Mumbai-based startup’s innovative platform helps companies automate carbon footprint measurement and reporting amid net-zero push
As Indian companies face increasing pressure to decarbonize, Mumbai-based startup KarbonWise is emerging as a key player in the country’s sustainability ecosystem. Founded in 2023 by Arjun Vijayaragavan, KarbonWise offers an AI-powered platform that automates carbon accounting and helps enterprises measure and reduce their environmental impact.
India has set an ambitious target of achieving net-zero emissions by 2070, with the top 1,000 listed companies now required to report on ESG performance through the Business Responsibility and Sustainability Report (BRSR). This has created a growing demand for carbon accounting solutions like KarbonWise.
Innovative Product Features:
What sets KarbonWise apart is its focus on Scope 3 emissions, which include indirect emissions from a company’s supply chain and are notoriously difficult to measure. “Our platform uses advanced data engineering and AI to automate the calculation of Scope 3 emissions, giving enterprises a comprehensive view of their carbon footprint,” said Vijayaragavan.
KarbonWise integrates data from various internal systems and applies AI models to identify carbon hotspots and calculate ESG metrics. The startup is also developing a generative AI layer that will proactively recommend ways for companies to reduce their footprint.
In addition to carbon accounting, KarbonWise offers industry-specific solutions such as lifecycle analysis for construction projects and portfolio emissions management for property developers. The platform’s flexible architecture allows for seamless integration with existing systems and third-party audits.
Rapid Expansion Plans:
With a strong product offering in place, KarbonWise is now focusing on rapid expansion across the Indian startup ecosystem. The company currently works with over 10 clients, including large enterprises and niche companies, and plans to grow its client base by 3-4X in the next 8 months.
“We see immense potential for our solution among Indian enterprises that are committed to sustainability but struggle with the complexity of carbon accounting,” said Vijayaragavan. “By automating this process and providing actionable insights, we can help companies accelerate their decarbonization journey.”
To fuel its expansion, KarbonWise plans to invest heavily in sales and marketing efforts while continuing to enhance its product with new features. The startup also aims to explore new sectors such as financial services later this year.
Market Opportunity and Ecosystem Impact:
The carbon accounting software market is expected to grow by $16.55 billion between 2023-2028, presenting a significant opportunity for early movers like KarbonWise. As more Indian companies come under pressure to report on and reduce emissions, innovative solutions that streamline this process will be in high demand.
“KarbonWise is well-positioned to become a leader in the Indian carbon accounting space,” said Anita Patel, a sustainability expert and advisor to the startup. “By providing a comprehensive, AI-powered platform, they are enabling enterprises to take meaningful action on climate change and contribute to India’s net-zero goals.”
As KarbonWise expands its presence in the Indian startup ecosystem, it has the potential to drive significant impact by making carbon accounting more accessible and actionable. This, in turn, could accelerate India’s transition to a low-carbon economy and help the country meet its ambitious climate targets.
Looking Ahead:
With a strong product, experienced team, and growing market demand, KarbonWise is poised for success in the Indian sustainability ecosystem. As more enterprises seek out carbon accounting solutions, the startup’s AI-powered platform is likely to emerge as a go-to choice.
“Our vision is to build the most comprehensive and intelligent carbon accounting platform in the world,” said Vijayaragavan. “We believe that by harnessing the power of data and AI, we can help companies make smarter decisions for the planet and the bottom line. And we’re excited to lead this transformation in India and beyond.”
