Agri-biotechnology startup Miklens Bio, has raised $5 million from ASLE Technology Group. Along with the closure of funding, ASLE Technology Group becomes the sole distribution partners for USA and Canada markets to promote their products.
Speaking to ET, Santosh Nair, Founder of Miklens Bio says that the current round of funding would be utilized for Cap-Ex purposes, scaling up of the existing manufacturing facility in Bangalore in terms of the advanced lab equipment and other research expenses. The business would also use up some bit of the money as growth capital.
He also pointed out that their partnership with ASLE will help MIKLENS penetrate across their vast distribution network in these countries and expect to do business in excess of $12-15 million. Miklens Bio is only a year old entity and collaboration with a known company overseas increases our credibility. “We believe we are the first company to export to USA and Canada markets, considering their stringent entry barriers. This association will give us a heads-up for market penetration and establish strong roots for our Microbial-based products.”
Miklens Bio had also recently opened their research and development center in Bangalore spread over 10,000 sq. ft and has an advanced R&D laboratory and incubation center. There are around 30 employees presently working here, which includes 13 researchers and scientist whose core delivery is to bring about new products in the agri-microbial space. “Our researchers have painstakingly developed a diversified product line up of 27 novel products and more revolutionary products are in pipeline.To add to the trust, our products have been certified as “Approved Input for Organic Agriculture” by the Control Union; a reputed certifying agency worldwide.”
Moreover, Nair points out that the government needs to work closely with start-ups making it worthy for them to do more research and also help them commercialize and for mutual benefit ultimately. Indian Agriculture Industry is at a transformation stage. India has woken up to the concept of Residue Free Farming with not only the end consumers advocating for the same but also the farmers in favor. “With time, we are being offered new technology and we should make good use of it to our advantage and eventually to bring better benefit to our nation. The same analogy applies to agriculture. In the long run, Microbial Agri Inputs will prove to be the perfect solution for any and every agricultural problem. Indian Agriculture is yet to witness enormous growth and this can definitely be achieved with “A New Hope”.”