Why We Invested in OctoLife

October 10th 2024: The global air conditioning (AC) market was valued at US $198 billion in 2023 and is projected to grow to approximately US $315 billion by 2032. This presents a significant, unmet market opportunity, particularly for technology-driven solutions that balance affordability, performance, and sustainability. According to the World Bank, sustainable cooling solutions—which include green refrigerants, super energy-efficient ACs and fans, and thermal comfort in buildings—represent a US $1.6 trillion potential market for India.

Space cooling accounted for over 1.1 billion tons of carbon emissions in 2016, a figure expected to nearly double by 2050. India contributes 30% of these emissions, yet only 7% of households currently own air conditioners. This underscores the urgent need for innovative, affordable, and eco-friendly cooling solutions.

Global and regional policies, such as India’s National Cooling Action Plan and the Kigali Amendment, are accelerating the adoption of green cooling technologies. OctoLife is uniquely positioned to address this demand with its cost-effective and regulation-compliant solutions, offering a compelling case for scalability and impact.

The OctoLife Advantage

OctoLife develops energy efficient air conditioners for smaller retail and household spaces. This niche uniquely positions the company to capture this burgeoning market, particularly in emerging economies like India. OctoLife has thus reimagined sustainable cooling through climate-adaptive systems engineered for energy efficiency and affordability.

The Team Behind the Vision

OctoLife’s founding team brings together a wealth of domain expertise and startup experience:

Ashish Goel: Former Founder and CEO of Urban Ladder, a D2C furniture brand acquired by Reliance Industries. Ashish is also a climate angel investor with over 20 years of experience in business leadership and sustainability-focused ventures.

Pranav Chopra: A veteran in industrial engineering and product innovation, Pranav brings 21 years of experience to the table. He is also the founder of Crimson Healthcare, a deep-tech startup in the healthcare sector.

Vinay Sethi: With over 13 years of experience, Vinay has served as the Business Head for various ventures. He is the founder of StayALT Brands, a D2C company in the footwear space, and has led the International Business vertical at Flipkart.

OctoLife’s mission is to reduce 1 billion tons of CO2 emissions annually by 2035.

At Theia Ventures, our investment philosophy revolves around identifying innovative solutions addressing pressing global challenges. OctoLife Climate Solutions perfectly aligns with this mission by tackling the rapidly growing need for sustainable cooling, a sector at the nexus of climate adaptation and rising energy demand.