Indian algae-based alternative foods firm bags $10m from UAE-based investor

Indian student startup Zaara Biotech has received US$10 million in investment from UAE-based TCN International Commerce for its alternative foods project.

Titled “Algae – Seaweed Technology,” the project involves Zaara using micro-algae to design photobioreactors, or bioreactors that use a light source to cultivate phototrophic microorganisms that photosynthesize to generate biomass.

Photo credit: Pxhere

The startup’s product was showcased at the GITEX (Gulf Information Technology Exhibition) 2020 international conference held in Dubai, where Zaara was part of the international startup delegation led by Kerala Startup Mission (KSUM.)

The company plans to use the funding to reach a global arena, according to a statement.

Najeeb Bin Haneef, who also serves as the company’s CEO, founded Zaara in 2016 when he was a biotechnology engineering student at Sahrdaya College of Engineering and Technology. The startup was incubated in Sahrdaya Technology Business Incubator (Sahrdaya TBI), which helped it become India’s first algal-seaweed food product designer.

Meanwhile, in addition to biotech, investor TCN International Commerce has a presence in the sectors of IT, business process management, trading, healthcare, education, FMCG, construction and engineering, defense, critical service providers, aviation, and oil and gas.