Bio-tech startup PeelON raises $1 Mn in seed round led by growX Ventures

PeelON, a bio-tech startup specialising in biodegradable, compostable packaging for fresh produce, has raised $1 million in a seed funding round led by deep-tech-focused VC firm growX Ventures along with participation from Boston Venture Group, and Clean Energy Venture Group.

The proceeds will be deployed to expand R&D and production facilities in Visakhapatnam, hire across sales (USA and India), R&D, and regulatory compliance and launch marketing campaigns, PeelON said in a press release.

Co-founded in 2020 by Taraka Ramji Moturu and Venkata Ravi…