Other investors in the round include Keshav Reddy (Reddy Futures), Arjun Gupta (Smart Joules), Akshay Singhal (Log9 Materials), and Satyen Kothari (Cube Wealth), and Anshuman Bapna (Terra.do) from Stanford Angels.
Climes plans to use the capital to expand brand synergies with fashion, food, travel, beauty, and personal care industries to create a roadmap for companies for becoming the market leaders in climate change. Additionally, they will upgrade their technology to enable quick adoption of climate solutions in India and transparent measurement and reporting of impact.
“With this capital raise, Climes is building the necessary digital infrastructure to enable a big chunk of the money to flow transparently and design the right incentives for market players to benefit. The delta of each rupee/dollar/euro that flows through Climes will have an outsized multiplier impact on global carbon mitigation,” the cofounders said in a statement.
So far, TEDx, MakeMyTrip, Wedding Brigade, and Zingbus are some of the brands connected to Climes, with at least a dozen more in the works.
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“The rising awareness for a carbon-neutral lifestyle and climate costs require urgent new solutions. Entrepreneurs offering solutions that are climate-sensitive can create key differentiating propositions. Sid [Jayaram] and Ani [Gupta] have lofty goals to bring climate awareness and action,” said Vani Kola, managing director, Kalaari Capital. Climes’ solution makes it possible for brands to embark on such a transition by allowing customers to carbon-neutralise every transaction,”
Adding to this, Nithin Kamath, founder, and CEO of Zerodha & Rainmatter said: “The ideal solution towards climate-change problems is to reduce consumption which may not be possible at all times. Making people aware of their carbon footprint and then making it available to offset that footprint can be a good mid-way path. We are excited to be a part of their journey and learn ourselves along the way.”