# altM raises USD 10.30 million Series A to scale farm-waste chemicals from pilot production

- Published: 2026-11-05 13:35 UTC
- Section: Industry & People › Start-ups
- Tags: altM Series A, speciality chemicals startup, chemicals from crop residues, sugarcane bagasse, rice straw, lignin SPF booster, cellulose rheology modifier, ferulic acid, Rainmatter Mela Ventures, bio-based chemicals India
- URL: https://realtech.media/news/rt-18f13f0c4ca324e4d646a4d8_altm_raises_usd/

**Bengaluru startup altM, which makes ingredients for cosmetics, textiles and packaging from crop residues, will use the round to move from pilot to commercial production.**

![altM raises USD 10.30 million Series A to scale farm-waste chemicals from pilot production](https://sgzwpqqelzmajkcubgkl.supabase.co/storage/v1/object/public/rt-media/2026/11/9314e789d9630ab8.jpg)
*IPO Central*

Bengaluru-based speciality chemicals startup altM has raised USD 10.30 million (~INR 97.50 crore) in a Series A round, the company announced on 5 November 2026, IPO Central reports. [1] Rainmatter by Zerodha and Mela Ventures joined as new investors, and existing backers added more money. [1] Together with the seed round, altM has disclosed USD 13.80 million raised so far. [1]

## Crop residues as chemical feedstock

altM converts farm leftovers such as sugarcane bagasse and rice straw into chemicals used in cosmetics, textiles and packaging. [1] These residues contain three main components: cellulose, hemicellulose and lignin. The company's process separates them and converts each into a different product, so one type of waste yields several materials. [1] The stated aim is to supply materials that are now commonly made from fossil fuels.

Three products are named. An SPF booster is derived from lignin and is meant for sunscreens and suncare products. A rheology modifier is made from cellulose and controls how thick or runny a liquid product is. Ferulic acid is a bio-derived ingredient for cosmetics and personal care formulations. [1]

The company says it serves beauty and personal care, textiles, construction, packaging and consumer goods. Half of the molecules taken to demonstration scale have so far been picked for pilot production. [1]

## Use of funds and plans

altM lists four uses for the money: expanding manufacturing capacity, strengthening research and development, supporting customer qualification programmes, and growing its engineering and commercial teams. [1] Qualification means that a buyer usually tests a new ingredient for months before approving it for a product. The split between plant, research and hiring has not been disclosed. [1]

The company plans a commercial plant with a capacity of 1,000 tonnes per year by 2028, and a large share of the new funds will go there. It expects to launch its first beauty and personal care products in the coming quarter and to scale capacity to 10,000 tonnes per year over five years. [1] No revenue figures have been disclosed.

altM was founded in 2022 by Apoorv Garg and Yugal Raj Jain, both former Tesla manufacturing leaders. Bioprocessing scientist Harshad Velankar joined later as Chief Scientific Officer. [1] CEO Apoorv Garg said customers will adopt these materials only if performance, cost, quality and scale match what industry needs. Abhinav Negi of Rainmatter said the investment supports the move of supply chains away from fossil-based inputs. [1]

## Sources

1. [IPO Central](https://ipocentral.in/altm-series-a-funding-rainmatter-mela-ventures)

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Source: RealTech, realtech.media — https://realtech.media/news/rt-18f13f0c4ca324e4d646a4d8_altm_raises_usd/