Shark Tank India-featured Dharaksha Ecosolutions raises Rs 24.8 crore

Biotech-focused R&D startup Dharaksha Ecosolutions has raised Rs 24.8 crore in a seed funding round led by Avaana Capital.

The Shark Tank India-featured startup previously raised $522,000 in a funding round led by LetsVenture and others. 

Dharaksha plans to use the raised capital to scale production, boost R&D efforts, and strengthen its position in the sustainable packaging market.

Focus on sustainable packaging solutions

Dharaksha Ecosolutions was founded in 2020 by Arpit Dhupar and Anand Bodh with a focus on replacing petroleum-based products with sustainable alternatives.

The startup utilises agricultural waste to create mycelium-based packaging materials, which are biodegradable and eco-friendly.

"At Dharaksha, our vision is to create a sustainable alternative to non-biodegradable materials, completing a circular ecosystem by returning nutrients to the soil through composting. While packaging solutions is our first offering, this funding will enable us to develop more innovative solutions in the near future," said Arpit Dhupar, Co-founder and CEO of Dharaksha Ecosolutions.

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Plans for product expansion

The startup plans to use the recent funding to launch more innovative solutions beyond packaging materials. Currently, Dharaksha is developing a mushroom-based alternative to MDF boards, commonly used in furniture and construction.

Unlike traditional MDF, which uses formalin-based resins that emit carcinogenic fumes, the startup said that it board uses a safer, mushroom-extracted resin.

Additionally, It is developing biodegradable plastic films made from mushroom extracts, which are waterproof and environmentally friendly.

The MDF board and plastic films are in the lab phase, with market validation and third-party testing planned. Dharaksha aims to launch these products by next October.