Alt Carbon, a climate-tech startup founded by siblings Shrey and Sparsh Agarwal, has successfully raised $12 million in a seed funding round to enhance its carbon dioxide removal operations in India. The startup employs an innovative method known as enhanced rock weathering, where basalt rock dust, a by-product of mining, is applied to agricultural lands to capture carbon for millennia. This initiative stems from the Agarwals’ efforts to save their family’s struggling tea estate in Darjeeling, reimagining it as a hub for climate action.
The journey for Alt Carbon began in May 2020 when the brothers discovered that carbon markets could potentially save their family business while providing additional income to nearby tea estates. However, they soon realised that many existing carbon credit projects offered low-quality outcomes, leading them to the promising approach of enhanced rock weathering.
Launching its pilot project on a 500-acre tea estate last year, Alt Carbon has since expanded its operations to encompass fields of rice and bamboo in North Bengal, aiming to cover 500,000 hectares of land by 2030. Their ambitious goal includes the removal of 5 million tonnes of carbon dioxide from the environment.
The basalt dust used by Alt Carbon is sourced from local mines in Eastern India’s Rajmahal Traps. When applied to farmland, it interacts with rainwater, sequestering carbon while enriching the soil with essential nutrients. This natural process leads to the creation of stable bicarbonate ions that ultimately contribute to long-term carbon storage in ocean sediments.
To transport the basalt dust, Alt Carbon takes advantage of the existing freight transport systems used by the tea industry, minimising emissions associated with the logistics of their operation. They have also developed a unique blend called Hari Maati, combining basalt with organic components, to further encourage adoption among farmers.
With estimated carbon credit valuations at around $270 per metric tonne—significantly lower than direct air capture credits—Alt Carbon is well positioned to make a meaningful impact in the carbon marketplace. The company employs advanced monitoring techniques to assess the effectiveness of its carbon removal efforts and adheres to standards from various carbon removal registries.
In response to its growing needs, Alt Carbon plans to expand its laboratory capabilities and establish a hardware studio for enhanced data collection, supported by the new funding. The company currently has a team of 25 employees, including several individuals with PhDs, and continues to engage in strategic partnerships to bolster its operations.
Recently, Alt Carbon secured a $500,000 pre-purchase from Frontier and has developed agreements with several high-profile clients, including a significant multi-year market commitment from a coalition led by Stripe and Google. The startup aims to deliver its first carbon credits via Isometric in the near future, marking a significant milestone in its ambitious journey to combat climate change.
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