Pluss Polymers, a Gurgaon-based company that researches, develops and manufactures specialized polymers and phase change materials, has raised RS 15 crore ($2.46 million) in venture capital from Tata Capital Innovations Fund, according to several media reports. The company will use the funds raised to expand capacity and tap new markets overseas.
Established in 1993, Pluss Polymers is an offshoot of Manas, a company that makes hot-melt adhesive coated polypropylene film for document lamination. Pluss was spun out from the company’s in-house research and development facilities.
The Tata Capital Innovations Fund was set up July 2010 and aims to invest between $4 million and $10 million in early and growth stage companies. It typically targets companies with revenues of more than $20 million and focuses on sectors such as information technology, information technology-enabled services and cleantech. Details on the fund’s other portfolio companies were not available.
Image credit: Pluss Polymers