Phool.co, an IIT Kanpur-backed biomaterial startup, announced that it has raised $1.4 million in pre-Series A funding round led by IAN Fund and Kaplan Foundation, according to YourStory report.
The Kanpur-based startup will use the funding to advance the research and scale the operations of the company.
Founded in 2017 by Ankit Agarwal and Prateek Kumar, Phool.co is focused on the circular economy of converting floral waste into charcoal-free luxury incense products.
Commenting on the development, Ankit Agarwal, Co-founder and CEO, Phool.co, said, “Phool.co is a sustainable solution to the monumental temple-waste problem in India. Through our efforts, we aim to build natural alternatives to synthetic chemical-based products by using deep-tech and research. We are perhaps India’s first natural incense brand taking a digital-first approach and have a first-mover advantage as bio-leathers are barely available in India.”
Padmaja Ruparel, Founding Partner, IAN Fund, said, “Innovative solutions for the sustainable development of community is the need of the hour. Phool.co‘s circular economy model brings triple bottom benefits of environmental, social, and financial sustainability. Ankit and Prateek are passionate entrepreneurs with an innovative product for a sustainable world.”
Earlier, the startup had raised Rs 3.38 crore in a seed round from Social Alpha and DRK Foundation, and a few others such as IIT Kanpur and Balmer Lawrie.
Phool.co has received several international recognitions including the prestigious United Nations Young Leaders Award for Sustainable Development Goals, United Nations Momentum of Change Award at COP 2018, Asia Sustainability Award 2020, Hong Kong, Alquity Transforming Lives Awards, London, and Breaking the Wall of Science, Berlin.
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