AIC-IIIT-Hyderabad supported startup raises funds

Hyderabad: AIC-IIIT-Hyderabad funded waste recycling startup Phool.co raised Rs 10.5 crore in the pre-series A round of funding through the IAN Fund and the San Francisco-based Draper Richards Kaplan Foundation. Established by engineering graduates Ankit Agarwal and Prateek Kumar in 2017, the start-up focuses on the circular economy and helps to turn floral waste into carbon-free luxury incense items.

The startup has created Fleather, a viable alternative to animal leather, using its flower recycling technology, and has recently been awarded PETA 's Best Invention in the vegan world. It has extended its operations to Tirupati and, during the lockdown, the company has protected its supply chain by supplying flower waste directly to the horticultural farmers in distress, taking its essential income.

In its early stage of development, Phool.co was funded by the AIC-IIIT-H Foundation through its PRIF Incubation Program with a seed grant of Rs 30 lakh. Ankit Agarwal said, "Through our efforts, we plan to develop natural alternatives to synthetic chemical products through the use of deep technology and science. We could be India's first natural incense brand to take a digital-first approach and have a first-mover advantage as bio-leathers are scarcely available in India.

Phool.co has created Fleather, a viable alternative to animal leather, using its flower recycling technology, and has recently been awarded PETA 's Best Invention in the vegan world. It has extended its operations to Tirupati and, during the lockdown, the company has protected its supply chain by supplying flower waste directly to the horticultural farmers in distress, taking its essential income