By Abhya Adlakha
As the world pivots towards a greener future, India is wholeheartedly embracing sustainability with open arms. With its aggressive decarbonization policies and a pledge to achieve net-zero emissions by 2070, India’s commitment to sustainability is unmistakable. The nation is emerging as a hub for climate technology investments, ranking ninth globally for climate tech investments, with several unicorns leading the charge.
With a population of over 1.4 billion and rapidly growing urban centers, India’s embrace of green technology is both a necessity and a strategic move towards a sustainable future, and this journey is marked by several pivotal government initiatives aimed at fostering the green tech ecosystem.
One of them, the recent Production-Linked Incentive (PLI) Scheme for High-Efficiency Solar PV Modules, is already revolutionizing India’s solar industry. By incentivizing the domestic production of high-efficiency solar modules, the government has successfully driven down costs and encouraged innovation within the sector.
Meanwhile, the Green Credit Initiative is part of the Lifestyle for Environment or LIFE movement that puts in place a system to promote voluntary environmental positive actions. These actions, like planting trees on degraded land, lead to the issuance of green credits. The government also set up 11 committees for the development of Circular Economy (CE) to reduce waste and ensure optimal use of resources. India is setting up 500 new “waste-to-wealth” plants for managing organic waste and generating biogas under the GOBARdhan scheme. These include Li-ion batteries, e-waste, toxic and hazardous industrial waste, tyre and rubber, scrap metal, and gypsum, amongst many other categories.
The impact of these policies is already visible as India is already attracting substantial capital and talent to its burgeoning green tech sector. Several Indian startups have achieved unicorn status, pioneering advancements in clean energy, sustainable agriculture, and electric mobility. With a robust policy framework, innovative startups, and a growing pool of investments, India is well on its way to becoming a global leader in sustainability.
Below, we explore five Indian startups that are at the forefront of this green tech revolution, leading the charge with innovative solutions and groundbreaking technologies.
Ola Electric
As part of the Ola conglomerate, Ola Electric is revolutionizing the Electric Vehicles (EV) space. With its manufacturing facility located in Krishnagiri, Tamil Nadu, Ola Electric iis India’s largest two-wheeler manufacturer and is valued at around US$5.4 billion. With a vision to electrify transportation in India, CEO Bhavish Aggarwal recently announced an upcoming battery innovation center in Bangalore—Asia’s largest Cell R&D facility. The company is also launching its first sedan electric car soon. The company is at the forefront of promoting sustainable mobility.
CleanMax Enviro Energy Solutions
CleanMax Enviro Energy Solutions, founded in 2011 by Kuldeep Jain and Sushant Arora, is revolutionizing India’s green tech and cleantech landscape. Headquartered in Mumbai, CleanMax is a key sustainability partner for corporations, developing solar and wind projects under the Build Own Operate model. With $188.2 million in funding from investors like Warburg Pincus and the International Finance Corporation, CleanMax provides renewable electricity under long-term agreements, delivering substantial savings to over 150 customers, including industry giants like Facebook, Adobe, and Tata Group. With a $34 million boost from the Danish Investment Fund for Developing Countries, CleanMax is leading the charge towards a greener future, solidifying the India-Danish Green Strategic Partnership.
ReNew Power
As one of India’s leading renewable energy companies, ReNew is at the forefront of the transition towards renewable sources. It is the first Indian renewable energy company to be listed on NASDAQ and operates more than 140 projects across nine states in India. Their work spans solar and wind energy projects, and they provide decarbonization solutions through a mix of data-driven solutions, storage, and marketing. In 2022, ReNew helped India avoid 0.5% of its annual carbon emissions and generated 14,263 GWh of clean electricity, enough to power around 4 million Indian households.
Ather Energy
Ather Energy, another Indian electric two-wheeler manufacturer, is known for its innovative electric scooters that combine performance with eco-friendly technology. Headquartered in Bangalore, it is India’s third-largest electric two-wheeler manufacturer. Backed by Hero MotoCorp, Ather is making electric mobility accessible and practical for the Indian consumer, demonstrating the fusion of technology and sustainability. The company has also set up its own charging network, dubbed Athe Grid, in 18 cities across India. These DC-fast-charging stations use Ather’s proprietary charging method that charges the scooters at a rate of 1km per minute.
altM
Founded in 2022 by ex-Tesla employees Apoorv Garg and Yugal Raj Jain, Bengaluru-based altM is making waves in the green tech economy. With $3.5 million in seed funding from investors like Omnivore and Theia Ventures, altM is on a mission to turn agricultural residue into sustainable materials. By utilizing lignocellulosic residues like barley straw and sugarcane bagasse, altM helps companies reduce their carbon footprints and enhance supply chain circularity. altM is leading the charge towards a greener, more sustainable future with its innovative approach to waste.
