/indianstartupnews/media/agency_attachments/s1FnhAYONODoxNkoC8xA.png)
Follow Us/indianstartupnews/media/media_files/1S9m2w1jOx0icmWXff0h.jpg)
(L-R) Avijit Rajak, cofounder & director, Finance; Agni Mitra, founder & director, Amwoodo; Sourav Dey, cofounder & director, sales
Amwoodo, a Kolkata-based startup focused on sustainable bamboo products, has raised $1 million in funding from Rainmatter, a venture fund backed by stock broking giant Zerodha.
Founded in 2019 by Avijit Rajak, Agni Mitra, and Sourav Dey, Amwoodo specialises in manufacturing bamboo items, including combs, toothbrushes, razors, slippers, compostable sanitary bags, and towels.
CEO explains the geographical advantage of Kolkata
Agni Mitra, the founder of Amwoodo, pointed out the geographical advantage of Kolkata, being close to the bamboo-rich northeast regions of India.
"Most of the bamboo products sold in India were imported from China. In India, Kolkata was geographically well located near to the northeast and most of the bamboo forest cover was in the northeast regions," Mitra explained. He started Amwoodo to enhance local production capabilities and reduce reliance on imports.
What is the purpose of fundraising?
The funding from Rainmatter will be primarily used for capital expenditures. This includes upgrading machinery and equipment, upskilling artisans, and supporting expansion efforts. Mitra emphasized the need for improved machinery and better skills among local farmers and artisans to compete with the quality of Chinese products.
Amwoodo's client base
Amwoodo operates in both B2B and B2C sectors. Its notable client list includes major hospitality chains like Taj Hotels and The Leela, as well as consumer brands such as Himalaya, Man Company, Nat Habit, and Kimirica.
Notably, The startup sources bamboo directly from approximately 400 farmers in the northeast and collaborates with about 380 artisans to refine products to meet export standards at their facilities in Howrah, Kolkata.
It has reported remarkable financial growth, with sales reaching Rs 21.72 crore in the last financial year, marking a 3.5-fold increase from the previous year. For the current financial year, the startup targets sales of about Rs 60 crore.