Pluss Polymers raises Rs.15-crore venture capital funding from Tata Fund

Gurgaon-based Pluss Polymers Ltd announced today that it has raised venture capital (VC) funding of Rs.15 crore from Tata Capital Innovations Fund.

Tata Capital Innovations Fund is a domestic venture capital fund managed by Tata Capital.

The capital of Rs.15 crore has been raised as equity to assist the company in its research, development and manufacturing initiatives, a company statement said here.

"Through an in-house research and development unit, Pluss has developed products which address topical issues and could have wide scale applications," Tata Capital Innovations Fund partner Mohan Harshey said.

"Investment from Tata Capital Innovations Fund will help us expand capacity and tap new geographies. We have seen increased demand from international and domestic clients in the recent past. We at Pluss intend to further develop and roll out new products through additional funds received," Pluss Polymers director Samit Jain said.

Pluss Polymers is engaged in the business of research, development and manufacture of specialised polymers and phase change materials (PCMs).