India’s prestigious Carbon Credits and Climate Tech player, CREDUCE, is all set to raise $20 million in a Series A round (At an undisclosed yet massive valuation) with a group of investors and select Venture Capitalists. Considered to be a boost to Climate Change efforts, CREDUCE intends to leapfrog into the next generation of efforts with the funds raised.
The funds raised would pivot CREDUCE among the top firms in the World dealing with Climate change mitigation and help CREDUCE develop a much-needed eco-system for climate change firms in India.
The Climate change mitigation efforts are gaining huge momentum, with India’s Prime Minister, Shri Narendra Modi, declaring India’s goal of being Net-Zero by 2070 at the Paris Summit. CREDUCE has been leading the way through contracts for Carbon Credits with India’s largest hydropower plant, the 1500 MW Nathpa Jhakri Hydroelectric Project by Satluj Jal Vidyut Nigam Limited. Nigam would gain USD 500 million in the next five years. The Carbon Credits were traded with the Singapore-based fund house for USD 120 million.
Talking about receiving the seed funding, Shailendra Singh Rao, Climateur & Founder of CREDUCE, said, “We have aggressively transitioned from being a consulting firm to a technology firm in the field of climate change mitigation. With our entry into blockchain with KICHEE Tokens, Shunya, our Carbon Neutrality arm for corporates, we would utilize the funds to focus on creating user-friendly technology and advanced interface systems so that every individual can keep track of his/her carbon footprint.”
Earlier, CREDUCE had signed an exclusive Bamboo Forestation and Carbon Credits sequestration and origination deal with the Government of Arunachal Pradesh. The deal spans 100,000 (One Lakh) hectares of land, and it shall fetch 100 million Carbon Credits with USD 1.5 billion in revenue in the next ten years for the state.
The Carbon Credits and Climate Tech player is revolutionizing the Carbon Credit sector with the launch of KICHEE – India’s first tradable blockchain token.
