GreenPod Labs Raises INR 4.05 Crore In Seed Round The funds will be utilized to speed up product development and scale biotech-based packaging products commercially
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GreenPod Labs, an agri-biotech startup, has raised INR 4.05 crore in its pre-Seed round led by Indian Angel Network with Rockstart as a co-investor. The Chennai-based startup aims to utilize the freshly infused investment to strengthen its R&D foundation and commercially scale product portfolio.
"Even after being the second-largest producer of fruits and vegetables, India losses over 40 per cent of the fresh produce before it reaches the consumers. Each year, the country bears an economic loss ranging over $12 billion due to the lack of proper storage facilities. At GreenPod Labs, we are committed to solving this issue by developing cost-effective storage solutions. Our core objective is to create sustainable packaging products to minimize agricultural food wastage in India. With the recent funding, we plan to bolster our R&D foundation, both for biotech products and data science platforms. Also, we look forward to commercially scaling our three core products this year," said Deepak Rajmohan, co-founder, GreenPod Labs.
"GreenPod Labs is revolutionizing the agri-biotech industry. They have been building a range of innovative biotech-based solutions for prolonging the life of fresh produce at ambient temperature. It is a one-of-its-kind initiative that caters to agricultural producers, distributors and retailers to help them extend the fresh produce shelf life during transport and storage by 40 per cent. We are delighted with our association and look forward to their forthcoming business expansion and growth," said Uday Chatterjee, lead investor, IAN.
Founded in 2019 by Deepak Rajmohan and Vijay Anand, GreenPod Labs intends to minimize fresh produce loss by introducing cost-effective packaging solutions. The company has developed biotech-based packaging sachets that extend the shelf-life of fruits and vegetables by eliminating the need for cold storage and cold supply chains. GreenPod Labs targets farmers, distributors, retailers, and eCommerce platforms with crop-specific solutions that increase their shelf life at ambient temperatures.