Canvaloop Raises INR133 Million to Increase Textile Production Capacity Tenfold

AI Summary

Canvaloop, an Indian startup founded in 2020, secured a total of INR133 million (approximately $1.4 million) in funding, including INR100 million from GVFL and INR33 million from Rockstud Capital. The company aims to expand its textile production capacity from 30 tonnes to 300 tonnes monthly and enhance research in regenerative cellulose. Canvaloop currently serves over 200 clients and focuses on producing sustainable textile-grade materials from agricultural waste. This funding aligns with broader industry goals to reduce greenhouse gas emissions from fiber production by 45% by 2030.