Cold chain solutions provider New Leaf Dynamic Technologies, situated in New Delhi, has raised Rs 6.15 crore (about $1 million) in pre-series A funding from the company Good Ventures LLC, which is led by Dustin Moskovitz. The company also announced in a statement that it has received initial finance and incubation support from Social Alpha and the Indigram Labs Foundation.
Water Energy for Food (WE4F) South and Southeast Asia provided a grant of $100,000 in addition to technical assistance, and Villgro, CEEW, and the Ikea Foundation each donated $50,000, according to the announcement.
In the near future, the company intends to expand and develop its product portfolio and make its current product offering, a biomass-powered refrigeration unit called GreenCHILL, available through a wider range of channel partners.
Company representatives have stated that GreenCHILL is a carbon-neutral technology that prevents the annual release of 40 tonnes of greenhouse gas emissions—enough to offset the emissions from up to 20 gasoline cars—and promotes the use of natural refrigerants that have the potential to reduce global warming in line with SDG7.
Akash Agarwal, co-founder of New Leaf Dynamic Technologies, said, “We will be using the capital raised through this round primarily to strengthen India’s cold chain infrastructure, reducing post-harvest losses by replacing conventional compressor technologies with New Leaf’s biomass-powered Made-in-India refrigeration technology which is affordable, sustainable, and reliable.”
“We have been doubling our growth during the last two years, and now buoyed by the funding, we look forward to quadrupling our growth by the conclusion of the current fiscal,” he continued.
Over the next three years, the company plans to expand its support to more than 2 lakh small and marginal farmers. Currently, the programme helps roughly 15,000.
According to the release, CEEW and Villgro Innovations Foundation’s Powering Livelihoods programme is helping various businesses, including New Leaf Dynamic Technologies, develop and implement clean-energy powered livelihood solutions in rural India.
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