Proklean Technologies is not another technology startup that is looking to raise multiple rounds of funding to acquire customers through discounts. It neither uses a set of deep technologies including blockchain, AI or machine learning to churn data. Yet it has been able to get job portal Naukri.com’s founder and angel investor Sanjeev Bikhchandani to back its idea.
Proklean, which uses probiotic technology to develop non-toxic and biodegradable products to replace toxic chemicals used in multiple applications, raised Rs 1.75 crore from Bikhchandani, said regulatory filings sourced by business signals platform Paper.vc.
“As the world moves towards more environment-friendly technologies to develop products that are not harmful to humans and nature, this could become an important company ahead,” Bikhchandani told Financial Express Online.
I had also backed them seven years ago and the current investment is a top-up of that, Bikhchandani said.
GSR Travel and Retail Ventures (Brandmidas), which offers consulting and support services to aviation, hospitality, staffing and HR and other markets, also participated in the round.
Prokleak probiotic technology that it defines as “naturally occurring, live beneficial bacteria applied to an industrial fermentation system” to develop non-toxic products to replace the use of chemicals in industries including textile processing, hospitality and waste management, paper, and leather.
The company was founded in 2009 by Sivaram Pillai, B. Chandrasekhar and Vishwadeep Kuila.
Proklean had raised Rs 3.5 crore in June 2015 from IIM Ahmedabad CIIE s cleantech-focused fund Infuse Ventures. Chennai Angels had also backed the company in an earlier round.
Globally, Proklean has a presence in countries including the USA, China, the Philippines, Mexico, Brazil, Bangladesh, Australia, Germany, South Africa, Spain, Thailand, Turkey, and Hungary.
Bikchandani has been among the earlier angel investors in the startup ecosystem having backed companies including Zomato, Policy Bazaar, Wow! Momo, Meritnation, Happily Unmarried etc.