For an undisclosed sum, Carbon Masters India, a climate-tech company that promotes circular economy solutions, has closed a new equity round led by Sangam Ventures, IAN Group, and Schneider Electric Energy Access Asia (SEEAA).
Muthu Murugappan (Murugappa Group) and Sriram Sankaran (Synchron Group) also participated in the round. Sriram Sankaran and Vikram Raman (SEEAA) have joined the company’s board of directors as a result of the agreement.
The money raised will be utilized to increase Carbonlites CBG production, grow its line of organic fertilizers, boost sales, marketing, and research and development teams, and increase operational effectiveness.
Som Narayan and Kevin Houston founded Carbon Masters, which produces renewable biomethane and bio-enriched organic manure under the Carbonlites brand from organic waste that would otherwise end up in landfills. The company works with waste management partners through joint ventures and special purpose vehicles (SPVs).
With pipeline injection approval from GAIL to supply biomethane straight into India’s gas grid, its flagship joint venture, Sustainable Impacts with Hasiru Dala Innovations, operates one of Bengaluru’s only approved wet waste facilities for bulk generators.
Under the Carbonlites brand, Carbon Masters manufactures compressed bio-methane gas (CBG) and bio-enriched organic manure, which enhances soil health for farmers and provides clean fuel for industries, transportation fleets, commercial kitchens, and city gas networks.
In Karnataka, Telangana, and Tamil Nadu, it runs five CBG plants that process more than 36,000 tonnes of municipal waste a year.
Ostara Advisors has been appointed as the brand’s transaction advisor, and the company is getting ready for its next equity raise to finance five future SPVs.
