StepChange claims to have one of the largest India-specific carbon accounting databases, with over 75,000 emission factors for various products and services
StepChange, a sustainability platform has secured over $4 million in seed funding led by BEENEXT and Global Founders Capital. The round also saw participation from a group of global investors including Genesia Ventures, Whiteboard Capital, Saison Capital, Seedstars, Antler, and Speciale Invest.
The company will utilise the funds to enhance the company’s region-specific carbon accounting models, product development and accelerate growth drive in India and international markets.
StepChange claims to have one of the largest India-specific carbon accounting databases, with over 75,000 emission factors for various products and services, and has enabled leading enterprises to account for over 250 million tCO2e in aggregate, equivalent to over 7.5 per cent of India's emissions.
The platform is working with some of the industry players, including ICICI Bank, ITC Limited, and SBI across their value chains and portfolios.
“We are grateful to our investors for their vote of confidence,” shared Ankit Jain, Co-founder and CEO StepChange.
“StepChange was built to address a critical need in the market: businesses lacked a reliable and effective way to navigate the complex landscape of sustainability and NetZero Transition. We have over 10 dedicated climate researchers on our team to ensure that we are able to create the most reliable and cost-efficient solutions for businesses to become sustainable and achieve their sustainability goals. We are proud to be the sustainability partner of choice for some of the largest Indian enterprises and plan to take our offerings international very soon,” he added.
“StepChange's innovative approach to corporate sustainability focuses on region-specific carbon accounting models and platforms. We believe this approach will be a game-changer in the global effort towards tackling climate change. We look forward to supporting StepChange as they continue to empower individuals, organisations, and other entities to make data-driven decisions for a sustainable future,” shared Anirudh Garg, Investor, BEENEXT.
“ICICI Bank has been working with StepChange to comprehensively measure the environmental impact of its business and its portfolio. Their platform has, in quick time, based on our existing data/information, opened up a host of opportunities to evaluate how to drive down emissions in our operations and our value chain,” said Manish Kumar, Head-ESG & CSR, ICICI Bank Limited.