Vododara-based waste paper collection and recycling startup Sort India Enviro Solutions Ltd, which operates under the brand Pastiwala, has raised $4 million (approximately Rs 25 crore) from Agnus Capital, a private investment arm of the promoters of public listed drug maker Strides Arcolab, The Economic Times reported citing a senior executive of the company.
The company is also looking to raise $20-25 million in the next quarter, Sort India Enviro Solutions' co-founder Aashutosh Magdum said, adding that the first round of funds would be utilised to expand presence across Gujarat by setting up fully automatic material recycling facilities.
The second round of funding, for which it has given mandate Artifice Advisors Pvt Ltd, would be utilised to augment presence to cities like Bangalore, Mangalore, Pune, Jaipur, Nagpur, Indore, Ajmer and Bhopal.
Sort India Enviro, which creates last-mile connectivity in the business of door-to-door waste collection, was started in 2010 and currently runs a fleet of over 150 vehicles in seven cities across Gujarat.
At present, it has six material recycling facilities that can handle 56,000 tonne of recovered paper and plastic every year and handles around 300 tones of recovered paper every day. There are 25 three wheelers, 10 four wheelers Tata Ace, 20 big trucks (as part of Sort India Transport) that support the tasks.