Cleantech startup Proklean Technologies has raised $4 million in funding from Raintree Family Office.
Prior to this, the Chennai-based startup had secured Rs 6.5 crore (around $875K) in debt from Caspian Debt in January last year.
The company plans to utilize the funds to strengthen its research and development (R&D) division and expand its workforce through hiring initiatives, Proklean said in a release. Additionally, the capital will be deployed to enhance its presence in existing markets and explore new markets including Indonesia, Philippines, Vietnam, Malaysia, and the Gulf. The firm has already entered the markets of Bangladesh and Sri Lanka in late 2022.
Founded in 2012 by Sivaram Pillai and Bala Chandrashekar, Proklean has developed proprietary technologies using renewable input materials to make products that provide solutions to problems such as pollution caused by multiple industries and depletion of renewable resources. The company provides non-toxic and biodegradable green chemistry solutions for various industries, including textiles, pulp and paper, water management, and biosurfactants.
Backed by the likes of Sanjeev Bikhchandani, the company also sells household cleaning products both online and offline in Chennai. Proklean claims to have achieved EBITDA profitability in FY23 with a revenue of Rs 40 crore during the same period.
