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Avaana Capital leads Seed round in Dharaksha Ecosolutions

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Biotech-driven R & D start-up Dharaksha Ecosolutions has raised Rs 24.8 crore (about $2.95 million) in a Seed funding round led by Avaana Capital. Dharaksha had previously raised $522K led by LetsVenture and others. It was also featured on Shark Tank India Season 3, where it secured an all-shark deal. The proceeds will be utilized to expand its production capabilities, intensify R&D practice and strengthen market presence, Dharaksha Ecosolutions said in a press release. Co-founded in 2020 by Anand Bodh and Arpit Dhupar, Dharaksha Ecosolutions replaces conventional plastic and petroleum-based packaging with sustainable alternatives made from agricultural waste. It utilizes agricultural waste as feedstock to develop mycelium-based packaging materials that are fully biodegradable. The Delhi-based company aims to create a sustainable alternative to non-biodegradable materials, completing a circular ecosystem by returning nutrients to the soil through composting. Dharaksha claims that it is also working on alternatives for plastic films, which too will be made from extracts generated by mushrooms in the submerged growth stage. These films are waterproof and biodegradable, offering a sustainable replacement for conventional plastic films. Both the MDF board alternative and the plastic films are currently at the lab stage and will undergo third-party testing and market validation. Dharaksha plans to commercially launch these products by next October.