Phool.co, an IAN Fund-backed D2C wellness startup, today announced that Alia Bhatt is now an investor in the company.
Founded by engineering graduate Ankit Agarwal in July 2017, Phool.co is an innovative startup focused on the circular economy which converts floral waste into charcoal-free luxury incense products and other wellness products. IAN fund had provided the necessary capital and nurtured the company, while it was at the seed stage.
The startup is also India’s first wellness brand to have Fair for Life- Fairtrade and Ecocert Organic & Natural certifications, according to a company release. With deep-tech research, the startup has also developed “Fleather'' leveraging their flowercycling technology. Fleather is a viable alternative to Animal leather which was recently awarded PETA’s best innovation in the Vegan World. it said.
Alia Bhatt said, “Phool incense really stands out for its fine natural fragrances and amazing packaging. I admire the founder’s vision of making incense and bio-leather from recycled flowers that contribute to keeping our rivers clean, creating a humane alternative to leather and providing employment to women in India’s heartland. I’m proud that these products are created in India and wowing the world and I’m thrilled to join the investors who are backing the company.”
Earlier this year, Alia Bhatt had also invested in Nykaa, the omnichannel lifestyle retailer stating the three reasons she chose the company were its Indian roots, its global scale and that it was founded by a woman.
Padmaja Ruparel, Founding Partner, IAN Fund said, “Innovative solutions for the sustainable development of the community is the need of the hour. Phool.co‘s circular economy model brings triple bottom benefits of environmental, social, and financial sustainability.”
Ankit Agarwal, Founder, Phool.co said,“Alia's investment is a validation of our efforts and firmly sets us on a path to build a global success story from a tier-3 city. The investment and support will help us expand our footprint globally and also step up the pace of RnD.”
IIT Kanpur has been the backbone for the company for its technical research, the press release said. Dr. Abhay Karandikar, Director IIT Kanpur said “I am glad that we could help the company technologically but at the same time, I must acknowledge that Phool.co brought a lot of visibility to our incubator.”
Manoj Kumar, Founding Partner, Social Alpha (FISE) said, “The team has the rare combination of empathy, audacious goals, extraordinary resilience and flawless execution to build and scale a sustainable business model. Phool.co will only grow bigger with time”
Earlier, Phool.co had raised $2 million in a seed round from IAN Fund, Social Alpha (FISE) and Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur.
