Ukhi, a biomaterials startup, has raised $1.2 million in its pre-seed round of funding. The funding round includes debt capital from SIDBI (Small Industries Development Bank of India), venture catalysts, angel investor Avtar Monga, and equity investment led by 100 Unicorns.
In a prior angel round, the Delhi-based business raised USD 69.6K.
According to a press release from Ukhi, the new funding will be used to increase its production capacity, progress its materials research, and broaden its offering of environmentally friendly packaging options internationally.
Priyanka Chauhan, Vishal Vivek, and Sundeep Kumar Tyagi co-founded Ukhi in 2019 with the goal of creating biodegradable biomaterials from agricultural waste. With its patented, sustainable materials, the company hopes to empower the packaging sector, support the bioeconomy, assist sectors in making the shift to environmentally friendly methods, and promote a circular economy. It states that it operates in Uttarakhand and Haryana.
Ukhi claims to have created a biodegradable biomaterial that forms the basis of environmentally friendly packaging. Utilizing lignocellulosic agricultural leftovers, the company's patent-pending technology produces sustainable, scalable materials that provide a competitive alternative to conventional plastics. The firm wants to make a difference by eliminating crop burning, lowering plastic pollution, and promoting the circular economy.
By providing biodegradable and compostable packaging solutions derived from agricultural waste, Ukhi hopes to make a difference and assist businesses in lessening their environmental effect. It aims to assist businesses from all sectors in making the shift to circular, sustainable solutions, drastically lowering their carbon footprints and promoting change across the board.
It can have direct or indirect competition from other companies in this market, such as Advanced Biomaterial Company (formerly CIHC) and Traceless.
