Phool.co swoons Alia Bhatt into investing in it
After investing in Nykaa last year, Alia Bhatta joined as one of the investors in an IIT Kanpur-backed company Phool, which converts floral waste into charcoal-free luxury incense products and other wellness products.
Phool.co was founded by engineering graduate Ankit Agarwal in July 2017, the idea of using floral waste lifestyle products was nurtured and funded in the light of encouraging circular economy by IIT Kanpur during the initial stage. Now it has expanded its operations and has achieved 130% YoY growth for the past two years.
Supported by strong RnD efforts, the organization aims to bring dignified livelihoods to the craftsmen in line with the sustainable development goals of creating a circular economy, promoting sustainable consumption. The brand also has Fair for Life – Fairtrade and Ecocert Organic & Natural certifications. The startup has leveraged its technology to launch “Fleather”, a viable alternative to animal leather.
Admiring the endeavors of Phool.co, Bhatt said in a statement, “Making incense and bio-leather from recycled flowers is thoughtful as they contribute to keeping rivers clean, creating a humane alternative to leather and providing employment to women in India’s heartland.”
Abhay Karandikar, Director IIT Kanpur said, “In addition to sustainable and eco-friendly waste flower management, it is helping the upliftment of hundreds of women along the way.”
In a media release, Ankit Agarwal, founder Phool.co, said the actor’s investment was a validation of their efforts and firmly sets the startup on a path to build a global success story from a tier 3 city.
Earlier, Phool.co had raised US $ 2 Million in a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur.
