Bambrew, a cleantech startup operating in the sustainable packaging space, said it has raised Rs 60 crore (about $7 million) in Series A funding round led by Blume Ventures, according to ETtech report.
The funding was a mix of equity and debt. The equity element totalled to about Rs 30 crore, a company spokesperson told ET.
The round also saw participation from Blue Ashva Capital, Mumbai Angels, Indus Capital along with angel investors.
The funds will be used to expand into primary packaging for consumer goods, food and beverages product categories, expanding manufacturing capabilities, research and development and building a team, the company said in a statement.
Founded in 2019, Bambrew provides alternatives to single use plastics in the packaging industry that are plastic-free, degradable and environment friendly. Its clients include Amazon, Nykaa, MyGlamm, Bata, Snitch, Harris Brushes and Mahindra among 100 others.
The Bengaluru-based startup has a manufacturing facility spread across three acres that houses a lab with standards for research and development (R&D) on new materials, processes and products. It uses products that are certified by the Government of India and the Central Pollution Control Board for being plastic free and are compostable within 130 days.
“I am proud to share that so far, we have saved more than 60,000 tonnes of single-use plastic and more than 125,000 tonnes of carbon dioxide emissions by creating revolutionising materials which are both functional and cost efficient to plastic,” Anant said.
Arpit Agarwal, partner at Blume, said, “We are excited to lead an investment into another innovative company such as Bambrew. Similar to how the FAME II subsidies provided tailwinds for the rise of EVs, we envision that the EPR regulations in India will lead to the rise of circular economy companies.”
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