Sunday, Sep 26 2021 | Time 18:47 Hrs(IST)
Business Economy

Recykal announces closing of 2 million US dollars Pre-Series A funding for its expansion

Hyderabad, Jun 3 (UNI) Hyderabad-based Recykal, a cloud-based waste management and recycling enabler, on Monday announced the closing of Pre-Series A funding of 2 million US dollars for expansion of their footprint across the country.

Triton Investment Advisors (Triton), the family office of Ajay Parekh (Director, Pidilite Industries), and existing investor, Vijay Acharya (former Managing Director, Bank of Singapore) participated in this round, the company said in a release here.

The company’s technology solutions are deployed across 150 businesses and it is currently operational in Hyderabad, Pune and Bangalore, and channelizes more than 1000 metric tonnes of recyclables per month through its platform.

Recykal’s digital technology platform connects Waste Generators (businesses and consumers) with Waste Aggregators and Recyclers, facilitating transactions and offering visibility, transparency and traceability of recyclable waste.

The company has also built a suite of mobile applications that facilitates consumer awareness and take-back programs for FMCG and electronic brands and ensures compliance with the Extended Producer Responsibility (EPR) Guidelines outlined by the government.

Over the past three years, we have been working closely with stakeholders in the industry to understand their pain points and developed tailored solutions for them,” said Abhishek Deshpande, co-founder, Recykal.

“The funds raised will help us strengthen our technology offerings, expand our team and presence in new cities across India, he added.

Pidilite Industries Director Ajay Parekh, said investments in this space can potentially create millions of jobs and accelerate India’s vision for a circular economy.

Explaining the rationale behind Recykal, Mr Deshpande, the brainchild of Recykal, said, Indian Waste Management market is expected to reach US$14 billion by 2025. Recykal aims to disrupt the industry through ‘digital intervention’ to drive awareness, mobilize actions among the stakeholders and establish a transparent eco-system.

The sector is often run by Public Private Partnership (PPP) models, with the participation of companies limited to their CSR initiatives. However, the landscape is changing, with private investments pouring in to encourage innovative ideas and promote sustainable businesses, on account of government initiatives like Swachh Bharat, Solid Waste Management Rules and EPR, he added.
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