Phool the creator of flowercycled incense announced today it has secured $8 million in Series A funding, from consumer fund, Sixth Sense Ventures. Existing investors, actress Alia Bhatt and IAN fund also participated in the funding round.
Commenting on the latest investment in the startup Phool, Alia Bhatt, who is known for her environmental initiatives, said, “Phool incense is now my chosen gift for most special occasions. The natural fragrances and packaging are exquisite. Less chemical and floral waste means cleaner rivers so these products are also a gift to our planet. I believe Phool will be an important global aromatherapy story to emerge from India. And the company’s plant-based leather will also be a more humane choice for the world’s top luxury brands. As a Phool customer and as an investor, I’m putting my money where my belief is.”
Phool plans to expand operations further, enter in to new domestic and global growth opportunities and create India’s largest fragrance brand. Furthermore, it will also accelerate R&D efforts to make animal leather obsolete with Fleather, the revolutionary vegan alternative to animal leather.
Founder Ankit Agarwal said, “In a short time, our modest efforts have managed to create a dent in the Indian fragrance industry. Phool as a brand today is synonymous with luxury fragrance products on account of our unwavering focus on superior product experience, and honest ingredients. We plan to transform the global home fragrance market, and build a distinct brand with our product range. We have already made strong inroads in the rapidly growing Indian market that has been starved for good quality products. The Sixth Sense investment is a testament to our vision to build a global fragrance brand from India. I believe Nikhil’s acumen and knack for unlocking opportunities will fuel our growth story in the years to come. ”
Phool.co has created a whole new perspective to home fragrances, and the way Indian consumers look at home fragrances through their award-winning incense made from temple flowers. Reigniting India’s $3.2 billion home fragrance category, Phool has turned the jaded incense category into an experiential lifestyle one.
The brand has created a strong customer base, and has succeeded in making incense a part of their daily wellness routines. With a DNA driven by transformative innovation, and deep R&D, this IIT-backed startup has also put India on the global innovation map with their path-breaking invention, Fleather – ‘leather made from flowers’.
Nikhil Vohra, Founder and CEO of Sixth Sense Ventures, said, “The under-penetrated home fragrances industry presents a large, white space to be exploited. Plus, a clear shift to natural and sustainable alternatives is creating a strong demand for Phool’s products. The brand’s premium and international appeal can be easily leveraged across the globe, presenting a huge untapped opportunity for Phool’s certified, Indian-origin products.
Nikhil added, “A keen innovator and acute executioner, Ankit and his unrelenting spirit has led him to build an outstanding team with multiple patents to their name. Their moonshot, Fleather, is a game-changing innovation, and presents a massive potential opportunity. Super thrilled to partner with Ankit and team to dominate the global market”
Phool Fragrance to enter more homes as it bags fresh funding
Fleather, a breakthrough material that performs and feels exactly like leather, is non-animal and non-plastic. The revolutionary material is an answer to the underserviced, rapidly growing, consumer demand for a vegan, cruelty-free alternative to animal leather. With this indigenous, homegrown alternative, Phool plans to transform the $550 billion global leather goods industry.
With a solid IP portfolio in its kitty, Phool has signed pilots with some of the world’s largest fashion houses. Awarded the Best Innovation in Vegan Fashion by PETA , Fleather is the answer to one of the world’s highest polluting industries.
For its endeavours to make innovative and sustainable products, Phool.co has received several international recognitions including the prestigious United Nations Young Leaders Award for Sustainable Development Goals, United Nations Momentum of Change Award at COP, Asia Sustainability Award, Hong Kong, Alquity Transforming Lives Awards, London, and Breaking the Wall of Science, Berlin.
Earlier, Phool.co had raised a seed round from IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur.
