altM, a Bengaluru startup that turns agricultural residue into specialty chemicals, has raised $10.3m in a Series A round. The company announced the funding on 5 November 2026.
Rainmatter by Zerodha and Mela Ventures came in as new investors. Entrackr reported that the two firms led the round, while altM's own announcement describes them only as new investors. Existing backers Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also invested, together with VC Grid and a group of strategic angel investors.
altM did not disclose a valuation. The Series A follows a $3.5m seed round in 2023.
“Industrial manufacturing has relied on fossil carbon for more than a century.”Apoorv Garg, Co-founder and CEO, altM
What altM does
The company works with lignocellulosic biomass, the woody material in crop waste such as sugarcane bagasse and rice straw. It separates that material into its three main components, cellulose, hemicellulose and lignin, so that a single feedstock can yield several products. Entrackr lists personal care, textiles, industrial chemicals, construction, packaging and consumer goods among the markets it targets.
Its first products close to market are aimed largely at cosmetics: a lignin-based booster for sun protection factor in suncare, a cellulose-based rheology modifier, an ingredient that controls how thick or runny a formulation is, and ferulic acid made from biological sources.
Co-founder and chief executive Apoorv Garg framed the business as a replacement for petrochemical inputs. "Industrial manufacturing has relied on fossil carbon for more than a century," he said in the announcement.
From the lab to a plant
altM said it had grown its laboratory space almost five times over in less than two years and had commissioned a demonstration manufacturing facility. Six of its molecules have reached demonstration scale, and three of those have been chosen for production in a pilot plant. The company did not disclose revenue or customers.
The new money is meant to carry it from pilot-scale work toward commercial manufacturing. altM said it would spend on manufacturing capacity, research and development, programmes to qualify its materials with customers, and larger engineering and commercial teams.
Who is behind it
Garg and co-founder Yugal Raj Jain, the chief operating officer, both held manufacturing leadership roles at Tesla before starting altM in 2022. Dr Harshad Velankar, a bioprocessing scientist, joined later as chief scientific officer. Jain said in the announcement that bringing a material from the lab into commercial production takes more than showing that it works.
"We are pleased to partner with altM as they move into commercial-scale production," said Abhinav Negi, who leads climate and deep tech at Rainmatter by Zerodha. Krishnakumar N, managing partner at Mela Ventures, said deep-tech problems require research across several connected fields. Abhilash Sethi, a partner at seed investor Omnivore, said altM had shown a rare ability to make the move from lab to production.
The funding so far
The Series A is altM's second disclosed round, coming about three years after its $3.5m seed round in 2023. Four of its earlier backers, Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact, invested again this time.
altM has not published a total raised, a valuation or a headcount. Entrackr gave no rupee figure for the round, which the company announced in US dollars.
Other bets on Indian chemicals
altM is one of several Indian chemicals and materials startups to raise money this year. Entrackr named Scimplifi, Covvalent, Atomgrid and Tulon Materials as others that have closed rounds in 2026.
Company website: altm.bio