Sustainability
Bengaluru-based cleantech startup altM has raised $10.3 million in a Series A funding round led by Rainmatter by Zerodha and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact also participated, along with VC Grid and strategic angel investors.
Founded in 2022 by former Tesla manufacturing leaders Apoorv Garg and Yugal Raj Jain, altM develops specialty chemicals and biomaterials by converting agricultural residues such as sugarcane bagasse and rice straw into high-performance industrial materials.
The company will utilise the fresh capital to expand manufacturing capabilities, research and development, customer qualification programmes, and engineering and commercial teams as it transitions from pilot-scale production towards commercial manufacturing. It has advanced six molecules to demonstration scale, with three selected for pilot production.
Why It Matters
The funding supports the development of sustainable alternatives to fossil-derived industrial materials, while unlocking commercial value from agricultural waste.
CXO TechBOT Perspective
altM’s Series A marks a significant step in scaling deeptech-led sustainable manufacturing in India. Its ability to convert agricultural residue into high-performance specialty chemicals could reshape industrial supply chains and strengthen the country’s emerging bio-based materials ecosystem.
