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Gurgaon-headquartered PLUSS Polymers today announced raising Rs 15 crore from Tata Capital Innovations Fund. The capital has been raised as equity to assist the company further in its research, development and manufacturing initiatives.
Samit Jain, director at Pluss Polymers said, “Investment from Tata Capital Innovations Fund will help us in expanding 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.”
Tata Capital Innovations Fund is a domestic venture capital fund managed by Tata Capital. Said Mohan Harshey, partner of Tata Capital Innovations Fund, “Through an in-house research and development unit, PLUSS has developed products which address topical issues and could have wide scale applications.”
PLUSS Polymers is engaged in the business of research, development and manufacture of specialised polymers and Phase Change Materials (PCMs). Specialised polymers enhance properties of polymer compounds enabling their increased adoption in white goods, auto and plastic film industries.
PCMs are used for thermal energy storage and serve to balance and maintain heating/cooling load requirements. With energy becoming scarce, PCMs have significant applications in commercial refrigeration, building and construction as either backup storage sources, or to manage peak demands for heating/cooling.
