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.

Textile Manufacturing Startup Whizzo Raises $4.2 Mn in Seed Funding Led by Lightspeed

• The funding round also saw participation from BEENEXT
• Funds will be utilized to advance R&D, establish a design lab for fashion-engineered textiles, and expand supply chain capabilities across Asia

Whizzo, a materials science manufacturing company pioneering innovation in engineered fashion and technical textiles, has raised $4.2 million in seed funding led by Lightspeed, with participation from BEENEXT. The investment will support Whizzo’s efforts to drive advancements in materials science R&D, establish a state-of-the-art design lab for fashion-engineered textiles, and strengthen its supply chain infrastructure across India, Vietnam, China, Bangladesh, and Indonesia.

Founded in 2024 by a former Zetwerk executive and an IRMA alumnus and gold medalist Shrestha Kukreja, Whizzo is redefining textile manufacturing with a full-stack approach combining innovation, sustainability, and advanced materials science. The company creates proprietary textile blends, including cellulosic and polymer-based fibers, that are tailored to diverse industry needs, significantly reducing time-to-market.

Commenting on the brand’s unique offerings, Shrestha Kukreja, Founder, Whizzo, said, 

Our vision is to establish Whizzo as an IP-driven leader in fashion-engineered and technical textiles. By creating proprietary blends and leveraging a cross-border Contract Development and Manufacturing Organization (CDMO) model, we aim to address critical gaps and transform the textile industry through innovation, sustainability, and global connectivity.

Romit Mehta, VP-Investments, Lightspeed, while sharing his perspective on the transformative potential of Whizzo’s approach, said, "Technical textiles and man-made fibers represent the future of the textile market. India is poised to become a global epicenter of innovation in this sector, driven by strong government support and visionary entrepreneurs. Shrestha is a standout leader, demonstrating the ambition and expertise needed to build an ‘India to the world’ story in this space. We are thrilled to partner with Shrestha and the Whizzo team on this transformative journey, as they leverage advanced materials science and a full-stack manufacturing approach to position India at the forefront of technical textiles.”

Commenting on the funding, Saksham Pant, Principal, BEENEXT highlighted, “India’s textile industry is one of its oldest, and hence demands innovation to meet modern challenges like sustainability and efficiency. Whizzo is leading this transformation through advanced technology and eco-conscious practices. Backed by Shrestha’s vision and expertise, the company is set to position India as a leader in technical textiles within the next decade.”

India’s technical textiles market, valued at $45 billion in 2026, is projected to grow to $123 billion by 2035, driven by sectors such as healthcare, infrastructure, and defense. With products spanning clothtech, mobiltech, packtech, and agrotech, Whizzo is uniquely positioned to cater to industries like agriculture, automotive, and industrial manufacturing.

Last month, the Ministry of Textiles has approved two start-ups in the field of Technical Textiles under the National Technical Textiles Mission (NTTM). These start-ups have received a grant of approximately INR 50 lakhs each under the 'Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme.

Whizzo is a Bengaluru-based materials science manufacturing company founded in 2024. It specializes in engineered and technical textiles, leveraging woven, non-woven, and composite technologies to deliver innovative solutions across industries like Medtech, Packtech, Indutech, and Clothtech. With a robust supply chain spanning India, China, Vietnam, Indonesia, and Bangladesh, Whizzo is committed to delivering groundbreaking textile solutions at speed and scale.

Lightspeed is a global multi-stage venture capital firm focused on accelerating disruptive innovations and trends in the Enterprise, Consumer, Health, and Fintech sectors. Over the past two decades, the Lightspeed team has backed hundreds of entrepreneurs and helped build more than 500 companies globally including Affirm, Acceldata, Carta, Cato Networks, Darwinbox, Epic Games, Faire, Innovaccer, Guardant Health, Mulesoft, Navan, Netskope, Nutanix, Physics Wallah, Razorpay, Rubrik, Sharechat, Snap, OYO Rooms, Ultima Genomics, Zepto and more. Lightspeed and its global team currently manage $25B in AUM across the Lightspeed platform, with investment professionals and advisors in the U.S., Europe, India, Israel, and Southeast Asia.

Ministry Approves 2 Textile Startups With a Grant of ~ ₹50 Lakhs Each

The Ministry of Textiles has approved two start-ups in the field of Technical Textiles under the National Technical Textiles Mission (NTTM). These start-ups have received a grant of approximately INR 50 lakhs each under the 'Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme.

The names of the two start-ups approved for their innovative projects in Sustainable Textiles and Medical Textiles are not explicitly mentioned in the available information from the Ministry, as of yet. However, the approved Start-Up projects are focused on key strategic areas of Sustainable Textiles and Medical Textiles.

Focus Areas:

• Sustainable Textiles: Innovations aimepd at creating eco-friendly textile solutions.
• Medical Textiles: Development of textiles for medical applications.

Additionally, the committee has approved grants to six education institutes, including IITs, to introduce courses in Technical Textiles. These institutes will offer new B.Tech courses in various fields such as Medical Textiles, Mobile Textiles, Geotextiles, and Geosynthetic.

The committee has approved a grant of approx. INR 14 Cr. to these six education institutes to introduce courses in Technical Textiles under the ‘General Guidelines for Enabling of Academic Institutes in Technical Textiles’.

Govt Approves 4 Startups in the Field of Technical Textile with Grant of ~ ₹50 Lakhs Each

The government has given the green light to four start-ups in the domain of technical textiles. Each of these start-ups will receive a grant of approximately INR 50 lakhs under the 'Grant for Research & Entrepreneurship across Aspiring Innovators in Technical Textiles (GREAT)' scheme.

This was announced in the 8th Empowered Programme Committee (EPC) meeting, chaired by Secretary, Ministry of Textiles, under the National Technical Textiles Mission, on Tuesday, at Udyog Bhawan, New Delhi.

Technical textiles are engineered fabrics with specific functionalities.

The approved Start-Up projects are focused on key strategic areas of Composites, Sustainable Textiles, and Smart Textiles. The approved Education Institutes have proposed to introduce new B.Tech courses in different fields and applications of technical textiles including Geotextiles, Geosynthetics, Composites, Civil Structures, etc.

Additionally, five educational institutes, including NITs, will introduce new courses related to technical textiles, thanks to a grant of around INR 20 crores. These courses will cover various applications, including geotextiles, geosynthetics, composites, and civil structures.

Technical textiles are materials designed for their functional properties rather than aesthetics. These find applications in various industries. One of the examples is its usage in agriculture for crop protection, shade nets, and soil stabilisation. Another is Fabrics with conductive properties, used in wearables and smart clothing.

India’s technical textiles market is the 5th largest globally, expanding at a CAGR of 8-10% over the past five years. In 2021-22, the market size reached US$ 21.95 billion, with US$ 19.49 billion in domestic production and US$ 2.46 billion in imports.

Recognizing the potential, India has set up a National Technical Textiles Mission with the goal of achieving an average growth rate of 15-20%. The mission aims to increase the domestic market size of technical textiles to US$ 40-50 billion by 2024 through market development, international collaborations, and the Make in India initiative.

The Technical Textiles sector gained further prominence during the Covid-19 crisis, as India rapidly scaled up production of PPE kits and masks, showcasing its ability to innovate even in challenging times.

Last year in October, the Ministry of Textiles cleared 23 strategic research projects worth around INR 60 crores. These projects cover areas like specialty fibers, sustainable textiles, geotextiles, mobiltech, and sports textiles.