StepChange, an innovative climate data science risk management startup has secured a $1 million investment from Flourish Ventures.
By providing additional financial institutions with the resources they need to monitor, enhance, and report on their environmental, social, and governance (ESG) and sustainability performance, this financing supports StepChange’s expansion goals in the BFSI (Banking, Financial Services, and Insurance) industry.
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“We are impressed by the traction the company has demonstrated during their first 18 months of operation. They have partnered with more than 25 large enterprises, including six of the 15 largest banks in India. What’s more, given its advanced estimation capabilities, the StepChange tool suite has accounted for over 450 million tons of Scope 3 CO2e emissions – approximately 15% of India’s total emissions,” Flourish Ventures added.
StepChange’s mission conforms with new Indian regulations. Acknowledging the impact of climate-related risks on the financial system and society, the Reserve Bank of India (RBI) released comprehensive recommendations in 2022 for financial institutions to integrate climate risk into their decision-making processes.
About StepChange
Founded by Ankit Jain and Dr. Sidhant Pai, along with a dedicated 50-member team, StepChange provides an integrated solution to banks and non-financial institutions for tracking ESG metrics, measuring emissions across financial portfolios, and quantifying climate risks. The company’s science-based decision-making tools assist financial institutions in their journey towards achieving net-zero emissions.
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