Indian Angel Network (IAN) has invested an undisclosed amount in Saahas Waste Management Pvt Ltd (SWMPL), a Bangalore-based social enterprise with a focus on decentralised waste management processes. Upaya Social Ventures, a non-profit micro-finance organisation, also participated in the round, as per a statement.
The investment was led by IAN member Nagaraja Prakasam who will also join the board of the company.
Incorporated in 2013, Saahas provides professional services to all waste generators, including companies, apartment complexes, institutions and communities. The company aggregates e-waste and packaging waste, which enables a reverse logistics system. It currently manages 20 tonnes of organic and recyclable waste per day across 30 locations in Bangalore and Chennai.
“IAN’s investment will be used to scale up the project by hiring key senior members in the team. Moving ahead, we expect to expand from a current 20 tonnes per day to 80 tonnes per day (TPD) in the next 3-5 years," said Wilma Rodrigues, a former business journalist who founded Saahas.
"Saahas pioneered the zero waste campus very well with triple bottom-line focus and they have successfully accomplished to deliver on-site waste management services to bulk waste generators," said Nagaraja Prakasam.
This is the eighth investment by IAN this year, as per VCCEdge, a research platform of VCCircle. Last month, it invested in three companies including High City Retail, Infinity Assurance Solutions and Alma Mater Store.