In light of World Environment Day, it is worth noting the increasing number of cleantech startups in India working to address the country and the world’s environmental challenges. These startups are developing innovative solutions that aim to balance the need for economic growth and development with sustainability.

Inc42 has identified 56 such startups making strides in the cleantech sector. Their approaches vary widely, from harnessing solar energy on rooftops to implementing biomethanation technology for organic waste management, and even purifying air and water. These cleantech startups represent a growing trend in India towards embracing clean technology to mitigate the environmental impact of industrialisation and urbanisation.

While the long-term impact of these startups remains to be seen, their emergence signifies a promising shift in the Indian business landscape towards greater environmental consciousness. It also highlights the potential for technological innovation to play a significant role in achieving India’s clean energy goals and contributing to a more sustainable future. As we celebrate World Environment Day, these startups are a reminder that the transition to a greener economy is necessary and increasingly feasible.

The list below is not meant to be a ranking of any kind. The startups have been listed in alphabetical order.

List Of Cleantech Startups In India

75F

• Founded In: 2012
• Founders: Deepinder Singh, Pankaj Chawla
• Funding Raised To Date: $25 Mn
• Investors: Siemens AG, Breakthrough Energy Ventures, Climate Initiative, Building Ventures, Revolution, Clean Energy Trust, WIND Ventures
• Headquarters: Bengaluru

75F offers smart building solutions such as wireless sensors, equipment controllers and cloud-based software, delivering predictive, and proactive building automation to save energy and reduce greenhouse gas emissions. 

75F’s products mainly predict, monitor and control hot and cold spots of a building and thus, avert damages to the edifice. In the beginning, the startup focused on the commercial real estate market but in 2015, it also started providing HVAC (heating, ventilation and air conditioning) solutions. 

It works along with facility management companies, systems integrators and energy service companies to add more properties within its umbrella. Besides, it also outsources manufacturing units in the US, India and China. 

In July 2021, it reportedly secured $5 Mn in a Series A funding round from Siemens AG. With this, the startup raised a total of $28 Mn in the Series A financing round.

Its cap table includes Breakthrough Energy Ventures, Climate Initiative, Clean Energy Trust and WIND Ventures, among others. 

Ace Green Recycling

• Founded In: 2019
• Founders: Nishchay Chadha, Vipin Tyagi
• Funding Raised To Date: $10 Mn
• Investors: Circulate Capital, Climate Angels, Newchip 
• Headquarters: Singapore

Ace Green Recycling is a battery recycling startup, which claims to have developed clean and efficient lead-acid battery recycling technology.

Its battery operates at room temperature, contains zero air emissions, and wastes and reduces heavy metal emissions, resulting in significantly lower environmental damage, the startup said. 

Further, the cleantech startup has said it is working on the commercialisation of lithium-ion battery recycling in an environmentally sustainable manner.

Battery recycling technology startup secured more than $7 Mn in a funding round led by Circulate Capital and Climate Angels in February 2022. 

Adding this round, the startup’s total fund raised stands at $10 Mn so far, according to the startup.

The startup is planning to develop its lithium reusable technology and expand the 30-member team to 50 in the coming months. The startup is also focusing on developing fossil fuel-free lithium battery recycling technology.

AirOk

• Founded In: 2015 
• Founders: Deekshith Vara Prasad, Pavan Reddy Yasa, Vanam Sravan Krishna
• Funding Raised To Date: Undisclosed
• Investors: Ncubate Capital Partners
• Headquarters: New Delhi

AirOk has developed a patented air filter called EGAPA that is capable of removing 99.7% of air pollutants from the environment. The filter is designed to target cancer cells and break down air pollutants such as viruses, VOCs, bacteria, and mould, as claimed by the company.

In addition to air filters, AirOk offers a range of products, including air purifiers, air purifier filters, face masks, purifying bags, data centre solutions, and pollution seizure solutions.

According to its financial report for FY21, the company generated operating revenue of INR 1.94 Lakh but also reported a loss of INR 2.25 Lakh.

AirOk has secured investment from Ncubate Capital Partners, a VC fund based in Gurugram.

altM

• Founded In: 2022
• Founders: Apoorv Garg, Yugal Raj Jain
• Funding Raised Till Date: $3.5 Mn
• Investors: Omnivore, Theia Ventures, Thai Wah Ventures, Sanjiv Rangrass, Neha Mudaliar, Maninder Gulati (OYO), Mirik Gogri (Spectrum Impact), Paula Mariwala (Aureolis Ventures)
• Headquarters: Bengaluru

Founded in 2022 by ex-Tesla employees Apoorv Garg and Yugal Raj Jain, altM is on a mission to develop sustainable materials from agricultural residue and help companies reduce their carbon footprints and increase circularity in their supply chains.

altM uses lignocellulosic agricultural residues to produce advanced materials that offer sustainable alternatives to conventional products. Lignocellulosic residue refers to dry plant waste that is left during or after the processing of crops. It includes items such as barley straw, corn stover, sorghum stalks, coconut husks, sugarcane bagasse and banana leaves.

Last month, altM secured $3.5 Mn in a seed funding round led by Omnivore. It was also featured in the 40th edition of Inc42’s ‘30 Startups To Watch’ list.

Bambrew

• Founded In: 2018
• Founders: Vaibhav Anant
• Funding Raised To Date: $2.67 Mn
• Investors: Blue Ashva Capital, Supack Industries, Mumbai Angels
• Headquarters: Bengaluru

Founded in 2018 by Vaibhav Anant, Bambrew offers sustainable alternatives for food packaging, pouches and foldable cartons, ecommerce mailer bags, and PVC. The startup uses bamboo to make its products and claims that all its products are plastic-free and made in-house.

The Bengaluru-based green packaging startup picked up $2.35 Mn in a Pre-Series A round in January 2022, which was led by Blue Ashva Capital and Supack Industries. The funding round also attracted investments from Mumbai Angels and other angel investors.

Since its funding round, Bambrew has expanded its product range to include offerings such as paper straws, cups and glasses, and wooden spoons and forks.

Bariflo Labs

• Founded In: 2018
• Founders: Mrityunjay Sahu, Anudhyan Mishra
• Funding Raised To Date: +$10.00K
• Investors: CSIR, Startup Odisha, JSW, the Telangana AI Mission (T-AIM), and VIT Technology Business Incubator
• Headquarters: Bhubaneswar

Founded in 2018 by Mrityunjay Sahu and Anudhyan Mishra, and headquartered in Bhubaneswar, Bariflo Labs is a water body management and aquafarming startup. The startup has developed an Intelligent Aqua Bodies Management system using principles of fluid dynamics and deploying technologies like industrial internet of things (IIoT), AI and robotics.

The Aqua Bodies Management system works using Bariflo Labs’ India-patented sediment aeration device. This device diffuses air at the sediment level in a water body, maintaining dissolved oxygen at the sediment oxygen boundary layer. It reduces energy consumption by up to 75% and capital cost by 20%. 

The startup’s AI-based monitoring device can predict water quality parameters such as dissolved oxygen, un-ionised ammonia, phosphate, nitrite, nitrate, sulphide, pH and ORP. 

Bariflo Labs’ is backed by CSIR, Startup Odisha, JSW, the Telangana AI Mission (T-AIM), and VIT Technology Business Incubator, among others.

BatX Energies

• Founded In: 2020
• Founders: Utkarsh Singh, Vikrant Singh
• Funding Raised To Date: $1.96 Mn
• Investors: LetsVenture, JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart
• Headquarters: Gurugram

Founded in 2020 by Utkarsh Singh and Vikrant Singh, Gurugram-headquartered BatX Energies is a Lithium-ion (Li-ion) battery recycling startup. The startup works to provide battery-grade materials by recycling end-of-life batteries.

Using its proprietary process, BatX Energies extracts black mass of less than 1% impurities from used Li-ion cells. This process allows the startup to extract high-quality lithium, nickel, cobalt and manganese from black mass. The startup also produces plastics, aluminium, copper and stainless steel from recycled batteries, which it sells to recyclers.

In December 2023, BatX Energies secured $5 Mn in its Pre-Series A funding round from Zephyr Peacock, with participation from LetsVenture and existing investors, including JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart. The startup plans to deploy the fresh capital to scale up production of its recycled battery-grade lithium, nickel, and cobalt and establish a nationwide reverse logistics network for sourcing.

Buyofuel

• Founded In: 2020
• Founders: Kishan Karunakaran, Venkateswaran Selvan, Sumnath Kumar, Prasad Nair
• Funding Raised To Date: $1.6 Mn
• Investors: IPV, VCATS, Gruhas Proptech, LV, Lead Angels Fund
• Headquarters: Coimbatore

Coimbatore-based BuyOFuel aggregates, biofuel suppliers, consumers and waste generators (waste biomass is converted to biofuels).

It claims that 90% of its users are active and repeat customers, and the business has clocked a 2x increase in monthly revenue since May 2022. The cleantech platform saw transactions involving 30K million tonnes (MT) of waste and biofuels since May, substituting 10K MT of fossil fuels.

It has raised $1.6 Mn (INR 13.22 Cr) to date, from investors including IPV, VCATS, Gruhas Proptech, LV and Lead Angels Fund.

Chakr Innovation

• Founded In: 2016 
• Founders: Kushagra Srivastava, Arpit Dhupar, Bharti Singhla
• Funding Raised To Date: $3.6 Mn
• Investors: Neev Fund II, Indian Angel Network, ONGC, Parampara Capital, Globevestor
• Headquarters: Delhi NCR

Chakr Innovation offers an emission control device that checks pollution at the source and captures harmful particulate matter emissions. 

The cleantech startup claims its products are coupled with exhaust and absorb over 80% of the particulate matter emitted by diesel engines. 

Chakr Innovation’s device Chakr Shield claims to collect 90% of particulate matter emissions from the exhaust of diesel generators without causing any adverse impact on the diesel engine. The collected emissions are used to create the ink. 

According to the startup, the Chakr Shield can significantly reduce particulate matter (PM2.5 and PM10), carbon monoxide and hydrocarbon emissions after retrofitting the tailpipe of the DG set.

Last year, Delhi’s upscale mall Select CityWalk installed Chakr Shield to reduce pollution from the DG sets by up to 80%. The shield would help reduce annually an estimated 378 kg of PM or black soot emissions which is equivalent to more than 174 tonnes of carbon dioxide emissions or the carbon sequestered by 228 acres of forest in one year alone, said Chakr’s cofounder Bharti Singhla. 

Chakr Innovation raised an undisclosed amount in the Series B round from Neev Fund II in November 2021. 

The startup has raised multiple rounds of funding, including a Series A round of INR 19 Cr led by IAN Fund and ONGC. It had also raised seed capital from Parampara Capital and Globevestor. 

Chakr Innovation will be working on other technology solutions including Metal-Air battery technology. The startup plans to scale its production and expand its operations across more than 12 cities in future.

Clairco

• Founded In: 2018
• Founders: Aayush Jha
• Funding Raised To Date: $572.6K
• Investors: AngelList, Max Group, Sanjiv Bajaj, Anicut Angel Fund
• Headquarters: Bengaluru 

Clairco is an Internet of Things (IoT) startup which enables air quality monitoring and purification. It uses low-drag air filters which can be retrofitted to any type of air conditioning and turn them into air purifiers. 

According to Clairco, it has developed this patent-pending air purification system in-house. It analyses air quality data of a particular premise on a real-time basis and installs ultra-low resistance air filters in existing air conditioning units. This is then converted into a smart air purification system. 

It helps businesses ensure clean air affordably and measurably by adding air purification to existing AC systems. It offers filter technology for up to MERV-13 filtration with a low-pressure drop, monitors PM2.5, PM10, CO2, VOC, and other air quality parameters, and maintains optimal health of air filters and purifiers in any season.

For its monetisation plan, Clairco charges its customers a monthly subscription fee for businesses of all sizes and scales. 

Clairco raised INR 4.2 Cr in angel funding in March last year. The round was led by Sanjiv Bajaj (Bajaj Capital) at Anicut Angel Fund. Investors including Max Group and Angel List also participated in the round. 

The cleantech startup is looking to expand its footprint to key cities across the country. It is also looking for product development and growth.

CleanMax Enviro Energy Solutions

• Founded In: 2011
• Founders: Kuldeep Jain, Sushant Arora
• Funding Raised To Date: $188.2 Mn
• Investors:  IFU, Warburg Pincus, UKCI, International Finance Corporation 
• Headquarters: Mumbai

Rooftop solar startup CleanMax is a sustainability partner to corporations and develops solar and wind projects under the Build Own Operate model by providing renewable electricity under long-term agreements, creating significant savings for end-users.

The startup currently serves more than 150 customers, including Facebook, Adobe, Cargill Foods, Volvo, Tata Group, Mahindra Group, Grasim, MG Motors and others.

The Danish Investment Fund for Developing Countries (IFU) invested $34 Mn in the renewable energy startup in December 2021. 

The investment in CleanMax is IFU’s second within renewables in India, following the signing of the India-Danish Green Strategic Partnership in 2020 by Prime Minister Narendra Modi and Danish Prime Minister Mette Frederiksen.

CleanMax signed a deal with social media giant Facebook last year to co-run a portfolio of wind and solar projects across India that will supply clean energy to the electrical grid. 

In India, the startup has new investments lined up in solar, wind and wind-solar hybrid projects in states, including Karnataka, Gujarat, Maharashtra, Haryana, Uttar Pradesh and Tamil Nadu, to serve the needs of corporate customers.

CleanMax is planning to accelerate its growth in the commercial and industrial renewable energy space in India, as well as in the Middle East and South East Asia. 

Devic Earth

• Founded In: 2018 
• Founders: Shaguna Sinha, Srikanth Sola, Shivani Sinha Sola
• Funding Raised To Date: $1.36 Mn
• Investors: Blue Ashva Sampada Fund
• Headquarters: Bengaluru

Cleantech startup Devic Earth creates scalable solutions with ‘Pure Skies’, its air pollution control equipment for industries and large areas. Pure Skies improves air quality. 

The Pure Skies tech system reduces specific pollutants like particulate matter to less than 10 microns (both PM10 and PM2.5). The air quality index typically improves in heavily polluted areas in less than three months.

Pure Skies comes with an intelligent wifi-based technology to handle airborne gaseous and particle pollutants across industries, homes, and cities. A single push of a button can help remove 40-50% of nano-sized particles at <20µm.

Pure Skies has been installed with companies operating in sectors including steel, cement, hotels, mining, and manufacturing. It claims the product also addresses challenges arising out of polluting events such as crop burning, forest fires, and construction.

The green technology startup raised its first institutional funding of INR 10 Cr last year from the Blue Ashva Sampada Fund.

Devic Earth is planning to expedite more growth and product roadmaps and expand its operational presence in the country and global markets.

DigitalPaani

• Founded In: 2020
• Founders: Mansi Jain and Rajesh Jain
• Funding Raised To Date: $1.2 Mn
• Investors: Enzia Ventures, Elemental Excelerator, Bharat Founders Fund, peercheque, Ashish Goel
• Headquarters: Gurugram

Founded in 2020 by the father-daughter duo of Rajesh and Mansi Jain, DigitalPaani helps resolve water asset management issues with its IoT-enabled integrated operations platform, driving operational excellence while significantly reducing costs.

Its solution operates in three key steps, beginning with a comprehensive assessment of each water asset’s needs based on its design and current operational status. The platform acts as a manager, automating processes, providing precise dosing recommendations for chemicals, guiding maintenance tasks, and facilitating troubleshooting when issues arise. DigitalPaani also recommends operational and physical improvements to enhance overall performance.

The startup raised $1.2 Mn in December 2023 in a seed round led by Enzia Ventures, and was featured in the 43rd edition of Inc42’s ‘30 Startups To Watch’.

EdgeGrid

• Founded In: 2020
• Founders: Sunil Talla, Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, Vamsi TP
• Funding Raised To Date: $6 Mn  
• Investors: Lightrock India, Theia Ventures
• Headquarters: Hyderabad

EdgeGrid is a B2B cleantech platform that transits energy to last-mile customers such as households, small businesses, commercial building owners and EV charging stations.

The startup mainly uses the Internet of Things (IoT), AI and industry innovation to resolve energy-related problems in various industries. It claims that it enables customers to consume energy efficiently and also works with energy distribution companies to save costs and expand renewable energy in the ecosystem.

In March 2023, it secured $6 Mn in a fundraising round led by Lightrock India. Theia Ventures and some angel investors also participated in the round. In July last year, it reportedly partnered with Andhra Pradesh Central Power Distribution Co Ltd to help transmission and distribution companies in the state save power purchasing costs.

Electriq

• Founded In: 2021
• Founder: Anand Thakur
• Funding Raised To Date: Undisclosed  
• Investors: Moto Business Service India
• Headquarters: Hyderabad

Founded in 2021 by Anand Thakur, Electriq is an IT, web and app-based platform that tracks electric vehicles and their drivers. Under its B2B vertical, it sells EVs to aggregators such as Zepto and Swiggy and individual customers. 

The startup’s vehicles are installed with IoT devices that share the real-time location of vehicles and vehicle drivers. Electriq’s partnership with Vodafone Idea (VI) allows it to offer connectivity electric scooters.

The startup last raised funding in October 2022 when Yamaha Motors’ subsidiary Moto Business Service India (MBSI) infused an undisclosed amount in a corporate round. That was also the first funding round the startup had raised.

Freyr Energy

• Founded In: 2014
• Founders: Saurabh Marda, Radhika Choudary
• Funding Raised To Date: $4.6 Mn 
• Investors: Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners
• Headquarters: Hyderabad 

Freyr Energy is a rooftop solar expert for residential and commercial solar solutions. It also caters to micro, small and medium enterprises (MSME) sectors, catering to customers across 22 states in India.

Freyr Energy is working to bring much-needed consolidation in the green energy sector. The cleantech startup has come with its app, SunPro+, through which it has made the process of owning a solar system simple and seamless. The entire process of owning the system including financing, execution, and after-sales service, has become easier with the app.

Freyr Energy raised INR 18 Cr as an equity investment in April 2021 from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners. The cleantech startup is working towards mass-market adoption of solar energy, and looking to accelerate growth and enhance its customer experience.

Gegadyne Energy 

• Founded In: 2015 
• Founders: Jubin Varghese, Ameya Gadiwan
• Funding Raised To Date: $5 Mn
• Investors: V-Guard, Mumbai Angels 
• Headquarters: Mumbai 

Gegadyne Energy develops eco-friendly alternatives to conventional lithium-ion batteries. Its battery consists of nano-material composites and advanced battery architectures to enable quick charging with high energy density similar to lithium-ion batteries.

Gegadyne’s batteries charge from 0 to 100% in around 15 minutes; unlike lithium-ion batteries that take hours to recharge. The price range of the battery pack will be at par with lithium-ion batteries and will drop further as the economy of scale kicks in, as per the startup.

The batteries are aimed to be a direct replacement for existing use cases and will be available in cylindrical, pouch and prismatic forms, according to the startup.

Electric vehicles are the main focus of the startup. However, these batteries can be used in any other consumer devices, telecom towers, and stationary energy storage systems.

Gegadyne Energy raised $4.5 Mn from V-Guard Industries in a Series A round of investment in January 2021.  It plans to build a pilot plant to service its contract with selected OEMs.

GPS Renewables

• Founded In: 2012 
• Founders: Mainak Chakraborty, Sreekrishna Sankar
• Funding Raised To Date: $23 Mn 
• Investors: Neev Fund II, Hivos-Triodos Fund, Caspian
• Headquarters: Bengaluru 

GPS Renewables focuses on biomethanation technology to solve the organic waste management challenge, accelerate the substitution of fossil fuel with bioenergy and mitigate climate change.

The startup has a captive biogas product called the ‘BioUrja’, and GPS renewables claim to have more than 100 BioUrja installations across South Asia. GPS Renewables commissioned a BioCNG plant based on Source Separated Organics (SSO) in Indore. The plant, which is Asia’s largest in its class, was inaugurated by Prime Minister Narendra Modi in February 2022 and is set up over 15 acres of land.

