Cleantech startup Bambrew has secured INR 60 Cr (approximately $7 Mn) in its Series A funding round through a mix of equity and debt. The round was led by Blume Ventures.
The funding round also included contributions from Blue Ashva Capital, Mumbai Angels, Indus Capital, as well as angel investors such as Sreevathsa Prabhakar, the founder of Servify, Mandeep Manocha, the founder of Cashify, and RK Narayan, the president of Horizon Industrial Parks.
The startup plans to utilize the funding to expand into primary packaging for FMCG and food and beverage product categories. Additionally, the funds will be allocated towards expanding manufacturing capabilities, enhancing research and development, and growing the team.
Established in 2019 by Vaibhav Anant, Bambrew provides sustainable packaging alternatives to single-use plastics. According to the startup, their products are biodegradable and environmentally and animal-friendly.
Continue Exploring: Consumer Reports finds ‘widespread’ plastics in food, urges immediate regulatory action
Regarding the funding, Anant stated, “We plan to expand into multiple regions with diverse solutions in both primary and secondary packaging. We will use the funds to broaden our offerings in various forms of primary packaging and assist brands in adopting materials that are both sustainable and functional.”
Adding to this, Blume partner Arpit Agarwal commented, “Just as the FAME II subsidies propelled the growth of EVs, we anticipate that the EPR (extended producer responsibility) regulations in India will foster the emergence of circular economy companies. There is a growing demand for sustainable packaging solutions, and there are few comprehensive products available in the market to meet this need. The team’s ability to offer end-to-end solutions for FMCG and ecommerce clients, coupled with their innovative edge over competitors, makes this an excellent investment opportunity.”
Bambrew asserts a growth of 100X since its establishment. The company states that its products are certified by the Indian government and the Central Pollution Control Board as plastic-free and are compostable within 130 days.
Bambrew’s clientele includes major companies such as Amazon, Nykaa, My Glam, Bata, Snitch, Harris Brushes, and Mahindra.
Continue Exploring: Sustainable packaging startup Fibmold secures $10M funding led by Omnivore and Accel
With the increasing awareness about the necessity of reducing environmental damage and addressing global warming, as well as the growing importance of environmental, social, and governance (ESG) norms, cleantech products are experiencing high demand. This surge has led to the emergence of numerous cleantech startups in the country, drawing significant attention from investors towards this sector.
Earlier this month, Sprih, a cleantech startup that assists companies in reaching their sustainability objectives, secured $3 million in funding. The investment will be used to enhance its sales and marketing efforts, recruit talent to develop AI models focused on climate, and expand its partner network.
Earlier this year, INDRA, a provider of water recycling solutions, secured $4 million in funding to deliver water treatment and industrial waste management solutions to businesses.
Continue Exploring: Coca-Cola bottler SLMG Beverages set to invest INR 100 Crore in sustainable solutions this year
