Originals · Startup · Startups & Fintech
altM raises $10.3 million Series A to turn farm residue into industrial chemicals
Rainmatter by Zerodha and Mela Ventures join existing backers as the Bengaluru deeptech firm moves from pilot plants toward commercial manufacturing.
Bengaluru specialty chemicals startup altM said on 5 November 2026 that it has closed a $10.3 million Series A round, with new investors Rainmatter by Zerodha and Mela Ventures joining existing backers Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact, plus VC Grid and strategic angel investors. The company announcement and independent reports in Business Standard and Entrackr put the use of funds on manufacturing scale-up, research and development, customer qualification programmes, and engineering and commercial hiring as altM shifts from pilot production toward commercial manufacturing.
Founded in 2022 by former Tesla manufacturing leaders Apoorv Garg and Yugal Raj Jain, with bioprocessing scientist Dr Harshad Velankar later joining as chief scientific officer, altM converts lignocellulosic agricultural residue such as sugarcane bagasse and rice straw into materials aimed at beauty and personal care, textiles, industrial chemicals, construction, packaging and consumer goods. The company says its platform uses cellulose, hemicellulose and lignin fractions from a single feedstock so agricultural residue can serve as industrial carbon instead of fossil-derived inputs.
Since a $3.5 million seed round in 2023, altM has built an integrated R&D and pilot manufacturing facility in Bengaluru. Company and press accounts say it expanded its laboratory footprint nearly fivefold, commissioned a demonstration manufacturing facility, advanced six molecules to demonstration scale, and selected three for pilot plant production. Early products moving toward commercialisation include a lignin-derived SPF booster for suncare, a cellulose-based rheology modifier, and bio-derived ferulic acid for cosmetics and personal care.
Rainmatter climate and deeptech lead Abhinav Negi and Mela Ventures managing partner Krishnakumar N both framed the round as a bet on materials that can match fossil-derived performance while changing the carbon source. Co-founder and CEO Apoorv Garg said the company is building a new source of industrial carbon from agricultural residue and focusing on performance, cost, quality and scale that industrial customers will accept.
