FigBytes, a provider of ESG and sustainability solutions, has announced its expansion into India with the intention of targeting publicly traded companies in India to comply with SEBI regulations such as the mandatory BRSR, as well as numerous other sustainability reporting requirements, the company said.
Thousands of publicly traded firms in India must comply with several ESG reporting standards, such as the Business Responsibility and Sustainability report (BRSR), as mandated by the Securities and Exchange Board of India (SEBI). FigBytes is positioning itself to capture this growth through a combination of platform enhancements, direct investments, and partnerships.
Beginning this year, SEBI has mandated BRSR for the top 1000 listed companies based on market capitalization. The BRSR is an upgraded version of the traditional Business Responsibility Report that these leading listed firms in India are expected to submit to the stock exchanges along with their annual report.
Certain publicly traded corporations are expected to publish an extended range of disclosures regarding their ESG and sustainability performance in the new mandatory Business Responsibility and Sustainability report.
“Many companies today still rely on manual, time-consuming processes to identify, manage, and report on the full range of ESG and sustainability factors,” said Ted Dhillon, co-founder and CEO, FigBytes.
Through the FigBytes ESG Insight Platform, organisations can gain insights from their prioritised factors, such as carbon and water, diversity, equity, and inclusion (DEI), and governance factors, while reducing their reporting burden and regulatory risk, and meeting emerging disclosure requirements, according to the company.
“The regulatory environment is rapidly changing, and FigBytes not only simplifies reporting requirements, but also greatly improves overall ESG and sustainability programs for companies in India, while also helping to ensure they can meet future reporting obligations as well,” continued Dhillon.
The company said it has recorded a 200% rise in yearly recurring revenue in the fiscal year 2022, as well as securing $25 million in the capital.