New Leaf raises Rs 6.15 cr pre-series A funding from Good Ventures

New Delhi-based cold chain solutions provider New Leaf Dynamic Technologies has raised Rs 6.15 crore in pre-series A funding from Dustin Moskovitz’s firm Good Ventures LLC. The firm also raised seed funding and incubation support from Social Alpha and Indigram Labs Foundation, the company revealed in a statement.

The company had earlier received a grant of $50,000 dollars from Villgro, CEEW and Ikea Foundation, alongside a grant of $100,000 and technical assistance from Water Energy for Food (WE4F) South and Southeast Asia, the statement said.

The firm plans to increase and strengthen its product portfolio in the near future and make its existing product offering, a biomass-powered refrigeration unit GreenCHILL, available to a greater number of channel partners.

GreenCHILL is a carbon-neutral technology that saves 40 Tons of GHG emissions per year, equivalent to the carbon footprint of up to 20 petrol cars and advocates the use of natural refrigerants which have global warming reduction potential in alignment with the SDG7, the firm said.

“We will be utilizing the capital raised through this round majorly to strengthen India’s cold chain infrastructure, reducing post-harvest losses by replacing conventional compressor technologies with New Leaf’s biomass-powered Made-in-India refrigeration technology which is affordable, sustainable and reliable,” said Akash Agarwal, co-founder of New Leaf Dynamic Technologies. 

“We have been doubling our growth since the last two years, and now bolstered by the fundraising, we look forward to quadrupling our growth by the end of the current fiscal,” he added.

The firm claims to support around 15,000 farmers currently and aims to reach more than 2 lakh small and marginal farmers over the next 3 years.

New Leaf Dynamic Technologies is one of the several enterprises being supported by Powering Livelihoods – an initiative jointly run by CEEW and Villgro Innovations Foundation, that aims to transform India’s rural economy through the penetration of clean-energy powered livelihood solutions, the statement said.