In a Series A funding round, biotech startup ELMED Life Sciences raised $2.7 million (roughly Rs 25 crore) from AgriSURE Fund, which is run by NABVENTURES.
The money raised will go toward increasing production capacity, bolstering R&D, and expanding distribution in both domestic and foreign markets.
Established by Pruthivin Reddy Madduri and co-founded by Nikhil Konkathi, ELMED Life Sciences creates biological and probiotic solutions for human health, agriculture, aquaculture, and animal health.
With a focus on enhancing productivity and sustainability through microbiome-based solutions, the company provides products for poultry, dairy, livestock, aquaculture, and soil health.
ELMED intends to deepen its distribution in tier 2 and tier 3 markets while growing its manufacturing operations in Hyderabad. Additionally, it wants to increase its market share in foreign markets where there is a growing need for sustainable and antibiotic-free products.
The company currently uses a B2B model to serve business clients in a variety of industries and exports to more than 18 countries.
