Recykal plans to use these funds for strengthening its technology, expanding its B2B marketplace pan-India and building hyper-local waste processing infrastructure.
Chennai: Waste-commerce solutions provider Recykal on Tuesday announced that it has raised $22 million in funding by investment funds managed by Morgan Stanley India.
The company works with several of the world’s largest consumer brands to assist them in implementing sustainability solutions in India and has also launched India’s first B2B marketplace for waste that connects participants across the waste value chain.
“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, Recykal said in a statement.
This is the second institutional fundraise by the company after a $4 million round in 2020. Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam from the Murugappa Family also participated in this round.
Recykal plans to use these funds for strengthening its technology, expanding its B2B marketplace pan-India and building hyper-local waste processing infrastructure. This will enable the circular economy and help corporate India in achieving its sustainability goals, the company said.
“Waste management in India and many other parts of the world is already a big problem and it is getting worse. We believe our investment will allow Recykal to play a leadership role in implementing scalable and sustainable solutions to one of society’s biggest challenges” Raja Parthasarathy, managing director and co-head of Morgan Stanley India Infrastructure said.
Investors said that over that the company’s continued growth and evolution over the past year has bolstered sentiment.
“With a passionate team and cutting-edge end-to-end digital solutions, the company is making a real difference to advancing the circular economy in India. Recykal’s model is proof that the creation of both financial and environmental value can go hand in hand,” Rob Kaplan, Founder and CEO, Circulate Capital said.
“India generates more than 60 million tonnes of municipal solid waste per annum, while a mere c.20% is processed or recycled, the company said… So far, Recykal has channelized 200,000 tonnes of dry waste through its platform back into the circular economy and away from landfills and water bodies by digitally connecting 100+ brands, 1000+ corporates, 150+ recyclers, 80+ Government agencies across all states and UT’s on one platform,” the company said.
Publisehd in indiatimes