Bangalore-based energy startup Carbon Masters today announces that it has raised undisclosed amount from IAN and Sangam Ventures. The round was led by IAN investors Nagaraja Prakasam, Mridula Ramesh and Karthik Chandrasekar from Sangam Ventures. As the part of the investment, Nagaraja Prakasam and Karthik Chandrasekar will join Carbon Masters as Board Members to strengthen the leadership team.
Carbon Masters plans to use raised capital in product developments, project developments and hiring senior, marketing, and engineering talents.
Commenting on the announcement, Som Narayan Co-Founder, Carbon Masters said, “We are extremely thankful to Indian Angel Network and Sangam Ventures whose faith in our vision will take us a step closer to achieving our goals. Carbonlites can provide India with a lower cost, carbon neutral alternative to the use of fossil fuels. That it can also provide a more sustainable way of managing organic waste streams in Indian cities makes it a unique carbon mitigation solution. It will be invaluable in helping India achieve its climate change goals under the Paris Accord.”
Carbon Masters was founded in 2012 to developed India’s first bottled bio- CNG brand Carbonlites. Launched in 2014, Carbonlites is bio-CNG produced from the biomethanisation of organic waste streams, diverts waste from landfills mitigating methane emissions, displaces LPG for commercial cooking, and other fossil fuels for transport and backup power generation.
Nagaraja Prakasam, IAN investor, and lead commented, “Carbonlites enables conversion of Bangalore waste to renewable energy that can be used both for commercial cooking displacing LPG and to power vehicles. The by-product of the process also produces, organic fertilizer which will be sold to Freshworld farmers forming a CIRCULAR ECONOMY. Thus, through our association with the company, we aim to help the company unlock the vast market potential for its products, possibly on a global scale.”
The company has also entered into a strategic partnership agreement with the Mahindra & Mahindra organization whereby they are investing in building large scale waste to energy plants. The first such plant will be operational from July in Malur, Karnataka.
The startup has recently won two Government of India tenders for their Carbonlites in a box product. Both tenders will involve waste to power as opposed to waste to gas for cooking.
Additionally, the startup is exploring 2 captive transport solutions – running the trucks used by our waste management partners on our carbon neutral gas; partnering with a fleet auto-rickshaw provider to provide a carbon neutral cab service in Malur.