Dharaksha Ecosolutions, a pioneering biotech-driven R&D startup, has successfully raised ₹24.8 crore (approximately $2.95 million) in a Seed funding round led by Avaana Capital. This marks a significant boost for the company, which had previously garnered $522,000 in funding from LetsVenture and other investors. Dharaksha also gained notable attention by securing an all-shark deal on Shark Tank India Season 3.

The newly acquired funds will be directed towards scaling up production capabilities, intensifying research and development efforts, and strengthening the company’s market presence, according to a press release from Dharaksha Ecosolutions.

Founded in 2020 by Anand Bodh and Arpit Dhupar, Dharaksha Ecosolutions is focused on revolutionizing packaging solutions by replacing traditional plastic and petroleum-based materials with sustainable alternatives derived from agricultural waste. The company’s innovative approach uses agricultural by-products to create mycelium-based packaging materials that are fully biodegradable, offering a compelling solution to the issue of non-biodegradable waste.

The Delhi-based startup is also developing alternatives for plastic films. These new films, made from mushroom extracts in the submerged growth stage, promise to be both waterproof and biodegradable, providing a viable replacement for conventional plastic films. While these products are still in the lab stage, they will undergo rigorous third-party testing and market validation, with plans for a commercial launch slated for October next year.

Dharaksha Ecosolutions’ commitment to sustainability and innovation positions it as a key player in the quest for environmentally friendly packaging solutions, contributing to a circular ecosystem by returning nutrients to the soil through composting.