Alt Carbon Secures $12M to Advance CO₂ Removal in South Asia
Greenlogue/AP
Alt Carbon, a climate-tech startup based in Bengaluru, has raised $12 million in seed funding to expand its carbon dioxide removal operations across South Asia. The funding round was led by Lachy Groom, co-founder of robotics AI firm Physical Intelligence, with participation from existing investors including Shastra VC and ACT Capital Foundation.
Founded by siblings Shrey and Sparsh Agarwal, Alt Carbon employs enhanced rock weathering to sequester atmospheric CO₂. This process involves spreading finely ground basalt rock dust over agricultural fields, where it reacts with rainwater to form stable bicarbonate ions, effectively locking away carbon for millennia. The method also enriches soil fertility and boosts crop yields, offering a dual benefit to farmers.
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The company's journey began in May 2020 when the Agarwal siblings returned to their family's tea estate in Darjeeling, which was facing bankruptcy. This visit inspired the inception of Alt Carbon, officially launched in late 2023. The startup initiated its pilot project on 500 acres of the family estate, later expanding to rice and bamboo farms in North Bengal. Alt Carbon now aims to scale its operations to 500,000 hectares, with a target of removing 5 million metric tons of CO₂ by 2030.
Alt Carbon's approach has garnered international attention. The company secured a strategic partnership with Mitsubishi Corporation to scale ERW, marking a significant collaboration between Japanese and Indian entities in climate action. Additionally, Alt Carbon signed an offtake agreement with MOL Group to supply 10,000 tonnes of carbon removal credits, the first such deal between a Japanese and Indian company in the ERW sector.
The startup's credibility was further bolstered when it became the first India-headquartered company selected by Frontier, a $1 billion advance market commitment backed by Stripe, Alphabet, Meta, Shopify, and McKinsey, to scale permanent carbon removal. Alt Carbon also received an offtake agreement from the South Pole and Mitsubishi-led NextGen buyer's coalition, underscoring its position in the global CDR landscape.
To support its ambitious goals, Alt Carbon has strengthened its leadership team. Yashovardhan Bhagat, former co-founder of ed-tech platform Seekho, has been appointed Chief Operating Officer to oversee the scaling of operations across India. Adithya Venkatesan, with experience at Gojek, Meesho, and Last9, will lead the in-house Climate Studio, while Dr. Sourav Ganguly, a PhD from the Indian Institute of Science, Bangalore, will head the science and modelling team.
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