Kanpur FlowerCycling Pvt Ltd, which runs biomaterial firm Phool.co, on Tuesday said it has secured Series A funding of $8 million (around Rs 60 crore) led by Sixth Sense Ventures, with existing investors including Bollywood actor Alia Bhatt and IAN fund.
The startup plans to use the fresh money to scale its operations, explore the domestic and global growth opportunities and build India’s largest fragrance brand.
It also aims to scale the research and development efforts for its eco-friendly leather brand Fleather.
“Phool as a brand today is synonymous with luxury fragrance products on account of our unwavering focus on superior product experience, and honest ingredients. We plan to transform the global home fragrance market and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products,” said Ankit Agarwal, Founder, Phool.co.
Founded in 2017 by Agarwal and Prateek Kumar, Phool.co claims to be India’s first biomaterial startup and fragrance-focussed wellness brand which uses floral waste to make patented organic fertiliser and incense sticks.
Its eco-friendly leather brand Fleather offers handmade leather products such as bags and other accessories.
“The under-penetrated home fragrances industry presents a large, white space to be exploited. Plus, a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products.
The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool's certified, Indian-origin products," said Nikhil Vora, Founder and CEO of Sixth Sense Ventures.
Last year in October, the startup raised an undisclosed amount from Alia Bhatt. It also raised $1.4 million (around Rs 10.3 crore) in a pre-Series A funding round in August 2020.