Chennai-based cleantech startup Proklean has raised about Rs 1.75 crore in a fresh funding round from GSR Travel and Retail Ventures and Sanjeev Bikhchandani – founder and executive vice chairman of Info Edge.
While GSR Travel and Retail Ventures invested Rs 1 crore for 5970 shares, Bikhchandani gets 4477 shares for Rs 75 lakh investment. Proklean had issued Series B CCCPS at Rs 1675.25 each.
According to RoC filing accessed by paper.vc, the company has in total picked up around Rs 6.14 crore via Series B CCCPS that started to come in from May 2017.
Earlier in June 2015, the company had raised Rs 3.5 crore from IIMA CIIE’s sustainability and cleantech fund Infuse Ventures. Prior to that, it had raised an angel round from Chennai Angels.
A brainchild of Sivaram Pillai, B. Chandrasekhar, and Vishwadeep Kuila, Proklean was founded in 2009. The company uses probiotic technology to make products 100 per cent bio-degradable, natural and non-toxic.
Proklean has developed a proprietary technology through a combination of probiotics with fermentation and formulation methods.
The company has also got a license to manufacture and sales its products in some global markets such as USA, Brazil, Mexico, South Africa, Germany, Spain, China, Philippines, and Australia among others.
Its products have been widely accepted by textile, leather, hospitality & waste management and Paper industries where it provides better alternatives to save natural resources and thus reduces pollution.
This is one of the few investments from Bikhchandani in his personal capacity. His Internet firm Info Edge is widely known for backing startups like Zomato and Policybazaar. Besides, it also invested in HappilyUnmarried, Mydala and several others.