Specialty Chemicals Startup altM Secures $10.3M in Series A Round

5 Nov 2026, 11:00 am · 3h ago · 1 min read · EntrackrNew

Amount

$10.3M

Stage

Series A

Lead

Rainmatter and Mela Ventures

Bengaluru-based biomaterials startup altM has raised $10.3 million in Series A funding led by Zerodha's Rainmatter and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures, Spectrum Impact, VC Grid, and select angels also participated. Founded in 2022 by former Tesla leaders Apoorv Garg and Yugal Raj Jain, altM converts agricultural residue like sugarcane bagasse and rice straw into industrial chemicals for personal care, packaging, textiles, and consumer goods. The fresh capital will fund commercial manufacturing expansion, customer qualification programs, team scaling, and R&D at its integrated pilot facility in Bengaluru.