In a series A round led by Blume Ventures, cleantech startup Bambrew has raised Rs 60 crore, or roughly $7 million, through a combination of debt and equity. For the Bengaluru-based company, this is their first investment of 2024.
Indus Capital, Mumbai Angels, Blue Ashva Capital, and angel investors RK Narayan, Mandeep Manocha, and Sreevathsa Prabhakar were among those who took part in the round.
According to a statement from Bambrew, the money will be used to strengthen the team, strengthen manufacturing capabilities, expand the company’s reach into primary packaging for consumer goods, food, and beverages, and invest in research and development.
Bambrew is a green packaging startup that was founded in 2019 and sells eco-friendly goods made of seaweed, sugarcane, and bamboo. Its reusable and handcrafted goods provide a natural substitute for plastic.
A variety of industries are served by their products and services, including fashion, pharmaceuticals, food and drink, retail, and logistics. Having received over 20,000 orders, Bambrew claims to have successfully prevented over 20,000 kilograms of plastic waste to date.
Banbrew has raised approximately Rs 80 crore to date, which includes the Rs 18 crore seed round led by Blue Ashva Capital in 2021. Blue Ashva, with a 13.11 percent stake in the company prior to the most recent Series A funding, was followed by Suvita Investments.
The previous fiscal year’s growth for Bambrew shows that it has been expanding quickly year over year. While losses during the same period totalled Rs 18 crore, its operating revenue increased by 4.7 times to Rs 44.23 crore in FY23.
