Raintree Family Office has invested $4 million in the cleantech startup Proklean Technologies.
Prior to this, the Chennai-based startup had obtained debt from Caspian Debt in January of last year for Rs 6.5 crore (roughly $875K).
According to a press release from Proklean, the company intends to use the funds to strengthen its research and development (R&D) division and grow its workforce through hiring initiatives. The capital will also be used to expand its presence in current markets and investigate new ones, such as those in Indonesia, the Philippines, Vietnam, Malaysia, and the Gulf. In late 2022, the company already made its entrance into the Bangladeshi and Sri Lankan markets.
Proklean, a company founded in 2012 by Sivaram Pillai and Bala Chandrashekar, has created proprietary technologies using renewable raw materials to produce goods that address issues like pollution brought on by various industries and the depletion of renewable resources. For a variety of industries, including textiles, pulp and paper, water management, and biosurfactants, the company offers environmentally friendly green chemistry solutions that are non-toxic and biodegradable.
The company, which has financial support from people like Sanjeev Bikhchandani, also offers home cleaning supplies for sale in Chennai both online and offline. With 40 crores in revenue in FY23, Proklean asserts that it was profitable in terms of EBITDA.
