New Delhi [India], Aug 27 (ANI): Phool.co, an IIT Kanpur backed biomaterial startup, said on Thursday it has raised about Rs 10.5 crore in a pre-series A funding round led by Ian Fund and San Francisco-based Draper Richards Kaplan Foundation.

Founded by engineering graduates Ankit Agarwal and Prateek Kumar in July 2017, Phool.co is a startup focused on the circular economy which converts the floral waste into charcoal-free luxury incense products.

Also Read | Paul Pogba Tests Positive For COVID-19, Eduardo Camavinga Replaces Manchester United Player in France Squad For UEFA Nations League 2020.

With deep-tech research, the startup has developed 'fleather,' leveraging the flowercycling technology. Fleather is a viable alternative to animal leather which was recently awarded PETA's best innovation the Vegan World.

Phool.co has expanded its operations at Tirupati in Andhra Pradesh. During the Covid-19 lockdown, the company ensured its supply chain by sourcing flower waste directly from the distressed horticulture farmers, bringing them critical income in tough times.

Also Read | Killer Asian Hornets and 200 Billon Angry 'Drunk' German Wasps Invade UK As Summer Paves Way for Perfect Breeding Ground (See Pictures).

(ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)