Indian insect company raises $3.4 million

According to a press release, the Bangalore-based startup will use its seed funding for talent acquisition, R&D to build world-class labs and to launch its first insect breeding factory. looper was founded in 2019 by IIT Roorkee graduates Ankit Alok Bagaria and Abhi Gawri. The two young entrepreneurs are optimizing insect farming for smallholders while producing value-added nutrients and ingredients for business-to-business customers.

Loopworm tackles India’s food waste crisis, boosts incomes for smallholder farmers and showcases the power of Indian biotechnology to address environmental challenges. Using multi-species insect biotechnology, Loopworm upcycles food waste into protein-rich nutrients and value-added ingredients. This circular economy startup will help transform several sectors, including aquaculture, pet food and nutraceuticals.

Mimicking the integration of poultry in India, Loopworm builds decentralized insect rearing facilities in partnership with smallholder farmers. Over the next five years, the startup aims to produce 300,000 metric tons of sustainable insect-based protein per year, creating value from 7.5 million metric tons of food waste and agricultural by-products .

The recent funding round was co-led by Omnivorous and WaterBridge Ventures, along with other Titan Capital and leading angel investors including Nadir Godrej (Godrej Agrovet), Sanjiv Rangrass (ex-ITC) and Akshay Singhal (Log9 Materials). Loopworm is Omnivore’s second investment under its OmniX Bio initiative, which supports early-stage agribusiness life science companies.

Mark Kahn, Omnivore’s Managing Partner, said, “Omnivore is delighted to support Loopworm as part of our OmniX Bio initiative, which seeks to lead the way in agribusiness life sciences in India. Loopworm sees huge potential in turning cultivated insects into value-added nutrients and ingredients, and Omnivore believes the company will quickly become one of India’s leading biotech startups.

WaterBridge Ventures Partner Ashish Jain said, “We are delighted to see Ankit and Abhi finding sustainable and scalable food resources that are traceable and therefore easier to adopt by the general public. Loopworm, sitting at the forefront of climate technology and food technology, has the potential to continue moving up the value chain as its product line evolves and emerges as a truly large-scale player.

Loopworm co-founders Ankit Alok Bagaria and Abhi Gawri said, “We are delighted to have Omnivore, Waterbridge, Titan Capital and several experienced angel investors, including Nadir Godrej, as investors in Loopworm. We plan to use the new funding to set up our first Loop Factory in North Bangalore, hire talent and accelerate R&D.