Ukhi is a biomaterial startup offering biodegradable and compostable bioplastic granules using agri-waste. The startup secured 1.2 million USD during its ongoing pre-seed funding round. 100 Unicorns led the round with the participation of Venture Catalysts and angel investor Avtar Monga. The firm also got debt funding from SIDBI. The startup plans to use these fresh proceeds to scale its production capabilities, expand its offerings, improve its material research, and expand its sustainable packaging solutions in the global market.
This biomaterial startup manufactures bio-degradable biomaterials from agricultural waste. The company intends to transform the packaging industry with its sustainable materials and technology. The firm aims to contribute to the bioeconomy and help industries adopt eco-friendly practices. The Faridabad-based startup also raised $69.6k from its existing investors John Scott and Avtar Monga during its angel funding round in February this year.
The company will focus on strengthening its market presence while offering sustainable packaging solutions. The startup will use some of this investment to expand its operations. Ukhi specializes in developing biopolymers from agricultural waste and provides them as green solutions to traditional plastic. The company uses advanced technology to create sustainable and scalable materials that offer alternatives to traditional plastics. The investment will help the startup achieve its goal of market expansion and strengthen its presence through its services.
The company claims to have operations in the parts of Uttarakhand and Haryana. Ukhi wants to reduce plastic pollution while preventing crop burning and advancing the circular economy using its green solutions. The investment round highlights the investor’s interest in the Ukhi’s market potential and business model. The development came just after the Indian biomaterial and agritech sector saw an increased investor interest. The company has around 3 institutional investors including Atal Incubation Centre, Hemp Foundation, and IIT Mandi Catalyst.
The startup data intelligence platform, tracxn mentioned that the company had a post-money valuation of 4.29 million USD before this funding round. However, the firm posted an annual revenue of Rs 2.43 crore as of March 2022. Tracxn posted that the existing investor IIT Mandi Catalyst is the firm’s largest institutional investor. This biomaterial startup faces competition from other platforms in the same market segment such as UBQ materials, Traceless, and Advanced Biomaterial Company.
Conclusion :
Ukhi is a biomaterials startup that secured $1.2 million from 100 unicorns and venture Catalysts in its pre-seed funding round. The funding round also saw the participation from SIDBI and angel investor Avtar Monga. The company develops biodegradable bioplastic granules using agricultural waste. The startup intends to use this fresh capital to strengthen its operations, enhance its production capabilities, and expand its packaging solutions globally.
The company claims to have operated in Haryana and Uttarakhand. The company reported its post-money valuation of $4.29 million. Before this round, the startup raised around 69.6k USD across only one funding round since its inception. The funding round came just when the biomaterial sector saw increased interest from investors globally.
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