Flowercycling startup raises Rs 10.5 crore in pre-series A round led by Ian Fund

Phool.co, an IIT Kanpur backed biomaterial startup, said on Thursday it has raised about Rs 10.5 crore in a pre-series A funding round led by Ian Fund and San Francisco-based Draper Richards Kaplan Foundation.

Phool.co, an IIT Kanpur backed biomaterial startup, said on Thursday it has raised about Rs 10.5 crore 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 flowercycling 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.