Nepra Resource Management raises funding from Aavishkaar Venture Management
Gujarat-based Nepra Resource Management Pvt Ltd, a social enterprise, has raised an undisclosed amount in its first round of funding from Aavishkaar Venture Management, sources familiar with the development told VCCircle.
The money raised would be deployed by March this year and will be used to set up a material recycling facility for processing dry waste in Ahmedabad and increase its operations for diversion of waste from landfill towards recycling and cleaning up roads by supporting rag-pickers. It has more than 450 ragpickers in its network and employs over 70 people.
When contacted by VCCircle, Sandeep Patel, MD, Nepra, confirmed the investment by Aavishkaar but declined to share details.
An e-mail query sent to Aavishkaar spokesperson did not elicit any response.
The firm has signed a Rs 75 crore investment MoU with the Gujarat government for dry waste management of major cities over next three years.
The company targets to recycle 100 tonnes per day dry waste in post two years and also expand to other cities in India. It has already managed dry waste management of Tata Nano plant and carried out waste management services for solar power projects at Charanka, Radhanpur.
This is first of its kind investment by Aavishkaar in dry waste management sector in India. Earlier, it had invested in sectors like IT, consumer and healthcare. Last year, the VC fund invested an undisclosed amount in three companies including Electronic Payment and Services Pvt Ltd, Vana Vidyut Pvt Ltd and Karadi Path Education Co Pvt Ltd.
In the same space, in May 2011, IL&FS PE invested an undisclosed amount in Hyderabad-based Ramky Enviro Engineers Ltd.
(Edited by Prem Udayabhanu)