IIT Kanpur-backed start-up Phool.co raises $8M in funding

THE COMPANY HAD ALSO DEVELOPED FLEATHER, A BREAKTHROUGH MATERIAL THAT PERFORMS AND FEELS EXACTLY LIKE LEATHER

Indian Institute of Technology (IIT) Kanpurbacked Phool.co, India’s biomaterial startup and fragrance-focused wellness brand, has raised an investment of $8 million from one of India’s foremost consumer funds Sixth Sense Ventures. The funding was raised in a Series A round which also saw participation from existing investors Alia Bhatt and IAN Fund.

Incubated at the Startup Incubation and Innovation Centre (SIIC), IIT Kanpur, Phool came to light with their incense made from flower waste. “With this fundraise , Phool.co plans to scale operations, explore the untapped domestic and global growth opportunities and build India’s largest fragrance brand. It will also be rapidly scaling R&D efforts to make animal leather obsolete with Fleather,” said Ankit Agarwal who founded Phool.co in 2017.

Prof Abhay Karandikar, director, IIT Kanpur, said, “I am delighted to know that PHOOL has secured funding from Sixth Sense Ventures. My heartiest congratulations to Ankit and his hard-working team.

“Their visionary ‘flower-recycling technology’ is indeed revolutionary. I’m impressed with their innovative technology that promotes sustainable development goals and generates livelihood opportunities for hundreds of women, simultaneously. IIT Kanpur is immensely proud to be an incubation partner for PHOOL and a part of their success.”

Founder, Phool.co Ankit Agarwal said, “We plan to transform the global home fragrance market and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products.”

“The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India,” he said.

Nikhil Vora, founder and CEO of Sixth Sense Ventures, said, “A keen innovator and acute executioner Ankit and his unrelenting spirit has led him to build an outstanding team with multiple patents to their name.

“Their moonshot, Fleather is a game-changing innovation and presents a massive potential opportunity. Super thrilled to partner with Ankit and team to dominate the global market.”