Oxygarden, a leading cleantech startup that builds air sanitizers and humidifiers for indoor use is raising USD 1 million. The capital raised will be invested in research & development and marketing. Today, Oxygarden has six new products under development. Funding is sought to complete the development of these products and bring them to market. The raised funds will also be used to hire fifty additional employees over the next two quarters. The expanded workforce will work in operations, sales, marketing and R&D. It will help design cutting-edge cleantech solutions and bring them the attention of consumers at a time when demand for such products is very high.
Demand for cleantech solutions has skyrocketed since the COVID-19 pandemic. Over the next few years, this demand will reach unprecedented levels. Oxygarden will use the funds raised to meet the growing demand for cleantech products. Funds will be used to enhance Oxygarden’s brand visibility, to network, and to attract mentors from leading Indian and overseas companies. On the back of the growing demand for products like air sanitizers and humidifiers, Oxygarden expects to sell 11,000 units and earn revenues of INR 40 crore in 2021. Hence on an investment of just USD 1 million, Oxygarden will earn revenues of approximately USD 5.3 million.
To reach its revenue target, Oxygarden will spend considerable sums advertising on print media, digital media, and social media. The company will also spend a significant amount to attract influencers and on inbound marketing. Also, funds will be allocated directly to drive sales. The sourced funds are expected to meet all of the company’s expenses for one year. Within this period, Oxygarden will have reached a massive audience and developed products that will help keep public places like hospitals and clinics free from the threat of COVID-19.
Speaking about the need for additional funding Mr Abhishek Gupta, Founder, OxyGarden said “We have a terrific research and development team that is working on six different cleantech products each of which has immense potential. To bring these products to market as quickly as possible, we need additional funds. The funds will be used by our R&D team to bring our products to market faster than our competitors can and to research the next generation of air sanitizers and humidifiers. The need for a new generation of such products has never been greater. Across the world, there is a growing concern that people will not be safe from COVID-19 when lockdowns are lifted. Businesses that use our products can help alleviate the concerns of their patrons. For this reason, we expect a huge demand for our sanitizers and humidifiers. We are confident that on an investment of just USD 1 million, we earn revenues greater than USD 5.0 million”.
