MicroBite Raises $1.5 M Funding In PreSeries-A From Vijay Madduri, Angel Investors
The funds raised will be deployed for establishing a bioethanol plant that utilises its proprietary ‘counter-ﬂow multistage extractive fermentation’ technology in producing BioEthanol with improved chemical kinetics
MicroBite, a sister concern of the award-winning startup ThePhiFactory, has raised $1.5 Mn from Vijay Madduri, the ISL winning Hyderabad FC’s co-owner and other angel investors.
The funds raised will be deployed for establishing a bioethanol plant that utilises its proprietary ‘counter-ﬂow multistage extractive fermentation’ technology in producing BioEthanol with improved chemical kinetics. The startup is also aiming to further its R&D ﬁndings for extension of this technology to other potential applications such as Beverages, Active Pharmaceutical Ingredients, BioPlastic industries.
Praveen Gorakavi, CEO, Microbite said, “With the infusion of additional incentives by the Government of India via the National Ethanol Blending Programme, the Ethanol market in India is set to grow 250% by 2025-26. There is a wide gap between demand and supply, provoking an ‘Ethanol Rush’. A lot of companies are looking to enter the biofuel industry, however, the nature of capital requirement is inﬂuencing their possibilities. Economies of scale are hampering the chances of smaller sized players in the industry. We have developed a technology that not only makes it possible to set up a production plant at reduced capital costs but also operates with improved chemical kinetics; while also giving an option of raw material switchability. We can switch our fermenters between grain-based and molasses-based, even during the operation without needing maintenance time oﬀ”
Vijay Madduri, the leading Investor who co-owns the Hyderabad Football Club that recently turned victorious in Indian Super League 2022, said “BioEthanol will be a major contributor towards environmental sustainability in the future. Indian Government is rightly promoting the biofuel industry via Ethanol blending programme, aiming to reduce the country’s carbon footprint. We are conﬁdent on our technology and this is just about right time to enter in this industry.”