April 7

India’s First Biomaterial Startup Raises $8 Million in Series a Funding

By Naandika Tripathi

India’s first biomaterial startup, and fragrance-focussed wellness brand, has raised $8 million (Rs60.5 crore) in a Series A round from Sixth Sense Ventures, a consumer-centric venture fund. The round also saw participation from existing investors Alia Bhatt and IAN fund.

Founded in 2017 by engineering graduates Ankit Agarwal and Prateek Kumar, is a flower recycling technology startup. It uses floral waste—collected from dumping temple waste in rivers—to make patented organic fertiliser and charcoal-free luxury incense products.

The Kanpur-based startup currently accumulates floral waste from three Indian cities, which includes one of the biggest temples (Kashi Vishwanath), averting 13 tonnes of waste flowers and toxic chemicals from reaching into the river every day. Self-help women groups handcraft the waste into patented charcoal free incense sticks and essential oils through the ‘flower cycling’ technology.
Photo courtesy of kenny s.

Source: Forbes India (link opens in a new window)

recycling, startups