Engineered sustainable packaging company Econovus Packaging has raised Rs 40 crore in a pre Series A funding round led by Rainmatter by Zerodha, with participation from Rockstud Capital. The fresh funds will be used to expand into high growth sectors, extending its sustainable packaging platform across automotive, lithium ion batteries, solar infrastructure, steel, defence, and broader industrial supply chains, Econovus said in a press release. Founded in January 2019 by Ramesh Prasad, Econovus provides bespoke end to end packaging and design solutions using its engineered, IP backed materials, space optimisation, and design to cost methodology to help customers reduce their packaging carbon footprint and total cost of ownership. The Pune based company says its portfolio includes UN certified lithium ion battery packaging, heavy duty export packaging, returnable and expendable packaging, and automotive packaging across CKD, SKD, and CBU formats. According to the Government of India, the country's engineering exports reached a record $122.43 billion, making the sector the largest contributor, accounting for nearly 28% of India's total merchandise exports. As cross border industrial supply chains expand, demand for high quality, internationally compliant, and sustainable packaging solutions is expected to grow. Econovus says its packaging solutions reduce logistics costs, improve container utilisation, and lower the carbon footprint of supply chains across the automotive, electronics, clean energy, industrial machinery, and electrical equipment sectors. Bareback Media has recently raised funding from a group of investors. Some of the investors may directly or indirectly be involved in a competing business or might be associated with other companies we might write about. This shall, however, not influence our reporting or coverage in any manner whatsoever. You may find a list of our investorshere.
