Flowercycling Startup Raises ₹10 Cr. in Pre-Series A Round Funding
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Phool.co, an IIT Kanpur backed biomaterial startup, has raised about ₹10 crores in a pre-series A funding round led by Ian Fund and San Francisco-based Draper Richards Kaplan Foundation.
Founded by engineering graduates Ankit Agarwal and Prateek Kumar in July 2017, Phool.co is a startup focused on the circular economy which converts the floral waste into charcoal-free luxury incense products.
With deep-tech research, the startup has developed ‘fleather,’ leveraging the flower cycling technology. Fleather is a viable alternative to animal leather which was recently awarded PETA’s best innovation the Vegan World.Phool.co has expanded its operations at Tirupati in Andhra Pradesh. During the Covid-19 lockdown, the company ensured its supply chain by sourcing flower waste directly from the distressed horticulture farmers, bringing them critical income in tough times.
Image credits: Twitter.