India, Nov. 5 -- Cleantech startup altM has raised $10.3 Mn (Rs.97.5 Cr) in a Series A funding round led by new investors Rainmatter and Mela Ventures. Existing investors Omnivore, Theia Ventures, Aureolis Ventures and Spectrum Impact also participated.

The Bengaluru-based startup plans to use the fresh capital to expand manufacturing, build its sales pipeline and continue investing in research and development (R&D). A large chunk of the funds will go towards setting up a 1,000-tonne-per-year commercial manufacturing facility by 2028.

"We have three large focus areas for the company today. In the short term, we want to start converting revenues and building our sales pipeline from the pilot plant. From a manufacturing perspective, a lar...