September 22, 2020 raises 10 crore in pre-series A spherical funding

NEW DELHI: IIT Kanpur-backed biomaterial startup on Thursday mentioned it has raised $1.four million (round Rs 10 crore) in a pre-series A spherical of funding.

The funding spherical was led by IAN Fund and San Francisco-based Draper Richards Kaplan Basis, mentioned, which focuses on round economic system changing floral waste into charcoal free luxurious incense merchandise.

“We’re delighted to get IAN on board as an investor and the funds raised will probably be used to advance the analysis and scale the operations of the corporate,” Ankit Agarwal mentioned.

He mentioned goals to offer sustainable options to the temple-waste downside in India.

“By way of our efforts, we goal to construct pure options to artificial chemical-based merchandise by utilizing deep-tech and analysis,” Agarwal added.

Social Alpha, an initiative supported by Tata Trusts and the Indian authorities, had invested within the firm when it was on the concept stage. had raised Rs 3.38 crore in a seed spherical from Social Alpha and DRK Basis, and some others akin to IIT Kanpur and Balmer Lawrie.

“Progressive options for the sustainable growth of the neighborhood is the necessity of the hour.’s round economic system mannequin brings triple backside advantages of environmental, social, and monetary sustainability,” IAN Fund Founding Companion Padmaja Ruparel mentioned.

IAN Fund is a Rs 375-crore fund, investing in revolutionary firms in numerous sectors, together with healthcare and medical gadgets, VR, AI, software program as a service, marketplaces, fin-tech, huge knowledge, synthetic intelligence, agri-tech and {hardware}.