The biogas plant is expected to produce 17 tonnes of bio-CNG every day from 550 tonnes of organic household waste. GPS Renewables aims to power 400 city buses in Indore with the BioCNG generated from the plant. The cleantech startup raised $3 Mn in a Series A funding led by Hivos-Triodos Fund and Caspian in 2020. GPS Renewables closed undisclosed funding in a Series B round in March 2022 from Neev Fund II, managed by SBICap Ventures. 

The cleantech startup is working to complete the world’s largest BioCNG plant in Hyderabad, in partnership with development partners from Japan. It aims to accelerate the substitution of fossil fuels with bio-energy. The startup aims to expand its research and development centres and support its next phase of growth and expansion.

Greenjoules 

• Founded In: 2018
• Founders: V Radhika, VS Shridhar, S Viraraghavan, R Sethunath
• Funding Raised To Date: $4.5 Mn
• Investors:  Blue Ashva Capital 
• Headquarters: Pune

Greenjoules specialises in making renewable biofuels, which are curated entirely from agri-residue and renewable waste from agro-processing industries. 

The biofuel can be used for industrial applications (to power boilers, and gensets) and commercial applications (diesel vehicles). Greenjoules claims to utilise non-food and non-feed wastes to manufacture biofuels. The manufactured biofuel meets the same IS1460 standards that petroleum and diesel also follow.

According to Greenjoules, its biofuel can be used without any modification with the current diesel engines, gensets or boilers in use. This makes its product a direct replacement for petroleum or diesel.

The cleantech startup is serving various large enterprise customers from its biorefinery in Chakan, Pune. It now plans to significantly scale up production by setting up a large facility near Pune to cater to the increasing demand for green diesel. Greenjoules raised $4.5 Mn in its Series A funding round last year in June from Blue Ashva Capital. The funds raised are a combination of equity and debt.

Greenjoules will focus on growing its current product range but also on developing a portfolio of high-energy density liquid and gaseous biofuels. It will also focus on new research and development initiatives in future. 

Greenko Group

• Founded In: 2004
• Founders: Anil Chalamalasetty, Mahesh Kolli
• Funding Raised To Date: $6.7 Bn
• Investors: GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, Barclays  
• Headquarters: Hyderabad

Greenko is a cleantech startup, that enables sustainable and affordable energy, with a net installed capacity of 7.5 GW across 15 states in India. It provides utility-scale, clean and affordable energy to customers. 

Greenko has been opting for the green bond route in the past to raise funds for developing sustainable energy projects. It is developing state-of-the-art three multi-gigawatts scale integrated renewable energy storage projects with national grid connectivity in Karnataka, Andhra Pradesh, and Madhya Pradesh. 

Greenko has raised funding from GIC, Abu Dhabi Investment Authority, Deutsche Bank, JP Morgan, DBS Bank, and Barclays. These projects will harness the power of solar, and wind resources with digitally connected storage infrastructure to provide round-the-clock power to the grid.

Last month, global steel and mining firm ArcelorMittal partnered with Greenko to develop a round-the-clock renewable energy project with 975 MW of nominal capacity. The project will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh. The project commissioning is expected by mid-2024.

h2e Power Systems

• Founded In: 2011
• Founders: Siddharth R Mayur, Amar Chakradeo, Bhavana S Mayur
• Investors: Poonawalla Group
• Headquarters: Pune

h2e is an end-to-end fuel cell and electrolyser company that offers clean energy solutions, including green hydrogen and alternate e-fuels. It also offers power solutions such as energy modules and power boxes. The startup claims to have built the country’s first green hydrogen production plant.

The startup follows the CRS (conserve, replace, sustainable and scalable) programme, which is central to the system. In 2020, it acquired Swiss company Hexis AG for an undisclosed amount.

With presence in four countries, the startup claims to cater to 182 clients and has more than 25 business partners. It competes with the likes of homegrown startups such as NewTrace, Ossus Biorenewables, Hydrogen Gentech, among others.

Hygenco

• Founded In: 2020
• Founders: Amit Bansal, Anshul Gupta, Aashish Gupta
• Funding Raised To Date: $25.4 Mn
• Investors: Neev II fund
• Headquarters: Gurugram

Hygenco develops green hydrogen and green ammonia production assets for commercial purposes. 

The startup’s LinkedIn profile says Hygenco’s team holds a combined experience of more than 30 years in construction, renewables, operations & maintenance, investment banking and private equity.

In October, the startup received $25.4 Mn in funding from the private equity fund Neev II fund. During that time, it said that it plans to invest more than $300 Mn in developing green hydrogen projects across the country in the coming three years.

Before that, it inked an offtake agreement with Indian steel company Jindal Stainless to build a multi-megawatt green hydrogen facility. With this plant, the startup would help Jindal reduce carbon emissions by nearly 2,700 metric tonnes annually.

Inficold

• Founded In: 2015
• Founders: Himanshu Pokharna, Nitin Goel
• Funding Raised To Date: $9 Mn
• Investors: RVCF, Shell Foundation 
• Headquarters: Delhi NCR 

Cleantech startup Inficold provides cold storage solutions to its customers. The current product portfolio consists of modular cold storage and instant and bulk milk coolers. It provides round-the-clock cooling with just seven hours of grid/solar power. 

Inficold claims to have developed a retrofittable thermal energy storage technology for storing cooling in a low-cost medium such as water to ice.

The technology is designed to use solar electric energy to make ice, and later use it for cooling purposes. Inficold’s products enable the application of thermal storage for virtually any cooling needs — be it milk, cold storage, air conditioning, or vaccine refrigeration — without making any major modifications to existing cooling hardware. 

The startup raised INR 6.5 Cr in a funding round last year from RVCF and other undisclosed HNIs as a part of its Pre-Series A funding round. 

The startup has installations in more than 17 states of India with a strong presence in northeastern states, including Assam, Meghalaya, and Tripura. Inficold claims that it is aggressively ramping up its production capacity by more than 10 times.

The increased capacity will allow it to cater to the demand with a minimised lead time for the customer, it said. 

The startup is planning to expand its overall manufacturing, sales, and servicing capabilities. It plans to penetrate dairy, horticulture, poultry, meat, cold logistics and air conditioning segments across India. 

ION Energy

• Founded In: 2016
• Founders: Akhil Aryan, Alexandre Collet
• Funding Raised To Date: $4.6 Mn
• Investors: YourNest Venture Capital, Riso Capital, Venture Catalysts, Climate Pledge Fund, Climate Capital
• Headquarters: Mumbai 

ION Energy builds advanced electronics and software platforms for new energy companies. The company’s flagship product so far has been its Battery Management System (BMS), which enables OEMs/Battery Pack Makers to deploy smart battery systems.

In 2019, the cleantech startup launched Altergo (previously called Edison Analytics), a digital twin platform for battery intelligence. Altergo now manages 700+ MWh of battery storage in the cloud.

ION currently supplies to 75+ OEMs across 15 countries including India, France, Spain and the US. Since its inception, ION Energy claims to have deployed more than 60,000 smart BMS in electric vehicles and stationary storage systems. 

The startup raised $3.6 Mn in Pre-Series A funding in July 2021 from the Climate Pledge Fund, joined by Silicon Valley-based Climate Capital, early-stage investor YourNest Venture Capital, Riso Capital, Venture Catalysts, and other angel investors. 

This startup is looking to expand its product development and software business in other countries. 

Log9 Materials 

• Founded In: 2015
• Founders: Akshay Singhal, Kartik Hajela, Pankaj Sharma
• Funding Raised To Date: $65 Mn
• Investors: Metaform Ventures, Exfinity Venture Partners, Surge Ahead, Petronas Ventures, Incred Financial, Unity Small Finance Bank, Oxyzo Financial Services, Western Capital Advisors, Amara Raja Batteries
• Headquarters: Bengaluru

Battery technology startup Log9 Materials is a graphene research and development startup that accelerates the commercialization of graphene nanotechnology. Their first developed product of this technology is ‘smoke-safe’ which is a cigarette that reduces the risk of getting cancer by 90%.

Log9 Materials has developed technology for both stationary and automotive applications such as electric vehicles (EVs). Aluminium fuel cells are aluminium-air batteries (AI-air batteries) that produce electricity from oxygen and aluminium reactions. The technology used in the battery is similar to the hydrogen fuel cell but more economical, safer and scalable.

In January, it secured $40 Mn funding in its Series B round led by Amara Raja Batteries Ltd. Before this, it raised $3.5 Mn funding in a Series A round led by Exfinity Venture Partners and Sequoia Capital India’s accelerator programme Surge.

In April last year, it inaugurated its indigenously developed cell manufacturing facility at Jakkuru in Bengaluru. 

It has been working on unique cell chemistry for its RapidX battery packs powered by InstaCharge technology, which offers nine times faster charging, better performance, and battery life as compared to conventional lithium-ion electric vehicle batteries.

It aims to achieve at least 50MWh of peak cell production capacity in the next year, and scale it to over 5GWh in the next three to five years, Log9 Materials said in a statement.

Lohum 

• Founded In: 2017
• Founders: Rajat Verma, Justin Lemmon and Gazanfar Safvi 
• Funding Raised To Date: $7 Mn
• Investors: Baring Private Equity Partners, Talbros 
• Headquarters: Delhi NCR

Lohum is a lithium-ion (Li-ion) battery pack manufacturer and battery materials (cobalt, lithium, nickel, etc) recycler. 

The cleantech startup addresses battery business across three cycles, first life with new batteries for two and three-wheeler original equipment manufacturers (OEMs) and stationary applications including for UPS and telecom, second life, which enhances the life of existing batteries, and lastly, end-of-life management offering recycling solutions. 

Given the government’s focus on setting up giga factories in India, the startup sees a huge unfolding opportunity to provide the entire lifecycle management solutions.

The startup claims to generate 80% of its revenue from sales of EV batteries to solar plants, and electric two and three-wheeler companies, while 10% comes from the energy storage system (ESS) and 10% from its recycling business.   

The recycling startup Lohum raised $7 Mn in a fresh round of funding from institutional investors led by Baring Private Equity Partners in January 2021.

Lohum has plans to expand its manufacturing capacity of lithium-ion batteries from 300 MWh to 1000 MWh (1 GWh) and its recycling capacity 10 times, from 1,000 tonnes per annum to 10,000 tonnes per annum.

Loom Solar

• Founded In: 2018
• Founders: Amod Anand, Amol Anand 
• Funding Raised To Date: $2 Mn
• Investors: Social Investment Managers and Advisors
• Headquarters: Delhi NCR 

Loom is a B2C solar startup that offers solar panels, lithium batteries, solar inverters, solar wires, panel stands and charge controllers. It operates in both online and offline channels. 

Apart from offering solar solutions, the startup also provides a credit facility to consumers to procure products at a 0% interest rate. In January this year, it secured $2 Mn in funding from Social Investment Managers and Advisors (SIMA) under the Energy Access Relief fund.

It operates one manufacturing unit and has a presence in 500 Indian districts. As per its website, the startup manages 100 employees. 

In FY2021, its revenue stood at INR 35 Cr and of this, 60% was accounted for solar panels. It aims to expand its energy storage solutions and grow its market share from 1% to 5% by 2025. 

It also claimed to have connected with 10,000 resellers and looks to partner with strategic investors in the future.

Metastable Materials

• Founded In: 2021
• Founders: Shubham Vishvakarma, Saurav Goyal Manikumar Uppala
• Funding Raised To Date: Undisclosed
• Investors: Sequoia Surge, Speciale Invest, Theia Ventures, Akshay Singhal, Archana Priyadershini
• Headquarters: Bengaluru

Founded in October 2021, Metastable Materials claims to have developed the world’s first, chemical-free integrated carbothermal reduction process for recycling and extracting valuable materials, such as copper, aluminium, cobalt, nickel and lithium from Li-ion batteries.

The startup opened a 21,000 sq ft urban mining facility located on the outskirts of Bengaluru in October 2022. The facility can process 1,500 tonnes of material annually, which accounts for up to 6% of India’s recycling demand for Li-ion batteries.

It has raised an undisclosed amount of funding recently from Sequoia’s Surge, as part of its Surge 08 cohort. 

MYSUN

• Founded In: 2016
• Founders: Gagan Vermani, Gyan Prakash Tiwari, Ashit Maru
• Funding Raised To Date: $9 Mn
• Investors: Tata Cleantech Capital, General Catalyst 
• Headquarters: Delhi NCR

MYSUN is a technology-backed B2B2C rooftop solar platform providing hyperlocal end-to-end solar solutions and long-term maintenance services. It provides solar energy to industries, small and medium enterprises/medium small and micro enterprises, and homes.

The cleantech startup is creating a network of clients/buildings (residential, industrial and commercial customers) across 100 cities (Tier 1/2/3). Last year, MYSUN bagged 140-megawatt  open-access solar power projects from Uttar Pradesh Power Transmission Corp Ltd. 

Under its new asset vehicle MYSUN+, it is expanding its presence across states such as Uttar Pradesh, Rajasthan, Maharashtra, Gujarat, Madhya Pradesh, Andhra Pradesh, Tamil Nadu and Delhi NCR. The cleantech startup is already in early-stage development of more than 220 MW of projects under the captive/ open access mechanisms.

In July 2021, the firm raised INR 15 Cr from Tata Cleantech in debt funding to expand its pipeline of projects.

MYSUN is looking to improve its technology infrastructure, scale up its service offerings, and expand to newer geographies, both in India and globally, including parts of the Middle East, Asia-Pacific, and Africa.

Nepra

• Founded In: 2011
• Founders: Sandeep Patel, Dhrumin Patel, Ravi Patel
• Funding Raised To Date: $24.5 Mn 
• Investors: Aavishkaar Capital, Circulate Capital, Asha Impact 
• Headquarters: Ahmedabad 

Nepra offers an integrated, efficient and scalable waste management solution that connects all stakeholders along the value chain, from municipalities to informal waste pickers, as well as recyclers and brand owners.

The startup processes over 500 tonnes of dry waste every day across Ahmedabad, Indore and Pune with the help of 1,700 collectors. The cleantech startup claims to have positively impacted the lives of 5K people at the very bottom of the waste management industry over the last eight years.

The dry waste management startup raised $18 Mn in Series C funding from Aavishkaar Capital and Circulate Capital in 2020. The cleantech startup claims to bring transparency and scalability to the highly unorganised waste management sector in the country. 

Nepra plans to expand its capacity generation and manage dry waste across more cities in India. It plans to expand to 25 cities in India by 2025. 

NewTrace

• Founded In: 2021
• Founders: Prasanta Sarkar, Rochan Sinha
• Funding Raised To Date: $6.6 Mn
• Investors: Speciale Invest, Micelio Fund
• Headquarters: Bengaluru

Newtrace develops batteries and electrolysers for producing green hydrogen for industries. Before founding the startup, both founders had completed PhD degrees in engineering disciplines. 

In July, the startup secured $1 Mn in a pre-seed funding round led by Speciale Invest and Micelio Fund. Angel investors also have participated in the funding round. In May, the startup picked up another $5.6 Mn in seed funding. 

During that time, it wanted to build electrolyzers offering 1 megawatt (MW) by 2025 and further increase the capacity of electrolyzers to 10MW by 2027. It further looks to help varied industries such as petrochemical, ammonia, mobility, energy and steel, among others reduce their carbon footprint. 

As per the startup’s website, it is currently pilot-testing its products. Back in 2021, it tested its prototype at IIT Madras and before that, it got shortlisted for a pre-incubation programme led by NSRCEL and Maruti Suzuki. 

Offgrid Energy

• Founded In: 2018
• Founders: Rishi Srivastava, Tejas Kusurkar, Brindan Tulachan, Ankur Agarwal
• Funding Raised To Date: $1.3 Mn
• Investors: Shell Ventures, Ankur Capital, APVC 
• Headquarters: Kanpur 

Energy tech startup Offgrid has developed a rechargeable zinc-carbon battery that outperforms available battery technologies in terms of power density, life and cost. 

Offgrid has more than 15 patents, designs and trademarks to its name, with a primary focus on renewable energy storage, microgrids, electric vehicle charging and grid applications in utilities.

The startup’s flagship product, ZincGel Battery technology has energy efficiency at par with a lithium-ion battery. It has twice the life cycle and negligible operational cost — thereby saving up to 30% cost for energy storage projects. Alternatively, existing lead-acid manufacturers can make ZincGel batteries easily with available equipment.

In February 2022, Offgrid raised undisclosed funds from energy solutions giant Shell, venture capitalists Ankur Capital and APVC to take its flagship product rechargeable zinc-based battery ZincGel to the market.

The startup has previously raised a small angel round from overseas investors and was seed-funded by Shell India.

The cleantech startup plans to cater to multiple industries such as renewables, microgrids, electric vehicles and utilities through its different variants of zinc-carbon batteries.

Oorjan Cleantech

• Founded In: 2014
• Founders: Roli Gupta, Das Gautam 
• Funding Raised To Date: $450K
• Investors: Aditya Sharma, Globevestor, Nisha Pillai, Mayur Bhat, Sayandev Chakravartti
• Headquarters: Mumbai

Solar energy startup Oorjan offers solar on-grid systems, ranging from 1kWp to 10kWp, to residential, commercial and industrial use cases. Besides this, it also operates three verticals–SolarSME, Greenstitute and Greenjobs. 

Under its SolarSME, the startup helps small and medium-sized enterprises to kick start as well as promote their solar businesses. It additionally provides credit facilities to individual consumers and PPA financing to commercial customers.

Under Greenstitute, it offers certified courses on solar energy and systems to students in association with academic institutions. On the other hand, Greenjobs acts as an online job portal connecting job seekers with companies. 

In 2017, it raised $450K in seed funding led by venture capital firm Globevestor. Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat also participated in the funding round.

The startup claims to have served more than 1,500 customers across 15+ states of India. 

Ossus Biorenewables

• Founded In: 2017
• Founders: Suruchi Rao, Shanta Rao and Kamar Suhail Basha
• Funding Raised To Date: $2.4 Mn
• Investors: Gruhas, Rainmatter Climate
• Headquarters: Bengaluru

Founded in 2017 by Suruchi Rao, Shanta Rao and Kamar Suhail Basha, Ossus’ AI-powered bioreactors absorb carbon from wastewater produced by industries and supply them with green hydrogen gas. 

The bioreactors mainly use microorganisms sourced directly from wastewater as catalysts for green hydrogen production. The startup currently works with steel, starch and energy companies and helps them produce hydrogen gas at a cost of less than $1 per kg. 

In May 2023, Ossus secured $2.4 Mn in funding in its pre-Series A round from Gruhas, cofounded by Zerodha’s Nikhil Kamath with Puzzolana’s Abhijeet Pai, and Rainmatter Climate. The startup invested the fresh funds to accelerate the deployment of its bioreactor, OB HydraCel, across sectors like refining, foods, brewing, chemicals and pharmaceuticals.

Orb Energy 

• Founded In: 2006
• Founders: Damian Miller, NP Ramesh  
• Funding Raised To Date: $13.6 Mn   
• Investors: FMO, Bamboo Capital Partners, Rianta Capital, Acumen Capital Market Funds I, Pamiga SA
• Headquarters: Bengaluru 

Orb Energy offers solar energy solutions (solar electricity and solar water heating) to residential, commercial and industrial customers, especially small and medium-sized enterprises (SMEs). 

To enable SMEs to afford solar energy, the cleantech startup has set up an in-house finance facility to provide extended payment terms to customers. Orb also provides credit to SMEs to invest in solar panel systems.

Since its inception in 2006, Orb has sold more than 160,000 solar systems, with cumulative installations of more than 110MW of rooftop solar systems.

Further, Orb Energy manufactures its solar panels and solar water heating systems in-house to control quality and cost. 

Orb Energy raised a $15 Mn debt fund in 2019 to augment its capital base. It raised an undisclosed amount from Shell’s New Energies business by divesting an almost 20% stake in the firm in a Series C round of funding in 2019. 

Shell’s New Energies business has acquired a 20% stake in solar firm Orb Energy in a funding round in 2019. It has so far received more than $13 Mn in equity and around $10 Mn debt in Series A and Series B rounds. 

