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Under present experiments, EPS and IPS production, monosaccharide composition, and antioxidant activities of C. gracilis were studied for the first time under submerged culture conditions. Effect of different factors on polysaccharides production was studied by orthogonal experiments using one-factor-at-a-time method. Incubation of culture in the medium with capacity 200 mL (675.12 ± 5.01 and 385.20 ± 5.01 mg/L), rotation speed 150 rpm (324.62 ± 3.32 and 254.62 ± 4.62 mg/L), 6-day culture incubation time (445.24 ± 1.11, 216.60 ± 1.71 mg/L), pH 6.0 (374.81 ± 2.52 and 219.45 ± 2.59 mg/L), and temperature 23°C (405.24 ± 1.11 and 215.60 ± 1.71 mg/L) produced higher EPS and IPS, respectively. Maximum EPS and IPS production was observed in the medium supplemented with glucose as a carbon source (464.82 ± 2.12 and 264.42 ± 2.62 mg/L) and yeast extract as a nitrogen source (465.21 ± 3.11 and 245.17 ± 3.24 mg/L), respectively. Carbon to nitrogen ratio for maximum EPS and IPS production was observed as 10 : 1 (395.29 ± 2.15 and 235.62 ± 1.40 mg/L), respectively. Glucose was found to be the major monosaccharide (62.15 ± 7.33%). Both EPS and IPS of C. gracilis showed significant DPPH radical scavenging activity, ABTS radical scavenging activity, reducing power, and iron chelating activity. [ABSTRACT FROM AUTHOR]