IAN Angel Fund co-leads ₹12.5 crore investment round in 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 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 were 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.