Zerund Manufacturing Pvt Ltd, which operates the brick manufacturing startup ZERUND, has raised an undisclosed amount from NEDFi Venture Capital Ltd (NVCL) in a pre-series A round, the company said in a statement on Thursday.
The company said it has raised a total of Rs 4 crore (around $530,000) in total including the current funding round.
Founded in 2018 by Rupam Choudhury, Mousum Talukdar and David Pratim Gogoi, ZERUND provides eco-friendly, cost-effective, bricks made from waste plastic and other waste materials as ingredients. Currently, the brand operates out of its manufacturing facility in Pathsala, Assam.
According to the statement, the brand came up with a building material, known now as ZERUND Brick. In 2018, the company started its commercial production after getting the patent of the product.
"We have witnessed 85% month-on-month traction in terms of sales, and further to the demand are looking forward to expanding rigorously. By the end of this fiscal year, we are expecting to register 500% YoY growth. The growth path for entire North East in the recently announced budget by finance minister gave us bigger hope to grow faster," said David Pratim Gogoi, co-founder, and CEO ZERUND.
NVCL was established in August 2016 as a NVCL is a wholly owned subsidiary of North Eastern Development Finance Corporation Limited (NEDFi), which is a non-banking financial company (NBFC).
NVCL makes investments through North-East Venture Fund (NEVF) with a corpus of Rs 100 crore NEDFi as the sponsor. It was formed with an objective of acting as Investment Manager to Venture Funds.
NEVF is a northeast India-focused venture fund and is a joint initiative of the Ministry of DoNER, NEDFi and SIDBI. It provides support to innovative and scalable business models from the north eastern region.