CarbonStrong Raises ₹12.5 Cr. in Funding Led By IAN Angel Fund to Scale Low-Carbon Cement Innovation

Left to Right — Harsh Jain (Co-founder & CEO) and Vikramaditya Singh (Co-founder & COO); CarbonStrong

IAN Angel Fund, the evergreen fund of IAN Group, has led a ₹12.5 crore investment in CarbonStrong, a Bengaluru-based climate-tech startup developing low-carbon cement substitutes from industrial waste, with participation from Rainmatter, Social Alpha, Spectrum Impact and Full Circle Ventures. The seed round will support CarbonStrong in setting up its first production facility, expanding its team, undertaking further product development and testing, and moving from customer trials to commercial-scale production. The company aims to build a capacity of up to 100,000 tonnes a year over the next 2 years.

Founded in 2022 by Harsh Jain (Co-founder & CEO) and Vikramaditya Singh (Co-founder & COO), they have developed a portfolio of materials that can replace up to 50% of the cement used in concrete. The company says its solution is around 30% cheaper than cement and can also improve the durability of concrete.

Importantly for concrete manufacturers, CarbonStrong’s product can be used within existing plants and processes, meaning customers do not need to make major investments in new equipment to adopt it.

Cement is essential to modern construction, but it is also one of the biggest sources of carbon emissions, responsible for over 8% of global CO2 emissions. At the same time, hundreds of millions of tons of industrial wastes such as fly ash and slag are generated every year.

Some of these industrial wastes are already used to substitute cement in concrete, but existing solutions have limited capacity to replace cement while maintaining required performance.

CarbonStrong was founded with the aim of addressing this gap. The company takes industrial wastes and processes them into building materials that can replace a larger share of cement without requiring concrete manufacturers to change the way they operate.

Harsh Jain, Co-founder and CEO, CarbonStrong, said, “India will build most of its future in the next 25-30 years. We want every ton of that concrete to be stronger, cost-efficient, and lower in carbon footprint. This investment helps us take our now-proven technology to industrial scale.”

The company has already conducted several customer trials and paid pilots. Its materials have been used in demonstration projects across Bengaluru, Hyderabad, and Chennai.

The company is now looking to convert these early trials into long-term supply relationships with ready-mix concrete companies, builders and contractors. It is also targeting precast concrete and paver block manufacturers.

The fresh capital will help CarbonStrong build its production capabilities and expand its team as it moves from pilot projects towards commercial production.

CarbonStrong is also working to expand the range of industrial wastes that can be turned into useful cement substitutes. Its future plans include materials made from steel slag, copper slag, mine-tailings and other industrial byproducts. The company was also recognised by HCL ClimaForce in 2026 and by Avaana-Startup India-NITI Aayog AIM Grand Challenge for ClimateTech Innovation in 2025.

The company estimates that India's market for cement substitutes could reach around INR 25,000 crore by 2030.

The company's immediate focus is on India, with plans to eventually expand into other markets across the Global South. Its long-term ambition is to produce 10 million tonnes a year by 2035.

About CarbonStrong

CarbonStrong produces low carbon binders by upcycling industrial wastes to replace up to 50% cement in concrete. The binder is made by processing industrial wastes from coal, steel and other sectors into high-performance cementitious materials. It cuts cost and carbon footprint and maintains performance of concrete with no change to plants or process.

About IAN Angel Fund

IAN Angel Fund, the evergreen fund of IAN Group, is a SEBI-registered Category I AIF and part of India's leading early-stage investment platform, which pioneered angel investing in the country. Today, IAN invests through its Angel Fund and venture capital funds, backed by a network of approximately 500 investors, including iconic entrepreneurs and industry leaders from India and overseas. The platform enables founders to raise capital from ₹50 lakh to ₹50 crore as they scale, while offering investors a diversified early-stage portfolio across both emerging and growth-stage startups.

About IAN Group

IAN Group is India's largest horizontal platform for early-stage investments, comprising the IAN Angel Fund, BioAngels, and a series of SEBI-registered venture capital funds, including the US$100 million IAN Alpha Fund. IAN supports entrepreneurs with capital, mentoring by experienced founders, and access to global markets. Forbes has recognised IAN as one of the most iconic business and economic developments of Independent India over the last 75 years, alongside institutions such as LIC, NASSCOM, the RBI, and Naukri.com.

