PeelOn raises $1 million in funding round led by GrowX Ventures

PeelOn, , a biotech startup has raised $1 million in its maiden funding round led by deeptech-focussed venture capital (VC) firm GrowX Ventures. 

Boston Venture Group, Clean Energy Venture Group, and Climate Angels also participated in this round.

After its maiden funding round, the company is now valued at $7.9 million.

Read also- Famyo raises Rs 4 crore seed funding from IAN Angel Fund, others

The startup will use the funds to boost R&D and production in Visakhapatnam, grow its 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.

“We are primarily working in the US-Mexico corridor and the Indian market, which are our two major markets. We are currently moving from the pilot stage to commercial orders, with about 60% of our business coming from the US-Mexico corridor and 40% from India,” founder and chief executive Taraka Ramji Moturu said.

“We use plant-based additives that are encapsulated and integrated into the packaging itself, making it easy to plug and play into the supply chain. Once the produce is packed, the additives are released, helping delay ripening, maintain freshness, and prevent bacterial or fungal infections, which are common in the produce industry,” said Moturu.

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Manish Gupta, general partner at GrowX Ventures, said, “PeelOn is tackling one of the most urgent, overlooked challenges in global fresh produce supply chains—plastic waste and perishability. What excites us is not just their novel material science, but the clear commercial validation from exporters across India and the US.”

About PeelOn 

Founded in 2022 by Moturu and Venkata Ravi Sankar Ummidi, PeelOn creates compostable packaging that can triple the shelf life of fruits and vegetables. Working B2B, it collaborates with farmers, exporters, and retailers to cut down on single-use plastics in the fresh produce supply chain.

The company is also focusing its R&D on retail areas with heavy plastic use, like milk pouches. Moturu says they aim to reach an annual revenue of $1 million by next year.