FigBytes expands operations in India to target BRSR and ESG reporting markets

FigBytes has announced its expansion into India aimed at working with publicly traded firms that are mandated to comply with several ESG reporting standards.

A provider of ESG and sustainability solutions, FigBytes, has announced its entry into the Indian market with the goal of assisting publicly traded companies there in adhering to SEBI rules including the required BRSR as well as a variety of other sustainability reporting obligations, the company stated.

The Securities and Exchange Board of India has mandated that thousands of publicly traded companies in India adhere to a number of ESG reporting guidelines, including the Business Responsibility and Sustainability report (BRSR) (SEBI). Through a combination of platform improvements, direct investments, and partnerships, FigBytes is positioning itself to take advantage of this expansion.

SEBI has mandated BRSR for the top 1000 listed businesses based on market capitalization starting this year. These prominent Indian listed companies are required to submit their annual report and the BRSR to the stock exchanges, which is an improved version of the traditional Business Responsibility Report.

In the new required Business Responsibility and Sustainability report, certain publicly traded firms are mandated to submit a wider range of information relating their ESG and sustainability performance.

According to Ted Dhillon, co-founder and CEO of FigBytes, "Many firms today still rely on manual, time-consuming processes to identify, manage, and report on the full spectrum of ESG and sustainability criteria."

According to the company, organisations can use the FigBytes ESG Insight Platform to gain insights from their prioritised factors, such as carbon and water, diversity, equity, and inclusion (DEI), and governance factors, while lowering their regulatory risk and reporting burden and satisfying emerging disclosure requirements.

"The regulatory landscape is evolving quickly, and FigBytes not only makes reporting requirements simpler, but also significantly enhances entire ESG and sustainability programmes for firms in India, helping to ensure they can fulfil future reporting requirements as well," added Dhillon.

The business claimed that it had raised $25 million in cash and seen a 200% increase in annual recurring revenue in the fiscal year 2022.