Amwoodo raises $4 million from Rainmatter, others

Nithin Kamath-backed Amwoodo, a Kolkata-based sustainable startup, has raised $4 million or about Rs 35 crore from multiple investors such as Adventz and Caspian as it looks to double its revenue this year.

Kamath's Rainmatter has put in $2 million while Adventz, Caspian and Singapore's ThinKuvate have invested $2 million between them, Amwoodo founder and chief executive Agni Mitra told ET.

The Kolkata-based firm, a producer of bamboo-based alternatives to single-use plastics, is looking to double its revenue to about Rs 100 crore this financial year from Rs 52 crore in the last fiscal.


“It is a shared commitment to rewriting the story of sustainability. This funding is a reflection of their support for our model. We would not only like to scale our business; we are fueling a movement to make eco-conscious living the norm, not the exception," he said.

Rainmatter, a start-up financier, was the first institutional investor for Amwoodo with $1 million in 2024.

With the fresh investment, the firm plans to scale production capacity, enter the D2C market through its own marketplace, Ecoconsious, and launch other plastic-alternative brands.

Mitra expects growing demand from the festive season onwards when it gets big orders from five-star hotel chains. He said that it has established B2B partnerships with ITC Hotels, Taj Hotels and Hyatt as well as Himalaya Wellness Company and Bombay Shaving Company. It is expanding into the direct-to-consumer (D2C) space through its marketplace Ecoconsious.

Mitra founded Amwoodo in 2019 with a Rs 20 lakh bank loan.