Phool.co, which uses floral waste to make patented organic fertiliser and incense sticks, said actor Alia Bhatt is now an investor in the company.
The company said it has expanded its operations and has consistently achieved 130% year on year growth for the past two years. The company had raised $2 million (Rs 14.8 crore) in a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation, and IIT Kanpur.
Phool.co, which is operated by Kanpur FlowerCycling Pvt Ltd, was founded by Ankit Agarwal and Prateek Kumar in July 2017.
Agarwal said, “Alia's investment is a validation of our efforts and firmly sets us on a path to build a global success story from a Tier III city. The investment and support will help us expand our footprint globally and also step up the pace of R&D.”
The startup says it focuses on the circular economy which converts the floral waste, largely collected from temples, into charcoal-free luxury incense products. It adds it has developed ‘fleather’, an alternative to animal leather, using its flower-recycling technology.
“Phool incense really stands out for its fine natural fragrances and amazing packaging. I admire the founder’s vision of making incense and bio-leather from recycled flowers that contribute to keeping our rivers clean, creating a humane alternative to leather and providing employment to women in India’s heartland,” Bhatt said.
Earlier this year, Bhatt had also invested in lifestyle retailer Nykaa.