Avaana Capital led Rs 24.8 Cr Seed funding raised by Dharaksha Ecosolutions

Avaana Capital led a Seed funding round that brought in Rs 24.8 crore, or roughly $2.95 million, for biotech-driven R&D start-up Dharaksha Ecosolutions.

LetsVenture and others had helped Dharaksha raise $522K earlier. In Season 3 of Shark Tank India, it was also highlighted and managed to land an all-shark deal.

According to a press release from Dharaksha Ecosolutions, the money will be used to increase production capacity, step up research and development, and fortify market position.

Dharaksha Ecosolutions, which was co-founded in 2020 by Anand Bodh and Arpit Dhupar, uses sustainable packaging made from agricultural waste in place of traditional plastic and petroleum-based alternatives. It creates fully biodegradable mycelium-based packaging materials using agricultural waste as feedstock.

By composting, the Delhi-based company hopes to complete a circular ecosystem by restoring nutrients to the soil and providing a sustainable substitute for non-biodegradable materials.

Dharaksha says it is also developing plastic film substitutes, which will also be derived from extracts produced by submerged growing mushrooms. These biodegradable and waterproof films provide a sustainable option to traditional plastic films.

Currently in the laboratory, both the plastic films and the MDF board substitute will go through independent testing and market validation. By October of next year, Dharaksha intends to commercially introduce these goods.