Peelon Secures $1 Million funding to Revolutionize Produce Packaging

Peelon has raised $1 million in its maiden funding round, led by growX ventures, with participation from Boston Venture Group, Clean Energy Ventures Group, and Climate Angels.

Founded by Dr. Taraka Ramji Moturu, Ph.D., and Dr. Venkata Ravi Sankar Ummidi. Ph.D. in 2022, Visakhapatnam, India, Peelon is building compostable packaging that can triple the shelf life of fruits and vegetables.

They work B2B, collaborating with farmers, exporters, and retailers to reduce the use of single-use plastics in the fresh produce supply chain.

The fresh capital will be used to boost R&D and production in Visakhapatnam, grow sales and regulatory teams in the US and India, run marketing campaigns for leafy greens, bananas, and grapes, and handle certifications and regulatory approvals worldwide.

Moving from pilot stage to commercial orders, with about 60% of business from the US-Mexico corridor and 40% from India.

Aim to reach an annual revenue of $1 million by next year.