Onlygood.ai, a platform dedicated to simplifying carbon management and sustainability reporting for businesses, has raised ₹4 crore in a seed funding round. The round was co-led by the Indian Institute of Technology Madras Incubation Cell (IITMIC), Goel Group of Companies and Daimler India Commercial Vehicles (DICV), wherein DICV has obtained rights to purchase a 1.5% equity stake at valuation.
The funds raised will be used to expand its operations across India and the Middle East, with plans to extend into Europe later in 2024. With this capital infusion, Onlygood.ai will also expand its team, enhance product features, and bolster its technology infrastructure to scale globally.
Onlygood.ai plans to heavily invest in research, expanding its automation capabilities and data management tools to enable businesses to better track and manage their carbon footprints. The company will also strengthen its presence in India through partnerships with local integrators such as NTTData, Blue Ocean Steel, Envex ensuring businesses receive tailored solutions that meet regulatory and sustainability needs.
Onlygood.ai is also planning to raise $8-10 million in its Series A funding round, expected to be unveiled in mid-2025 to fuel its expansion into Western markets, with a focus on enhancing product features and entering North America.
Rajeev Sinha, Founder, Onlygood.ai, said, “The support we’ve received from IITMIC, and our angel investors validates our vision for a more sustainable future. This funding will help us to expand our reach and continue delivering high-impact solutions to businesses worldwide.”
Launched in early 2020, Onlygood.ai was founded to address the growing carbon emissions crisis through innovation. The platform simplifies the complex data businesses need to measure, track, and reduce their carbon footprints for companies to make informed decisions about efficiency, risk management, and sustainability.
Onlygood offers end-to-end sustainability with its world-class offering Decarb Navigator and Decarb X-celerator.
Onlygood.ai introduced its beta platform in 2022, followed by successful market testing. The company quickly gained traction, partnering with industry leaders such as Maruti-Suzuki and DICV, where it was recognised for its groundbreaking sustainability innovations.
