Hyderabad, June 3
Recykal, a cloud-based waste management and recycling enabler, has raised $2 million as part of a Pre-Series A financing round. The funding will enable it to expand its footprint across India.
Triton Investment Advisors (Triton), the family office of Ajay Parekh, Director, Pidilite Industries, and existing investor, Vijay Acharya, former Managing Director, Bank of Singapore, have participated in this round.
Recykal’s digital technology platform connects waste generators (businesses and consumers) with waste aggregators and recyclers, facilitating transactions and offering visibility, transparency and traceability of recyclable waste.
The company has also built a suite of mobile applications that facilitates consumer awareness and take-back programmes for FMCG and electronic brands and ensures compliance with the Extended Producer Responsibility (EPR) Guidelines outlined by the government.
“Over the past three years, we have been working closely with stakeholders in the industry to understand their pain points and have developed tailored solutions for them,” said Abhishek Deshpande, co-founder, Recykal.
“The funds raised will help us strengthen our technology offerings and expand our team and presence in new cities across India. Our association with Triton marks the onset of an exciting journey for us and the industry,” he said.
Headquartered in Hyderabad, Recykal was co-founded by Abhishek Deshpande and Anirudha Jalan in 2016. The company’s technology solutions are deployed across 150 businesses. It is currently operational in Hyderabad, Pune and Bengaluru, and channelises more than 1,000 metric tonnes of recyclables each month through its platforms.
Source: The Hindu