AltMat Secures Strategic Funding from H&M, Rainmatter, Turbostart, and Fashion for Good
AltMat, a pioneer in next-generation textile materials, has successfully closed a major funding round. The round saw participation from Rainmatter by Zerodha, H&M Group, Turbostart, and Fashion for Good. This milestone marks H&M Group’s first investment in Indian next-gen material innovation and Rainmatter’s first investment in textile materials.
Driving Sustainable Innovation with Altag®
Founded by Shikha Shah, AltMat believes that impact and profitability must coexist. Currently, millions of tons of fibres pollute the fashion industry, while an equal amount of agricultural residue goes to waste. Altag®, AltMat’s breakthrough technology, converts leftover crop stems into 100% natural cellulose fibre. Notably, Altag® matches the performance of conventional fibres while significantly reducing environmental impact.
Rapid Scale-Up and Global Recognition
In just five years, AltMat scaled its technology from lab trials to industrial capacity. Additionally, it built supply chains and attracted global attention. This combination of scientific innovation, operational execution, and market validation has made AltMat an ideal choice for investors seeking sustainable solutions in textiles and beyond.
A Synergistic Investor Partnership
The four investors bring complementary strengths to AltMat’s next phase of growth. Rainmatter and Turbostart contribute entrepreneurial insight and financial support. Meanwhile, H&M Group and Fashion for Good provide industry access, credibility, and guidance for scaling sustainable materials.
Investor Perspectives
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Abhinav Negi, Rainmatter: “AltMat shows how Indian entrepreneurs tackle global sustainability challenges while creating value for farmers and industries.”
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Laura Coppen, H&M Group: “AltMat drives a sustainable sourcing shift that benefits the entire fashion industry.”
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Venkat Raju, Turbostart: “AltMat transforms agricultural waste into scalable fibres, leading the next wave of sustainable fashion infrastructure.”
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Katrin Ley, Fashion for Good: “Altag® addresses multiple challenges by turning crop residue into high-performance fibres, supporting the broader adoption of next-gen materials.”
Next Steps for Growth
With this new round of investment, AltMat will expand grassroots supply chains for Indian farmers, strengthen R&D, and increase its global market reach. This milestone confirms rising global demand for innovative alternatives to conventional materials and reinforces AltMat’s leadership in sustainable fibre production.
Founder’s Vision
Shikha Shah, Founder of AltMat, said: “We are excited to welcome investors who share our purpose. With Rainmatter, Turbostart, H&M Group, and Fashion for Good supporting us, we are ready to move into our next growth phase—forward and upwards!”
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