Nepra Resource Management Pvt. Ltd, a waste management company that operates under the Let’s Recycle brand, has raised Rs 134 crore ($18 million) in its Series C round of funding.
The funds were raised from existing impact investor Aavishkaar Capital and new impact investor Circulate Capital, Nepra said in a statement.
The funding will help Ahmedabad-based Nepra Resource expand its geographic footprint and scale its operations.
Aavishkaar Capital also made a partial exit via its earlier fund, which had first invested in 2013 in the company, as a part of this round.
“At a time when communities need economic opportunities more than ever, Nepra Resource is poised to scale its unique model of turning plastic pollution from a scourge into a resource for job creation and a thriving circular economy," said Rob Kaplan, founder and CEO from Circulate Capital.
Circulate Capital is an investment management firm dedicated to financing companies that prevent ocean plastic and advance the circular economy. It counts among its investors PepsiCo, Procter & Gamble, Dow, Danone, CHANEL, Unilever, The Coca-Cola Company and Chevron Phillips Chemical Company LLC.
Nepra Resource was founded by Sandeep Patel, Dhrumin Patel and Ravi Patel in 2011. It has built a supply chain that connects dry-waste generators and collectors to recyclers, integrating more than 1,700 waste-pickers into the formal economy.
The firm can process over 500 tonnes per day of waste across Ahmedabad, Indore and Pune.
The company had raised its first external funding of $2.5 million from Aavishkaar Capital in January 2013.
In 2018, it raised its Series B round from Aavishkar Capital and Asha Impact fund.
Some waste management firms in India have attracted funding from investors in the past few years.
In March, Singapore-based waste management company Blue Planet Environmental Solutions Pte Ltd raised $25 million from Asian financial services group Nomura.
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.