Orb is based in Bengaluru, where it runs two factories, one producing solar photovoltaic panels and the other producing solar water heating systems. Orb is looking to help more Indian SMEs to benefit from lower-cost solar power in future.

OxyGarden

• Founded In: 2019
• Founders: Anshu Gupta, Abhishek Gupta
• Funding Raised To Date: $70K 
• Investors: NA
• Headquarters: Gurugram

OxyGarden has developed Forest, an automated vertical green wall designed to purify the air in homes and commercial spaces. The green wall uses a soil and root-based filtration system to naturally purify the air, creating a forest-like environment within living spaces.

In addition to air purification, Forest helps to regulate relative humidity levels with the help of controlled transpiration in plants. The product is designed to require minimal maintenance and does not require any human intervention once installed, according to the company.

To date, OxyGarden has raised $1.7 Mn in funding from investors to support the development and growth of its product line.

Pi Green Innovations

• Founded In: 2019
• Founders: Irfan Pathan and Rizwan Shaikh
• Funding Raised To Date: $4.8 Mn
• Investors: Opus Consulting Solutions, Harshal Morde (Morde Foods) 
• Headquarters: Pune 

Pi Green Innovations creates technology-driven solutions for the reduction of particulate matter emissions at source. The startup has a patented filterless technology that converts smoke to its powder form, soot.

Some of the startup’s solutions include carbon cutter machines, filterless retrofits for diesel generators and heavy vehicles; and RepAi, a filterless ambient air-purification tower that can be installed in public spaces. 

As per the founders, the cleantech startup has developed a retrofit solution for existing conventionally-fuelled heavy vehicles, diesel-fuelled generator sets and industrial boilers to reduce and capture hazardous particulate matter (PM) emissions and pollution caused every day. 

Pi Green’s retrofit device can capture 90% of the particulate matter emitted from the genset in real-time ranging from PM2.5 to PM10. The device works on the principle of electrostatic precipitator. 

The cleantech startup secured over $4.5 Mn in Series A funding in December 2021. The round was led by the Investment Fund of Opus Consulting with a total of $4.3 Mn. 

Its plans include working on after-treatment solutions for crematoriums. A pilot run is already underway at a crematorium in Bengaluru and a heavy vehicles retrofit pilot with the Bengaluru Municipal Corporation for two buses. 

Prescinto

• Founded In: 2016
• Founders: Puneet Jaggi, Ram Menon, Sanjay Bhasin
• Funding Raised To Date: $5.3 Mn
• Investors: Mumbai Angels Network, Inflection Point Ventures, 9Unicorns Accelerator Fund, Lets Venture
• Headquarters: Bengaluru 

SaaS solar energy startup Prescinto uses Artificial Intelligence to identify the root causes of plants’ underperformance in real-time and suggest actions to improve generation in clean energy plants by 5 to 7%. It helps in reducing costs of operation and maintenance.

Prescinto has been deployed across 10,000+ MWs of solar and wind projects across 14 countries with marquee clients like SoftBank Energy, Macquarie and Radiance Renewables managing their solar and wind assets on Prescinto.

Prescinto IOT platform is designed for vendor-independent connectivity and provides insights for solar PV plants. Prescinto’s patent-pending technology buckets losses into downtime, soiling, and systemic loss and immediately converts each loss into actionable job tickets along with projected gains. 

It has customers such as Stride Climate Investments, Essel Infrastructure, and GMR, among others to achieve traction of 3X annual growth reaching over 9 Giga Watts of solar plants across more than 10 countries.

Prescinto raised $3.5 Mn in a Seed funding round in March 2021 led by Venture Catalysts. Inflexion Point Ventures, Mumbai Angels and LetsVenture also participated as part of this round.

The Bengaluru-based cleantech startup is looking to expand in international markets, primarily in the US market, and for Intellectual Property development. Prescinto aims to expand into wind and energy storage as well.

Proklean

• Founded In: 2012
• Founders: Sivaram Pillai, Bala Chandrashekar, Vishwadeep Kuila
• Funding Raised To Date: $5.36 Mn
• Investors: Raintree Family Office
• Headquarters: Chennai

Founded in 2012 by Sivaram Pillai and Bala Chandrashekar, and later joined by Vishwadeep Kuila, Proklean offers non-toxic and biodegradable green chemistry solutions to clients across industries such as textiles, pulp and paper, water management and biosurfactants. 

Proklean also sells household cleaning products across online marketplaces and offline stores in Chennai. 

Proklean last raised $4 Mn as part of its strategic funding round from the Raintree Family Office in June this year. The startup claims to have turned EBITDA profitable in the financial year 2022-23 (FY23) with a revenue of INR 40 Cr.

Recykal

• Founded In: 2016
• Founder: Abhishek Deshpande
• Funding Raised To Date: $44.5 Mn
• Investors: 360 ONE Asset Management, Morgan Stanley, Circulate Capital, Bank of Singapore, Triton Investment Advisors, Pidilite Industries, Vellayan Subbiah, Arun Venkatachalam
• Headquarters: Hyderabad

Founded in 2016 by Abhishek Deshpande, Hyderabad-based Recykal offers cloud-based solutions that enable transparent and traceable material flows in waste. 

The startup works with businesses to track and meet their EPR (extended producer responsibility) targets, dispose of e-waste responsibly, track their plastic footprint and offers a SaaS-based track and trace platform to monitor industrial waste and help report accurate ESG (Environment, Social and Governance)  and SDG (the United Nations Sustainable Development Goals) metrics.

In April 2024, Recykal raised INR 110 Cr (around $13.5 Mn) in funding in its Series B round led by 360 ONE Asset Management. The startup reported a net loss of INR 25.7 Cr in the financial year 2022-23 (FY23) as against a net profit of INR 1.2 Cr in FY22.

ReNew Power

• Founded In: 2011
• Founders: Sumant Sinha
• Funding Raised To Date: $3.2 Bn
• Investors: Goldman Sachs, Franklin Templeton India, JP Morgan, L&T, Sylebra Capital, Abu Dhabi Investment Authority, Canada Pension Plan Investment Board 
• Headquarters: Delhi NCR

ReNew Power is an independent power producer (IPP) of renewable energy using clean sources such as wind, hydro and solar power. The startup can generate more than 8 gigawatts of power assets across 16 states in India, including commissioned as well as under-development projects. 

Renew Power joined the startup unicorn club in 2017 after raising $300 Mn through a rights issue. Goldman Sachs, Abu Dhabi Investment Authority, and the Canada Pension Plan Investment Board have subscribed to the issue, with each shareholder infusing $100 Mn, it said. According to its website, ReNew’s total capacity was 10.2 GW and its commissioned capacity was 7.3 GW, as of February 2022.

ReNew Energy raised $400 Mn in January 2022 at 4.5% by issuing green bonds. ReNew is setting up a joint venture (JV) with Fluence to boost the energy storage sector and meet the local needs of Indian customers. The startup has entered into a partnership agreement with Larsen & Toubro (L&T) to develop, own, execute and operate green hydrogen projects in India. 

To enable India’s decarbonisation push, Indian Oil Corporation, L&T, and ReNew Power signed a JV company on April 3, 2022. It is working to develop the green hydrogen sector in India. The cleantech startup intends to own 18 GW of renewable energy assets by FY25.

rePurpose

• Founded In: 2019
• Founders: Svanika Balasubramanian, Peter Wang Hjemdahl, Aditya Siroya
• Funding Raised To Date: Undisclosed
• Investors: NA
• Headquarters: Bengaluru/New York City

Founded in 2019 by Svanika Balasubramanian, Peter Wang Hjemdahl and Aditya Siroya, rePurpose is a social enterprise, which also acts as a plastic credit platform. rePurpose enables individuals and businesses to become plastic-neutral and take responsibility for their plastic footprint by funding recycling the same amount of plastic waste they produce.

The startup allows companies to track their plastic footprint, offers advice on reducing their plastic footprint and works on projects related to recovering plastic waste. rePurpose claims to have recovered 22,369 tonnes of nature-bound plastic waste so far.

In its endeavour, the startup has received several accolades and has been recognised by the United Nations Environment Programme as one of the top 12 innovators in plastic recycling in the world.

Sea6 Energy 

• Founded In: 2010
• Founders: Nelson Vadassery, Shrikumar Suryanarayan, Sowmya Balendiran, Sri Sailaja Nori 
• Funding Raised To Date: $17.9 Mn
• Investors: Aqua-Spark, Silverstrand Capital, Tata Capital Innovation Fund
• Headquarters: Bengaluru 

Sea6 Energy develops technologies to convert biomass into biofuel, plant growth stimulants, plant defence products, animal feed ingredients, and other bio-renewable products to replace chemicals and plastics. 

The cleantech startup has also developed proprietary technologies to convert fresh seaweed into environmentally friendly products for a range of industries including agriculture, animal health, food ingredients, bioplastics and renewable chemicals.

Sea6 Energy exports its patented agriculture biostimulant product to countries including the USA, Indonesia, Sri Lanka and Vietnam.

The seaweed farming and processing startup raised $9 Mn in Series B funding in July 2021 led by Aqua-Spark, the Netherlands-based investment fund. Singapore-based Silverstrand Capital is the co-investor in the round.

The startup will work on additional SeaCombine systems to increase the supply of seaweed raw material and expand its processing capacity with additional facilities to produce Sea6’s agricultural biostimulant and animal health products. 

SenseHawk

• Founded In: 2018 
• Founders: Rahul Sankhe and Swarup Mavanoorl
• Funding Raised To Date: $7.1 Mn
• Investors: Alpha Wave Global, SAIF Partners, Elevation Capital
• Headquarters: Bengaluru  

Cloud-based cleantech startup SenseHawk enables owners, managers and developers of solar assets to gain new insights about their plants that enable maximisation of returns. 

The initial focus of the startup is on the rapidly growing solar industry with future expansion to other similar sectors.

Its solutions combine different kinds of unmanned aerial vehicles (UAVs), sensors, data processing and planning chains to create decision-making tools that drive productivity in the energy and infrastructure industries. 

The startup claims that it has delivered data analytics for more than 28 GWs of solar assets across 15 countries worldwide, and has nearly 80 clients.

SenseHawk raised $5.1 Mn in a Series A funding round in 2020 led by Alpha Wave Incubation, backed by Abu Dhabi-based ADQ. Existing investor SAIF Partners also participated in the round.

The startup is looking to expand its presence in Abu Dhabi, and also build a team of data scientists, product managers and engineers in the region. 

It is planning to use Abu Dhabi as the global base for international expansion while targeting the Gulf Cooperation Council countries — the Middle East North Africa and other global markets.

Skilancer Solar

• Founded In: 2017
• Founders: Manish Kumar Das, Neeraj Kumar
• Funding Raised To Date: $652K
• Investors: Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, Alfa Ventures
• Headquarters: Noida

Skilancer Solar offers cleaning services for solar panels installed in commercial parks and other establishments. 

The startup was founded by Neeraj Kumar, who has three years of experience in the solar industry, and Manish Kumar Das, who brings ten years of experience in instrumentation engineering to the team.

Skilancer Solar’s client portfolio includes several prominent organisations such as Hindustan Petroleum, Adani, Ambit Energy, and Unilink Group. 

The startup has received over $652K in funding from a range of investors, including Boundary Holding, Venture Catalysts, IIML-Incubator, Neeraj Kumar, Dhianu Das, and Alfa Ventures.

Solar Ladder

• Founded In: 2021
• Founders: Manan Mehta, Abhishek Pillai, Farhan Ahmed
• Funding Raised To Date: $1.34 Mn
• Investors: Axilor Ventures, Titan Capital, DeVC, Stride Ventures, Varun Alagh
• Headquarters: Mumbai

Founded in 2021 by Manan Mehta, Abhishek Pillai and Farhan Ahmed, Solar Ladder is an EPC (engineering, procurement and construction) service provider in the rooftop solar energy space.

Having partnered with five NBFCs, the Mumbai-based startup offers collateral-free financing to both EPC installers and end users. 

Solar Ladder also offers a free SaaS tool, which integrates modules encompassing sales, marketing, installation, accounts and project management. It gives EPC installers more visibility into a business’s various functions such as ongoing projects, inventory and payments.

The cleantech startup last secured INR 11 Cr ($1.34 Mn) in funding in May 2023 to fuel its expansion plans.

SmartJoules

• Founded In: 2014
• Founders: Arjun P Gupta, Ujjal Majumdar, Sidhartha Gupta
• Funding Raised To Date: $4.35 Mn
• Investors: ADB Ventures, Sangam Ventures, Max Limited, cKinetics Accelerator, Dabur family’s Saket Burman 
• Headquarters: Delhi NCR

Energy-efficiency-as-a-service startup Smart Joules offers capital expenditure-free retrofits for commercial and industrial facilities by improving the overall design of energy-intensive systems like cooling, heating, compressed air and steam. 

The cleantech startup claims its DeJoule technology platform utilises various sensors and IoT controllers to track and control equipment and optimise overall facility performance in real-time using data. This tech platform allows SmartJoules to guarantee its clients 15% energy savings.

Its JoulePAYS service makes energy savings easy and profitable from day one with zero investment and zero risk for hospital/hotel owners under a single pay-as-you-save agreement.

Smart Joules has provided its full-stack solution for leading Indian hospital chains, including Apollo, Fortis, KIMS, Aster, and CARE, among others. 

In March 2021, Smart Joules raised $4.1 Mn in its Series A funding round from various investors, namely ADB Ventures, Sangam Ventures, and Max Limited, among others. It raised $4.9 Mn in a Series A funding round from various investors in April 2021.

SmartJoules’ plans include strengthening its energy management team, enhancing its digital technology platform, expanding its presence across hospitals and scaling its cooling-as-a-service offering for commercial buildings and industries with heavy air conditioning loads such as pharmaceuticals and data centres.

SolarSquare

• Founded In: 2015
• Founders:  Neeraj Subhash Jain, Nikhil Satejlal Nahar
• Funding Raised To Date: $16.08 Mn  
• Investors: Elevation Capital, Lowercarbon Capital, Good Capital, Rainmatter, Vidit Atrey, Sanjeev Barnwal, Maninder Gulati, Ashish Goel, Amit Kumar Agarwal, Akhil Gupta, Saurabh Garg 
• Headquarters: Mumbai

Cleantech startup SolarSquare offers rooftop solar panels for residential and commercial purposes. It also provides financing facilities to customers at a 0% interest rate. It currently has a presence in Bengaluru, Delhi, and Hyderabad as well as states including Gujarat, Madhya Pradesh and Maharashtra

Initially, the startup only provided commercial rooftop solar solutions but in 2020, it started catering to the needs of residential consumers too. During the same year, it elevated Shreya Mishra, its CEO to the position of cofounder. 

In November last year, it raised $12.08 Mn in a Series A funding round led by Elevation Capital and Lowercarbon Capital. Good Capital, Rainmatter, Meesho’s Vidit Atrey and Sanjeev Barnwal also participated in the round. 

Its cap table includes Lowercarbon Capital, Symphony Asia, OYO’s Maninder Gulati, Urban Ladder’s Ashish Goel and Nobroker founders Amit Kumar Agarwal, Akhil Gupta & Saurabh Garg, among others.

Earlier, it claimed to have served nearly 5,000 residential customers and also aimed to standardise its installation quality. 

SolarTown Energy  

• Founded In: 2012
• Founders: Vikram Dileepan, Dhanush Kuttuva 
• Funding Raised To Date: $200K
• Investors: GREX
• Headquarters: Chennai 

SolarTown Energy makes clean energy for homeowners, businesses, schools, non-profit and government organisations at low cost. 

The cleantech startup provides solutions and products for home-based systems, small and mid-size businesses, and buildings. 

SolarTown provides for the sale, lease and installation of solar rooftop systems from 1 kW to 300 kW for residential, commercial and industrial customers. SolarTown Energy claims to have installed more than 100 solar systems and counts Infosys and Renault-Nissan among its customers. 

The startup is looking for market expansion, investment in technology, international business development and working capital requirements.

Swajal 

• Founded In: 2015
• Founders: Advait Kumar, Vibha Tripathi
• Funding Raised To Date: $2.8 Mn
• Investors:  Rajasthan Venture Capital Fund, Pramod Agarwal (former CFO at Procter & Gamble), ACPL 
• Headquarters: Delhi NCR

Swajal is an artificial intelligence (AI) and Internet of Things (IoT)-enabled water purification solution that looks to enable access to clean drinking water across the socio-economic spectrum. 

The cleantech startup claims to have developed solar-energy-powered remote sensing water purification systems (also known as water ATMs) with user interfaces and payment mechanisms for airports, hotels, offices, schools and railway stations among others, where it essentially replaces the plastic, encouraging people to bring their utensils/bottles to fill water. 

Swajal also helps corporate customers move away from plastic bottles to glass bottles using its in-house water bottle washing, filling and monitoring plant (WaterCube). The startup earns revenue from consumers buying its systems or a per-litre price for the as-per-usage model.

Last year, Swajal raised $1.6 Mn in funding from the social impact fund Rajasthan Venture Capital Fund, alongside Pramod Agarwal (former CFO at Procter & Gamble), ACPL and other angel investors.

The startup is planning to further enhance its research and development capabilities, thereby making drinking water more accessible, sustainable and plastic-free in the country.

The Energy Company

• Founded In: 2021
• Founders: Prashant Rathee, Rahul Lamba, Pratik Somani
• Funding Raised To Date: Undisclosed
• Investors: LetsVenture, WeFounderCircle, SIA Angel Network, Monokeros Ventures
• Headquarters: Bengaluru

The Energy Company has developed a full-stack battery solution for EVs in India that helps B2B vehicle aggregators manage vehicle life cycles by giving them a longer-lasting battery pack via FlexiPack and better visibility on the battery life via its SaaS tool FlexiTwin.

The startup claims that its battery pack is scalable across electric two-wheelers, three-wheelers and buses and helps vehicles run for 50 km on just a 15-minute fast charge and 100 km after a 40-minute charge.

Meanwhile, The Energy company’s SaaS tool, FlexiTwin, takes inputs from the sensors installed on a battery to digitally record the battery performance, degradation and service history, with insights on battery health and ageing.

For now, the cleantech startup is in talks with five B2B clients, which have around 25,000 two-wheeler EVs. The startup also has letters of intent (LOIs) for around 2,000 electric two-wheelers.

Uravu Labs

• Founded In: 2019
• Founders: Pardeep Garg, Swapnil Shrivastav, Venkatesh R, Govinda Balaji
• Funding Raised To Date: $274K
• Investors: Speciale Invest, Peter Yolles (EchoRiver Capital), Soren Schroder, Shigeru Sumimoto (Conselux Corporation), Tomoki Kaneko (Kaneko Cord)
• Headquarters: Bengaluru 

Watertech startup Uravu Labs builds atmospheric water generators that run on 100% renewable energy. It creates water from the air using only renewable energy sources like solar, waste heat, or biomass to produce renewable water.

Uravu’s working prototype can channel air into a chamber containing desiccants like Silica which absorb the water content in the air. Once the desiccant is fully saturated, heat is applied to it using solar energy to extract the water in liquid form, as claimed by the startup.  

The water-from-air concept is not new, as many startups already operate in the space. But unlike Uravu, most of them use refrigeration as a method to condense air in the atmosphere, which is an expensive process with high energy requirements. 

Uravu’s method uses a desiccant that is relatively less capital-intensive and energy-intensive and also requires much less maintenance. The desiccant used in the machine has a shelf life of around ten years, and the rest of the components are mostly conventional electronic components like fans and pipes, according to the startup. 

The water tech startup raised an undisclosed amount during a pre-seed funding round in December 2021 led by Speciale Invest. The startup plans to work with corporations on CSR efforts, and with government agencies like Jal Shakti, and MNRE, among others, to deliver clean drinking water to remote and rural areas in the country. 

Varaha

• Founded In: 2022
• Founders: Madhur Jain, Ankita Garg, Vishal Kuchanur
• Funding Raised To Date: $4 Mn
• Investors: Orios Venture Partners, Omnivore, RTP Global, Better Capital, Kunal Shah 
• Headquarters: Gurugram

Climatetech startup Varaha helps agricultural farmers adopt regenerative agricultural practices by producing carbon credits, which help grow revenue and decrease operating expenses. It has a presence in six Indian states. 

