Waste management and recycling startup Recykal has raised $2 million (Rs 13.8 crore at current exchange rate) in a pre-Series A funding round.
Triton Investment Advisors and the Mumbai-based family office of adhesive maker Pidilite Industries director Ajay Parekh contributed to the round.
Existing investor Vijay Acharya, who is former Bank of Singapore managing director, also took part in the round, the startup said in a statement.
The company will use the fresh funding to strengthen its product offerings and technological infrastructure, as well as to expand to new markets within the country and increase its headcount, co-founder Abhishek Deshpande said.
“The waste management and recycling industry is a massive and untapped space, where the stakeholders are often disjointed and disconnected,” he added.
Founded in 2016 by Deshpande and Anirudha Jalan, Recykal says it connects waste generators such as businesses and households with waste aggregators and recyclers to facilitate the adoption of sustainable waste management and treatment practices.
Furthermore, the company says its mobile applications and cloud services also allow electronic and fast-moving-consumer-goods brands to run and maintain awareness and product take-back programmes.
Recykal, owned by Rapidue Technologies Pvt. Ltd, claims that its services are being used by around 150 businesses, and that it sources more than 1,000 tonnes of recyclable waste through its platforms. The company currently operates in Bengaluru, Hyderabad and Pune.