Avaana Capital Leads INR 32 Crore Bet on Insect Biotech Pioneer GreenGrahi

Muskaan Kapoor

24 Apr 2025 — 4 min read

Insect Biotech Firm GreenGrahi Raises INR 32 Crore Led by Avaana Capital

It is the largest investment in India’s insect-based protein and agri-biotech sector to date.

Avaana Capital, a venture capital fund focused on backing deep-tech and frontier innovation, has led an INR 32 crore (approx. $3.8 million) seed funding round in GreenGrahi, a next-generation biotech company building resilient & scalable alternatives to conventional animal feed and chemical agriculture inputs using insect biotechnology.

This marks the largest-ever funding round in India’s insect biotech space. The round also saw participation from existing investors Huddle Ventures, Campus Fund, Blume Founders Fund, and leading angel investors, including Nitin Sharma (Nexus Ventures), Anchit Gupta (Samara Capital), David Chen (Equilibrium Capital), and Sameer Brij Verma (Northpoint Capital).

GreenGrahi is creating category-shaping innovation in the food and agri-tech space,” said Shruti Srivastava, Investment Director at Avaana Capital. “Their proprietary insect biotechnology and bioprocessing platform enables the production of high-performance, cost-efficient ingredients at scale—helping build resilient food supply chains for global food security through science-backed, market-ready solutions.”

“We’re excited to double down on our investment in GreenGrahi as they lead India’s journey in the insect bio manufacturing industry. The timing is right, the demand is real, and India needed a bold, full-stack operator to build for both local and global markets. We’re proud to back the team as they launch the country’s first and largest BSF bio-factory, and look forward to their continued progress in market adoption and measurable impact.”, said Ishaan Khosla, Partner at Huddle Ventures.

Founded by Shivali Sugand and Siddharth Sharma, GreenGrahi is developing a differentiated insect biotechnology platform powered by the Black Soldier Fly (BSF) and its unique microbiome. The company produces high-performance insect proteins, functional oils, and hydrolysates tailored for aquaculture, poultry, and pets, designed to deliver superior nutrition, better digestibility, and greater price stability compared to conventional inputs like fishmeal and soya. Alongside, GreenGrahi has built a new generation of biological agri-inputs—including biofertilizers, biostimulants, and biopesticides—that help improve soil health, boost crop resilience and yield, and reduce the need for chemical fertilisers and pesticides.

The company’s proprietary biomanufacturing system ensures consistent quality and high conversion efficiency, enabling price points that unlock mass-market applicability, moving insect protein and biologicals beyond niche use cases.

As wild fish stocks continue to decline and protein demand rises, the pressure on aquafeed and livestock inputs is only going to grow,” said Siddharth Sharma, Co-Founder of GreenGrahi. “We’re building a platform that makes high-quality, science-driven feed and agri-inputs accessible, affordable, and scalable for global markets.

GreenGrahi is already supplying to partners in the shrimp, poultry, and pet food sectors, with results including:

7% improvement in shrimp growth and survival rates
10% higher weight gain and 28% more egg production in poultry
Enhanced gut health, immunity, and palatability in functional pet food applications

In agriculture, its biological products have demonstrated 25–30% yield improvements, better soil nutrient retention, and reduced pest attacks—delivering higher farmer incomes while helping offset the environmental costs of synthetic inputs.

The ₹32 crore raise will be used to build India’s largest BSF bio-factory, capable of processing 150 tons of feedstock daily. With ready access and demand of 510 Crores annually for its products, the company will also expand its scientific team and enter global markets, including the US, UK, and EU.

By combining cutting-edge microbiome science, bioengineering, and a strong manufacturing backbone, GreenGrahi is creating a reliable, cost-effective alternative to some of the most strained links in today’s food supply chain—from protein to crop inputs—while unlocking more value from underused agri-residues.

About Avaana Capital

Avaana Capital is India’s first and largest institutional investor in frontier innovation, investing in future market leaders leveraging deep technology to pioneer globally competitive solutions in Energy Security, Supply Chain Resilience, fortified Food Systems and Advanced Materials while delivering transformational impact and long-term value.

Avaana's portfolio features startups such as Kazam, AmpereHour, Dreamfly Innovations, Sentra.world, Eeki Foods, Aerem, FarMart, Turno, Terra.do, Phyx44 Labs, Eggoz, and more. Avaana’s Team has previously invested in category leaders like Delhivery, Nykaa, Urban Company, Shadowfax, NinjaCart, Moveinsync, and Tonbo Imaging.

About GreenGrahi

GreenGrahi is a biotech company using insect-based technology to turn agricultural waste into high-quality protein for animal feed and organic inputs for farming. Founded by Shivali Sugand and Siddharth Sharma, the company works with Black Soldier Fly (BSF) larvae to produce sustainable alternatives to fishmeal, chemical fertilizers, and pesticides. GreenGrahi’s science-led approach helps reduce landfill waste, cut carbon emissions, and improve food and farm systems in a way that’s better for both people and the planet. With its upcoming BSF bio-factory, GreenGrahi is working to bring cleaner, more efficient solutions to the global food and agriculture industry.