Supported by IIT Kanpur Sixth Sense Ventures, one of India’s leading consumer funds, has invested $8 million in Phool.co, India’s first biomaterial business and fragrance-focused wellness brand. The funds were raised in a Series A round that included previous investors Alia Bhatt and the IAN Fund. Phool is India’s first health brand to get the prestigious Fair for Life – Fairtrade and Ecocert Organic & Natural certifications, bringing much-needed innovation to the centuries-old incense sector. Phool, a startup incubated at IIT Kanpur’s Startup Incubation and Innovation Centre (SIIC), rose to prominence with its incense created from floral waste.
With its portfolio of certified natural goods, the firm has raised this round to create depth in the $23 billion global home fragrance industry and enter the aromatherapy-based personal-care sector, using its extensive expertise of scents and customer preferences. Fleather, a revolutionary material that acts and feels just like leather but is non-animal and non-plastic, was also created by the business. Phool intends to change the $550 billion global leather products market with its indigenous home-grown alternative. Phool has inked pilots with some of the world’s top fashion brands, thanks to its strong IP portfolio. Fleather®, named PETA’s Best Vegan Fashion Innovation, is a response to one of the world’s most polluting industries.
Speaking on the latest development, Prof. Abhay Karandikar, Director IIT Kanpur said in a statement here on Tuesday that, “I am delighted to know that PHOOL has secured funding from Sixth Sense Ventures. My heartiest congratulations to Ankit and his hard-working team. Their visionary ‘flower-recycling technology’ is indeed revolutionary. I’m impressed with their innovative technology that promotes sustainable development goals and generates livelihood opportunities for hundreds of women, simultaneously. IIT Kanpur is immensely proud to be an incubation partner for PHOOL and a part of their success.”
Founder, Ankit Agarwal said, “In a short span of time, our modest efforts have managed to create a dent in the Indian fragrance industry. Phool as a brand today is synonymous with luxury fragrance products on account of our unwavering focus on superior product experience, and honest ingredients. We plan to transform the global home fragrance market, and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products. The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India. I believe Nikhil’s acumen and knack for unlocking opportunities will fuel our growth story in the years to come.”
Nikhil Vora, Founder and CEO of Sixth Sense Ventures said, “The under-penetrated home fragrance industry presents a large, white space to be exploited. Plus, a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products. The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool’s certified, Indian-origin products. A keen innovator and acute executioner, Ankit and his unrelenting spirit have led him to build an outstanding team with multiple patents to their name. Their moonshot, Fleather® is a game-changing innovation and presents a massive potential opportunity. Super thrilled to partner with Ankit and team to dominate the global market.”
Speaking on the latest investment, Alia Bhatt, who is known for her environmental initiatives, said, “Phool incense is now my chosen gift for most special occasions. The natural fragrances and packaging are exquisite. Less chemical and floral waste means cleaner rivers so these products are also a gift to our planet. I believe Phool will be an important global aromatherapy story to emerge from India. And the company’s plant-based leather will also be a more humane choice for the world’s top luxury brands. As a Phool customer and as an investor, I’m putting my money where my belief is.”
Sixth Sense Ventures is India’s first consumer-focused venture fund, with the mission of “Investing in Tomorrow’s Consumer…Today!” Sixth Sense Ventures, which was founded in 2014, now manages over $550 million across three funds and has been named one of CRISIL’s top-performing AIFs (Alternative Investment Funds) in India. Parag Milk, Nobel Hygiene, Fraazo, Open Secret, Stylam, GoodDot, Neeman’s, Rage Coffee, Design Cafe, Bira 91, Storia, Giva, Freecultr, Dogsee Chew, Wonderchef, Vedic Cosmeceuticals, Unbox Robotics, Veeda Clinical Research, Direct (ShopKirana), Altigreen, Prozo, Just Dogs, and Phool are among the companies With their award-winning incense created from temple flowers, Phool.co has changed the way Indian customers think about home smells.
Phool has transformed the jaded incense industry into an experience lifestyle category, reviving India’s $3.2 billion home fragrance market. The brand has effectively captivated the interest of consumers searching for high-quality home fragrances, and incense has become a part of their daily wellness routines. This IIT Kanpur-backed firm has also put India on the world innovation map with their ground-breaking creation, Fleather – ‘leather created from flowers’.
