Waste management and recycling startup Recykal has raised $22 million (around Rs 165 crore) in funding by investment funds managed by Morgan Stanley India, the company said on Tuesday.
This is the company's second institutional funding round, following a $4 million round in 2020 from investors including Singapore-based waste-focused Circulate Capital.
Meanwhile, in June 2019, Recykal had raised $2 million (Rs 13.8 crore at then exchange rate) in a pre-Series A funding round from Triton Investment Advisors, Mumbai-based family office of adhesive maker Pidilite Industries director Ajay Parekh and its existing investor Vijay Acharya, who is former Bank of Singapore managing director.
Hyderabad-based Rapidue Technologies Pvt. Ltd. owns and operates Recykal as a business-to-business marketplace for waste and provider of cloud-based solutions to facilitate transparent and traceable material flows in waste. Its platform connects waste generators, processors and other players in the segment to address issues such as demand-supply mismatch.
With the latest round of funding, Recykal plans to utilise the capital to improve its technology, extend its B2B marketplace across India, and build hyper-local waste processing infrastructure, according to the company.
The company said it is already working with several consumer brands to assist them in implementing sustainability solutions in India and it has also launched a B2B Marketplace for waste that connects participants across the waste value chain.
It is already partnering with a number of consumer brands in India to help them implement sustainability solutions, and it has also launched a waste B2B Marketplace that connects participants from all parts of the waste value chain, it added.
Recykal was founded in 2016 by Abhishek Deshpande, Anirudha Jalan, Vikram Prabakar and Ekta Narain, to date, Recykal said it has channelised 200,000 tonnes of dry waste through its platform back into the circular economy and away from landfills and water bodies by digitally connecting over 100 brands, and over 1,000 corporates, 150 recyclers, 80 Government agencies across all states and union territories on one platform.
“Recykal Marketplace and other technology-driven sustainability solutions have a direct impact on the waste management ecosystem and its stakeholders. These innovations will pave the way to tap into the $100 billion potential that the waste management industry holds,” Abhay Deshpande, founder and CEO of Recykal, said.