Explaining the modus operandi, the startup said it enrols agricultural farmers, quantifies greenhouse gases, verifies carbon credits, and then sells those credits to buyers. 

In December 2022, it secured $4 Mn in a seed funding round for expanding business in South Asia. The round was led by Orios Venture Partners along with participation from Omnivore, RTP Global, Better Capital and CRED founder Kunal Shah.

Earlier, it claimed to have covered an expanse of more than 1.32 Lakh acres under its agroforestry, forest conservation and reforestation activities, among others. As per its website, the cleantech startup cloistered over 3.5 Lakh tonnes of carbon emissions and saved 1.55 Lakh Mn litres of water so far.

WEGoT

• Founded In: 2015
• Founders: Abilash Haridass, Vijay Krishna, Mohideen Haja, Sundeep Donthamshetty
• Funding Raised To Date: $3.5 Mn
• Investors: GRUHAS Proptech, Rahul Talwar (DLF Family Office) Harshad Reddy (Apollo Hospitals Family), HDFC Capital Advisory Ltd, Prestige Group
• Headquarters: Chennai 

Internet of Things-based cleantech startup WEGoT Utility Solutions delivers water management solutions to clients from single houses to multi-unit apartments and commercial complexes.

The cleantech clients include Prestige Group, Godrej Properties, Brigade Group, Mahindra World City, and Brookfield among others. WEGoT’s Smart Water Meters manage water consumption and quality in real-time. Its app enables effective monitoring, control and modification of water consumption based on user insights. 

Since its inception, WEGoT has successfully implemented over 100,000 smart devices in over 30,000 homes and on over 40 Mn sq feet of commercial real estate. It has plans to scale up to one million devices in the coming months. The cleantech startup has effectively conserved over 3 Bn litres of water to date and pledges to further save 10 Bn litres in 2022, as claimed by the startup.

The startup that makes smart water meters, raised $1.5 Mn in a funding round in December 2021 led by Gruhas Proptech, a company backed by Abhijeet Pai of Puzzolana Group and Nikhil Kamath of Zerodha.

The startup plans to deploy more water management devices to houses and offices in 2022. WEGoT plans to deploy 10 lakh water management devices by the end of 2022.

Zenatix 

• Founded In: 2013
• Founders: Amarjeet Singh, Vishal Bansal, Rahul Bhalla
• Funding Raised To Date: $1.4 Mn
• Investors: Blume Ventures, Microsoft Accelerator Bangalore, Pi Ventures,   
• Headquarters: Delhi NCR 

Energy-data startup Zenatix is a data-driven energy efficiency platform that works with banks and large retail chains. 

The cleantech startup helps organisations to save up to 10-30% on their electricity spend. The startup has deployed WattMan in over 500 retail outlets including bank branches and ATMs, across its clientele of 20 companies.

The energy-data startup raised INR 8 Cr in a Pre-Series A round of funding in 2017 led by pi Ventures. 

Zenatix (part of the $11 Bn Hero Group) expanded its operations to the UAE and the Middle East in the April 2022 region to offer organisations a robust cloud-based energy and asset management solution. 

The cleantech startup plans to deploy 2,500 WattMan in the coming months, increasing its clientele to over 50-60 companies across India, Singapore, Malaysia, Indonesia and Thailand. Based on a subscription-based model of revenues, Zenatix aims to expand more in the international markets in future. 

ZunRoof 

• Founded In: 2016
• Founders: Pranesh Chaudhary, Sushant Sachan
• Funding Raised To Date: $4.7 Mn 
• Investors: Godrej Investment Office, Intellecap Impact Investment Network, Ramakant Sharma, (Livspace); Gaurav Gupta (Dalberg Advisors); Pradeep Tharakan (Asian Development Bank); Vismay Sharma (L’Oréal); Ajith Pai (Paipal Ventures); Arun Diaz (IntelleGrow)
• Headquarters: Delhi NCR

ZunRoof specialises in solar rooftop design, installation, and management using technologies such as computer vision, AI and VR. 

The cleantech startup helps reduce its electricity bills by using unutilised rooftops for solar power generation. It also offers IoT devices for power usage monitoring through a companion app.

ZunRoof offers projects with capacity in a range between 1 kilowatt (kW) and 70 kW for residential clients, small factories, schools, hospitals and hotels. Its total installed capacity has crossed 10 Megawatt since its inception in 2016. 

The cleantech startup assessed more than 250,000 homes, designed over 30,000 rooftop solar systems in 75+ cities in India, and installed 15 MW+ of rooftop solar and 50,000+ IoT devices, as of last year.

ZunRoof Tech raised $3 Mn in a Series A round of funding from Godrej Investment Office in 2020. Godrej had invested $1.2 Mn in the startup in a Pre-Series A round in 2019. The cleantech startup entered the solar rooftop market in Bengaluru a few years ago and is planning to enter cities like Chennai, Hyderabad and Kochi in future. 

ZunRoof aims to resolve the affordability issue of solar rooftops in Indian homes. It will soon launch its service to improve the affordability of solar rooftops.

Last updated on June 5, 2024

The listicle has been updated to include three new startups – DigitalPaani, Ossus Biorenewables, and Recykal. 

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The clock is ticking on climate change. Businesses face immense pressure to reduce their carbon footprint, but traditional methods often lack precision and struggle to keep pace with complex operations.

The climate economics index stress-tests reveal that climate change will impact 48 nations, encompassing 90% of the global economy, and evaluate their overall climate resilience. Major economic powers could face approximately a 10% reduction in GDP over the next three decades. If the temperature rises by 3.2°C, China is likely to experience a 24% decline in GDP by the middle of the century. 

Likewise, the United States, Canada, and the United Kingdom are expected to suffer approximately a 10% loss each. Europe as a whole would undergo a slightly higher impact at 11%, with specific economies like Finland or Switzerland being 6% more vulnerable compared to France or Greece, which are at 13%.

Machine Learning And Predictive Analytics Emerge As Game Changers

Here’s where machine learning (ML) and predictive analytics emerge as game-changers, offering a powerful arsenal for businesses to significantly reduce their environmental impact.

Machine learning, a branch of artificial intelligence, allows computers to learn from data without explicit programming. Predictive analytics, leveraging ML algorithms, analyses past data to forecast future trends. 

In the fight against climate change, this translates to pinpointing emission hotspots, predicting future carbon footprints, and optimising operations for maximum sustainability.

Traditional methods might struggle to pinpoint the exact source of energy waste in manufacturing units. ML algorithms, however, can analyse vast amounts of sensor data, identifying machines with abnormal energy consumption. 

This empowers businesses to target specific areas for improvement, leading to significant reductions in energy use and carbon emissions.

The power of ML extends beyond monitoring. Predictive analytics can forecast future emissions based on historical data and current trends. This foresight allows businesses to proactively adjust operations, invest in renewable energy sources, or optimise transportation routes to minimise their environmental impact before emissions even occur.

Real-world applications abound. Buildings equipped with ML-powered systems can automatically adjust heating and cooling based on real-time occupancy and weather data, slashing energy consumption.

Key Advantages Of Using AI/ ML

According to the studies, building automation powered by AI can achieve energy savings of 10% to 30%. Logistics companies can leverage ML to design the most efficient delivery routes, reducing fuel use and emissions across their supply chain. 

The research found that optimising logistics routes with ML can decrease transportation emissions by up to 20%. Businesses can even utilise ML to identify sustainable sourcing options, ensuring their entire operation minimises environmental impact.

The benefits are undeniable. By optimising operations, ML-powered solutions can lead to significant reductions in carbon footprint, often exceeding 20%. Reduced energy consumption translates to lower operational costs, boosting a company’s bottom line. 

A study found that companies embracing AI for sustainability initiatives can achieve cost savings of 5% to 10%. Moreover, embracing sustainable practices enhances a company’s reputation and gives it a competitive edge in a market increasingly focused on environmental responsibility.

Conclusion

Data quality, access, and integration are crucial hurdles for the ML, Additionally, potential biases within ML algorithms necessitate careful design and implementation. However, these challenges are actively being addressed by climate tech companies and the continuous advancements in ML technology promise an even greater impact in the future.

The integration of ML with the Internet of Things (IoT) holds immense potential. Imagine a network of sensors constantly monitoring energy use in real time, feeding data into ML algorithms that can make instant adjustments for optimal efficiency. This future holds the promise of a seamlessly sustainable business landscape.

ML is a powerful tool that can revolutionise carbon reduction strategies. By embracing data-driven approaches and investing in ML solutions, businesses can significantly reduce their environmental footprint and pave the way for a more sustainable future. The time to act is now, and machine learning offers the key to unlocking a cleaner, greener tomorrow.

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Electric vehicle (EV) battery manufacturing startup Log9 Materials said it has rebranded its mobility business as ‘Amphion’, a full-stack EV asset management company.

The startup announced the launch of subsidiary Amphion during its annual event, Day Zero, on Monday (April 22).

Log9 said Amphion will provide solutions like financing, data and analytics, charging infrastructure, and energy efficiency to address the challenges faced by the commercial EV industry.

Under the subsidiary, the startup is looking to optimise asset utilisation, ensure cost-effective operations for a successful transition to electric mobility, and minimise downtime for fleet operators or individual drivers. 

“With Amphion, we are poised to seamlessly integrate original equipment manufacturers (OEMs), charge point operators (CPOs), financiers, insurers, and recyclers into a cohesive ecosystem, driving efficiency and sustainability in the EV industry. We aim to be the leading EV asset management company not just in India but globally,” Log9 cofounder and COO Kartik Hajela said. 

The development comes at a time when the adoption of EVs is on the rise in the country. The Indian EV market houses various small as well as large EV startups and is estimated to reach a size of $110.74 Bn by 2029. 

Besides the launch of Amphion, Log9 also unveiled Nexmile, a new battery designed for commercial EVs. It said Nexmile comes with a 5-year warranty, offers 3X charging speeds compared to other conventional batteries and has a full battery life to support 120 kms.

Founded in 2015 by Haleja, Dr Akshay Singhal and Pankaj Sharma, Log9 manufactures EV batteries and other energy storage solutions. In the EV battery industry, it competes with the likes of Hero Electric-backed Exponent Energy and Ather Energy. 

Since its inception, the startup has raised nearly $65 Mn in funding. It last raised $40 Mn funding in its Series B round, led by Amara Raja Batteries Ltd and Petronas Ventures in January 2023. 

Log9 claims that it currently has 2,500 EV assets running on the road, connecting 600 charging stations. Besides, it manages INR 100 Cr worth assets for over 150 fleets with a turn around time of 2.7 days on servicing needs. It also said that it is growing at a 20-30% rate month-on-month. 

In February this year, Inc42 reported that Log9 laid off about 115 contractual employees. At that time, Sharma told Inc42 that the mass layoff was triggered due to automation, which led to reduction in the manual workforce.

Further, the startup also delayed employee salary disbursement for the month of January. Sharma attributed the delays to cash flow disruption on account of lower production. 

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Real estate-focused cleantech startup Accacia has raised $6.5 Mn (around INR 54 Cr) in a Pre-Series A funding round led by Illuminate Financial, with participation from AC Ventures and existing investors Accel and B Capital. 

Founded in 2022 by Annu Talreja, Piyush Chitkara and Jagmohan Garg, Accacia offers an AI-enabled SaaS platform that helps real estate asset managers, owners and developers track their emissions and design their net-zero journey.   

The platform claims to allow customers to measure and benchmark the transitional risks on their portfolios, while the AI-enabled recommendation engine suggests decarbonisation strategies at the asset and portfolio level.

According to the startup, its tech platform integrates with existing property management, energy management and procurement systems to automate real-time data capturing and tracking. 

“This funding comes at a crucial juncture as the Securities & Exchange Commission (SEC) and Singapore Exchange (SGX) have announced regulations on carbon emissions’ reporting, underscoring the urgent need for comprehensive and real-time climate risk data. We have already deployed our solution to over 25m sqft of real estate and are poised to leverage this opportunity and scale globally,” said Talreja, founder and CEO, Accacia.

Amid the increasing concerns of global warming, every industry is working on ways to define the decarbonisation strategy. 

For quite some time now, India’s cleantech space has been gaining traction from a lot of investors.

Recently, a cleantech startup called Recykal bagged INR 110 Cr as a part of its Pre-Series B funding round to offer cloud-based solutions to its clients that enables transparent and traceable material flows in waste.

To give recognition to the cleantech startups of India and boost the ecosystem, Startup Mahakumbh 2024 also showcased some of the climate tech innovations which have the potential to address the country’s climate challenges. Some of the key areas focussed on by the selected startups were leveraging hydrogen, alternative fuels, energy storage, EVs, water management, green buildings, alt-protein, etc. 

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Cloud-based waste management and processing startup Recykal has secured INR 110 Cr (around $13.2 Mn) as a part of its Pre-Series B funding round from 360 ONE Asset Management.

This mix of primary and secondary investment also gave multi-bagger exit to its early stage investors, the startup said in a statement.

Recykal’s founder and CEO, Abhay Deshpande, said that this investment will enable the company to drive further innovation in technology, products and solutions.

Founded in 2016 by Abhishek Deshpande, Hyderabad-based Recykal offers cloud-based solutions to its clients that enables transparent and traceable material flows in waste.

Deshpande, said, “As we embark on the next phase of our growth journey, this investment will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner.”

“The company has demonstrated significant progress and scale in achieving circularity of value chain, as opposed to the traditional linear “take-make-dispose” approach, by solving for demand aggregation and resource utilization, which we believe is imperative in building a sustainable future,” said, Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset.

Till date, the company has raised a total funding of $35 Mn. 

In 2022, Recykal raised $22 Mn in a round led by Morgan Stanley India. The round also saw participation from a host of existing investors, including Circulate Capital, Vellayan Subbiah and Arun Venkatachalam.

It is pertinent to note that the startup reported a net loss of INR 25.7 Cr in the financial year 2022-23 (FY23) as against a net profit of INR 1.2 Cr in FY22. 

However, its operating revenue jumped 291% to INR 745.1 Cr in FY23 from INR 190.4 Cr in the previous year. Including other income, Recykal reported a total revenue of INR 747.6 Cr in FY23 from INR 190.7 Cr in FY22.

India’s cleantech space has been gaining traction from a lot of investors for quite some time now. 

For instance, last month, cleantech startup Bambrew raised INR 60 Cr (about $7 Mn) in its Series A funding round led by Blume Ventures.

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Bengaluru-based electric vehicle (EV) charging infrastructure provider Bolt.Earth laid off employees from multiple teams earlier this week in a second restructuring exercise within four months, sources told Inc42.

The sources attributed the layoffs to a cash crunch owing to the startup’s failure to raise fresh funding and said the number of employees impacted by the latest restructuring exercise could be in the range of 70-100, or around 40%-60% of the startup’s workforce. 

Bolt.Earth confirmed the layoffs with Inc42 in a statement but said the claims of it firing 60% of its workforce are “highly exaggerated”.

“While we have made the difficult decision to reduce our workforce, the scale of these layoffs was significantly smaller and was a necessary adjustment within our strategic realignment,” the statement said, without disclosing the number of employees impacted.

The startup said that the decision to adjust the workforce was a result of a strategic pivot towards focussing more intensely on its core business – charging network. 

Founded by Jyotiranjan Harichandan and Mohit Yadav in 2017, Bolt.Earth offers electric vehicle charging solutions for businesses, individuals, real estate companies, fleet operators, and the government. It is pertinent to note that the startup had three broad product categories – Operating System (OS) for electric vehicles, charging infrastructure, and fleet management system. 

However, Inc42 sources said that the startup has shut the OS and the fleet management system verticals. 

Confirming this, Bolt.Earth said, “… we have decided to discontinue our OS System and fleet management system verticals. However, we remain dedicated to providing ongoing support to our existing OS and IoT customers, ensuring they continue to receive the quality service they expect from us.” 

The sources cited above said that the layoffs impacted multiple teams, including product, marketing, and technology. However, the design team was the worst hit as it was completely dissolved. 

However, Bolt.Earth said that the layoffs were limited to the product and technology teams involved with the OS and fleet management system segments. “It’s important to clarify that other departments, crucial to our focused business strategy, were not affected by this decision,” the statement said.

The startup is offering 1-2 months of severance pay to the impacted employees. 

The latest round of layoffs came almost four months after the startup fired around 15-20% of its workforce. 

Back then, its cofounders said the layoffs were restricted to the OS team. They attributed the decision to the uncertainty surrounding the Centre’s FAME-II scheme. 

It is pertinent to mention that in October last year, Bolt.Earth announced raising $20 Mn in a funding round from Union Square Ventures, Prime Venture Partners, ITIGO Funds, among others. However, sources told Inc42 then that the round was closed in 2022.

Responding to Inc42’s queries on the delay in announcing the funding round, cofounders Harichandan and Yadav told Inc42 in December last year that it was a “strategic decision”.

Last year, Inc42 also learnt that Bolt.Earth was in talks with investors to raise about $50 Mn and had received a commitment of $30 Mn. 

Responding to a question about this funding round, Bolt.Earth, in the latest statement, said, “We are actively engaged in discussions with potential investors. While we remain confident in our business model and the growing demand for clean energy solutions, we prefer to maintain confidentiality regarding the specifics of these discussions at this stage.”

The startup raised $4 Mn in its Series A funding round led by Union Square Ventures and Prime ventures. 

In terms of financial performance, Bolt.Earth’s parent entity Revos Auto Tech Pte. Ltd reported an operating revenue of 1 Mn Singapore Dollars (SGD) (about INR 6.4 Cr) in FY23, an increase of 617% from SGD 142K (about INR 89 Lakh). However, its loss surged 209.7% to SGD 12.4 Mn (about INR 78.1 Cr) from SGD 4 Mn (about INR 25.2 Cr) in FY22. 

Bolt.Earth didn’t disclose its financial numbers for FY24 but said it “achieved robust revenue growth” during the year.

The post Exclusive: Bolt.Earth Fires Employees In Another Restructuring Exercise, Shuts Two Business Verticals appeared first on Inc42 Media.

India is one of the largest energy-consuming countries in the world, and the nation’s energy needs are only going to increase with time.

Having foreseen this a decade ago, the Union government had set a target of installing 100 GW of solar power capacity in the country by 2022. Although the deadline has now been extended to 2026, the seriousness for solar rooftop installations, which are supposed to account for 40% of the total solar energy generation, runs unrestricted among industry stakeholders, including climate tech entrepreneurs.

Even the government of India has taken it a step further with the launch of PM Surya Ghar Yojana, which aims to help up to 10 Mn families across India install rooftop solar panels.

In line and drawing support from the government’s vision of building a solar energy surplus nation is SolarSquare Energy, a full-stack rooftop solar solutions startup founded in 2015 by Neeraj Jain and Nikhil Nahar. Shreya Mishra, the third cofounder, joined the startup in 2019-20.

The startup initially commenced operations with B2B rooftop solar solutions. However, the founders later realised that the residential market, comprising housing societies and individual homes, had immense untapped potential in the field of solar energy. To harness this potential, SolarSquare ventured into the B2C segment in 2021.

The startup is operational in 15+ Indian cities and has identified that cities with high population density, including Bengaluru, Mumbai, and Delhi NCR, possess high potential for the solar industry.

A Full-Stack Solar Energy Maverick At Your Service 

Although SolarSquare is not a manufacturer of rooftop solar panels, this does not restrict the climate tech startup from offering full-stack support, which ranges from free inspection, installation and after-sales services.

Notably, the startup procures solar panels from vendors like Premier, Navitas, Adani and Rayzon. 

Mishra told Inc42 that their customer onboarding process starts with a free consultation session with a SolarSquare team, which guides individuals through the entire solar energy harvesting journey. 

Included in this consultation is an instant virtual 3D design of a post-installation look. Once the startup gets a go-ahead from customers, it calculates the energy needs of a family before finally proceeding to install SolarSquare WindPro Mount, which is designed to withstand high-velocity winds and combat all weather conditions. 

