Climatetech startup Climes has secured funding of $1.2 million. The company will use the money to enhance brand synergies with the fashion, food, travel, beauty, and personal care industries in order to develop a roadmap for businesses to become market leaders in climate change.
Climes, a climatetech business, has announced that it has secured $1.2 million in investment led by Sequoia Capital India, Kalaari Capital, and Nithin Kamath (Zerodha, Rainmatter), as well as Avaana Capital.
Keshav Reddy (Reddy Futures), Arjun Gupta (Smart Joules), Akshay Singhal (Log9 Materials), Satyen Kothari (Cube Wealth), and Anshuman Bapna (Terra.do) from Stanford Angels are among the other investors in the round.
Climes intends to utilize the funds to enhance brand synergies with the fashion, food, travel, beauty, and personal care industries in order to develop a roadmap for businesses to become market leaders in climate change. They will also enhance its technology to allow for the rapid adoption of climate solutions in India, as well as transparent assessment and reporting of effect.
Climes, formed by Anirudh Gupta (ex-Airbus) and Siddhanth Jayaram (ex-Kalaari Cash) in response to an urgent need to finance climate action, intends to unleash an untapped source of capital.
“With this capital offering, Climes is constructing the required digital infrastructure to allow a large portion of the money to flow transparently and designing the appropriate incentives for market participants to gain. The cofounders noted in a statement that “the delta of each rupee/dollar/euro that travels via Climes would have an outsized multiplier impact on global carbon reduction.”
So far, Climes has been linked to TEDx, MakeMyTrip, Wedding Brigade, and Zingbus, with at least a dozen more in the pipeline.
Vani Kola, managing director of Kalaari Capital, stated, “Escalating awareness of the need for a carbon-neutral lifestyle and rising climate costs necessitate urgent new solutions. Entrepreneurs who provide climate-sensitive solutions can develop crucial distinguishing propositions. Sid [Jayaram] and Ani [Gupta] have big aspirations to raise climate awareness and action. Climes’ technology enables companies to accomplish this transformation by allowing customers to carbon-neutralize every purchase.”
In addition, Nithin Kamath, founder and CEO of Zerodha & Rainmatter, stated, “The best answer to climate-change challenges is to minimize consumption, which may not always be attainable. Making individuals aware of their carbon footprint and then making it available to offset that footprint can be a smart mid-way approach. We are pleased to be a part of their journey and to learn from it.”