New Leaf Technologies Raises INR 6.15 Cr Pre-Series A Funding
New Leaf Technologies had earlier raised seed funding and incubation support from Social Alpha and Indigram Labs Foundation
New Delhi-based cold chain solutions provider enterprise New Leaf Dynamic Technologies raised INR 6.15 crore in equity funding in its Pre-Series A Round from the founder of Asana, Dustin Moskovitz, a US-based entrepreneur-turned-investor. The investment is made by Moskovitz's firm Good Ventures LLC, a for-profit investment organization that claims to donate all of its earnings to the Good Ventures Foundation.
Additionally, New Leaf Technologies raised seed funding and incubation support from Social Alpha and Indigram Labs Foundation. Previously, they have also received a grant of $50,000 from Villgro, CEEW and Ikea Foundation, alongside a grant of $100,000 and technical assistance from Water Energy for Food (WE4F) South and Southeast Asia.
New Leaf Technologies aims to increase and strengthen its product portfolio in the near future and make its existing product offering, a biomass-powered refrigeration unit GreenCHILL™, available to a greater number of channel partners working towards fortifying India's rural cold chain. GreenCHILL™ is a carbon-neutral technology that saves 40 tons of GHG emissions per year, equivalent to the carbon footprint of up to 20 petrol cars and advocates the use of natural refrigerants which have global warming reduction potential in alignment with the SDG7.
"We at New Leaf are delighted to raise our Pre-Series A funding from Dustin Moskovitz' Good Ventures. We will be utilizing the capital raised through this round majorly to strengthen India's cold chain infrastructure — reducing post-harvest losses by replacing conventional compressor technologies with New Leaf's biomass-powered Made-in-India refrigeration technology which is affordable, sustainable and reliable. We are confident in delivering more valuable products for the agriculture sector as well as building value for our investors. We have been doubling our growth since the last two years, and now bolstered by the fundraising, we look forward to quadrupling our growth by the end of the current fiscal," said Akash Agarwal, Co-Founder, New Leaf Dynamic Technologies.
"An important objective of our program is to enable our incubatee companies to become funding-ready. We help them strengthen regulatory compliance, scale operational processes and meet downstream funders. We are very happy to see New Leaf benefiting from our program and raising their next round of funding," said Ananth Aravamudan, Sector Lead, Climate Action at Villgro, representing the Powering Livelihoods program.