“Our IIT Bombay-certified product comes with a 10-year warranty and is 100% rust-proof,” Mishra said.

Breaking Myths Around Solar Energy

Speaking with Inc42 about why solar energy adoption has been a laggard in a Sun-surplus country like India, Mishra said that several misconceptions currently shroud this clean source of energy, and one of the most common rebuttals is that solar energy is not very efficient to power entire households.   

“Not only is solar energy sufficient to power your entire home, it also helps you bring your electricity bill to almost zero. Additionally, solar is a one-time investment,” Mishra added. 

A 2 to 3 BHK house with lights, fans, and a washing machine needs panels to support up to 3 KW of energy. This may go up to 5 KW in case a house has up to two air conditioning units. Notably, one solar panel can produce 0.5 KW of energy.

Mishra told Inc42 that its team of solar experts does not blindly follow the one-size-fits-all approach and carefully calculates the energy needs of every family, including future requirements, before suggesting a final capacity.

The startup offers a five-year maintenance package with every purchase, which includes monthly cleaning and quarterly preventive health checks of the solar panels. Beyond the period of 5 years, the startup charges an annual maintenance fee of INR 10,000. 

The startup caters to a wide network of 500 to 1,000 customers daily in every city it operates. Besides, it offers regular maintenance and repairs within 48 hours of receiving a complaint. 

In a bid to improve its after-sales service, the startup recently acquired PV Diagnostics, a consultancy solutions provider in the solar industry. According to Mishra, the acquisition will help the company deploy service teams across several cities. 

The acquisition came shortly after it bagged INR 100 Cr ($12.08 Mn) as part of its Series A funding round led by Elevation Capital and the US-based climate-focussed fund, Lowercarbon Capital. 

Mishra said that the startup’s FY23 revenues stood at INR 100 Cr. The company is looking to double its revenues by FY25. 

According to the cofounder, they have successfully powered 10,000 homes and 100 housing societies so far. Despite this, the entity has yet to emerge in the black. 

Making Solar Energy A Pocket-Friendly Affair

As 50%-60% of customers prefer EMI options, SolarSquare has forged partnerships with several banks. Interestingly, the monthly amount generated for a five-year EMI plan is close to the electricity bill of an average household. 

The startup does not take any down payment from its customers, as it is covered by the subsidy offered by the Indian government. 

Under PM-Surya Ghar: Muft Bijli Yojana, the government provides a central financial assistance (CFA) of 60% of system cost for 2 KW systems and 40% of additional system cost for systems between 2 to 3 KW capacity. 

At current benchmark prices, this means INR 30,000 subsidy for 1 KW system, INR 60,000 for 2 KW systems and INR 78,000 for 3 KW systems or higher.

Moving on, the startup claims to have harnessed 10%-20% of the rooftop solar market share across each of the cities it operates. 

Apart from SolarSquare, one of the key companies in this segment is Zunroof, backed by Godrej Investment Office, which specialises in solar rooftop design, installation, and management using technologies such as computer vision, AI and VR. Among the corporates, Tata Power has emerged as one of the key players. It offers a one-stop service for setting up rooftop solar, uses satellite images to assess the rooftop capacity of a property and maintains the panels.

Speaking about competition in the solar rooftop space, Mishra said that several companies, including battery manufacturers, offer solar panels today. However, such companies have multiple channel partners, who make this market highly unorganised. 

She said that there are barely any companies in the space that offer end-to-end services, including post-purchase maintenance. It is these grounds that have helped SolarSquare stay relevant in the ecosystem. 

While SolarSquare primarily operates in major cities, accessing roofs remains a significant challenge, particularly for apartment dwellers. To address this, many emerging startups are introducing the concept of Digital Solar. 

This innovative approach allows users to contribute to larger solar projects, effectively reserving panels and earning discounts on their electricity bills proportional to the solar energy generated. SundayGrids is one such company offering the option to invest in digital solar – a unit of a portion of a solar plant hosted online that can be purchased by investors

Although the concept of Digital Solar has yet to gain active prominence in India, it presents a promising opportunity for urban residents and companies like SolarSquare to bank on for a more sustainable green future.  

[Edited by Shishir Parasher]

The post How SolarSquare Is Helping Indians Harvest Solar Power With Its Full-Stack Solutions appeared first on Inc42 Media.

The Startup Mahakumbh, which will be held in New Delhi from March 18-20, will showcase climate tech innovations which have the potential to address the country’s climate challenges. The event, touted to be the largest in the Indian startup world, is being organised by industry body ASSOCHAM, in collaboration with Nasscom, Bootstrap Incubation & Advisory Foundation, TiE, and Indian Venture and Alternate Capital Association (IVCA). 

Prominent industry leaders like Amitabh Kant (former CEO of NITI Aayog), Sivasubramanian Ramann (managing director of SIDBI), Falguni Nayar (founder of Nykaa), Sridhar Vembu (founder and CEO of Zoho), Prashanth Prakash (founding partner of Accel) and Sanjeev Bikhchandani (founder of InfoEdge) will attend the Startup Mahakumbh.

The event will host over 10 thematic pavilions to highlight the cutting-edge advancements. One such pavilion would be climate tech, which will be led by sustainability-oriented venture capital firm Peak Sustainability Ventures. 

At a time when enterprises are increasingly focusing on their carbon footprint and environmental issues have emerged as a key focus area owing to the increasing importance of the ESG framework, the pavilion will showcase the breakthroughs of young and aspiring entrepreneurs in this area. Going beyond traditional focus areas, it aims to broaden perspectives on some of India’s major climate opportunities, including hydrogen, alternative fuels, energy storage, EVs, water management, green buildings, alt-protein and other pertinent areas. 

It is pertinent to note that the Indian and Southeast Asia (SEA) climate tech market was pegged at $102 Bn in 2023 and is expected to grow at a CAGR of 20% to reach a size of $350 Bn by 2030, as per ‘The Essence of Climate Tech for India and Southeast Asia’ report by venture capital firms Golden Gate Ventures and Ventureast.

Commenting on the climate tech opportunity, Samir Shah, managing partner at Peak Sustainability Ventures, said, “Energy storage, biofuels, regenerative agriculture and hydrogen are promising sub-sectors. Over 22% of the world’s CO2 emissions come from buildings. In this scenario, the development of green buildings and the substitution of cement and steel with alternatives such as bricks made of biofuel will be exciting.” 

Networking Hub For Current And Aspiring Entrepreneurs

At the climate tech pavilion at the Startup Mahakumbh, the attendees can expect pitch sessions and 1:1 mentorship sessions. Besides, water.org will host a workshop on water and the Good Food Institute will host a workshop on Alt Protein. 

Shah said that senior leaders from IFC (International Finance Corporation), Dalmia Cement, NTPC, Arvind Mills, Godrej, Waree Energies, and Ather will share their experience in the field of sustainability and explain how they work with startups to enable the climate tech ecosystem to thrive and prosper.

“Sustainability will be a key part of India’s story over the next decade, especially as India starts to play a more central role in the global sustainability landscape and in helping the world achieve its sustainable development goals. At an industry level, climate is one of the fastest-growing verticals within venture capital. The time for India to put sustainability at the forefront is here and now and the climate tech pavilion will serve as a catalyst for furthering the conversation on India’s energy transition and sustainability journey,” Shah said. 

The climate tech pavilion aims to create awareness and highlight that the sector has matured in the country now. “With companies in India building for the world, the sector is profitable and promises tremendous growth,” Shah added.

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The Indian startup ecosystem is booming and buzzing with innovation and energy, with it growing awareness of the need for environmental responsibility. 

From renewable energy to waste management and sustainable agriculture to eco-friendly transportation, Indian startups are leveraging technology and creativity to develop solutions that mitigate environmental harm and contribute to the country’s economic growth. 

This shift is not just driven by ethical considerations but also by the realisation that sustainability can be a major driver of innovation and economic growth.

Green Startups & Green Finance

India’s startup landscape has seen a significant rise in green startups addressing various aspects of sustainability. As the demand for sustainable solutions grows, so does the need for green finance. 

These startups seek funding from sources that prioritise environmental, social, and governance (ESG) criteria, including impact investors, sustainable investment funds, and green bonds. 

This access to capital is crucial for accelerating the growth of the green economy. By aligning their financing with their sustainability goals, green startups can accelerate their growth, expand their impact, and contribute to the transition towards a more sustainable economy.

Sustainable Transportation

Sustainable transportation startups in India are revolutionising the way people and goods move while minimising environmental impact. These startups are at the forefront of developing electric vehicles (EVs), building charging infrastructure, and promoting alternative modes of transportation such as cycling and shared mobility services. 

Since 2015, Indian EV startups received $2.6 Bn in investments. Initially, most funding went to OEMs, but now investors are looking at areas like EV financing, charging infrastructure, and battery tech.

From electric cars and scooters to electric bicycles and rickshaws, sustainable transportation startups are providing consumers with affordable and eco-friendly alternatives to traditional modes of transportation. 

Shared mobility platforms are making EVs more accessible through rentals and subscription services. Additionally, companies are tackling the crucial infrastructure gap by building robust charging networks across cities. Through technological innovation, partnerships with government agencies, and collaborations with industry stakeholders, these startups are driving the transition towards a more sustainable transportation system in India, paving the way for cleaner air and a greener future.

Sustainable Agriculture

Agriculture is another sector undergoing a transformation towards sustainability. The Indian agriculture sector faces challenges like water scarcity and soil degradation. 

Agritech startups are offering solutions that promote sustainable farming practices. Startups are connecting farmers directly to consumers, reducing food waste and improving market access and are developing technologies for precision agriculture, which helps farmers use resources more efficiently.

Startups are leveraging technology to promote organic farming practices, reduce chemical inputs, and optimise water usage. Smart irrigation systems, precision agriculture technologies, and farm-to-fork supply chain solutions are empowering farmers to adopt sustainable practices while improving productivity and profitability.

Challenges And Opportunities

While the momentum towards a greener India is encouraging, startups in the sustainability space face several challenges. These include funding constraints, regulatory hurdles, market penetration barriers, and the need for scalable business models. However, these challenges also present opportunities for collaboration, innovation, and growth.

Investors are increasingly recognising the potential of green startups and are willing to support impactful ventures that align with environmental and social objectives. Moreover, partnerships with corporations, NGOs, and research institutions can provide startups with access to resources, expertise, and market networks, enabling them to scale their operations and maximise their impact.

Government Support And Initiatives

The Indian government has recognised the importance of fostering a conducive environment for green startups. Initiatives such as the Startup India program and schemes promoting clean energy and sustainable development are providing financial support, incentives, and regulatory frameworks to encourage innovation in the green sector. 

Schemes like the Faster Adoption and Manufacturing of Electric Vehicles (FAME-II) and the National Electric Mobility Mission Plan 2020 directly incentivise the adoption and production of EVs, creating a market for green startups in this sector. 

In the fiscal year 2023-24, the government spent INR 4,807 Cr under the FAME India scheme. For the fiscal year 2024-25, INR 2,671 Cr has been allocated under the FAME scheme.

Furthermore, the government is promoting green finance through initiatives like the Green Bonds framework and the NABARD Green Refinance Scheme, making capital more accessible for sustainable businesses.

Collaborations between government agencies, academic institutions, and industry stakeholders are fostering research and development in sustainable technologies and promoting knowledge exchange and capacity building.

Conclusion

India’s startup ecosystem is at the forefront of driving innovation and change towards a greener and more sustainable future. With a diverse range of startups addressing environmental challenges across various sectors, the country is poised to become a global leader in sustainable development.

By nurturing entrepreneurship, fostering collaboration, and leveraging technology and innovation, India can unlock the full potential of its startup ecosystem to build a cleaner, healthier, and more prosperous nation for generations to come. 

With a collective commitment to sustainability, India’s startups are not only shaping the country’s future but also inspiring positive change on a global scale.

The post Green Startups: Powering A Sustainable Future appeared first on Inc42 Media.

In the realm of energy, the transition from a linear ‘take-make-waste’ model to a sustainable circular economy is not merely a shift in perspective; it represents a comprehensive rethinking of how we design, produce, and consume energy resources. 

At the heart of this shift lies the concept of second-life batteries (SLBs), a paradigm of value creation that has profound implications for the Energy Transition. SLBs. 

Often derived from electric vehicle (EV) batteries that have reached the end of their automotive life, SLBs embody a transformative approach towards enhancing energy storage, promoting circular economy principles, reducing costs, addressing resource scarcity, and influencing policy and regulation. 

The viability of the field of battery second life or battery repurposing/reuse is accelerating the energy transition ecosystem’s growth, both in scale and in circularity. The capability to store energy efficiently and economically is paramount to all Net Zero and Industrial Decarbonisation efforts. Second-life batteries offer a compelling solution to this challenge. 

These batteries retain approximately 70-80% of their initial capacity even after their use in EVs, according to reports featured on Deloitte. This residual capacity can be harnessed for less demanding applications, making SLBs ideal candidates for a diverse range of stationary energy storage systems (ESS). 

Expansion Of Renewables

SLBs play a pivotal role in supporting the integration of renewable energy sources, such as wind and solar, into the energy mix. They function as energy reservoirs, storing excess energy generated during peak production periods and releasing it during periods of high demand or low production. 

This ability to smooth out imbalances between supply and demand makes SLBs invaluable in the quest to replace fossil fuel “peaker” plants, which are called upon for a few hours each day when energy demands surge. By doing so, SLBs facilitate the expansion of renewables and expedite the transition to a carbon-free power grid. 

Enhanced Battery Lifecycle Management

Battery lifecycle management companies aim to identify second-life applications for these batteries, ensuring that most of the raw materials from used batteries are either recycled or refurbished in alignment with Extended Producer Responsibility guidelines, which are implemented in India through the Battery Waste Management Rules (BWM Rules 2022). The extracted materials are then channelled into the manufacturing of Lithium-ion cells, fostering a circular economy for EV batteries.

Cost Effectiveness And Value Optimisation

Second-life batteries, with their residual capacity and rejuvenated purpose, present significant economic advantages centred around demand easing and value optimisation. These batteries can be around or over 50% cheaper than their first-life counterparts, according to various reports. 

This cost-effectiveness extends not only to the individual consumer but also helps accelerate the broader energy storage ecosystem. As the demand for Energy Storage System (ESS) batteries eases due to the integration of SLBs flowing in from repurposed EV batteries, we will see a positive impact on the affordability of both EVs and ESS. 

In essence, SLBs offer a practical means to make sustainability, renewables, and energy security more accessible to a wider audience by virtue of lowered costs and abundantly versatile use cases. 

Alleviating Supply Concerns

The surging demand for EVs has led to concerns regarding the availability and price volatility of critical metals required for battery production. SLBs provide a strategy to extend the value of these resources, thereby also addressing resource scarcity. By repurposing and reusing these batteries, we alleviate supply concerns, thereby enhancing resource security and mitigating the risk of critical material shortages.

Road Ahead

The rise of SLBs has necessitated the development of appropriate policies and regulations. These include standards for battery handling and disassembly, market structures for SLBs, and measures to prevent mass disposal. 

India has significantly promoted energy storage systems through its National Framework for Energy Storage Systems. The Ministry of Power released this framework, which aims to integrate ESS as a fundamental part of the country’s power infrastructure. 

In the guidelines, India has included solar projects with ESS within its scope, a notable expansion from the previous version. This inclusion emphasises the importance of energy storage in the context of renewable energy generation. 

The framework also encourages the development of round-the-clock energy projects, fostering energy security and grid stability. It enables shorter power purchase agreement (PPA) tenures, reducing the standard term from 25 to 20 years, which can facilitate the tariff landscape in the renewable energy sector. These developments reflect India’s commitment to enhancing energy storage and its role in supporting renewable energy integration.

In Conclusion

The paradigm shift represented by second-life batteries extends to the microcosm of individual choices and resonates in the macrocosmic realm of global energy sustainability. Each battery we extend the life of, and each material we recycle, is a contribution to the grand journey towards a circular economy of clean energy. 

Second-life batteries thus embody a luminous example of the benefits of switching from a linear to a circular economy, providing value, sustainability, and a promising pathway to address global energy challenges. 

It is imperative that we continue to support and invest in this paradigm of value creation as we strive for a more sustainable future in energy, as exemplified by India’s announcement of the National Framework for Promoting ESS and recent sector partnerships for battery repurposing.

The post Second-Life Batteries: A Paragon Of Energy And Materials Sustainability appeared first on Inc42 Media.

Along with delaying the salaries of all its employees for the month of January, battery startup Log9 Materials has laid off 115 contractual employees. 

Confirming the development, Log9 Materials cofounder Pankaj Sharma told Inc42 that the startup retrenched “115-ish” contractual workers in a “stepwise” manner. He, however, did not specify the timeline of the same.

Sharma attributed the mass layoff to automation, which led to reduction of the manual workforce at the lithium-ion battery manufacturing startup.

“There has been a lot of automation in the company. Since November, we commissioned automation lines, because of which the dependence on people has gone down. Now, we can make a lot more batteries because machines can make those batteries for us,” Sharma said.

He added that the company has already made severance payments to all the employees impacted by its retrenchments exercise.

On the delayed salaries of employees in January, the cofounder attributed the same to cash flow disruption on account of lower production.

“Also, usually, in the first month of every year there is a reduction in vehicle sales because consumers want to buy the new year’s models. So these two network effects came in, one is, we were giving less amount of batteries to the customers and the OEMs were anyway selling less vehicles,” added the cofounder of Log9 Materials.

He also added that the majority of the salary amount (90%) has already been disbursed. There will be no disruption from February onwards, he assured. 

Founded in 2015 by Sharma, Akshay Singhal and Kartik Hajela, Log9 Materials manufactures batteries for electric vehicles (EVs) and other energy storage solutions. It competes with the likes of Ather Energy, Hero Electric-backed Exponent Energy, among others.

Since its inception, the startup has raised nearly $90 Mn, including a $40 Mn Series B funding round led by Amara Raja Batteries and Petronas Ventures in January 2023.

With this, Log9 has joined the list of Indian startups to have laid off employees in the past two years due to an adverse funding environment and rapid adoption of AI-led automation by businesses.

In November 2023, game streaming platform Loco fired 40 employees as part of the company’s realignment process. Prior to that in the same month, Jodo also laid off around 100 employees as part of a cost-cutting exercise on account of lower-than-expected business growth.

The post Log9 Materials Fires 115 Contractual Employees, Delays January Salaries appeared first on Inc42 Media.

Mumbai-based electric mobility startup Magenta Mobility has dismissed all the reports that it is selling off its public charging infrastructure business to Jio-bp, saying that talks are on to transfer some of its charging assets to the petroleum major but no such acquisition has taken place yet.

“We would like to address the recent reports regarding the takeover of Magenta’s charging business by Jio-bp. We would like to clarify that while there are ongoing strategic discussions regarding the transfer of a few charging assets from Magenta to Jio-bp, there is no acquisition of Magenta’s charging business itself,” Magenta told Inc42 in a statement.

A report by CapTable on Wednesday (February 14) said that Magenta has sold off its public charging infrastructure business to Jio-bp. This deal was reportedly agreed upon a year ago, and now would see Jio-bp acquire 100 charging stations from Magenta. 

Jio-bp is a joint venture between Reliance Industries Ltd and UK-based oil major bp, which is an investor in Magenta.

While the startup said that it would provide further details on that matter after outcomes of joint discussions, Inc42 got to know that Magenta has 69 operational charging depots across India, which the startup continues to operate. However, it is planning to sell the assets of a few charging stations across highways and a few other places, which makes less business sense to the EV company.

bp hasn’t responded to Inc42’s query on the matter till the time of publishing the article.

Founded in 2018 as a charging solution provider for EVs by Maxson Lewis, Magenta gradually shifted its focus on providing vehicle fleets for the logistics and last-mile delivery needs of various ecommerce companies. Operating more than 1,550 electric three-wheelers in the L5 category for last-mile delivery, the startup was planning to expand to more than 3,000 vehicles by FY24 end.

In April last year, Magenta had raised $22 Mn (about INR 180.6 Cr) in its Series A1 funding round from bp and Morgan Stanley India Infrastructure. Cumulatively, the startup has raised $35 Mn so far.

