Cleantech startup Bambrew has raised Rs 60 crore (approximately $7 million) in a mix of debt and equity series A round led by Blume Ventures. This marks the first investment for the Bengaluru-based company in 2024.
Blue Ashva Capital, Mumbai Angels, Indus Capital, and angel investors including Sreevathsa Prabhakar, Mandeep Manocha, and RK Narayan also participated in the round.
The funds will go towards broadening the company’s reach into primary packaging for consumer goods, food, and beverages, enhancing manufacturing capabilities, investing in research and development, and bolstering the team, Bambrew said in a statement.
Founded in 2019, Bambrew is a green packaging startup that offers eco-friendly products made from bamboo, sugarcane, and seaweed. Its handmade and reusable products serve as natural alternatives to plastic.
Their offerings cater to a range of sectors such as fashion, pharmaceuticals, food and beverages, retail, and logistics. Bambrew asserts that they have successfully prevented over 20,000 kilograms of plastic waste to date and have received over 20,000 orders.
Banbrew has raised around Rs 80 crore so far including its seed round of Rs 18 crore led by Blue Ashva Capital in 2021. Before the latest Series A injection, Blue Ashva was the largest external stakeholder in the company with 13.11 % followed by Suvita Investments.
Head to TheKredible for the complete shareholding.
Bambrew has been growing at a rapid clip which is evident from its year-on-year growth during the previous fiscal year. Its revenue from operations surged 4.7X to Rs 44.23 crore in FY23 while the losses stood at Rs 18 crore during the same period.
