Cleantech Startup Proklean Technologies Raises $4 Mn In Funding
Proklean Technologies Pvt Ltd, a Chennai-based cleantech firm, has raised $4 million (Rs 33.02 crore) in an undisclosed funding round from Raintree Family Office.
As per the startup, the freshly raised funds will be used for research and development and to expand its workforce. The startup will also use the capital to enhance its presence in existing markets and explore new markets.
Proklean Technologies | Creating Green Chemistry Products
Founded by Sivaram Pillai, B. Chandrasekhar and Vishwadeep Kuila in 2012, Proklean Technologies provides non-toxic and biodegradable green chemistry solutions for various industries, including textiles, pulp and paper, water management, and biosurfactants.
The startup has developed proprietary technologies using renewable input materials to make products that provide solutions to problems such as pollution caused by multiple industries and the depletion of renewable resources.
It is creating Green Chemistry products to drive a transition in industries and across households.
With this funding, Proklean plans to invest in international expansion. It has already entered the markets of Bangladesh and Sri Lanka in late 2022. The startup is now targeting countries like Indonesia, Vietnam, Malaysia, the Philippines, and the Gulf region for their paper-related offerings.
In 2022, Proklean raised Rs 6.5 crore in venture debt from Caspian Debt, the lending arm of impact investment firm Caspian Impact Investment Adviser. The startup claims to have achieved EBITDA profitability in the financial year 2022-23 (FY23) with a revenue of INR 40 crore during the same period.
Indian startups are playing a crucial role in addressing environmental challenges. From renewable energy solutions to waste management, Indian startups are leveraging innovative technologies to create sustainable business models.
Contributing to a greener future, these startups are also attracting conscious consumers and investors who value environmentally responsible practices.
Recently, Newtrace, a climate technology startup, raised $5.65 million in a seed funding round led by Sequoia Capital India and Aavishkaar Capital to expand manufacturing of its proprietary technology as well as its deployment across India and overseas.
In April 2023, Ossus Biorenewables, a Bengaluru-based green energy startup, raised $ 2.4 million in a pre-Series A round from Gruhas and Rainmatter Climate. Also, Solartech platform Aerem raised $5 million (Rs 41 crore) in a pre-Series A round led by climatetech investor Avaana Capital.
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