The post Magenta Mobility Shrugs Off Charging Infra Biz Sell Out, In Talks To Transfer A Few Charging Assets appeared first on Inc42 Media.

In line with India’s pledge to cut emissions to net zero by 2070, finance minister Nirmala Sitharaman made a number of announcements for the cleantech sector in her speech for interim Budget 2024-25.

While the electric vehicle (EV) sector, a part of the larger cleantech segment, also found a mention in FM Sitharaman’s speech, she didn’t provide details on the plans.

On the cleantech front, Sitharaman said the government will provide viability gap funding for harnessing offshore wind energy potential for an initial capacity of 1 GWh. Besides, coal gasification and liquefaction capacity of 100 metric tonnes will also be set up by 2030, the minister said.

The Centre will also launch a new scheme for biomanufacturing and bio-foundry to provide environmentally friendly alternatives such as biodegradable polymers, bioplastics, biopharmaceuticals and bio agri inputs. 

“This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” said Sitharaman during her budget speech.

Following the announcements, Abhilash Sethi, investment director at agriculture-focussed VC fund Omnivore, said, “Financial assistance for the procurement and aggregation of biomass was something that we were expecting and is a welcome move to support many new-age companies working in the circular economy sector.” 

“We will also be eagerly waiting for the new scheme on bio-manufacturing, and the mention of it was highly comforting,” Sethi added.

Besides, the Centre also announced rooftop solar installations in 1 Cr households for providing up to 300 units of free electricity every month, along with the launch of a scheme for restoration and adaptation measures, and coastal aquaculture and mariculture in an attempt to promote climate resilient activities.

Mayuresh Raut, cofounder and managing partner at Seafund, said that the solar rooftop schemes will be a big boost for India to address the EV charging infrastructure that is currently holding back wider adoption of EVs. 

“It will also create enormous jobs for installation, manufacturing and maintenance of solar infrastructure and a secondary effect will be opportunities available for startups to build on this,” he said.

CleanMax, Freyr Energy, and Loom Solar are a few startups working to strengthen the solar industry in the country.

While cleantech saw a significant push from the government, the EV sector was not completely satisfied as the industry’s long-pending demands of GST standardisation and more comprehensive subsidies for allied sectors remained unaddressed.

Commenting on the matter, Varun Goenka, cofounder and CEO of Chargeup, said, “While we appreciate the commitment to fortify the EV sector, we emphasise the importance of addressing certain aspects left untouched. The introduction of a bio-manufacturing scheme resonates with our environmentally conscious approach; however, we advocate for a more comprehensive approach beyond subsidies for electric two- and three-wheelers.”

“The government’s emphasis on green energy, encompassing shore-wind energy and coal gasification, mirrors our dedication to cleaner technologies. Nevertheless, we urge a closer examination of challenges such as high GST rates and the lack of affordable financing for critical EV infrastructure, including Battery-as-a-Service facilities and charging stations,”  Goenka said.

So, What Does The EV Industry Get?

The finance minister said that the government will strengthen the EV ecosystem by supporting manufacturing and charging infrastructure

“Greater adoption of ebuses for public transport networks will be encouraged through payment security mechanism,” she added, without giving any further details.

Meanwhile, the government reduced its budgetary allocation for the EV demand incentive scheme FAME by a little over 44% to INR 2,671.33 Cr for FY25.

Though it was an interim budget before the general elections and major announcements were not expected, the industry was looking forward to some clarification on the FAME-II extension or the introduction of FAME-III. However, the matter did not find any explicit mention during the Budget.

Chargeup’s Goenka said, “Despite our hopes for FAME-III subsidies extending coverage to EV buyers opting for vehicles without batteries, this aspect was not addressed. We eagerly anticipate a more holistic strategy that considers the diverse needs of the entire EV ecosystem.”

Echoing a similar sentiment, Sohinder Gill, CEO of Hero Electric, said, “We appreciate that the Budget reinforces commitment towards sustainability and emphasises a green public transportation system, prioritising a strong charging infrastructure for widespread adoption of electric vehicles. However, a noticeable gap in the Budget is the absence of sustained and continued direct customer subsidies.”

Gill noted that subsidies have played a substantial role in driving the adoption of EVs across various categories over the last two years.

“We eagerly await the government’s comprehensive strategy and commitment to sustaining the electric vehicle manufacturing ecosystem. It is anticipated that a combination of fiscal and non-fiscal interventions will be outlined, offering crucial support for the industry in the coming years until it achieves a threshold for self-sustained growth,” he added.

However, some industry leaders expressed their support to the Centre’s efforts and said the implementation of the measures announced in the Budget would have a positive impact on the EV ecosystem.

Appreciating the government’s steps, Sandiip Bhammer, founder and co-managing partner at Green Frontier Capital, said that the Centre might take multiple steps to strengthen the EV ecosystem, such as through policy framework and incentives, electrification of public transportation, by investing or creating incentives for investment in charging infrastructure, and more.

Ankur Bansal, cofounder and director at BlackSoil, said, “…introducing a payment security mechanism in public transport networks will encourage greater adoption of ebuses. This strategic initiative will drive economic growth and help us popularise sustainable transportation in the country.”

The post Interim Budget 2024-25: Cleantech Sector Cheers Announcements, EV Players Seek Details appeared first on Inc42 Media.

Growth stage startup accelerator The Circle Founders Club (The Circle FC), which counts Hunch Ventures as its investor, has launched an accelerator programme to empower early-stage climate-tech startups that solve water-related problems in India.

The 12-week programme ‘The Water Challenge’ is launched in collaboration with the Embassy of Israel in India and IDE Technologies. 

Under the cohort, the 10 selected startups are Phyfarm, Aumsat, Hydrotec Solution, Nimble Vision, WaterLab Solutions, Hygienity, Biofilm Engineers, EcoEnso, Watsan Environtech, and iSync. 

Founded in 2020, The Circle FC is a Delhi NCR-based business accelerator which supports growth stage startups through mentorship and other access to the ecosystem. Currently, it claims to be working with startups across India, Israel, South Korea, Japan, the US, the UK, among other countries. 

It counts Freshworks, AWS among companies along with some angel investors as its partners. 

According to Circle FC, this programme aligns with the global sustainability and ESG principles, as it reinforces its commitment to help startups by prioritising eco-friendly solutions for pressing water-related challenges.

Nemesisa Ujjain, VP – Innovation, The Circle FC, said, “In a world where water scarcity is a looming challenge, we are dedicated to supporting startups driving change, pushing the boundaries of innovation, and ensuring that India emerges as a global leader in water-tech solutions.”

The selected startups offer a diverse array of solutions, addressing critical water issues in India, ranging from smart agriculture platforms and satellite-based water infrastructure intelligence to affordable water purifiers and smart water management solutions utilising IoT and AI, said a statement. 

In addition to offering fundraising opportunities, the accelerator will offer comprehensive support, including technology validation, commercialisation guidance, market access, etc to the selected startups.

The startups will also get mentorship from industry experts from both India and Israel, including IDE Technologies, Absolute, Kristnam Technologies, Hunch Ventures, Omnivore Partners, Speciale Invest, MITCON, and Enviraj Consulting.

The startups will get to pitch their solutions to a jury panel comprising venture capitalists and investors, competing for the winning prize, at the Demo Day to be held in February this year. 

Climate and sustainability-focused tech innovations have become a centre of focus for several corporates and Indian venture capital funds.  

For instance, last year mining giant Vedanta announced collaboration with over 100 startups to explore sustainable technologies as part of the third edition of Vedanta Spark, a global corporate accelerator programme aimed at providing over 100 projects with opportunities worth up to $5 Mn in sustainable and transformative technologies.

Also, environment focussed non-profit organisation Massive Earth Foundation launched a climate tech accelerator program called Low Carbon Earth (LCE) in partnership with the United Nations Environment Programme to support climate-tech startups.

The post Hunch Ventures-Backed The Circle FC Floats Accelerator For Climatetech Startups In India appeared first on Inc42 Media.

Bengaluru-based electric vehicle (EV) charging infrastructure and OS provider Bolt.Earth has sacked around 15-20% of its workforce in a restructuring exercise, according to the startup’s cofounders.

However, multiple sources told Inc42 that the layoffs impacted as much as 35% of the startup’s workforce. Bolt.Earth had around 250 employees prior to the restructuring exercise.

The layoff exercise began last week and the impacted employees were informed about the startup’s decision to sack them in a one-on-one interaction with the higher management, the sources added.

During a call with Inc42, the cofounders, Jyotiranjan Harichandan and Mohit Yadav, said the layoffs were restricted to the startup’s operating system (OS) team. They attributed the decision to the uncertainty surrounding the Centre’s FAME II scheme. 

However, the sources said that the restructuring exercise involved all the verticals and employees from hardware, product, cloud, sales, among other teams were impacted. The startup is offering a severance pay based on the employees’ notice period.

“Our recent workforce reorganisation underscores our commitment to efficiency and profitability. We have fulfilled all severance obligations, providing active support to our team during this transitional period,” cofounder Harichandan said in a written statement while addressing Inc42’s queries. 

Founded in 2017 by Harichandan and Yadav, Bolt.Earth offers charging solutions for businesses, individuals, real estate companies, fleet operators, and the government. It caters to charging requirements ranging from slow to fast charging. The startup’s three broad product categories include operating systems for EVs, charging infrastructure, and fleet management systems.

Interestingly, the restructuring exercise was undertaken almost two months after the startup announced raising $20 Mn in a funding round from Union Square Ventures, Prime Venture Partners, ITIGO Funds, among others. However, sources told Inc42 that the funding round was closed last year.

“This funding round that the company announced in the month of October was closed a year back. Not sure why they announced it this late,” said a person aware of the matter.

Responding to a question on the delay in the announcement of the funding round, the cofounders said it was a “strategic decision”.

Meanwhile, Inc42 has also learnt that the startup is in the middle of raising a $50 Mn funding from its existing investors and has already received commitments of around $30 Mn. However, the cofounders declined to comment on this.

One of the sources said that the restructuring exercise was related to the conditions put forward by the investors for the fresh capital infusion.

It is pertinent to note that startups like Third Wave Coffee and Udaan also laid off employees recently within weeks of them raising funding. 

Bolt.Earth raised $4 Mn in its Series A funding round led by Union Square Ventures and Prime Ventures. 

Its parent entity Revos Auto Tech Pte. Ltd reported an operating revenue of 1 Mn Singapore Dollars (SGD) (about INR 6.4 Cr) in FY23, an increase of 617% from SGD 142K (about INR 89 Lakh). However, the startup’s loss surged 209.7% to SGD 12.4 Mn (about INR 78.1 Cr) from SGD 4 Mn (about INR 25.2 Cr) in FY22.

Harichandran said, “Looking ahead, our focus remains on operational streamlining to fortify our position as a market leader, ensuring sustained and profitable growth for the company. Bolt.Earth is dedicated to driving innovation and remains resolute in our commitment to a sustainable future.”

The post Exclusive: EV Charging Infra Provider Bolt.Earth Fires About 20% Of Its Workforce appeared first on Inc42 Media.

When we began this year, one of our many predictions for the tech ecosystem included this claim: “Climate Tech’s Moment In The Sun”.

But as it turned out, 2023 was one of the slowest years in the past decade for climate tech funding. Amid the ongoing funding winter and a slowdown in climate tech funding globally, Indian climate tech startup funding fell almost one-third year-on-year (YoY) in 2023.

Inc42 data till November 2023 shows that funding in the Indian climate tech startups has touched $4 Bn since 2014, slightly higher than the $2.7 Bn raised until 2016. It must be noted that the aforementioned funding figures exclude the electric vehicles and e-mobility sector in which the total funding has surpassed $2.6 Bn so far since 2014. 

However, as per a PwC report published in October, funding in climate tech has declined globally this year. This is partly because the investor focus has shifted from mobility to areas where business models are yet to be proven.  

Despite government policies being floated to support industries such as electric mobility and alternative sources of energy and the emergence of climate-specific private funds, the climate tech sector has yet to reach the level of growth anticipated by everyone.

At the COP26 summit in 2021, India pledged to cut its emissions to net zero by 2070. This target is still not in line with other countries looking to achieve net-zero emissions by 2050. Recently, at the COP28 summit in 2023, India once again said it intends to transition away from fossil fuels. 

However, India seems to be adopting a relatively slower path to mitigate any adverse impact on the broader economic growth, as many have argued in the past. But that doesn’t mean government policies are not aligned with net zero goals. 

For one, the Ministry of Environment, Forest and Climate Change has set a framework and various incentive schemes for the adoption of renewable energy to augment clean mobility and innovative technologies such as green hydrogen. 

Interestingly, in India, mobility continues to be a major focus but as per Inc42’s interaction with multiple investors and industry experts, the interest in the climate tech space has started getting more diverse with more experiments now increasing across these sub-sectors:

• Green hydrogen
• Agrifood and life sciences, which include sustainable agriculture and food production 
• Circular economy, which includes recycling
• Sustainable aviation fuel 
• Low-carbon cement, water conservation, among others

However, it must be noted that these are still early days. Despite the enthusiasm at the beginning of 2023, this has been a slow year for climate tech, and not just in India.

India is the third largest emitter of greenhouse gases globally. But looking ahead to 2024, can we expect this to change? 

Well, industry experts foresee the climate tech landscape to continue its rapid evolution in 2024. They see collaborations between startups, corporations, and governments driving the development of holistic climate solutions.

As part of our Indian Tech Outlook 2024 series, Inc42 talked to several sectoral experts to understand the climate tech trends that will shape the forthcoming year, and here’s what we have learnt. 

6 Climate Tech Predictions For 2024

Green Hydrogen Boom Imminent

In January 2023, the Indian government approved the National Green Hydrogen Mission with an initial outlay of INR 19,744 Cr and to develop a green hydrogen production capacity of at least 5 Mn metric tonnes per year along with an associated renewable energy capacity addition of about 125 GW. The aim is to reduce India’s cumulative fossil fuel imports by over INR 1 Lakh Cr. 

Sindoor Mittal, vice-chairperson at sustainable energy company Avaada Group, told Inc42 that green hydrogen is going to be the next big thing in the country. Mittal believes that large-scale investments are expected in green hydrogen space, particularly in electrolyser technology.

For one, India aims to become an exporter of green hydrogen while also enabling decarbonisation of its industrial, mobility and energy sectors, reducing dependence on imported fossil fuels and feedstock, creating jobs, and others.

“We are seeing a lot of investments going into electrolyser technology globally and India is showing promising growth. When we were looking at green hydrogen initially, we thought it would be primarily for exports but I think India itself is now focussing on bringing in green hydrogen within its ecosystem,” Mittal added. 

The Indian government has rolled out standards for green hydrogen production and this is one area that everyone is watching out for, she added. And that also includes larger conglomerates. 

For instance, Essar Group has signed a deal with the Gujarat government to develop a 1 GW green hydrogen project in the state at an estimated investment of INR 30,000 Cr.

The Ministry of New and Renewable Energy (MNRE) has also reportedly proposed an exemption on duties and taxes till 2035 on equipment imports for setting up export-oriented green hydrogen projects.

The government has also initiated discussions for exporting green hydrogen in several European countries.

Riding this wave, several startups have started entering the space. The names include Hygenco, h2e Power Systems, and NewTrace. Last year, Hygenco raised $25 Mn in funding from SBICAP Ventures’ Neev II fund. The 2021-founded NewTrace, which develops batteries and electrolysers for producing green hydrogen, has raised $6.6 Mn so far from the likes of Speciale Invest and Micelio Fund.

Circular Economy To Gain Prominence

Early-stage VC firm Kalaari Capital said in a research report last year that circular economy adoption will help India generate savings of over $624 Bn by 2050 across sectors such as food production and agriculture, construction, and mobility, as well as fashion and metallurgy.

In practice, the circular economy involves reducing waste to a minimum and extending the lifecycle of products by reusing, repairing, refurbishing, recycling, and sharing and leasing existing materials and products

Recycling startups such as Lohum, Attero, and Metastable Materials are gaining more prominence in India, along with VC backing, amid the push for recycling hazardous electronic wastes such as lithium-ion batteries or discarded electronic devices. 

Meanwhile, the likes of Phool (eco-friendly incense products), Angirus (recycled construction material), D2C brand Neeman’s (shoes made out of recycled plastic bottles), and Sea6 Energy (fresh seaweed used to make environmentally friendly products) are a few of the many Indian startups that are innovating bio-waste recycling. 

Anjali Bansal, founding partner at Avaana Climate and Sustainability Fund believes that capital will flow into innovative projects, specifically in areas like alternative materials and circular economy practices. 

She also believes that solutions for agritech, water management, grid-scale energy storage, and large-scale mobility are anticipated to receive more attention and funding. 

“These are considered frontier technologies, where significant market mechanisms and substantial financing are yet to fully materialise. However, this situation also presents a unique opportunity for creating innovations and realising substantial returns over the next several years,” Bansal told Inc42.

Role Of Sustainable Agriculture, Food & Life Sciences To Grow

While agritech adoption has grown in spurts among some farmers and food production organisations, sustainable agri and food production practices are the niche areas of development in India. 

Green Frontier Capital’s Bhammer believes that the broader agritech sector holds immense promise, with startups pioneering solutions that not only enhance crop yield but also reduce environmental impact. 

Similarly, Omnivore’s Mark Kahn is a big proponent of India’s future in the agrifood and life sciences space. While the global agrifood life sciences revolution has the US and China at its centre, Kahn believes India has the right entrepreneurial spirit and investor ecosystem to be a part of the agrifoods and life sciences boom.

Broadly speaking, the agrifoods and life sciences space includes four categories — agricultural biotechnology, novel farming systems, bioenergy and biomaterials, and innovative foods. Omnivore launched the OmniX Bio initiative to back early-stage agrifood life science startups allocating roughly 15% of its $130 Mn corpus or $20 Mn towards this project

Omnivore has invested in companies such as BioPrime, which develops crop inputs to enhance farm yields, as well as Bengaluru-based Loopworm, which enables optimised insect farming for small farmers while producing value-added nutrients and ingredients for B2B customers.

Given that Indian R&D in this regard is still nascent, Kahn added that startups need to start doing the legwork in building the knowledge base to fuel innovation in agrifoods and life sciences and agritech.

Experts also believe that there is an increasing focus on supplements such as alternative sources of meat, protein supplements, and other supplements such as collagen. D2C brands like OZiva and Cureveda are witnessing increasing traction. Besides, the likes of MuscleBlaze and Boldfit have also started diversifying their product offerings with plant-based supplements. 

AI To Push Climate Tech Ahead

There is hardly any sector that is not touched by the advancement in AI globally. Interestingly, in climate tech, AI has started playing a crucial role in the advancement of tracking methods for emissions, monitoring them, as well as increasing efficiency, reducing cost, and more.

Avaana’s Bansal said, “Predictive modelling and decision-making are key for planning effective mitigation and adaptation pathways, and AI tools are stepping up to the task. In areas like financing, credit underwriting, and parametric insurance, AI is enhancing decision-making processes and accelerating these critical functions.”

AI is expected to have a notable impact on energy optimisation and industrial mechanisation, where software solutions are boosting overall energy efficiency. Avaada Group, too, is leveraging AI for better efficiency, productivity, and cost. 

Currently, the company is running pilots in its solar power plants with the help of AI, which has helped Avaada improve its yield and reduce costs. This increased efficiency is an additional delta in increasing the adoption rate of the technology, Mittal explained.

Will Funding Pick Up For Climate Tech Startups? 

Even though funding for climate tech has remained low in the past few years, the pool of investors has grown with time. 

However, an analysis by Inc42 showed that across 13 deals climate tech startups raised just $24 Mn this year until November. This is less than half of the tally of $66 Mn in 2022. Climate tech investments from venture capital and private equity fell 40% in 2023 as economic uncertainty and geopolitical conflict dented investor confidence.

Speaking on the evolving funding landscape, Bhammer said that climate tech has fallen in absolute terms but continues to be a larger part of VC and PE funding each year. Investors are displaying a heightened interest in climate tech startups, recognising not only their potential for significant environmental impact but also their capacity to yield impressive returns on invested capital. 

