altM Raises USD 10.3 Million in Series A

altM, a Bengaluru-based cleantech startup has raised USD 10.3 million in a Series A round led by new investors Rainmatter by Zerodha and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also participated. The round comes nearly three years after altM’s USD 3.5 million seed round in 2023.

The funds will go toward expanding manufacturing, building a sales pipeline and R&D with a large portion set aside for a 1,000-tonne-per-year commercial facility by 2028. Over five years, altM plans to scale capacity to 10,000 tonnes per year.

Founded in 2022 by former Tesla executives Apoorv Garg and Yugal Raj Jain, altM converts lignocellulosic biomass, including sugarcane bagasse and rice straw, into specialty chemicals and biomaterials. The company is currently focused on beauty and personal care (BPC) with R&D covering construction, electronics, automotive, polymers and battery materials.

“In the short term, we want to start converting revenues and building our sales pipeline from the pilot plant,” said Apoorv Garg, Co-founder and CEO, altM.