 𝐦𝐨𝐯𝐢𝐧𝐠 𝐚𝐰𝐚𝐲 𝐟𝐫𝐨𝐦 𝐩𝐫𝐨𝐝𝐮𝐜𝐭𝐢𝐨𝐧. 𝐀𝐧𝐝 𝐭𝐨𝐰𝐚𝐫𝐝𝐬 𝐦𝐚𝐧𝐚𝐠𝐞𝐦𝐞𝐧𝐭 Not generating. Forecasting. Not building. Coordinating. Not creating markets. But, building the operating systems underneath them That was perhaps the most important lesson we took away from Ecosperity this year. The conversations change. The technologies evolve. But the most valuable outcome remains the same: identifying structural shifts before they become consensus. Thanks to Tripti Kumari for leading the team's effort to synthesise what we saw and heard across the event, connect it to deeper research and translate it into an investment thesis relevant for India and its climate founders The full series is linked in the comments for anyone interested. Also sharing a few memories from the week with portfolio founders, co-investors and friends from across the Asian climate ecosystem. Would love to hear where others see the next decade of climate value creation emerging. Are we still focused on the assets being built? Or increasingly on the infrastructure required to make them work? #thesisbasedinvesting #climateinvesting Rajeev Harshita Tripathi Arun Kumar Mittal Sarthak Singh Vivek Vishwakarma Avika Kapur Sophie Lambin 🪁 Arianne Evans Upasana Iyer London Climate Action Week Ministry of Power Govt of India Carbon Pulse Carbon Market Watch

The best climate investments rarely sit in the obvious opportunity. They sit in the infrastructure that the opportunity eventually demands. That's been our learning at BlueGreen Ventures after having led investments in Battery Smart and Varaha back in 2020 and 2022 when, most stayed away from these spaces And, that's exactly why the Delhi Government's new EV Policy caught my attention this month While, most discussions on this have focused on cleaner mobility and higher EV adoption, but read through an investor's lens, the policy is quietly redesigning the economics of mobility : 🍃 2026-2030 : an outlay of $1.5bn / INR15kcr to accelarate EV mobility eg. 100% road tax + reg fee exemption for E-Cars with price ≤ INR3mn ( Imagine saving INR150k on an INR2mn car) 🍃 Target: 30% EV penetration by 2030 🍃30,000 public charging points, incl mandatory installs at vehicle dealerships 🍃 Expansion of battery-swapping infrastructure 🚩 Phase out of ICE vehicles by ceasing new registrations 👍 Only E-3Ws from Jan 2027, E-2Ws from 2028 👍 similar incentives and disincentives for trucks, school buses, govt cars ( even hired) and commercial mobility to go electric Taken together, these measures represent far more than an EV policy. They mark the beginning of a 𝐨𝐧𝐜𝐞-𝐢𝐧-𝐚-𝐠𝐞𝐧𝐞𝐫𝐚𝐭𝐢𝐨𝐧 𝐬𝐭𝐫𝐮𝐜𝐭𝐮𝐫𝐚𝐥 𝐬𝐡𝐢𝐟𝐭 in the economics of mobility for one of India's largest urban markets No surprise-in June 2026, 11-12% of all new passenger vehicle regns were EVs in Delhi. As investors, this leads us to a different question If this policy succeeds, what becomes the next bottleneck ? Because, as policies create new markets. They also throw up new constraints. And, those constraints create the next generation of enduring businesses. Looking back, Battery Smart and Varaha may appear to operate in very different markets. One is enabling the electrification of mobility. The other is enabling the decarbonisation of industry and agriculture. Yet the investment thesis behind both was remarkably similar. We weren't investing in the transition itself. We were investing in the infrastructure the transition would inevitably demand. That philosophy continues to shape how we think about #climateinvesting today. What's going to happen in Delhi will happen all over the country as similar policies will no doubt, take effect. I will stop here and make this Part#1. And, invite you to Part#2 Where we will do a comparitive analysis and prediction vs what happened in China and why India will be different or similar. Why China ? It is very interesting how NEV ( New Energy Vehicle) % in China dragged from 2015 to 2020 in single digits and then shot up to 60%+ today and has plateaued now, with impact coming into India ! Tripti Rajeev Harshita Vivek Sarthak Arun Sophie Lambin Khyati Singh Avika #thesisbasedinvesting #Climateinvesting

The risk is no longer emitting too much. The risk is being unable to prove otherwise. That single shift is about to create some of India's most important climate businesses over the next decade. Our team, including Tripti Harshita and myself returned from Ecosperity to put insights we picked up over 2 days of rapt attention, in a special series for everyone. Today we release Part 2 Some of us will distinctly remember this - when #GST was introduced, the opportunity wasn't just tax collection. It was the software, APIs, compliance tools and infrastructure that businesses suddenly needed in order to operate. Carbon markets appear to be approaching a similar moment. Today, carbon pricing mechanisms cover nearly 30% of global emissions. India's Carbon Credit Trading Scheme ( CCTS) is now live. 100s of industrial cos will increasingly face emissions obligations. Exporters are confronting carbon reporting requirements ( CBAMs) Carbon pricing is moving from voluntary ambition towards compliance. Whenever governments create legally binding obligations backed by financial consequences, something interesting happens. This creates buyers. Buyers with budgets. Buyers with deadlines. Buyers who cannot simply choose to ignore the problem. Which is why some of the most interesting opportunities may not be in carbon credits themselves. But in the infrastructure underneath them. We've seen and been part of the early evidence of this ourselves through Varaha, which the the GPs led in 2022, ahead of the curve that we see now. It has gone on to become Asia's largest carbon-removal developer. Google and Microsoft purchased hi-quality credits from it. The market is thus here The operating system still needs to be built Our team led by Tripti Kumari explores this more deeply in #Part 2 of the Ecosperity 2026 series today : 𝐀𝐬𝐢𝐚'𝐬 𝐑𝐚𝐜𝐞 𝐭𝐨 2030: 𝐖𝐡𝐚𝐭 𝐃𝐨𝐞𝐬 𝐈𝐭 𝐌𝐞𝐚𝐧 𝐟𝐨𝐫 𝐈𝐧𝐝𝐢𝐚? Link in comments. A memorable pic with Madhur Jain, Founder Varaha from the event. Rajeev Vivek Sarthak Arun Kumar Mittal Avika Kapur Arianne Evans Sophie Lambin 🪁 Kite Insights #thesisbasedinvesting #Climateinvesting #venturecapital #deeptech

