OTTAWA, Dec. 15, 2022 (GLOBE NEWSWIRE) -- FigBytes, creators of the leading environmental, social, governance (ESG) Insight Platform for strategy, data, reporting and stakeholder engagement, today announced its expansion into India, solidifying its market leading position in ESG and sustainability solutions. This expansion will enable FigBytes to better support publicly listed companies in India to comply with SEBI regulations such as the mandatory BRSR, in addition to many other sustainability reporting requirements.
India is a key market for FigBytes with tremendous growth potential. Thousands of publicly traded companies in India must now, or will soon be required to, comply with multiple ESG reporting requirements including the Business Responsibility and Sustainability report (BRSR) as mandated by the Securities and Exchange Board of India (SEBI). Through a combination of platform upgrades, direct investments, and partnerships, FigBytes is ideally positioned to capture this growth by extending its award-winning sustainability platform and local expertise to ensure these publicly listed companies can meet these new BRSR reporting obligations, while substantially improving their overall sustainability programs.
Beginning this year, SEBI has made BRSR mandatory for the top 1000 listed companies by market capitalization. BRSR is an updated version of the traditional Business Responsibility Report that these top listed companies in India are required to send to the stock exchanges included in their annual report. The new mandatory Business Responsibility and Sustainability report includes an expanded set of disclosures that certain listed companies are required to include, related to specific ESG and sustainability performance.
“Many companies today still rely on manual, time-consuming processes to identify, manage, and report on the full range of ESG and sustainability factors,” explains Ted Dhillon, co-founder and CEO, FigBytes. “With our ESG solutions, publicly traded companies across India can meet their BRSR reporting requirements by automating the entire process, thereby removing the heavy burden of manual ESG data gathering and reporting.”
Through FigBytes ESG Insight Platform, organizations gain insights from their prioritized factors such as carbon and water, diversity, equity, and inclusion (DEI), as well as governance factors, all while reducing their reporting burden and regulatory risk, and meeting emerging disclosure requirements.
“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.
Track Record of Strong Growth and Wide Industry Recognition
Over the years, FigBytes has experienced tremendous momentum, recording a 200% increase in annual recurring revenue in fiscal year 2022, and also securing US$25 million in funding to date. This momentum has helped FigBytes to become recognized by organizations around the world as the “go-to” platform to support better sustainability reporting and better sustainability programs.
The platform’s ability to deliver reporting efficiencies, better insights, and enhanced engagement with stakeholders has helped FigBytes become recognized as a strong performer in The Forrester New Wave™: Sustainability Management Software, Q1 2022 report. FigBytes was also named to the Q3 2022 Constellation ShortList™ for Environmental, Social, and Governance (ESG) Reporting, and was also positioned as an Innovator in Verdantix’s 2022 Green Quadrant for Enterprise Carbon Management Software. FigBytes also earned the Top Product of the Year Award in the elite Environment + Energy Leader Awards program in 2022.
Learn More
FigBytes ESG Insight Platform supports automated sustainability reporting and ensures better sustainability programs. To learn how FigBytes helps publicly listed companies in India to comply with the mandatory BRSR or to schedule a complimentary consultation with one of our ESG experts, get in touch with us today.
About FigBytes
FigBytes helps companies and governments plan, track and fulfill goals along their environmental, social, governance (ESG) journey. Its ESG Insight Platform helps integrate strategy, align data, and report on progress while engaging stakeholders. To learn more, visit https://figbytes.com/
Media Contacts
Chris Ulbrich
Firebrand Communications for FigBytes
figbytes@firebrand.marketing
415 848 9175
Dwayne Weppler
FigBytes
dweppler@figbytes.com
226 581 5166
