Recykal, a business-to-business marketplace for waste, has raised $22 million in funding by investment funds managed by Morgan Stanley India.
Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam from the Murugappa family also participated in this round.
“We will use the funds for strengthening technology, expand the B2B marketplace across the country and build hyper-local waste processing infrastructure,” a company statement has said.
The Hyderabad-based company, which also provides cloud-based solutions to facilitate transparent and traceable material flows in waste, raised $4 million last year.
Sustainability solutions
Founded in 2016, the company has channelised 2 lakh tonnes of dry waste through its platform back into the circular economy and away from landfills and water bodies. “We have achieved it by digitally connecting over 100 brands, 1,000 corporates, 150 recyclers and over 80 Government agencies in different parts of the country on one platform,” it said.
It said the country generated over 60 million tonnes of municipal solid waste a year. But only 20 per cent of it is processed or recycled.
“Rapid urbanisation has made the country one of the top waste generators globally. The introduction of tighter regulations such as Extended Producer Responsibility (EPR) have imposed a high compliance requirement for brand owners,” it pointed out.
“Recykal Marketplace and other technology driven sustainability solutions have a direct impact on the waste management ecosystem and its stakeholders,” Abhay Deshpande, Founder and Chief Executive Officer of Recykal, said.
(eom)
