H&M and investors back Indian innovator AltMat

Indian material developer AltMat has completed a new funding round, the company announced on LinkedIn. The investors include major names such as H&M, investment funds Rainmatter by Zerodha and Turbostart, and the sustainable innovation platform Fashion for Good. AltMat started with the latter 14 years ago through a startup programme.

AltMat converts agricultural waste streams, also known as agri-waste, into high-quality textile fibres. These include plant residues like orange peels, hemp and linseed, which the company says would otherwise be burned. Through a sustainable process, about which the company has disclosed few details, the fibres are combined with materials such as cotton, modal, lyocell or recycled polyester. The yarns' appearance and handfeel are most similar to cellulosic fibres such as cotton.

On LinkedIn, Laura Coppen, responsible for sustainability investments at H&M Group, expressed her enthusiasm, particularly about the collaboration with AltMat’s founder Shikha Shah. She called Shah an inspiring entrepreneur. “When I first met her, I was immediately impressed by her determination, boundless energy and deep conviction in what AltMat is already achieving. We are proud to be part of this investment round.”

With the new capital, AltMat aims to further roll out its collaboration with Indian farmers; expand its research and development capacity; and strengthen its global market position. With a backer like H&M, Shah, who responded to the post, is optimistic about the future.

This article was translated to English using an AI tool.

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