Alia Bhatt has joined the board of directors of Phool. co, a D2C wellness firm funded by IIT Kanpur.
Phool.co, founded in July 2017 by engineering graduate Ankit Agarwal, is a circular economy-focused firm that turns floral waste into charcoal-free luxury incense and other wellness items. The company is also the first wellness brand in India to be certified by Fair for Life-Fairtrade and Ecocert Organic & Natural.
The startup has also developed “Fleather” using their flower cycling technology, based on deep-tech research. Fleather is a feasible alternative to animal leather, and it was recently named PETA’s finest vegan innovation.
“Phool incense really stands out for its exquisite natural smells and amazing packaging,” Alia Bhatt, who is known for her environmental endeavors, said of the latest investment.
I’m delighted that these products are made in India and are wowing the world, and I’m excited to join the company’s investors.”
Alia Bhatt invested in Nykaa, the omnichannel lifestyle retailer, earlier this year, citing three reasons for her decision: the company’s Indian roots, worldwide reach, and the fact that it was started by a woman.
IIT Kanpur had put money into the company and fostered it when it was just an idea. “IIT Kanpur is happy to be a partner of PHOOL,” remarked Dr. Abhay Karandikar, Director IIT Kanpur, in response to the current development.
“At Phool. co, we aspire to promote systemic change through innovation,” stated Ankit Agarwal, founder.
The financing and support will enable us to extend our global footprint while also speeding up our R&D. I’m delighted to announce that Phool. co was founded, led, and is now even invested in by women.”
“Ankit has truly proved how passionate entrepreneurs can solve some of our most complicated challenges with their innovative solutions,” Manoj Kumar, Founding Partner, Social Alpha (FISE), remarked of the newest development.
“Innovative solutions for the community’s sustainable growth is the need of the hour,” Padmaja Ruparel, Founding Partner, IAN Fund, remarked in response to the new development.
The circular economy concept is used by Phool. co provides triple-bottom-line benefits in terms of environmental, social, and financial sustainability. Ankit is a driven entrepreneur who is focused on a broad market and creating value for both his customers and his employees.”
Phool. co has received numerous international awards for its efforts to create innovative and sustainable products, including the prestigious United Nations Young Leaders Award for Sustainable Development Goals, the 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.
IAN Fund, Social Alpha (FISE), Draper Richards Kaplan Foundation (San Francisco), and IIT Kanpur had previously invested $ 2 million in Phool. co in a seed round.