The funding round, which was a mix of equity and debt, also saw participation from Blue Ashva Capital, Mumbai Angels, Indus Capital, Capital-A, among others
Bambrew will use the funding to expand into primary packaging for FMCG and food and beverages product categories, and expand manufacturing capabilities, R&D and team
Founded in 2019 by Vaibhav Anant, Bambrew offers packaging solutions which are alternatives to single use plastics and degradable
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Cleantech startup Bambrew has raised INR 60 Cr (about $7 Mn) in a combination of equity and debt in its Series A funding round, led by Blume Ventures.
The round also saw participation from Capital-A, Blue Ashva Capital, Mumbai Angels, Indus Capital, Capital-A and angel investors Servify founder Sreevathsa Prabhakar, Cashify founder Mandeep Manocha, and Horizon Industrial Parks president RK Narayan.
In a statement, the startup said it will use the funding to expand into primary packaging for FMCG and food and beverages product categories, expanding manufacturing capabilities, R&D and team.
Founded in 2019 by Vaibhav Anant, Bambrew offers packaging solutions which are alternatives to single use plastics. As per the startup, its products are degradable and environment and animal friendly.
Commenting on the funding, Anant said, “We would be expanding to multiple geographies with various solutions across categories in primary and secondary packages. We will utilise the funds to expand our presence in categories across various forms of primary packaging and help brands adopt materials which are more sustainable and functional.”
Chiming in, Blume partner Arpit Agarwal said, “Similar to how the FAME II subsidies provided tailwinds for the rise of EVs, we envision that the EPR (extended producer responsibility) regulations in India will lead to the rise of circular economy companies. Sustainable packaging solutions then become a need for which there are very few complete products in the market. The capability of this team to provide end-to-end solutions for FMCG and ecommerce customers and their capacity to innovate ahead of competition make this an ideal investment.”
Bambrew claims to have grown 100X since its inception. It claims it uses products which are certified by the Indian government and the Central Pollution Control Board for being plastic free and are compostable within 130 days
Bambrew counts the likes of Amazon, Nykaa, My Glam, Bata, Snitch, Harris Brushes, and Mahindra among its clients.
With rising awareness about the need to reduce damage to the environment and tackle global warming, along with increasing importance of environmental, social and governance (ESG) norms, cleantech products are in great demand. This has spawned a number of cleantech startups in the country and also drawn attention of the investors to the sector.
Earlier this month, cleantech startup Sprih, which aids companies in achieving their sustainability goals, secured $3 Mn funding to boost its sales and marketing activities, acquire talent for creation of AI models centred on climate and broadening its partner ecosystem.
Earlier this year, water recycling solutions provider INDRA also bagged $4 Mn funding to offer water treatment and industrial waste management solutions to enterprises.
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