Singapore-based waste management company Blue Planet Environmental Solutions Pte Ltd said it has raised $25 million (around Rs 190 crore) from Asian financial services group Nomura.
The investment will help Blue Planet expand its products and services, and provide solutions for sustainable waste management, Madhujeet Chimni, co-founder at Blue Planet, said in a statement.
Asia, the statement noted, is predicted to account for half of the world’s middle-class consumption by the end of 2030 and tackling solid waste such as plastic and organic waste, in particular, is going to be a key challenge.
The company aims to eliminate waste from business activities, downstream consumption, and waste handling processes, Chimni explained.
Aadit Seshasayee, head of the loans and principal investments area, Asia ex-Japan at Nomura, said that environmental, social and governance (ESG) opportunities have been a key focus area for Nomura.
“Blue Planet’s technologies and offerings make it a frontrunner in achieving the zero waste to landfill vision,” added Seshasayee.
Blue Planet was founded in 2017 by Chimni, Prashant Singh, Bharadwaj Chivukula. It has multiple offices around the world, including India, Vietnam, Malaysia and the United Kingdom. It provides waste collection services and processes thin-film plastic waste and organic waste.
The company had raised funding from Neev Fund in November 2018. Neev Fund is backed by the State Bank of India and the United Kingdom’s Department for International Development.
In September last year, Blue Planet had acquired a Pune-based waste processing firm Xeon Waste Managers LLP.
In 2018, just weeks before the funding from Neev Fund, Blue Planet had acquired Pune-based Rudra Environmental Solution (India) Ltd.
Later that year, Blue Planet had acquired Mumbai-based organic waste processing company Yasasu EMS Pvt. Ltd.
Deals in the segment
Some waste management firms in India have attracted funding from investors in the past years.
Last year, Dutch impact investor C4D Partners backed waste management firm Saahas. Waste management and recycling startup Recykal also raised pre-Series A funding from Triton Investment Advisors and the Mumbai-based family office of adhesive maker Pidilite Industries director Ajay Parekh last year.
In a significant deal in 2018, KKR & Co. agreed to acquire a 60% stake in environmental services provider Ramky Enviro Engineers Ltd for about $530 million (Rs 3,667 crore).
Earlier this year, Antony Waste Handling Cell Ltd had become the first waste management services company in India to float an initial public offering (IPO). However, it withdrew the public issue as it failed to secure enough subscription amid coronavirus scare.