SUMMARY
- Dharaksha Ecosolutions raised Rs 24.8 crore from Avaana Capital to boost production and R&D.
- The startup makes biodegradable packaging from agricultural waste to replace plastics.
- For FY 2023, revenue was under INR 1 crore, EBITDA fell by -316.34%, but net worth grew by 106.42%.
In a Seed fundraising round headed by Avaana Capital, biotech-driven R&D start-up Dharaksha Ecosolutions raised Rs 24.8 crore. LetsVenture and others had helped Dharaksha raise 4.3 crores earlier.
The firm stated in a press release that the money will primarily be used to increase production capacity, step up research and development, and fortify market position.
Anand Bodh and Arpit Dhupar co-founded Dharaksha Ecosolutions in the year 2020 to provide sustainable packaging alternatives manufactured from agricultural waste in place of traditional plastic and petroleum-based alternatives. It uses agricultural waste as feedstock to create entirely biodegradable mycelium-based packaging materials. The firm wants to finish a circular ecology by composting, which returns nutrients to the soil and provides a sustainable substitute for non-biodegradable materials. The business claims that it is also developing plastic film substitutes, which will also be derived from extracts produced by submerged growing mushrooms. These biodegradable and waterproof films provide an environmentally friendly option to traditional plastic films. By October of next year, the start-up intends to commercially introduce these goods.
For the FY ending 31 March 2023, the business reported revenues under INR 1 crore. The EBITDA decreased by -316.34%, while the book net worth increased by 106.42%, indicating a decline in profitability but an improvement in net worth.
