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Deeptech startup ALT CARBON raises $12 Mn in seed round

EntrackrEntrackr · 2m ago
Deeptech startup ALT CARBON raises $12 Mn in seed round
Medial

Deeptech startup ALT CARBON has raised $12 million (about Rs 102.8 crore) in a seed funding round led by Lachy Groom along with participation from Shastra VC and other angel investors such as Jason Zhao, Amrendra Singh, Tanmay Bhat, Arjun Soin, Nakuul Mehta, Arjun Ramani, Advaith Vishwanath, and Rahul Seth. The fresh funds will be allocated towards building new projects which enable carbon dioxide removal (CDR) across South Asia and spending on research and development. Founded by Shrey and Sparsh Agarwal in 2023, ALT CARBON helps farmers and scientists in utilizing dormant lands as carbon removal sinks. It aims to leverage technologies like Enhanced Rock Weathering in making South Asia a hub for CDR. With this round, the Bengaluru-based startup plans to improve its science, conduct advanced R&D, collect high-quality data, and create Machine Learning models that accelerate its operations. Its flagship project, the Darjeeling Revival Project (DRP), aims to revive degraded soils, restore livelihoods, and rebuild ecosystems in Darjeeling, India. ALT CARBON aims to remove 5 million metric tons of CO2 by 2030 and become a leader in CDR in South Asia. The startup collaborates with local agricultural communities and organizations like Frontier and Shopify. ERW not only removes CO2 but also improves soil health, potentially boosting crop yields and supporting local livelihoods.

Startup news and updates: Daily roundup (November 29, 2024)

YourStoryYourStory · 8m ago
Startup news and updates: Daily roundup (November 29, 2024)
Medial

ACT For Environment has invested Rs 2.35 crore in altM, Greenpod Labs, and Alt Carbon to support climate-tech innovations. altM focuses on developing lignin from agricultural waste to replace petrochemicals, Greenpod Labs reduces food wastage using biotech solutions, and Alt Carbon captures atmospheric CO2 using rock weathering technology. Veranda Learning Solutions has partnered with NSDC and IAB to launch the Certified International Accounting Professional (CIAP) program in India. Dentalkart has appointed Rohan Bhatt as Non-Executive Director to shape the company's growth trajectory. Zupee has adopted blockchain technology to ensure fairness and transparency in online gaming. And, Borzo has introduced a 3-wheeler and truck delivery service to cater to larger deliveries.

EV startup ALT Mobility raises $10 Mn in Series A

EntrackrEntrackr · 8m ago
EV startup ALT Mobility raises $10 Mn in Series A
Medial

Commercial electric vehicle (EV) leasing and asset management company ALT Mobility has secured $10 million in a Series A funding round led by European venture capital firm Eurazeo. The round also witnessed participation from its existing investors Shell Ventures, Twynam Earth Fund, and EV2 Ventures. The Delhi-based company had previously raised $6.45 million from its existing investors. The proceeds will be allocated towards expanding its digital asset management platform, standardizing its battery technology, expanding its fleet to 30,000 vehicles by March 2026, and managing Rs 800 crore in assets under management (AUM) over the next 18 months, ALT Mobility said in a press release. Co-founded in 2021 by Dev Arora, Anuj Gupta, Harsh Dev Goyal, Jay Gupta, and Manas D Arora, ALT Mobility is a full-stack EV leasing platform offering mobility as a service (MaaS) for commercial vehicle users. It simplifies financing and provides reliable technology that supports the transition of intra-city logistics to electric mobility, reducing carbon footprints and improving profitability. ALT Mobility claims to have a fleet of 10,000 vehicles across 20 Indian cities leased to fleet operators and drivers. The company offers a comprehensive solution, including leasing, servicing, charging, real-time fleet monitoring, and data-driven insights to ensure low total cost of ownership and maximum fleet uptime. ALT Mobility plans to expand its offerings to the driver-cum-owner segment, introducing innovative 'drive-to-own' options and leasing products for four-wheeler light commercial vehicles and cars. It also aims to roll out a Battery-as-a-Service (BaaS) model for second-life vehicles.

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