Climate-tech innovator Carbon Masters India Pvt Ltd (CMIPL) has raised an undisclosed amount in a new round of equity funding. The round was led by Schneider Electric Energy Access Asia (SEEAA), Sangam Ventures, and IAN Group, with additional participation from Sriram Sankaran, Managing Director of Synchron Group, and Muthu Murugappan, CEO of the Murugappa Group.
As part of this funding round, Vikram Raman of SEEAA and Sriram Sankaran have joined Carbon Masters’ Board of Directors.
Co-founded by Som Narayan and Kevin Houston, Carbon Masters focuses on converting organic waste destined for landfills into renewable biomethane and bio-enriched organic manure, marketed under its flagship Carbonlites brand.
The company develops Compressed Biogas (CBG) and organic manure projects through Special Purpose Vehicles (SPVs) and joint ventures (JVs) with established waste management partners. One such JV—Sustainable Impacts, in partnership with Hasiru Dala Innovations—operates a licensed wet waste processing facility in Bangalore. This plant, one of the few authorized to handle organic waste from bulk generators in the city, has received clearance from GAIL to inject biomethane into the gas pipeline network. With pipeline laying complete, the facility is now positioned to process waste at scale and inject clean biomethane into India’s gas grid, contributing to household decarbonization. The plant will also supply Carbonlites gas to hotels, restaurants, and industries as a sustainable alternative to LPG and CNG.
Through its replicable SPV-based approach, Carbon Masters is building a scalable model to collaborate with municipalities and private operators across India, helping accelerate the country’s net-zero transition.
With the newly secured capital, the company aims to:
Expand production of Carbonlites Biomethane (CBG),
Scale up its bio-enriched organic fertiliser offerings, and
Improve operational efficiency across existing facilities.
Strengthen teams across sales, marketing, and R&D.
Carbon Masters is also gearing up for its next equity round, which will fund five upcoming SPVs. Ostara Advisors, India’s first climate-tech-focused transaction advisory firm, has been appointed as the investment banker for this round.
Currently, CMIPL operates five CBG plants across Karnataka, Telangana, and Tamil Nadu, collectively processing over 36,000 tonnes of municipal solid waste annually through anaerobic digestion. Its 80-member team supplies Carbonlites CBG to commercial kitchens, industries, transport fleets, and city gas networks, while the organic manure product supports regenerative agriculture by enhancing soil health and crop yields.
“We are proud to support Carbon Masters in its mission to decarbonize critical sectors of the Indian economy. Investing in scalable clean energy infrastructure and sustainable agriculture solutions is vital to building a resilient and inclusive low-carbon future.”, Gilles Vermot Desroches, SVP, Corporate Citizenship, Schneider Electric & President, SEEAA
“Carbon Masters’ innovative circular economy business model aligns with our vision of financing deep decarbonization pathways. The company’s potential to displace fossil fuels while improving soil health makes it a compelling climate-tech investment.” Karthik Chandrasekar, CEO, Sangam Ventures
“IAN has topped up its investment in Carbon Masters. This is a strong endorsement of the team’s execution and their ability to keep evolving. Carbon Masters reflects IAN’s thesis of solving real problems through innovation.”, Padmaja Ruparel, Co-founder, IAN Group
“We are grateful for the continued trust of our investors, which reflects confidence in our business and growth plans. This investment will help us further strengthen operations and scale sustainably, as we continue to support India’s transition to a low-carbon future and help our customers meet their net zero goals.” Som Narayan, CEO & Co-founder, Carbon Masters
