Early-stage investment firm, Infuse Ventures which is associated with IIM Ahmedabad’s tech incubator CIIE (Centre for Innovation Incubation and Entrepreneurship), has invested an undisclosed amount in geothermal cooling solutions startup GIBSS (Green India Building Systems and Service).
GIBSS had earlier raised an angel round from SRI capital and Hyderabad Angels. As a part of the investment, Kunal Upadhyay, CEO of Infuse Ventures will join the board of the Company.
Founded by Mandar Kaprekar and Arun Shenoy, GIBSS provides energy efficient and environmentally responsible technologies. It has generated annual savings of over eight million electrical units and reduced over 150 million litres of water consumption till date.
GIBSS offerings include Spencer’s Retail, JSW, FSL, Cipla, Daimler, ISB, Godrej, Fortis, P&G,HUL.
Infuse Ventures supports seed and early-stage enterprises developing new business models across resource efficiency, renewable energy, water, waste and other sustainability-related areas. Its portfolio companies includes Surya Power Magic, Tassol, ReConnect Energy and Revive Electronic Waste.