A bio technology based R&D startup startup firm Dharaksha Ecosolutions has extracted Rs.24.8 crore in seed funding round, which was led by Avaana Capital. Previously the investor firm LetsVenture and few others have injected Rs.5.22 lakh in the company.

The newly infused fund will be utilized for scaling up production, advancing research and development, and enhancing the company's market presence. Through the advanced biotechnology solutions the company is trying to promote the sustainability.

The co-founder of Dharaksha Ecosolutions, Arpit Dhupar mentioned, "Since this is a new technology, we have to demonstrate to the world that manufacturing via biotechnology is sustainable, feasible, and scalable."

The company is aiming to start making the production plant by March with 60% of the secured amount and the rest of the amount will be utilized to research and development, salaries, and market expansion.

The company has already started their operational activity for its fully biodegradable mycelium-based packaging materials, which is a good substitute for conventional packaging.

The company has set up a production facility in Faridabad, which is precisely located in Delhi-NCR.

Arpit Dhupar also mentioned that,the facility would be the new foundational stone for the company. This noble initiative will help them to scale up their production of developing mycelium-based materials which is as durable as wood and safe on nature and environment.

The company will soon unveil door to potential applications in the furniture and lumber industries.

The startup has gained widespread recognition during its appearance on Shark Tank India Season 3, where it secured an all-shark deal. The company is working on alternatives for plastic films, which too will be made from extracts generated by mushrooms in the submerged growth stage.