Cleantech Startup altM Raises $10.3 Million in Series A Funding

5 Nov 2026, 6:00 am · 2h ago · 1 min read · Inc42New

Amount

$10.3M

Stage

Series A

Lead

Rainmatter

Bengaluru-based biomaterials startup altM has secured $10.3 million (₹97.5 crore) in a Series A funding round co-led by Rainmatter and Mela Ventures, with participation from Omnivore, Theia Ventures, Aureolis Ventures, and Spectrum Impact. Founded in 2022 by former Tesla executives Apoorv Garg and Yugal Raj Jain, altM develops specialty chemicals and industrial biomaterials from agricultural residue such as sugarcane bagasse and rice straw. The company plans to use the capital to expand manufacturing capabilities, build its sales pipeline, boost R&D, and establish a 1,000-tonne-per-year commercial production plant by 2028.