New Delhi, India – Dharaksha Ecosolutions, a biotech-driven R&D start-up, has secured $2.95 million in seed funding led by Avaana Capital, the company announced in a press release. This latest funding round brings the total funding secured by the company to over $2.5 million.
The company plans to utilize the proceeds from the funding round to expand its production capabilities, intensify research and development practices, and strengthen its market presence. Dharaksha Ecosolutions, co-founded by Anand Bodh and Arpit Dhupar in 2020, aims to replace conventional plastic and petroleum-based packaging with sustainable alternatives made from agricultural waste.
Dharaksha’s innovative approach utilizes agricultural waste as a feedstock to develop mycelium-based packaging materials that are fully biodegradable. The company’s vision is to create a sustainable alternative to non-biodegradable materials, completing a circular ecosystem by returning nutrients to the soil through composting.
In addition to its existing products, the company is also working on alternatives for plastic films, which will be made from extracts generated by mushrooms in the submerged growth stage. These films are waterproof and biodegradable, offering a sustainable replacement for conventional plastic films.
Currently, both the MDF board alternative and the plastic films are at the lab stage and will undergo third-party testing and market validation before commercial launch. Dharaksha Ecosolutions plans to commercially launch these products by next October.
The company has already made a name for itself in the startup ecosystem, having been featured on Shark Tank India Season 3, where it secured an all-shark deal. This latest funding round is a testament to the company’s innovative approach and commitment to sustainability.
With this funding, Dharaksha Ecosolutions is set to accelerate its growth and expansion plans, further solidifying its position as a leader in the sustainable packaging industry.