Dharaksha Ecosolutions, an Indian biotech startup, has successfully raised Rs248m ($2.95m) in an Avaana Capital-led seed funding round.
The funding was also joined by the Shark Tank India team, Vinners Capital, India Angels, and Soonicorn, among others.
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Dharaksha Ecosolutions plans to use the funding to enhance its production capabilities, research and development, and expand its market presence, a press release from Dharaksha Ecosolutions said.
Founded by Anand Bodh and Arpit Dhupar, Dharaksha is committed to developing sustainable alternatives to petroleum-based products.
The company’s approach involves using agricultural waste to produce mycelium-based packaging materials.
These materials are not only biodegradable but also eco-friendly, aligning with the global shift towards sustainable packaging solutions.
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By GlobalDataTo date, Dharaksha has transformed 7,000 tons (t) of agricultural waste into viable packaging solutions.
Beyond packaging, the company is also pioneering a mushroom-based alternative to medium-density fibreboard (MDF) boards, which are widely used in the furniture and construction industries.
The MDF board developed by Dharaksha utilises a mushroom-extracted resin, which is a safer alternative to the formalin-based resins that release carcinogenic fumes found in traditional MDF.
Additionally, Dharaksha is working on creating biodegradable, waterproof plastic film alternatives made from mushroom extracts.
Both the MDF board and plastic films are currently in the lab phase, with plans for market validation and third-party testing underway.
The company is targeting the launch of these products by October of the following year.
Prior to this funding round, Dharaksha had raised $522,000, which was led by LetsVenture and other investors.
Dharaksha Ecosolutions co-founder and CEO Arpit Dhupar said: “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 is our first offering, this funding will enable us to develop more innovative solutions in the near future.”
