Zerocircle, a biotech startup, has raised Rs 20 crore ($2.3 million) in a new round led by Rainmatter, a company co-founded by Nithin Kamath.
VC Grid, 7th Gen Ventures, 1Crowd, and environmentalist Trudie Styler were among the early-stage venture capital firms that participated in the round.
The money raised will be used to grow the team, optimize the supply chain, and scale up manufacturing.
Neha Jain founded Zerocirle in 2020 to produce packaging made of seaweed that is intended to replace hazardous materials derived from petrochemicals. Food trays, fried food containers, bakery packaging, and coated packaging for hamburger boxes are among its offerings.
The Pune-based startup predicts that by 2028, the overall production capacity will surpass 3,000 tonnes per year across a variety of product categories, including food boxes, coated paperboards, and advanced coatings.
The company is presently active in Europe and hopes to increase its footprint in markets like the GCC.
