New Delhi, September 18, 2020.

AIC-IIITH supported waste recycling startup Phool.co has raised INR 10.5 Cr in a pre-series A round of funding through IAN Fund and San Francisco-based Draper Richards Kaplan Foundation. Founded by engineering graduates, Ankit Agarwal & Prateek Kumar in July 2017, Phool.co is an innovative startup focused on the circular economy which converts the floral waste into Charcoal free Luxury incense products. 

With deep-tech research, the startup has developed “Fleather” leveraging their flower cycling technology. Fleather is a viable alternative to Animal leather which was recently awarded PETA’s best innovation the Vegan World. Phool.co has rapidly expanded its operations to Tirupati, Andhra Pradesh. During the lockdown, the company ensured its supply chain by sourcing flower waste directly from the distressed horticulture farmers, bringing them critical income in the toughest of times. Phool.co’s vision is based on Sustainable Development Goals focused on creating a circular economy, promoting sustainable consumption, and bringing dignified livelihoods.

In its early growth stage, Phool.co was supported by AIC-IIITH Foundation through its PRIF Incubation Program with a seed grant of INR 30 lakhs. PRIF Incubation program is an initiative by Pernod Ricard India Foundation to support social impact organizations. The program offered INR 30 Lakhs seed fund to each of the selected Social Impact organisations.

Ankit Agarwal said,“Phool.co is a sustainable solution to the monumental temple-waste problem in India. Through our efforts, we aim to build natural alternatives to synthetic chemical-based products by using deep-tech & Research. We are perhaps India’s first natural incense brand taking a digital-first approach and have a first-mover advantage as bio-leathers are barely available in India. We are delighted to get IAN on board as an investor and the funds raised will be used to advance the research and scale the operations of the company.” 

Congratulating Ankit, Prof. Ramesh Loganathan, Director, AIC-IIITH said, “Ankit Agarwal’s Phool.co is a prime example of how with a little support, tech-based social innovation can have massive and sustainable impact in areas like waste management and employment generation. This is what we aimed to achieve through our PRIF Incubation Program and are delighted that Phool.co has reached this milestone.”