Phool, India’s first biomaterial company and wellness brand focused on eco-friendly recycled flower products, has raised $8 million in Series A funding led by consumer fund Sixth Sense Ventures. Existing investors, including actress Alia Bhatt and the IAN fund also participated in the round.
“In a short time, our modest efforts have managed to create a dent in the Indian fragrance industry. We plan to transform the global home fragrance market, and build a distinct brand with our product range,” said Ankit Agarwal, the founder of Phool.
- The Kanpur-based firm collects floral waste from three Indian cities, including one of the country’s largest temples (Kashi Vishwanath), preventing 13 tonnes of discarded flowers and harmful chemicals from entering the rivers each day. Using the patented ‘flower cycle’ technique, self-help women’s groups handcraft the refuse into trademarked charcoal-free incense sticks and essential oils.
- With their award-winning incense created from temple flowers, Phool.co has changed the way Indian customers think about home fragrances. It has transformed the jaded incense industry into an experience lifestyle category, reviving India’s $3.2 billion home fragrance market.
- The brand has effectively captivated the interest of consumers searching for high-quality home fragrances. Incense has become a part of daily wellness routines. The IIT-backed firm has also put India on the world innovation map with its path-breaking creation, Fleather – “leather created from flowers”.
Nikhil Vohra, Founder and CEO of Sixth Sense Ventures, said, “The under-penetrated home fragrances industry presents a large, white space to be exploited. Plus, a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products.
Phool intends to use the funds raised to expand operations, investigate untapped local and worldwide development prospects, and establish itself as India’s leading fragrance brand. It also wants to quickly scale up its R&D efforts to replace animal leather with Fleather, a vegan equivalent.
Phool.co has received numerous international awards for its efforts to create innovative and sustainable products, including the prestigious United Nations Young Leaders Award for Sustainable Development Goals, the United Nations Momentum of Change Award at COP, Asia Sustainability Award, Hong Kong, Alquity Transforming Lives Awards, London, and Breaking the Wall of Science, Berlin.