GVFL Leads ₹13.3 Crore Funding in Surat’s Canvaloop, Turning Farm Waste into Textiles

GVFL, Gujarat’s pioneer venture capital firm, has announced a lead investment of ₹10 crore in the Rs 13.3 crore fund flow into Canvaloop, the Surat-based innovating textile startup that converts agricultural waste into high-performance textile material. The remaining Rs 3.3 crore has been pumped in by Mumbai-based Rockstud Capital.

Canvaloop, founded in 2020 by Shreyans Kokra, addresses textile pollution by transforming crop residues into spinnable material, including HempLoop, FlaxLoop, BanLoop, NettleLoop, and PineLoop. Engineered for ‘adoption-first’ compatibility with existing mills, these materials ensure seamless sustainability.

The fresh capital of Rs 13.3 crore will drive growth by boosting production from 30 tonnes to 300 tonnes per month, assembling an elite team, and pioneering regenerative cellulose R&D. It will accelerate Canvaloop’s mission to transform the textile industry’s sustainability landscape, making eco-friendly materials mainstream and commercially viable.

GVFL Managing Director Mihir Joshi emphasized the strategic fit: "Canvaloop exemplifies the scalable innovation Gujarat startups are delivering in deep-tech sustainability. With its founder, Shreyans Kokra’s vision, we are excited to fuel their journey from a local waste-to-fiber pioneer to a global supply chain backbone. This investment aligns with GVFL’s commitment to high-impact ventures driving environmental and economic value.”

On the investment of Rs 3.3 crore, Abhishek Agarwal, Managing Partner at Rockstud Capital, said: “India’s manufacturing future will be shaped by founders rethinking materials and supply chains. Canvaloop’s ability to convert agricultural waste into textile-grade materials shows how sustainability and industrial innovation can go hand in hand. We think such solutions are vital for the shift to circular manufacturing in global supply chains.”

Canvaloop founder Shreyans Kokra said,

GVFL’s lead investment, along with the money from Rockstud Capital, supercharges our vision. It proves sustainable textile material can be practical and profitable.

According to Kokra, the textile and fashion industry’s path to net zero is increasingly being shaped by raw material choices, and there is a focus on cutting greenhouse-gas emissions from fiber and raw material production by 45% by 2030. “This is exactly where Canvaloop aligns with the focus. He stated, "We transform agricultural waste into textile-grade materials and yarns using proprietary low-impact technology. Our climate-friendly, closed-loop process eliminates the use of solvents, recycles water, and utilises bio-waste as a heat source."

Canvaloop has served 200+ clients, generated revenue, and validated commercial viability. It targets mass-premium/luxury segments with proprietary processing for consistent, cost-effective quality. Over the next 6-12 months, the startup aims for 10x production, new launches, and a path to global wardrobe presence in seven years.