The fund will help the brand in market expansion, research, and development for the creation of innovative and sustainable fabrics
Sustainable fashion brand Unirec said it has secured Rs 1.5 crore ($190,000) from BeyondSeed, a leading Singapore-based seed fund, in a seed funding round, the Mumbai-based brand announced in a press release on Monday.
The fund will help the brand in market expansion, research, and development for the creation of innovative and sustainable fabrics, the company said.
“Our focus is on scaling rapidly – both online and offline,” said Kapil Bhatia, chief executive officer and founder, Unirec. “Our immediate goal, fuelled by this funding round, is to manufacture and sell 25,000 garments every month.”
Over the past 18 months, the brand has produced 40,000 garments and sold more than 25,000 garments made from recycled polyethylene terephthalate (PET) bottles.
Speaking on behalf of BeyondSeed, Kuldeep Mirani, co-founder and chief executive officer, commented, “This strategic partnership between Unirec and BeyondSeed underscores the commitment to turning the global problem of plastic waste into an opportunity. We are excited to back not just a great idea but also a very able and passionate team with the vision to address an issue of global concern.”
Unirec converts ten plastic bottles into one garment and offers men’s and women’s fashion wear.