Farm Watt Innovations raises Rs 32.5 Cr from IAN Alpha Fund and Rainmatter
In a funding round co-led by Rainmatter and IAN Alpha Fund, climate-focused agribusiness firm Farm Watt Innovations has raised Rs 32.5 crore ($3.36 million).
Its biomass supply chain will be strengthened, its biomass collecting network will be expanded, more aggregation hubs will be constructed, machinery will be purchased, and its personnel will be increased with the new funding.
Kumar Neelendu founded Farm Watt Innovations in 2023 to aggregate and supply agricultural biomass to bioenergy facilities such as compressed biogas (CBG) plants. By turning agricultural waste into feedstock for renewable energy projects, the business seeks to alleviate crop residue burning.
Punjab, Haryana, Uttar Pradesh, Madhya Pradesh, Rajasthan, Chhattisgarh, Maharashtra, Andhra Pradesh, Telangana, Tamil Nadu, and Bihar are among the six states where the company presently runs 15 biomass aggregating hubs.
The business stated that as it increases its footprint in India’s bioenergy ecosystem, it intends to build its own portfolio of CBG, bio-pellet, and biochar plants.