Most people spend their entire career trying to answer one question: Why should we hire you? Founders spend their careers trying to answer a different one: Why should the future believe in you? I was at the lovely campus of Great Lakes Institute of Management last week as part of their CXO Talks for the very bright PGPM batch. 120+ students with 3-6 years of experience across leading organisations. Ready for their next growth phase. We spent the morning on a topic that deserves far more attention on campuses today : 𝐓𝐡𝐞 𝐄𝐧𝐭𝐫𝐞𝐩𝐫𝐞𝐧𝐞𝐮𝐫𝐢𝐚𝐥 𝐦𝐢𝐧𝐝𝐬𝐞𝐭 We didn't talk about funding rounds or exits We talked about the psychological shift that separates people who build, from people who wait And the shift underneath is this : For decades, employees were rewarded for reducing variance inside yesterday's organisations In a #VUCA world, people who can navigate uncertainty, create clarity and build new possibilities are being valued higher Neither is wrong. But they are very different ways of engaging with the world Because for a long time, large organisations could insulate themselves from disruption through scale, process and brand Today, many are discovering they are one tech shift away from disruption A student asked me: "But what if I fail? Isn't this full of risk ? " I said : Founders are not people who are unafraid of failure For them the cost of not trying is higher than the cost of failing I showed them this video of Jensen Huang - the founder of NVIDIA that I have seen often myself It is not well known that this $4tn company behind the global #AI revolution failed multiple times since 1993. In the video, he tells Stanford students : "I wish upon you ample doses of pain and suffering." The room laughed nervously when they saw this video. Because they expected him to say : "I wish you all great success" But his point was profound - the capacity to absorb hard things without breaking - that is not taught in any educational module, is the entrepreneurial mindset It is built by doing hard things I recounted my own experience when I backed Battery Smart in 2020. Zero revenue. Unknown founders. A category that didn't exist yet. Today they are an inspiration to many others. >$400mn That is what investors fund. Not ideas but people with this mindset Here is what I left the students with : The entrepreneurial mindset is not a career choice. It is a way of approaching uncertainty Simply put, it is the willingness to take ownership, learn continuously, act before you have perfect information and build while the future is still unclear And increasingly, it has indeed become one of the most valuable skills of the next decade. At BlueGreen Ventures, we embrace all of it too ! Thank you for having me Prof Vikas Prakash Dr. Jones Mathew Amanpreet Aulakh and the larger GL team. Can't wait to be back again Rajeev Tripti Vivek Harshita Sarthak Arun Kumar Avika

Every investor eventually realises something uncomfortable. The fact that while companies may compound, cultures compound even faster. A few days ago, Rajnish Kumar announced his new book "𝐌𝐚𝐝𝐞 𝐢𝐧 𝐅𝐢𝐫𝐞". I was there as he spoke, and I found myself pleasantly surprised. It isn't a book about fundraising, unicorns or blitzscaling. It is about something far less fashionable, yet perhaps far more enduring : #Culture. That immediately resonated with me. Early in my career, I had the privilege of working at organisations like Procter & Gamble and Yum! Brands. Long before I became an investor, one lesson stayed with me: culture is never accidental. It is the visible expression of values, repeated consistently over years. The values that quietly shape decisions when nobody is watching. Looking back, I realise I wasn't just learning how great companies operate. I was learning how enduring cultures are built. That lesson resurfaced years later when, in 2021, I had the privilege of being the investment lead for a small investment in ixigo's pre-IPO round. By then, the company had already survived what many startups never do. Funding winters. Near-bankruptcy. Rejections. Changing markets. Yet what stood out wasn't simply resilience. It was the consistency of the principles behind it. These come through when you meet founders- they don't need to be written inside a pitch deck or even spoken. Cultures and values can be sensed. Rajnish spoke about many of these at the launch : • Bad news must travel faster than good news • Don't send mixed signals to the team • Stay obsessed with the product • People come to work to create impact and build something larger than themselves • During difficult times, don't let go of the people who helped build the company None of these will ever appear in a valuation model. Yet they quietly determine almost everything inside one. As investors, we spend enormous time analysing markets, products, competition and financial statements. Over time, I've come to believe the harder question is different. What happens inside a company when things stop going according to plan? Because that is where culture reveals itself. Anyone can celebrate values when capital is abundant and growth is easy. Culture is tested when difficult decisions arrive. This is true beyond startups. It is true for large corporations. It is true for a VC firm It is true for any institution expected to endure across decades. Whether we are evaluating a startup, an established company or even a VC firm, perhaps we should spend a little less time asking what they have built, and a little more time understanding how they make decisions when nobody is watching. Congratulations Rajnish and Aloke - on documenting a journey that extends well beyond building a successful company. Thanks for inviting me to an enriching evening BlueGreen Ventures Rajeev Tripti Harshita Tripathi Sarthak Singh Vivek Vishwakarma Arun Kumar Mittal