Onlygood.ai Raises Funds From Daimler India, IIT Madras

SUMMARY

Onlygood.ai raised INR 4 Cr in seed funding to expand its carbon management platform across India, the Middle East, and Europe

IIT Madras Incubation Cell, Goel Group, and Daimler India Commercial Vehicles participated, with DICV securing rights to a 1.5% equity stake.

The company plans to raise $8-10 Mn in Series A funding by mid-2025

Gurugram-based carbon management platform Onlygood.ai has secured INR 4 Cr in a seed funding round from IIT Madras Incubation Cell (IITMIC), Goel Group, and Daimler India Commercial Vehicles (DICV). DICV has secured a 1.5% equity stake in the startup.

The funding will help the company expand its operations in India, the Middle East, and Europe, along with bolstering its R&D plans and team expansion.

“…This funding will help us to expand our reach and continue delivering high-impact solutions to businesses worldwide,” said Rajeev Sinha, founder and CEO of Onlygood.ai.

Founded in 2020, Onlygood.ai specialises in simplifying carbon management and sustainability reporting for businesses. Its platform helps companies measure, track, and reduce their carbon footprints.

The company has already opened its first office in Dubai and plans to enter the European market by the end of this year. Further, the company is planning to raise $8-10 Mn in a Series A funding round in mid-2025 to fuel global growth focussing on North America.

The company has partnerships with firms like Maruti-Suzuki, DICV, and NTTData, and is working with local and international partners to deliver sustainability solutions tailored to regulatory needs.

The announcement comes at a time when the cleantech space has been witnessing renewed investor interest, despite the funding winter and adverse market conditions.

As users and businesses become more environmentally conscious, the arena is seeing a big uptick in numbers and adoption among the masses.

Earlier this year, cleantech startup Sprih raised $3 Mn in a seed funding round led by Leo Capital.

While another cleantech startup Varaha announced that it secured $8.7 Mn funding to improve its tech and science capabilities, expand Asia and Sub-Saharan Africa operations and meet the growing demand for carbon credits.

In January, cleantech startup INDRA raised $4 Mn in a Series A funding round co-led by Mela Ventures and Emerald Technology Ventures, with participation from Peak Sustainability Ventures and The Climate Angels.