Dalmia Bharat Delivers 9% Volume Growth, Expands Capacity to 54.7 MnTPA Despite Cost Headwinds

Strong Performance despite Challenging Environment

Integration on Track for Acquired 5.2 MnTPA Cement Assets in Central Region

Key Highlights

• Installed cement capacity increased to 54.7 MnTPA with successful acquisition of 5.2 MnTPA capacity in Central Region
• Commercial production commenced at Chunar Grinding Unit in June; Trial run started at Rewa Clinker Unit in July
• Sales volume improved 9% YoY to 7.6 MnT
• Revenues from operations increased 7% YoY to Rs 3,890 Cr
• EBITDA per ton improved sequentially to Rs 1,055; EBITDA stood at Rs 805 Cr

Dalmia Bharat Limited, (BSE: 542216, NSE: DALBHARAT), a leading cement manufacturing company, reported its consolidated financial results for the quarter ended Jun 30, 2026.

Financial Highlights for the Quarter ended Jun 30, 2026

Particulars	Q1FY27	Q1FY26	YoY
Sales Volume (MnT)	7.6	7.0	9.0%
Revenue from Operations	3,890	3,636	7.0%
EBITDA	805	883	(8.8%)
EBITDA/T (Rs/T)	1,055	1,261	(16.4%)
PBT (before exceptional items)	436	502	(13.1%)
Exceptional items	(182)	16
PBT	254	518	(51.0%)
PAT	192	395	(51.4%)
Net Debt to EBITDA (x)	1.47x	0.33x

Exceptional items in Q1 FY27 primarily includes acquisition-related costs pursuant to Central cement assets

This quarter marks an important milestone with the acquisition of cement assets in the Central region, as we move firmly towards our aspiration of becoming a pan-India player. Our earlier association with these assets and the markets provides us a great head start. As we look ahead, our endeavour will be swift ramp up and embedding Dalmia’s cost leadership practices to unlock superior returns.

— Mr. Puneet Dalmia, Managing Director & CEO – Dalmia Bharat Limited

Despite temporary disruptions owing to state elections, we delivered a robust volume growth of 9% on a YoY basis. Supported by healthy price increases and focused initiatives across the business, we were able to offset the cost escalation meaningfully and deliver a robust EBITDA of Rs 1,055 per ton.

— Mr. Dharmender Tuteja, Chief Financial Officer – Dalmia Bharat Limited

Key updates

• Completed the acquisition of Jaiprakash Associates' cement undertaking, adding 5.2 MnTPA of cement capacity and 3.3 MnTPA of clinker capacity across four strategically located plants in Madhya Pradesh and Uttar Pradesh, at an EV of Rs 2,850 Cr.
• Successfully commenced commercial production at 2.5 MnTPA Chunar Grinding Unit on June 20, 2026; Trial run started at the 3.3 MnTPA Rewa Clinker Unit in July.
• Entered into Share Subscription and Shareholders’ Agreement and a Power Consumption Agreement to acquire 41% stake (26% on fully-diluted basis) in Oyster Green Hybrid Five Private Limited, an SPV of Oyster Renewable Energy Private Limited, in one or more tranches, at an aggregate consideration of approx. Rs. 17 Cr, to source Hybrid Power (Wind & Solar) as a captive consumer for its Kadapa plant.

Key Recognitions during the quarter

• CII-ITC Sustainability Award – DBL commended for ‘Significant Achievement’ in Manufacturing sector under Excellence for Corporate Social Responsibility
• FAME India Awards 2026 – Multiple Awards by various units (JCW, KCW, GCW and Umrangso) on Excellence in Health & Safety, Environment, Sustainability and CSR
• Kalinga Environment Excellence Award – 5 Star award for Excellence in Environment stewardship, Operational Excellence and Sustainable Growth to Rajgangpur and Gold category to KCW Unit in social impact, sustainable development & positive change in communities

About Dalmia Bharat:

Founded in 1939, Dalmia Bharat Limited (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 54.7 MnT, Dalmia Bharat Limited (including its subsidiaries) is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 12 states and 19 manufacturing units, Dalmia Bharat Limited prides itself at having one of the lowest carbon footprints in the cement industry globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach. Visit us at https://www.dalmiacement.com. 

