PE-VC Fund Investments
Converter of agri-waste to textile fiber Canvaloop raises Rs.13.3 Cr led by GVFL
Surat-based Canvaloop has raised INR 13.3 crore led by GVFL (INR 10 crore), with participation from Rockstud Capital (INR 3.3 crore).Founded in 2020 by Shreyans Kokra, Canvaloop converts agricultural waste and crop residues into spinnable materials, including HempLoop, FlaxLoop, BanLoop, NettleLoop, and PineLoop.The fresh funds will be used by the company to increase its production capacity from 30 tonnes to 300 tonnes per month over the next six to twelve months. The funds will also be used to assemble a new team and pioneer regenerative cellulose research and development.
In Nov-21, Canvaloop had attracted about USD 0.20 M from Theia Ventures and others.For FY25, Canvaloop had reported about INR 10.96 Cr in Operating Income and about INR 0.04 Cr in PAT
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