Private Equity

Angel Investments

Compostable packaging solutions provider PeelOn raises $1-M from GrowX Ventures, Climate Angels, oth

Economic Times  

Visakhapatnam-based biotech startup PeelOn has raised USD 1 million in its maiden funding round led by venture capital (VC) firm GrowX Ventures. The round also saw participation from Boston Venture Group, Clean Energy Venture Group, and Climate Angels. The company is valued at USD 7.9 million.The startup plans to use the funds to strengthen its research and development (R&D) and production facilities, expand its sales and regulatory teams in the US and India, launch marketing campaigns for leafy greens, bananas, and grapes, and work on certifications and regulatory filings across global markets.Founded in 2022 by Taraka Ramji Moturu and Venkata Ravi Sankar Ummidi, the company develops compostable packaging solutions that can extend the shelf life of fruits and vegetables by up to three times. Operating on a B2B (business-to-business) model, it partners with farmers, exporters, and retailers to reduce reliance on single-use plastics across the fresh produce supply chain.