Shruthi Cauvery Iyer, the founder and managing partner of CaHa Capital, which launched a climate tech and climate finance-focussed venture studio this year, also believes that the funding landscape in the sector is quite bright.

“We are seeing a lot of interest in climate tech and good evidence for that is the increasing number of climate accelerators, climate funds, and climate venture studios. We see today that a lot of fund managers are thinking about either adding climate as an investment vertical to their thesis or just a purely climate-focussed fund,” Iyer said

Iyer believes that two to three years ago, this discussion around climate was absent. While a lot of credit for this turnaround has to go to the EV sector, she added that clean mobility is no longer the hot sector in climate tech and has been “over-represented”. 

“Our internal research indicated that around 1,000 electric mobility startups were incorporated last year. And when a sector becomes that crowded, you can’t say who the winners will be. Raising funding also becomes a problem because everyone approaches investors with the same idea,” Iyer said.

A Shift In Focus From Electric Mobility

Other investors had also previously noted that the focus is indeed shifting from EV OEMs towards sub-segments, including battery technology and recycling.

However, some industry experts believe that large-scale mobility is anticipated to receive more attention and funding since the potential to change the market is immense in such models. 

Sustainability is no more just a fad, rather it has undergone a more “real” fundamental shift in both mindset and business strategy both at a national and international level. 

“It’s not easy for funds to be specialists in life sciences, pure climate tech, hardware or deeptech and carbon credits. It took a while for VCs to get familiar with other sectors too, so the process has begun and we will see more specialist funds in the coming months,” Kahn told Inc42 earlier this year.

Having said that, 2024 will not be starkly different from 2023 because climate tech models have a longer development cycle and investors need to see precedents and proofs of concepts before deploying large amounts of capital. 

“Climate tech is not a vertical play. It’s a horizontal opportunity because it affects everyone and all businesses will need to adopt some form of climate tech to remain sustainable in the future,” according to Siddhanth Jayaram, cofounder of carbon credits startup Climes.

But founders acknowledged that while climate tech is a huge opportunity, the VC world has not woken up to it. VCs have been habituated by the returns cycles in non-climate businesses, but the same realisation involves a longer horizon when it comes to climate tech. Will 2024 change this notion? 

The post 6 Climate Tech Predictions For 2024 appeared first on Inc42 Media.

Lithium-ion (Li-ion) battery recycling startup BatX Energies has raised $5 Mn (around INR 41 Cr) in its Pre-Series A funding round from Zephyr Peacock, with participation from LetsVenture and existing investors including JITO Angel Network, family offices of Mankind Pharma, Excel Industries and BluSmart.

BatX Energies will deploy the fresh capital to scale up production of its recycled battery-grade lithium, nickel, and cobalt and establish a nationwide reverse logistics network for sourcing.

Founded in 2020 by Utkarsh Singh and Vikrant Singh, BatX Energies claims to be able to extract 99.95% pure lithium, nickel, and cobalt from the black mass of Li-ion cells using its proprietary zero-waste, zero-emission hydro-electro process. The cleantech startup claims to have recycled 220 Mn batteries. It also aims to further bolster its research and development (R&D) initiatives in battery recycling.

“At BatX, we envision a transformative approach to the extraction of Li-ion battery materials, addressing the environmental complexities it entails. While these batteries are vital for clean and technological advancements, their current extraction methods present daunting environmental challenges—high carbon emissions, land degradation, excessive water usage, and contamination risks,” said Utkarsh Singh.

“India is witnessing rapid adoption of Electric Vehicles (EVs) and personal electronics. This rapid growth has led to an increase in demand for raw materials, most of which are imported. BatX solves this issue by converting used batteries into critical materials for new batteries,” said Pankaj Raina, managing director at Zephyr Peacock.

“The company is poised to become a crucial stakeholder in the battery supply chain in India as recyclers will be a significant source of critical materials for Li-ion battery manufacturing,” Raina added.

The company has raised a total funding of $1.96 Mn till date.

BatX Energies competes with the likes of Lohum, Attero, and Peak XV-backed Metastable Materials, among others.

With a growing focus towards sustainability and achieving net zero goals, waste management, recycling and circular economy are receiving increasing attention from investors and entrepreneurs alike. As per Inc42’s analysis, waste management has grabbed more than one-fourth of the total funding in climate tech in the country this year.

The post BatX Energies Bags $5 Mn Funding To Fortify Its R&D In Battery Recycling appeared first on Inc42 Media.

Taiwanese battery swapping major Gogoro and Pune-based Belrise Industries have reportedly decided to part ways in their $2.5 Bn (INR 20,000 Cr) joint venture for setting up a smart energy infrastructure in Maharashtra. However, Gogoro has decided to go solo in this project.

This comes at a time when Gogoro is planning to ramp up its investments in India to manufacture electric two-wheelers in the country and to build a battery-swapping infrastructure to aid these vehicles in the next few years.

Meanwhile, a Gogoro spokesperson told FE, “The original intent of the MoU was to move forward with a joint venture negotiation between Gogoro and Belrise, however, an agreement could not be reached.”

Inc42 queries sent to Gogoro did not elicit any response till the filing of this report.

In January this year, Belrise and Gogoro entered into a 50:50 partnership to invest $2.5 Bn in Maharashtra over eight years. However, Belrise opted out of the battery-swapping project, leaving its Taiwanese partner in a difficult situation. 

The joint venture, initially aimed at constructing a smart energy infrastructure in Maharashtra through a battery swapping system and smart battery stations, was expected to be a leading source for mobility and energy storage. The battery-swapping infrastructure was expected to be deployed across Maharashtra this year, leveraging Gogoro’s energy ecosystem including battery stations, swapping technologies, and network management solutions.

In June, Gogoro received an offer letter from the Maharashtra government, inviting them to engage in an ‘Ultra Mega Project’ agreement for the manufacturing of vehicles, smart battery packs, and battery swap stations. The proposed deal, valued at over $1.5 Bn, encompasses financial incentives and state support.

“Gogoro continues to form different partnerships across our broad value chain with a variety of partners. We are focused on commercialising our battery swapping system starting with Delhi NCR and Maharashtra,” the spokesperson added.

The two companies, however, are still partners for manufacturing electric scooters where the Indian company is a key supplier for the new Gogoro CrossOver range.

Belrise operates 14 manufacturing facilities and boasts a clientele of over 32 companies, including industry giants like Bajaj Auto, Eicher Motors, Hero MotoCorp, Ashok Leyland, Tata Motors, Honda, and Mahindra. In the electric vehicle (EV) sector, Belrise serves clients such as Chetak Technologies, Ola Electric, and Hero Electric, manufacturing various components including chassis, suspension, and exhaust systems, among others.

On April 21, 2021, Gogoro entered the Indian market through a collaboration with Hero MotoCorp, the country’s largest two-wheeler manufacturer. 

The joint initiative aimed to power Hero’s electric two-wheelers with Gogoro’s battery-swapping system. However, there have been no announcements regarding the progress of the project.

Having been a player in the e-mobility market since 2011, Gogoro introduced battery swapping for its e-scooters in Taiwan early on. The company went public in 2022 following its merger with Nasdaq-listed special-purpose acquisition company Poema Global.

Further, to advance its growth in India, Gogoro has commenced local production of electric scooter bikes. 

Gogoro has strategic plans to introduce three models in the Indian market: CrossOver GX250, CrossOver 50, and CrossOver S. 

Additionally, Gogoro has joined forces with other companies in India to electrify their mobility operations. For instance, in August 2023, the collaboration with Swiggy enabled the use of Gogoro smartscooters and battery-swapping infrastructure for more cost-effective hyperlocal deliveries. In November 2022, Gogoro joined forces with Zypp Electric, an EV-as-a-service platform aiming to grow its electric scooter fleet from 10,000 to 2 Lakh and expand to 30 Indian cities by December 2025.

India’s electric vehicle (EV) registrations for the current year have reached 13.29 lakh units, a significant rise from 10.24 lakh in 2022, according to Vahan data. 

The robust support from investors, including prominent backers like Peak XV Partners and Lightspeed, along with sector-focused VCs like AdvantEdge and Speciale Invest, highlights the growing EV landscape in India. Amid the ongoing funding winter, the space has managed to lap up 32 funding deals worth $780 Mn till November this year as against a total of 35 deals worth $758 Mn last year.

The post Taiwanese Battery Swapping Major Gogoro To Go Solo On Its India Plans, Parts Ways With Belrise appeared first on Inc42 Media.

Aditya Birla Group’s metals flagship company Hindalco Industries has announced an investment of INR 800 Cr to set up a battery foil manufacturing facility in Odisha’s Sambalpur district.

Hindalco’s investment commitment comes on the back of its plan to tap the growing market for electric vehicles and energy storage systems in India. The new plant will manufacture fine-quality aluminium foil used in rechargeable batteries, the company said in a statement on Tuesday (December 12).

The Odisha unit will be located alongside a 25 MW solar power plant and can access additional solar energy from a 400 KV National Grid connection. Scheduled for commissioning in July 2025, the unit will supplement Hindalco’s existing facility at Mouda in Maharashtra.

The manufacturing unit will produce 25000 tonnes of fine quality aluminium foil which forms the backbone of lithium-ion and Sodium-ion cells, which are used in battery manufacturing of electric vehicles, the statement said.

“We are seeing fast traction in battery materials demand, driven by an impressive outlook for the electric vehicle and grid storage sectors. Raw material localisation is critical in such strategic sectors,” said Satish Pai, managing director, Hindalco Industries.

Hindalco has already achieved the technology breakthrough of manufacturing fine-quality battery foils at its Mouda unit in Maharashtra. The plant is currently in the process of qualifying with lithium-ion cell manufacturers in India, Europe and the United States.

The new unit in Odisha will further augment the capability to supply material to Gigafactories across the world, the statement added.

Besides, Hindalco is also working closely with original equipment manufacturers (OEMs) to co-develop and make critical components like battery enclosures, motor housings, busbars, structural and safety components, and lightweight load bodies, many of which are being designed and to be developed for the first time in India.

Earlier in August 2022,  Hindalco entered into a commercial arrangement with Greenko Energies Pvt Ltd to set up a renewable energy project for supply of 100 MW round-the-clock carbon-free power to its smelter in Odisha.

The post Aditya Birla Group’s Hindalco To Build INR 800 Cr EV Battery Foil Plant In Odisha appeared first on Inc42 Media.

Taiwanese battery swapping major Gogoro is eyeing to ramp up its investments in India to manufacture electric two-wheelers in the domestic market and to build a battery swapping infrastructure to aid these vehicles in the next few years.

In such a bid to further push its growth in India, Gogoro has initiated the production of electric scooter bikes locally.

The unveiling of the company’s CrossOver GX250 electric scooter coincided with the launch of its battery swapping network in Delhi and Goa on December 12, according to media reports.

Gogoro plans to roll out three models in the Indian market: CrossOver GX250, CrossOver 50 and CrossOver S. Currently, only the CrossOver GX250 is accessible to businesses, with the CrossOver 50 and CrossOver S slated for availability later in 2024, the reports said.

Gogoro’s chief executive Horace Luke has outlined plans to establish 100 battery swapping stations in the country by 2024, with the expansion of these stations to Mumbai and Pune slated for the first half of next year.

These electric scooters will be manufactured through a $1.5 Bn investment in collaboration with Foxconn at a facility in western Maharashtra. This announcement follows Gogoro’s earlier commitment in January 2023 to invest $2.5 Bn over eight years in Maharashtra.

Luke mentioned, “The e-scooter will initially target delivery fleet operators and bike taxis, with a variant for personal use set to launch next year. We also have plans to export these vehicles from India.”

Having been a player in the e-mobility market since 2011, Gogoro introduced battery swapping for its e-scooters in Taiwan early on. The company went public in 2022 following its merger with Nasdaq-listed special-purpose acquisition company Poema Global.

Gogoro’s strategic partnership with Hero MotoCorp, the world’s leading two-wheel vehicle manufacturer, was announced on April 21, 2021, to implement its Gogoro Network battery swapping in India.

In addition to these collaborations, Gogoro has joined forces with other companies in India to electrify their mobility operations. For instance, in August 2023, the collaboration with Swiggy enabled the use of Gogoro smartscooters and battery-swapping infrastructure for more cost-effective hyperlocal deliveries. In November 2022, it also partnered with EV-as-a-service platform Zypp Electric, which plans to expand its fleet of electric scooters to 2 Lakh from 10,000 and widen its footprint to 30 Indian cities by December 2025.

With the Indian government actively encouraging EV adoption to reduce carbon emissions, the past couple of years have witnessed significant leaps in EV adoption. The growing emphasis on environmental, social, and governance (ESG) practices worldwide has prompted Indian startups, including major players like Flipkart and Zomato, to focus on sustainability measures, such as reducing plastic usage and increasing EV adoption.

Against this backdrop, India’s total EV registrations for the current year stand at 13.29 lakh units, a notable increase from 10.24 lakh in 2022, as per Vahan data. The robust support from investors, ranging from marquee startup backers like Peak XV Partners (erstwhile Sequoia Capital India and Southeast Asia) and Lightspeed to sector-focused VCs like AdvantEdge and Speciale Invest, underscores the burgeoning EV story in India.

Despite the ongoing funding winter, the Indian EV ecosystem has witnessed a commendable 32 deals this year, compared to 35 deals in the entirety of the previous year. Additionally, data compiled by Inc42 reveals that the Indian EV sector has raised over $780 Mn so far this year, surpassing the $758 Mn raised in 2022.

The post Gogoro Plans To Scale Up India Playbook With E-Scooter Bikes & Battery Swapping Units appeared first on Inc42 Media.

India has come out of a deficit monsoon and barely escaped a drought year. Despite 5.6% deficit in overall rainfall numbers (820 mm against average normal rainfall of 860 mm); monsoon in the year 2023 at best can be called as erratic, across months as well as across regions. 

While the month of June was deficit (-9%) July witnessed surplus rains (+13%), August saw biggest deficit ever (-36 %), thankfully September rains (+13%) had something to cheer. 

The regional and seasonal monsoon volatility is not a one-off event anymore but becoming a pattern from one year to another. The weather vagaries are not limited to India alone. 

Europe has experienced heat waves like never before. The Hawaiian and Canadian wildfires are a testimony to the looming dangers to the biodiversity of the planet earth and humanity at large.

There is no sector of the Indian economy, which is immune to the climate changes. However, one of the most adversely impacted sectors continue to be agriculture as reflected in stagnating or declining productivity of the major crops. 

It is fair to say that the sustainability of agri and food supply chain going forward depends on the acceptance and mitigation of climate risks, complemented by actions for building enough climate resilience and adaptation mechanisms amongst value chain actors.

The smallholder farmers (about 120 Mn in India and over 500 Mn globally) clearly share a disproportionate risk of climate changes than any other value chain player. 

The consumers at the other end of the supply chain are equally vulnerable, but have not realised the impact in equal measures as much as farmers; thanks to the sustained food security and supply, even during pandemic years. 

However, if perennial food inflation is an indicator to go by, the consumers cannot take food availability for granted forever. 

The ongoing COP28 deliberations are likely to sharpen focus on policy drivers and collaborations to drive sustainability in the food sector. 

India being one of the largest food producers and consumers has an added responsibility to drive the policy narrative at the global stage.

In this context, it’s time we start building a strong policy agenda as well as a vibrant innovation ecosystem addressing climate challenges in Indian agriculture. An enabling policy along with disrupting climate innovations is the need of the hour. 

This article profiles some of the innovations in the agri-climate-tech space and how building a “public digital good specific to climate” for agriculture can catalyse the entrepreneurial ecosystem, to the benefit of farmers and other food value chain participants.

Arrival Of Climate Entrepreneurs

Over last few years, there are enough deliberations at the industry and policy level to make food supply chain climate-resilient. The policy prescriptions and industry actions need to match with the emerging entrepreneurial energy to bring the desired change.  

Thankfully, the sheer number and quality of entrepreneurs, trying to build business models to fight climate change are growing in proportions and that to me is the biggest hope to solve for the climate challenges that lies ahead for agriculture in India and globally.

If one looks at the history of Indian agritech, the dawn of agritech in India happened about 15 years ago but climate-tech remained peripheral to it for over a decade. It’s only in the recent past that climate-tech is becoming more nuclear and integral to agritech, not only to entrepreneurs’ business models but also to the investors’ thesis.

This is driven by entrepreneurs’ realisation that climate-tech and agritech are not binary but essentially two sides of the same coin. Resource optimisation and unit economics go hand in hand in value creation for unlocking VC-friendly returns. It is fair to say that the winning models in agritech will have climate resilience as one of the key foundational layers.

Also, many customers and users of agritech especially the large food companies like Unilever, Nestle, Danone, Olam etc and retailers like Amazon, Walmart have made commitments publicly on making the supply chains net-zero over next 2-3 decades, so these companies have no option but to partner with their supplier base to honour their commitments. 

The downstream players of the food value chain (retailers, food brands) which so far have largely remained oblivious to the challenges of the upstream players (specifically farmers), are realising the need for supply chain integration, more accountability, higher transparency and end-to-end traceability. 

The climate crisis can possibly cure for the perpetual bipolar disorder of food value chain by bringing the “food” and “agri” ends closer.

Landscaping Climate Tech Innovations In India

The canvas of innovations in agri-climate-tech is still evolving and irrespective of how much one paints; parts of the canvas will still look blank. 

Let me still attempt to put a brush around the type of innovations the agri-climate space is witnessing. 

Broadly, they can be segmented into three buckets- “largely digital”, “largely physical” and “supply chain innovations”.

Largely Digital

These innovations typically include capturing data about weather, soil and plant health from multitude of sources such as whether stations, satellites, drones, sensors, IoT devices, scanners, smart phones etc. The evolution of hardware devices along with growing data modelling capabilities is at the core of such innovations.

The use cases of such digital solutions are essentially in climate risk mitigation including farmer advisory to reduce crop loss; estimate losses on account of flood/ drought; estimate soil nutrition and moisture for optimising fertilizer and water use; build climate-linked lending and parametric insurance products, traceability solutions that can potentially facilitate carbon trades using audited and verified data points; cattle health management for nutrition efficiency resulting in less methane emissions etc

The examples of startups in this category include SatSure, CropIn, Leads Connect, RMSI, Bharat Rohan, Frugal Labs, Borlaug Web Services, Agnext, Boomiitra, Stellapps etc. This category has seen VC interest but data monetisation at scale remains a challenge despite relatively better margin profile.

Largely Physical

These solutions include a variety of physical interventions including products, devices, machines, biologicals to drive climate resilience. 

The use of dehydrators, cold rooms, bulk coolers, CA storages, silos for reducing post-harvest losses; urea deep placement machines for optimising urea consumption; hydrogels for water use efficiency; bio stimulants, plant extracts, drones for minimising use of agrochemicals; bore chargers to improve water table; polyhouses for resource efficiency etc would fall into this category. 

Some of these physical interventions also have complementary digital tools for better efficacy of solutions like sensors / IoT devices in cold rooms, greenhouses or optical cameras mounted on drones.

Some examples in this category would include likes or S4S Technologies, Promethean, Inficold, Ecozen, Rukart, EF Polymer, GreenPod, Absolute, Bioprime, Sea6 Energy, Marut drones, Urdhvam, Distinct Horizon, Kheyti, Takachar etc. 

This category of startups needs impact / catalytic capital/ blended finance support at the beginning of their journey before venture capital kicks in. Both margin and scale potential in this category is in the moderate to high range.

Supply Chain Innovations

These include tech-enabling supply chains for dis-intermediation to align supply with the demand. The market linkage startups operating in the – whole or parts – of farmers-to-consumer value chain, such as WayCool, DeHaat, FarMart, Samunnati, Falca, Bioveda, Innoterra, KisanKonnect, Maalexi, Mango Dairies, Digigrain are some of the examples. 

Though the primary thesis for this segment of startups has been around building demand-driven tech-enabled supply chains, but in this process, these business models have contributed to shrinking food losses / waste thus improving climate resilience of food supply chains.

