SUMMARY
- Onlygood.ai has secured $500,000 or Rs 4 crore in seed funding.
- This round was jointly led by IIT Madras Incubation Cell (IITMIC), Goel Group, and DICV.
- This funding will be utilized to grow the company’s presence in India and the Middle East.
Carbon management platform Onlygood.ai has secured $500,000 or Rs 4 crore in seed funding. This round was jointly led by IIT Madras Incubation Cell (IITMIC), Goel Group, and Daimler India Commercial Vehicles (DICV). The latter has secured a 1.5% of the company.
This funding will be utilized to grow the company’s presence in India and the Middle East, with plans to expand into Europe by 2024. The goal is to improve the team, enhance product functionalities, and upgrade the technological infrastructure.
Established in 2022 by Rajeev Sinha and Vivek Mehra, Onlygood tackles the issue of carbon emissions with innovative solutions. Its platform assists businesses in measuring, monitoring, and reducing their carbon emissions, aiding in making informed decisions regarding efficiency and sustainability. The platform offers Decarb Navigator and Decarb X-celerator as its main products.
Onlygood has collaborated with industry giants like Maruti-Suzuki and DICV, earning accolades for its commitment to sustainability. The platform supports compliance with carbon standards, producing reports in formats such as BRSR, CSRD, and CBAM. It includes automatic compliance checks and a strategic guide for companies on their journey towards decarbonization.
The Gurugram-based company has established its first office in Dubai and is set to enter the European market by the end of this year. Additionally, the company is planning to seek $8-10 million in a Series A funding round by mid-2025 to drive global expansion, with a focus on North America.
Onlygood is focused on providing real-time tracking of products throughout the supply chain, partnering with entities like Blue Ocean Steel and Envex to offer comprehensive sustainability solutions.
This announcement comes at a period when the clean technology sector is experiencing renewed interest from investors, despite the challenges posed by the funding drought and unfavorable market conditions.
Earlier this year, cleantech startup Sprih secured $3 million in a seed funding round led by Leo Capital.
Meanwhile, another cleantech startup Varaha has raised $8.7 million to enhance its technology and science capabilities, expand into Asia and Sub-Saharan Africa, and meet the increasing demand for carbon credits.
In January, cleantech startup INDRA raised $4 million in a Series A funding round, co-led by Mela Ventures and Emerald Technology Ventures, with contributions from Peak Sustainability Ventures and The Climate Angels.
