Indian startup Zaara Biotech gets $10 mn investment from UAE’s TCN International1 min read . Updated: 21 Mar 2021, 02:30 PM IST
- Zaara Biotech has received the funding for its project AlgaeSeaweed Technology
Biotechnology startup Zaara Biotech has bagged an investment of $10 million from UAE-based TCN International Commerce LLC.
Zaara, which focuses on research in energy and food crisis using micro-algae, has received the funding for its project AlgaeSeaweed Technology under the brand B-lite Cookies. Najeeb Bin Haneef, founder-CEO of Zaara Biotech, and Dr Mohamed Shafi Abdulla, chairman and managing director at TCN International Commerce LLC, signed a memorandum of understanding (MoU) in this regard in Sharjah on Saturday.
Zaara Biotech was founded in 2016 by Najeeb Bin Haneef when he was a biotech engineering student at Sahrdaya College of Engineering and Technology.
The biotech startup, incubated in Sahrdaya Technology Business Incubator, in collaboration with Indian Council of Agriculture and Research-CIFT has developed Indias first algae-seaweed food products.
The team at Zaara had set up a mushroom hub during its first year before foraying into the entrepreneurial venture.
Fostered under the Innovation and Entrepreneurship Development Centre scheme of Kerala Startup Mission (KSUM), the startup's product was showcased in the GITEX 2020 international conference held in Dubai, a statement from KSUM said.
KSUM is the nodal agency of the Kerala government for entrepreneurship development and incubation activities in the state.
TCN International Commerce has its presence in multiple sectors such as IT, business process management, trading, healthcare, education, FMCG, construction and engineering, defence, critical service providers, aviation, and oil and gas.