Dharaksha Ecosolutions, a biotech-driven startup focused on sustainable packaging, has raised ₹24.8 crores in seed funding. This round was led by Avaana Capital and follows the company’s highly successful appearance on Shark Tank India. The funding will enable Dharaksha to scale its production, expand its product range, and further its mission to lead the sustainable packaging industry.
Dharaksha Ecosolutions: Pioneering Sustainable Packaging
Co-founded by Anand Bodh and Arpit Dhupar, Dharaksha Ecosolutions is revolutionizing the packaging industry by developing biodegradable materials using mycelium-based technology. By leveraging mushroom fibres and agricultural waste, the company produces sustainable alternatives to conventional plastics. Their innovative approach aligns with the principles of a circular economy, turning what would be agricultural waste into compostable, eco-friendly products.
“We’re excited to welcome Avaana Capital as our lead investor. At Dharaksha, we are committed to creating sustainable alternatives to non-biodegradable materials. Our vision is to complete the circular economy by composting our products and returning nutrients to the soil,” said Arpit Dhupar, Co-founder and CEO of Dharaksha Ecosolutions.
Shark Tank India: A Platform for Eco-Friendly Innovation
Dharaksha’s journey gained momentum after its notable appearance on Shark Tank India. Their pitch, which highlighted the environmental benefits of mycelium-based packaging materials, garnered interest from all the Sharks, culminating in a deal. The company’s commitment to sustainability, combined with its breakthrough technology, resonated with both investors and viewers.
The startup’s use of agricultural waste to create biodegradable products was a central focus of their pitch. Dharaksha’s presentation demonstrated its market potential and the environmental benefits of its products, which positioned them as a key player in the growing market for sustainable solutions.
Investment and Future Plans
The ₹24.8 crore investment, led by Avaana Capital, marks a critical milestone in Dharaksha’s growth trajectory. The funding will primarily be used to enhance their research and development efforts, scale production, and strengthen their position in the sustainable packaging industry.
Anjali Bansal, Founding Partner of Avaana Capital, expressed her confidence in Dharaksha’s potential: “Dharaksha is pioneering the development of biotechnology solutions that are central to the creation of a circular economy. Their work perfectly aligns with our mission to invest in climate-focused innovations.”
Bansal also emphasized the startup’s ability to make a meaningful impact on reducing plastic consumption and advancing climate action.
Expanding Beyond Packaging
Beyond its current innovations in packaging, Dharaksha is exploring new avenues for its mycelium-based technology. The company is working on developing mushroom-resin-based MDF boards, which are a safer, eco-friendly alternative to traditional MDF boards that often contain harmful chemicals such as formaldehyde. They are also looking into biodegradable alternatives to plastic films, which could potentially disrupt the global packaging market.