Biotech-focused R&D startup Dharaksha Ecosolutions has raised Rs 24.8 crore in seed funding funds round led by Capital of Avaana.
The startup featured on Shark Tank India previously raised $522,000 in a funding round led by Let’s take a chance and others.
Dharaksha plans to use the capital raised to expand production, boost R&D efforts and strengthen its position in the sustainable packaging market.
Focus on sustainable packaging solutions
Dharaksha Ecosolutions was founded in 2020 by Arpit Dhupar and Anand Bodh with the aim of replacing petroleum-based products with sustainable alternatives.
The startup uses agricultural waste to create mycelium-based packaging materials, which are biodegradable and eco-friendly.
“At Dharaksha, our vision is to create a sustainable alternative to non-biodegradable materials, completing a circular ecosystem by returning nutrients to the soil through composting. While packaging solutions are our first offering, this funding will enable us to develop more innovative solutions in the near future,” said Arpit Dhupar, Co-Founder and CEO, Dharaksha Ecosolutions.
Subscribe to our newsletter for a daily summary of the startup ecosystem.
Product expansion plans
The startup plans to use the recent funding to launch more innovative solutions beyond packaging materials. Currently, Dharaksha is developing a fungus-based alternative to MDF boards, which are commonly used in furniture and construction.
Unlike traditional MDF, which uses formalin-based resins that emit carcinogenic fumes, the startup said its board uses a safer resin extracted from fungi.
In addition, it is developing biodegradable plastic films made from mushroom extracts, which are waterproof and environmentally friendly.
The MDF boards and plastic films are in the laboratory phase, with commercial validation and third-party testing planned. Dharaksha plans to launch these products in October.
Disclaimer:
The information contained in this post is for general information purposes only. We make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the post for any purpose.
We respect the intellectual property rights of content creators. If you are the owner of any material featured on our website and have concerns about its use, please contact us. We are committed to addressing any copyright issues promptly and will remove any material within 2 days of receiving a request from the rightful owner.