Dalmia Bharat Lays ₹3100 Cr Foundation for Next‑Gen Green Cement Plant in Kadapa, Andhra Pradesh

• New manufacturing unit in Kadapa will run on over 80% renewable power, recycle all its water, and create 1,000 jobs - as southern India's cement demand accelerates

Dalmia Bharat Limited (DBL), one of India's leading cement manufacturing companies, today laid the foundation stone for its second manufacturing unit in Kadapa, Andhra Pradesh.

The foundation laying ceremony was graced by Shri Nara Lokesh, Hon'ble Minister for Information Technology, Electronics & Communications, Real Time Governance and Human Resources Development, Government of Andhra Pradesh, along with Mr. Puneet Dalmia, Managing Director & CEO, Dalmia Bharat Limited, senior government officials and the company's leadership.

With an investment of ₹3100 crore, the project will establish a next-generation integrated manufacturing facility, designed to produce one of the world's greenest cement. This expansion is a part of the announcement made by the company in 2025.

To be commissioned by Q3 FY28, the new Kadapa unit will become Dalmia Bharat’s largest integrated manufacturing facilities in southern India with a clinker capacity of 6.1 MTPA and cement manufacturing capacity of 9.6 MTPA. The commissioning is expected to create approximately 1000 direct and indirect additional job opportunities.

Commending Dalmia Bharat for the initiative, Shri Nara Lokesh said: “We see in Dalmia Bharat a strong partner that wholeheartedly shares our vision of building a globally competitive, future-ready economy through sustainable industrialisation. We welcome the company’s continued faith in Andhra Pradesh and look forward to strengthening this partnership to create jobs, empower local communities, strengthen our industrial base and position our state as a global benchmark for green, technology-led growth."

Speaking on the occasion, Mr. Puneet Dalmia, Managing Director & CEO, Dalmia Bharat Limited, said: "Andhra Pradesh has been an integral part of our growth journey for over a decade. Under the visionary leadership of Hon'ble Chief Minister Shri N. Chandrababu Naidu Ji, Andhra Pradesh has emerged as one of India's most progressive and investment-friendly States. Transparent governance, policy stability, world-class infrastructure, and a strong commitment to ease of doing business have created an ecosystem that has encouraged Dalmia Bharat to make yet another significant investment in the State.”

He further added: "This world-class unit is a clear reflection of our long-term vision of redefining cement manufacturing for a low-carbon future. We are creating a next-generation manufacturing ecosystem capable of producing one of the world's greenest cements, while setting new benchmarks in efficiency and sustainability. As a partner in Bharat's growth journey, we are committed to building manufacturing assets that not only support the nation's infrastructure needs today but also contribute to its sustainability goals."

Dalmia Bharat is the first cement company globally to commit to the RE100, EP100 and EV100 initiatives. It will continue to work on inclusive development in the region with the administration and local communities, and will actively increase its ongoing programmes for education, healthcare, skill development and community welfare through its flagship CSR programs – DIKSHa & Gram Parivartan. The expansion is expected to create business opportunities for local MSMEs, transporters, contractors, and service providers alongwith the overall employment opportunities at the plant.

About Dalmia Bharat:

Founded in 1939, Dalmia Bharat Limited (BSE/NSE Symbol: DALBHARAT) is one of India’s pioneering cement companies headquartered in New Delhi. With a growing capacity, currently pegged at 54.7 MnT, Dalmia Bharat Limited (including its subsidiaries) is the fourth-largest cement manufacturing company in India by installed capacity. Spread across 12 states and 19 manufacturing units, Dalmia Bharat Limited prides itself at having one of the lowest carbon footprints in the cement industry globally. It is the first cement company to commit to RE100, EP100 & EV100 (first triple joiner) – showing real business leadership in the clean energy transition by taking a joined-up approach.

Visit us at https://www.dalmiacement.com/