Cleantech Startup Proklean Bags $4 Mn Funding To Foray Into New Markets, Ramp Up R&D, Hiring

SUMMARY

The startup will use the funding to strengthen its R&D vertical, ramp up hiring and strengthen its presence in existing markets

The Chennai-based cleantech startup Proklean Technologies raised funding as part of a strategic round from the Raintree Family Office

The startup claims to have turned EBITDA profitable in FY23, with a revenue of INR 40 Cr

Chennai-based cleantech startup Proklean Technologies has raised $4 Mn as part of its strategic funding round from the Raintree Family Office.

The startup will use the funds to strengthen its research and development (R&D) vertical and ramp up hiring initiatives. The capital will also be deployed towards scaling up its presence in existing markets and foray into newer markets.

“We are going to invest money in going abroad. We started Bangladesh and Sri Lanka at the end of last year. We’re looking at Indonesia, Philippines, Vietnam, Malaysia and the Gulf for paper,” Proklean’s cofounder Vishwadeep Kuila told the Economic Times.

Founded in 2012 by Sivaram Pillai and Bala Chandrashekar, and later joined by Vishwadeep Kuila, Proklean offers non-toxic and biodegradable green chemistry solutions catering to a slew of industries such as textiles, pulp and paper, water management and biosurfactants. It also sells household cleaning products across online marketplaces and offline in Chennai.

In 2015, the startup raised INR 3.5 Cr back and followed it up with a debt financing round of INR 6.5 Cr led by Caspian Debt last year. Proklean has raised INR 44.61 Cr since its inception.

The startup claims to have turned EBITDA profitable in the financial year 2022-23 (FY23), with a revenue of INR 40 Cr during the same period.

The announcement comes at a time when the cleantech space has been witnessing renewed investor interest, despite the funding winter and adverse market conditions. As users and businesses become more environmentally conscious, the arena is seeing a big uptick in numbers and adoption among the masses.

Last week, another cleantech startup Newtrace bagged $5.65 Mn in a seed funding round led by Sequoia Capital India and Aavishkaar Capital. Prior to that, enterprise sustainability platform StepChange secured $4 Mn in a seed round led by BEENEXT and Global Founders Capital.