Business · Companies · 59 mins ago
altM raises $10.3 million to expand manufacturing of plant-based chemicals
Bengaluru startup altM raised $10.3 million in a Series A funding round led by Rainmatter and Mela Ventures.
Founded in 2022, the company makes specialty chemicals and biomaterials from agricultural waste such as rice straw and sugarcane residue.
Its process aims to turn plant material into alternatives to chemicals made from fossil fuels.
The funding will support manufacturing, sales and research, including a commercial plant designed to produce 1,000 tonnes a year by 2028.
altM has installed a smaller pilot plant in Bengaluru and is preparing to begin commercial production after completing certifications and validations.
It expects to start fulfilling customer orders in the current quarter and plans its first product launches in the following quarter.
The company is targeting beauty and personal care first, while its research also covers industries such as construction, electronics and automotive.
Bengaluru-based cleantech startup altM has raised $10.3 million in a Series A funding round.
The round was led by Rainmatter and Mela Ventures, with existing investors also participating.
altM will use the funding to expand manufacturing, build its sales pipeline and continue research and development.
The company plans to establish a commercial plant with capacity of 1,000 tonnes per year by 2028.
It makes specialty chemicals and biomaterials from agricultural residue for industrial use.
- Who
- altM, a Bengaluru-based cleantech startup.
- What
- It raised $10.3 million in a Series A funding round.
- When
- The round was reported on November 5, 2026.
- Where
- Bengaluru, India.
- Why
- To expand manufacturing, build its sales pipeline and continue research and development.
This story does not have two clearly opposing sides.
altM raised $3.5 million in a seed round.
The company began installing its 70-tonne-per-year pilot plant in Bengaluru.
altM completed installation of the pilot plant and said it was preparing for commercial production.
Inc42 reported that altM had raised $10.3 million in a Series A round.
- Funding
- $10.3 million
- Round
- Series A
- Lead investors
- Rainmatter and Mela Ventures
- Planned commercial plant
- 1,000 tonnes per year by 2028
- Pilot plant
- 70 tonnes per year in Bengaluru
3 sources
What people are saying
We have three large focus areas for the company today. In the short term, we want to start converting revenues and building our sales pipeline from the pilot plant. From a manufacturing perspective, a large chunk of our investment will go into building the next 1,000-tonne-per-year commercial plant.
The major influx will be on sales.