The funds will be used to expand the team and strengthen its product offerings, the company said.
“There are many climate-related regulations emerging, which require businesses to evaluate the carbon footprint of their products and supply chains. This process is both tedious and costly for these businesses,” cofounder and chief executive Narendra Makwana told ET.
Founded by Makwana and Arpit Samdani, the sustainability-focused software-as-a-service (SaaS) platform assists fashion and textile companies in achieving their sustainability goals. It streamlines data from various supply chain tiers, identifies data gaps, and uses AI and machine learning to fill missing details.
The Bengaluru-based firm also provides tools for decarbonisation and predictive modeling, enabling companies to evaluate how their design and supplier decisions impact carbon emissions. This helps companies implement sustainability measures even before production starts, he said.
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According to Makwana, the platform serves over 20 customers in six countries. “A large portion of our revenue comes from India, contributing about 58%, while the remaining comes from overseas.Within a year, we expect to have over 100 enterprises using our software,” he added. Over the past few years, several specialist climate-focused risk capital investors and generalist venture capital firms have been increasing attention to this area. On May 20, ET reported that supportive policies and a growing consumer cohort is drawing risk capital investors to back startups in India’s climate tech space, particularly in the early stages.
Commenting on the investment, Sunder Nookala, general partner at Equirus InnovateX Fund, said, “GreenStitch’s solution comes at a perfect time, as millennials increasingly demand eco-conscious clothing and regulatory requirements tighten.”