Likewise, factory-to-farm models focused on supplying quality inputs to farmers, riding on prescriptive farmer advisory models, end up optimising use of agri-inputs including chemical fertilizers, agrochemicals and water. Startups like Agrostar, BigHaat, Behtar Zindagi, Unnati, Upaz, Freshokartz, Hesa would fall into this category.

As many of these supply chain platforms are gaining scale, manging hundreds and thousands of tonnes of food on daily basis; they are also becoming carriers, platforms or super-apps of climate innovations in the- digital and physical categories – as described above. 

This category of startups has attracted the maximum amount of capital in the last decade invested in the Indian agritech (about 80% of the total $3 Bn plus VC investment). This segment of startups has demonstrated scale but margin improvement for many of them still remains work in progress.

In addition to the above three buckets, another category in climate innovations includes the package of practices (PoP), mostly driven by universities, research institutions and corporates. 

PoPs have been existent for many years before the arrival of climate startups. These PoPs include drip irrigation, direct seeding of rice, zero tillage practices, ethanol production from agricultural byproduct, use of biodigesters, conversion of stubbles to biochar / fuel / packaging, use of cattle feed additives etc. 

Many of these practices have been adapted in parts but need more policy push along with entrepreneurial energy for mass adoption by farmers.

It’s Time To Build Climate-Stack For Indian Agriculture 

Though there are plethora of innovations as discussed above in the climate-tech space; they are still far from wide scale adoption, required for catalysing a large-scale disruption to get closer to net-zero targets. 

Given the gravity of climate problems and the need for urgency to solve for climate challenges, it’s time to think about building a climate stack for Indian agriculture (we can name it as “Clistack” for the lack of a better acronym or word). 

Though other segments of the economy also need a climate stack as much as it is needed for agriculture but probably agriculture needs it more urgently than any other sector.

So, the question is what could be the components of the Agri-clistack, potential use-cases and its ability to catalyse climate innovations at scale to drive climate risk mitigation, resilience and adaptation.

Components Of Clistack

The three most important parameters impacting the agriculture sustainability are: weather, soil and water from climate perspective. 

Though it requires debate and rigorous technical discussions on whether these three variables are good enough to build a clistack; nonetheless these three variables can make a good start. 

The best part about these three variables is that there is tech available to measure these variables accurately, at scale, at requisite granularity and almost in real-time.  The hierarchy and weights of sub-parameters of these three variables needs further technical discussion.

Figure: Proposed Clistack Architecture

Weatherstack comprises of variables such as rainfall, temperature, solar radiation, humidity, wind direction and speed which impact crop health, production, harvest, storage and shelf life of farm produce.  

All weather parameters can be captured through weather stations and some through satellites. Indian Meteorological Department (IMD) along with many private players like Skymet, WRMS have set up thousands of weather stations across India and also use remote sensing for weather data capture and prediction.

The almost-real-time transmission of data from weather station to a central server/ cloud is possible. Many new AI tools are being developed for processing and disseminating the weather data. Skymet recently launched a conversation product using Generative AI where farmer can get voice based customised weather advisory. The government of India is also targeting to cover the entire country with Doppler radars for accurately predicting extreme weather events.

Soilstack

Soilstack comprises parameters impacting the crop production including soil nutrition – macro nutrients (Nitrogen, Phosphorus, Potassium, Calcium, Magnesium, Sulphur). Micro nutrients (Zinc, Iron, Cobalt, Manganese, molybdenum, Copper, Chlorine, Boron), organic matter, soil pH; electrical conductivity, microbial count.

The Government of India has set up a network of soil testing labs (about 11,500) to provide advisory to farmers on use of fertilisers and nutrient use. Some of the private sector companies especially those in the fertiliser business have also set up their soil testing labs. 

However, many soil testing labs are non-functional. Building a strong soil testing infrastructure along with the digitisation of soil data can go a long way in enabling the soilstack platform.  

In the last few years, we have seen surge of many soil testing startups such as Krishitantra, Bhu-Parikshak from Agronxt (rapid soil testing technology developed by IIT Kanpur), Neoperk, Soilsense, Ekosight etc.  

The portable machines / devices developed by these startups can give results on some of the vital parameters of soil health in a matter of minutes.  The new-age technologies riding on portability of devices, accessibility to farmers and affordability will complement in building the soilstack.

Waterstack

Waterstack can technically be part of weatherstack (as major contributor of water for agriculture is rainfall) or could be part of soilstack (as soil moisture / ground water is another major source). 

However, given the sensitivity and the quantum of water consumption (80% of water available in India is used for the purpose of agriculture – estimated at about 800-900 billion cubic meters) along with low water use efficiency (<50% in many crops), it may be good idea to keep water as a separate parameter for the attention it deserves. 

There are enough innovations to measure water availability in soil at surface and sub-surface (root zone) level. The use of sensors and IoT devices can accurately measure the water availability in the soil to estimate quantum of water / timing of irrigation. 

Even satellite imagery can detect surface level moisture. There are many startups in India such as Cultyvate, Sense it out, Satyukt and even irrigation companies like Netafim, Rivulis; have built their proprietary tech stacks to measure soil moisture to improve water use efficiency through better irrigation scheduling, precision irrigation and fertigation. 

To summarise, the technology (both hardware as well as data analytics capabilities) has advanced enough for measuring weather, soil and water parameters to enabling a pan-India data-driven clistack. 

However, the penetration, distribution, density of the hardware devices needs a scientific architecture. The algorithms and units to measure and report data needs standardisation / uniformity to bring clistack alive. 

The question is the granularity and frequency of data collection for the purpose of building clistack. The weather data is unlikely to change significantly within a village though there could be farm-to-farm variations for soil as well as water parameters.  

However, “a farm as a unit” may be bit too ambitious to begin with hence “a village as a unit” could be a good starting point in building this stack. The frequency of weather data collection could be daily whereas the frequency for soil and water data could be once in crop season (3-4 months). This is because of higher time sensitivity of weather data as compared to the other two. 

Given the reducing cost of hardware and improving data analytic capabilities; the investment required to build and maintain stack is not going to be significantly large. 

A lot of these investments have already been made but there could be hardware / software gaps from a stack perspective which needs to be filled. Also, there is need to build frameworks as well as an institution to conceive, build, maintain, regulate and open-source clistack for potential users.

Another positive characteristic of clistack is that there is no personal data involved, hence hopefully the concerns around data privacy are limited as compared to other stacks where personal data is integral to stack.

Use Cases Of Clistack

Though I believe there could be many use cases of clistack for the government as well as private sector, the top five most-obvious use cases are as follows:

Farmer Advisory

Farmers in India are getting digitally literate. A recent report on “State of the Digital Agriculture Sector” published by Beanstalk states that there are about 50 million farmers in low- and medium-income countries actively using digital tools out of which over 50% farmers (about 27 million) come from south Asia region, with as much as 86% farmers (out of 27 million) are from India. 

This implies that about 10-15% of Indian farmers are already using some digital tool for the purpose of accessing market linkage, advisory, price discovery etc.

The ability to collect, analyse and report data at scale, in a form that can be useful to farmers, is possible with the use of clistack. The improved penetration of digital tools and smart phones among farmers can make the transmission of the data to the farmers almost in real time. 

The data about weather, soil and water geotagged to farmer location/ village can seamlessly be integrated from the point of data collection to each and every village, resulting in pragmatic insights for the farmers. 

The layering of clistack over agristack (another important stack which is under development by the government) can enable farm / farmer specific personalised advisory.

Climate-Linked/ Green Financing

This has often been talked but rarely practiced because of lack of necessary data, digitisation and regulatory framework around it. Clistack can provide authenticated and standardised data sets to bankers to assess climate risk for the purpose of underwriting.

The Climate Risk Index (CRI) can be built in as a derivative index of clistack, which banks can use for developing climate-linked lending rates, at least at the village level. 

The personal credit score of farmers calibrated to CRI could potentially determine the farm lending rates, hopefully giving enough incentives to farmers / farmer group / FPOs within a village to collectively reduce CRI. 

CRI reporting could potentially lead to healthy competition among villages to adapt good climate practices to lower the value of CRI (like city ranking as part of “Swachh Bharat Abhiyan” has triggered competition among cities for cleanliness)

Parametric Insurance

The sachet insurance products linked to weather or climate to derisk farming are in demand. It has already been demonstrated by startups like IBISA, WRMS, Gramcover who are developing and distributing such products to farmers. 

The scale of parametric insurance products depends on getting the requisite data from multiple sources for product development, calibrating risk, ascertaining premiums and distributing the insurance products through partners in rural areas.

Clistack can help build parametric insurance products at scale. It will also assist startups in developing customised products for farmers given the granularity and frequency of data which can be made available through clistack. Agristack data can be used for selling and distributing these products.

Policy Development

India is the third largest emitter accounting for 7% of GHG emission. The government of India has committed to the net-zero target by 2070 that needs a series of actions to reduce GHG emission. 

India has the challenge as well as a unique opportunity to be the first few or the only country in the history of transitioning economies from developing to developed country; to demonstrate 6-8% YoY GDP growth with the least usage of fossil fuels.

Agriculture is one of the prime contributors of GHG emissions (about 14% of GHG emission comes from agricultural activities in India). 

The Government of India already has the National Action Plan for Climate Change (NAPCC) and many schemes for sustainable growth of agriculture. 

Clistack can provide the necessary data (by crops, geographies) which can help policy makers to prioritise action points to reduce emissions. 

The government is also promoting crop diversification schemes incentivising farmers to move from crops like paddy to maize / millets which are less resource intensive. 

Such policies can be made more effective with time series data coming from clistack, by measuring the impact of such policies.

The Priority Sector Lending (PSL) regime for agriculture (mandated at 18% of outstanding credit by banks) to enable institutional credit to farmers and agri value chain players could potentially build incentives for farmers for climate adaptation by linking lending rates / repayment to it. The regulatory framework for carbon trades in agriculture could be based on clistack data.

The loan waiver management policies for farmers could also be guided by clistack, for example if CRI (a proxy for climate risk) increases by 50% in a season due to poor weather / soil/ water; it makes a case for loan restructuring / waiver amongst farmers affected by such events.

Demand Supply Alignment

While the food demand does not change overnight; supply of food gets impacted by seasonal variations and regional arbitrage which in turn gets impacted by the climate changes. Clistack data, triangulated with other data points, could be used in estimating production and supply of a given commodity at a given point of time from a given geography. 

This can help in preventive and corrective actions to bridge demand supply gaps mitigating the unreasonable / inflationary price shocks for consumers as well as farmers.

In Conclusion

The enormity of impact of the above use cases for farmers, consumers, government and value chain players make a strong case for building clistack and as mentioned earlier given its non-personalised character with significant infrastructure already in place, it should not take significant effort or investment to build it.

The effort is required in building the policy architecture, standards, necessary physical / digital infra to cover each and every village of India to begin with. The investment required is incremental and insignificant in the context of the benefits that will accrue. 

India over the years has evolved as the world’s capital of “digital public goods” (UPI, ONDC, OCEN, Agristack etc to name a few) and clistack could be another stack where India can take the lead. 

Clistack is not only required for Indian agriculture’s sustainability but also is relevant for the resilience and longevity of global agri and food systems. The government can partner with startups even for building and maintaining clistack as we have seen in the pilot stages of agristack.

What does clistack mean for startups and investors?  – It will create an ocean of innovations around climate risk mitigation, climate resilience and adaptation in the food value chain. Startups, instead of spending VC money on creating proprietary stacks, could ride on clistack to construct interesting APIs without worrying about data collection and validation. 

Intersection of clistack and agristack will help build many farmer-centric innovations with significantly low first / last mile cost with negligible CACs. 

Investors hopefully will see a healthy deal flow, propelled by this stack, to figure out compelling investable business models for 20% plus IRR returns. 

Climate tech investment opportunities in agriculture which are hard to find in the current environment, can potentially become mainstream in a matter of a few years. 

Global and Indian investors will witness a new asset class in agri climate-tech space which can generate IRRs to the liking of VCs and PEs, potentially matching or even outperforming the returns delivered by conventional sectors/ themes.

The post Time To Build Climate-Stack For Indian Agriculture appeared first on Inc42 Media.

Venture debt firm Stride Ventures’ non-banking financial company (NBFC) StrideOne Capital has acquired a strategic stake in last-mile electric vehicle (EV) logistics platform MoEVing. 

Without disclosing the financial details of the deal, StrideOne said it would take over the fintech function at MoEVing with an eye on becoming the largest financial institution supporting EV businesses.

Founded in 2021 by Vikash Mishra, MoEVing is an on-demand logistics solution provider which caters to the needs of ecommerce, online grocery, consumer goods, logistics, and courier companies. It enables them to optimise their logistics costs while meeting their goals of reducing carbon emissions. The startup also has charging stations and offers financing and EV lifecycle management solutions. 

In November last year, MoEVing raised $2.5 Mn from early-stage institutional venture capital fund JSW Ventures.

StrideOne said the acquisition will help MoEVing with rapid fleet electrification and overcome capital requirement challenges. Further, the NBFC will get access to MoEVing’s three-year last-mile delivery data to enhance EV underwriting and build new-age finance products for the sector. 

Commenting on the development, StrideOne’s founder Ishpreet Singh Gandhi said, “Stride’s holistic financial solutions and entrepreneur-first approach are empowering EV businesses across India to build transformative business models and achieve impact at scale. We foresee the potential of Stride deploying INR 1,000 Cr in the next 12-18 months towards EV financing.”

StrideOne said the partnership will help it strengthen its presence across all EV mobility formats, which already includes B2C, logistics, battery swapping, recycling solutions, among others. 

“By combining MoEVing’s data-driven expertise with StrideOne’s financial acumen, we will expedite the adoption of electric vehicles more efficiently. We look forward to deploying 15,000 vehicles over the next 5 years as a result of this collaboration,” said MoEVing’s founder and CEO Mishra.

The development comes at a time when the EV financing landscape is seeing a paradigm shift in the country owing to the increasing adoption of EVs. The acquisition seems to be StrideOne’s attempt to capitalise on this opportunity and grab a big share of the EV financing market.

Two-wheeler EV registrations in the country jumped 14% month-on-month (MoM) in November to cross the 85,000 units mark.

According to data compiled by Inc42, the Indian EV sector has raised over $780 Mn so far this year as against $758 Mn in 2022. 

The post StrideOne Acquires Stake In Emobility Startup MoEVing To Offer New EV Financing Products appeared first on Inc42 Media.

Electric vehicle (EV) startup EMotorad has raised $20 Mn (INR 166.8 Cr) as a part of its Series B funding round led by Panthera Growth Partners.

The round also saw participation from Alteria Capital, xto10x Technologies and existing investor Green Frontier Capital.

EMotorad will use the fresh funds to boost its manufacturing capabilities, launch technologically enhanced smart electric bicycles and deepen its offline presence across key regions in domestic and global markets.

“This capital infusion is a testament to the tireless efforts of our team and the unwavering trust our investors have in our vision. We are excited to leverage this investment to further develop tech-enabled electric cycles, expand our reach, and make mobility sustainable and accessible to all,” said Rajib Gangopadhyay and Kunal Gupta, cofounders of EMotorad.

Founded in 2020 by Gangopadhyay and Gupta, along with Aditya Oza and Sumedh Battewar, EMotorad sells electric cycles for daily commuting and casual rides. It aims to offer sustainable travel alternatives through premium electric cycles and promote a healthier lifestyle.

EMotorad claims to have sold more than 80,000 electric cycles across the globe clocking a revenue of $36 Mn. It aims to expand to 100,000 electric cycles by FY25 globally.

EV startup EMotorad raised INR 24 Cr last year in its Pre-Series A funding round led by Green Frontier Capital (GFC), LetsVenture, and Ivy Growth associates.

Recently, Delhi NCR-based EV startup Baaz Bikes raised $8 Mn in its Series A funding round led by Singapore-based BIG Capital to expand and strengthen its e-bike offerings for last-mile delivery.

Electric two-wheeler registrations in India surpassed the 70,000 mark after four months in October, as vehicle demand for a handful of manufacturers continued to witness a sharp rise.

On a month-on-month (MoM) basis, two-wheeler EV registrations rose 9.8% to 70,248 units in October, as per Vahan data on October 31.

The post EMotorad Pockets $20 Mn Funding For Its Smart Electric Bicycles appeared first on Inc42 Media.

As the world grapples with the pressing need to transition to cleaner and more sustainable energy sources, solar power has emerged as a frontrunner in the race toward a greener future. 

Solar energy technology continues to evolve and improve, driven by advancements in materials, manufacturing processes, and innovative approaches. 

In this article, we’ll explore the exciting emerging trends in sustainable solar energy technology that are shaping the future of energy production.

High-Efficiency Solar Panels

One of the most significant trends in solar technology is the relentless pursuit of higher efficiency. Conventional silicon solar panels have made remarkable progress, but researchers are now focusing on next-generation technologies. 

Tandem solar cells, which combine different materials to capture a broader spectrum of sunlight, and perovskite solar cells, known for their efficiency potential, are at the forefront of this innovation. These technologies promise to maximize electricity generation while reducing the cost per watt.

Bifacial Solar Panels

Bifacial solar panels represent a breakthrough in solar panel design. Unlike traditional panels that capture sunlight from one side, bifacial panels can harvest energy from both the front and rear sides. This dual-sided exposure increases energy production, making them a popular choice for utility-scale solar installations.

Flexible And Lightweight Solar Panels

The demand for solar panels that can be integrated into various applications is driving the development of flexible and lightweight solar panels. These panels can be used on curved surfaces, integrated into building materials, and even made transparent. As a result, the potential applications for solar power expand, from vehicle-integrated solar panels to solar-integrated clothing.

Energy Storage Solutions

Solar energy’s intermittent nature requires efficient energy storage solutions to ensure a consistent power supply. Lithium-ion batteries have dominated the energy storage market, but emerging technologies like solid-state batteries and flow batteries offer higher energy density, longer lifespans, and improved safety. These innovations are vital for storing excess solar energy for nighttime and cloudy days.

Solar Tracking Systems

Solar trackers are becoming increasingly prevalent in large-scale solar installations. These systems adjust the angle and orientation of solar panels to follow the sun’s path throughout the day, ensuring maximum exposure to sunlight. Single-axis and dual-axis trackers are enhancing energy yields and increasing the efficiency of solar farms.

IoT And Smart Solar

The integration of the Internet of Things (IoT) and smart technology is transforming solar energy systems. Solar installations can now be remotely monitored, allowing for real-time adjustments based on weather conditions and predictive maintenance. Smart solar solutions increase energy efficiency and reduce operational costs.

Advanced Inverters

Inverters are crucial for converting the direct current (DC) electricity generated by solar panels into usable alternating current (AC) electricity. Advanced inverters are being developed to improve efficiency, power quality, and grid integration. These innovations contribute to the stability and reliability of solar power systems.

Solar-Integrated EV Charging

The synergy between solar power and electric vehicles (EVs) is strengthening. Solar panels integrated with EV charging stations enable vehicle owners to charge their cars with clean energy, reducing carbon emissions and lowering the overall environmental impact of transportation.

Floating Solar Farms

Floating solar farms, where solar panels are installed on bodies of water such as lakes and reservoirs, are gaining momentum. These installations conserve land space and benefit from the cooling effect of water, which can enhance solar panel efficiency. This trend is particularly significant for regions with limited available land.

Solar Power For Hydrogen Production

Solar energy is increasingly used for electrolysis, a process that splits water into hydrogen and oxygen. The generated hydrogen can be stored and utilised for a wide range of applications, including fuel cells, making it a versatile and clean energy carrier.

In Conclusion

The future of sustainable solar energy technology is bright, with emerging trends offering innovative solutions to meet the world’s growing energy needs while reducing our carbon footprint. 

High-efficiency solar panels, flexible designs, energy storage solutions, smart technology, and numerous other advancements are paving the way for a cleaner and more sustainable energy future. 

As these trends continue to evolve, they hold the promise of transforming the energy landscape and contributing to a greener and more sustainable world.

The post Emerging Trends In Sustainable Solar Energy Technology appeared first on Inc42 Media.