Gurgaon, Oct 11, 2024: Onlygood.ai, a platform dedicated to simplifying carbon management and sustainability reporting for businesses, has raised Rs 4 crores in a seed funding round.
This milestone includes key investments from IIT Madras Incubation Cell (IITMIC), Goel Group of companies and Daimler India Commercial Vehicles (DICV), wherein DICV has obtained rights to purchase 1.5% equity stake at valuation. The funding will be crucial in expanding Onlygood.ai’s operations across India and the Middle East, with plans to extend into Europe later in 2024.
Launched in early 2020, Onlygood.ai was founded to address the growing carbon emissions crisis through innovation.
The latest seed funding round, completed in August 2024, comes at a pivotal moment for Onlygood.ai. With this capital infusion, Onlygood.ai will expand Its team, enhance product features, and bolster its technology infrastructure To scale globally.
Rajeev Sinha, Founder & CEO of 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.”
Onlygood.ai plans to heavily invest in R&D, 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.
Earlier this year, the company opened its first office in Dubai, laying the foundation for rapid expansion across the Middle East. It registered its first International client with Century Financials in Dubai and in the coming months, Onlygood.ai is poised to enter the European market.
With the seed round completed, Onlygood.ai is already preparing for a Series A funding round, expected to launch in mid-2025. The company aims to raise USD 8-10 million to fuel its further expansion into Western markets, with a focus on enhancing product features and entering North America.
Vivek Mehra Co-Founder, Chief Sustainability Officer, Onlygood.ai, said, “We are committed to leading the charge in sustainability. The Series A round will allow us to take our platform global, offering world-class solutions to businesses facing increasingly stringent environmental regulations.”
Beyond business growth, Onlygood.ai also supports Shiksha Prayas, a long-standing educational initiative, and Reset Planet, a large-scale afforestation project aimed at restoring ecosystems in Northern India.
