EcoSoul Home Inc., a startup specializing in eco-friendly household products, has completed its Series A funding round, securing $10 million. The round was spearheaded by Accel, a worldwide venture capital company, and saw involvement from Singh Capital Partners, a Washington DC-based investment office.
EcoSoul Home intends to utilize the recent funding to broaden its product offerings and increase its market share in regions like the European Union, the UK, and Asian markets. The startup also plans to enhance its data and technology capabilities with a portion of the funding.
Rahul Singh and Arvind Ganesan, the Co-founders of EcoSoul Home, have expressed their excitement for the company’s successful funding round and its mission to provide affordable and accessible eco-friendly home essentials. They also revealed plans to increase their product range in potential international markets, as they have already observed a strong demand for their products in the USA.
Established in 2020 by Singh and Ganesan, EcoSoul Home is a direct-to-consumer (D2C) brand that provides a wide array of over 100 eco-friendly products, spanning across categories such as kitchenware, dinnerware, and home essentials. In addition to India, the company also has a presence in the USA, China, and Vietnam.
Prashanth Prakash, a partner at Accel, has stated that there is an increasing global push to reduce plastic usage and embrace sustainable alternatives. This has led to a surge in demand for eco-friendly everyday essentials, particularly in western markets. EcoSoul Home is in a strong position to cater to this demand by utilizing its expertise in the Asian supply chain to provide budget-friendly eco-friendly products.
In addition, Prakash highlighted that the EcoSoul Home team’s strong commercial value proposition for retailers and global supply chain proficiency provide the startup with a distinctive edge as an early disruptor in this industry.
Accel, known for its investments in successful Indian startups like Flipkart and Freshworks, has been ranked eighth on the Global Unicorn Index 2023 by Hurun. The venture capital firm has invested in approximately 86 unicorns across the globe as of 2023.
