ClimateTech Startup Fitsol Secures $1 Million Seed Funding from Transition VC
- ByStartupStory | December 20, 2024
Fitsol, a leading decarbonisation platform catering to the manufacturing industry, has raised $1 million in a seed funding round led by Transition VC. The funds will be used to enhance its AI-driven platform Kyoto, expand its workforce, and establish a unique sustainability solutions marketplace.
Founded in 2022 by Anand Pathak, Akshay Tandon, Manoj Sharma, Sunil Bansal, and Vikas Kalra, Fitsol is committed to helping manufacturers measure, report, and reduce their carbon emissions. The startup’s platform, Kyoto, tracks emissions across Scope 1, 2, and 3 while offering a comprehensive sustainability marketplace for green logistics, sustainable packaging, eco-friendly procurement, waste management, and carbon offsetting services. These solutions streamline businesses’ journey toward achieving net-zero targets.
Speaking about the funding, Anand Pathak, Founder and CEO of Fitsol, said: “As a bootstrapped company for over 2 years, Fitsol has become a trusted decarbonisation partner for the manufacturing industry, committed to creating lasting impact. Our vision goes beyond measuring and reporting carbon emissions to actively reducing Scope 3 emissions, which account for 70-90% of a company’s carbon footprint. By collaborating with manufacturers, we implement practical solutions across transportation, packaging, warehousing, waste management, and other critical areas. This enables businesses to make significant strides in their sustainability efforts while leveraging sustainability as a competitive advantage. Our solutions have proven that decarbonisation and cost efficiency can go hand in hand, making sustainability not just an environmental obligation but a smart business strategy.”
Growth Plans and Market Expansion
Fitsol intends to utilize the funds to scale its operations and expand its capabilities across three primary areas:
AI Advancements: Enhancing Kyoto’s AI capabilities to include advanced analytics, lifecycle assessments, and modules for product carbon footprints, aligning with global compliance frameworks.
Talent Acquisition: Hiring top-tier talent in technology, business development, and customer success to support its growing clientele.
Marketplace Development: Establishing a first-of-its-kind sustainability solutions marketplace specifically for the B2B sector.
Additionally, Fitsol plans to expand its geographical footprint. While India will remain its core market, the company aims to begin international operations in the Middle East. With an ambitious goal of managing 500 million tonnes of carbon emissions in supply chains within the next two years, Fitsol is positioning itself as a global leader in decarbonisation solutions for the manufacturing industry.
Shoeb Ali, Co-founder and Managing Partner of Transition VC, highlighted Fitsol’s unique approach: “Fitsol is building a carbon platform for the future that provides customers with solutions for carbon footprint management including carbon reporting, monitoring, auditing, reduction, and offset of carbon emissions. The platform helps corporates and MSMEs identify carbon heat maps, benchmark emissions against their peers, and eventually reduce their footprint. While many platforms exist, Fitsol stands out by focusing on Scope 3 emissions, which account for over 70% of carbon emissions in most industries. Their cost-effective solutions for reducing carbon footprints in logistics, supply chain, and packaging make them a game-changer in the industry.”
Raiyaan Shingati, another Co-founder and Managing Partner at Transition VC, added: “Indian industries are committed to achieving net-zero, but the journey is often hindered by cost constraints. Fitsol bridges this gap by enabling businesses to reduce costs while cutting their carbon footprint, driving India closer to its climate goals.”
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