Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

By Nikita Chaurasia  | Date: 2022-01-12

Recykal secures USD 22 Mn in a fundraise led by Morgan Stanley India

Recykal, a B2B waste management and recycling marketplace head-quartered in Hyderabad, has reportedly raised USD 22 million in funding from Morgan Stanley India.

According to the company, existing investors including Circulate Capital, Arun Venkatachalam of the Murugappa Family, and Vellayan Subbiah also participated in the round.

The latest funding brings the company’s total equity capital   to USD 26 million, including a USD 4 million round that was held in 2020.

The fresh capital will be deployed to improve the company's technology, grow its B2B marketplace, and construct hyperlocal trash processing infrastructure.

For the uninitiated, Abhay Deshpande, along with Abhishek Deshpande, Anirudha Jalan, Vikram Prabhakar, and Ekta Narain founded Recykal in 2016.

Abhay being a serial entrepreneur has launched an e-commerce platform Malamall in 1998, followed by an e-commerce enablement SaaS platform Martjack in 2007, which was later acquired by Capillary Technologies. 

Recykal connects sellers of recyclable garbage, such as offices, hotels, campuses, companies, Resident Welfare Associations (RWA), and informal aggregators that gather recyclable garbage from ragpickers and others, through its marketplace platform.

On the buyer’s network, Recykal along with e-waste as well as plastics recyclers gets a majority of its raw materials from a few providers rather than a vast network of aggregators.

Abhay mentioned in a statement that the firm decided to focus on providing traceable waste management solutions in 2019, after the implementation of Extended Producer Responsibility (EPR) to electronic waste and plastic waste.

The company intends to generate USD 29.7 million in revenue for the fiscal year 2021-22.  The firm’s platform has so far handled 200,000 tons of dry waste and connected over 100 brands, 1,000 corporations, and 150 recyclers.

Recykal is also trying to expand its buy-side recyclers, such as metal, battery, and other components. The company collaborates with service providers in other countries to acquire recyclable waste, bringing the industry into the mainstream through GST-registered transactions.

 

Source Credit:

https://yourstory.com/2022/01/funding-alert-morgan-stanley-leads-round-recykal-waste-management/amp

About Author

Nikita Chaurasia     aeresearch.net

Nikita Chaurasia

An accomplished professional in the field of content development, playing with words comes naturally to Nikita Chaurasia. After completing her post-graduate MBA degree in Advertising and PR, Nikita worked across numerous content-driven verticals, undertaking diverse r...

Read More >>

More News By Nikita Chaurasia

Pacific Island pushes Japan to delay wastewater release from Fukushima

Pacific Island pushes Japan to delay wastewater release from Fukushima

By Nikita Chaurasia

Pacific Island nations have reportedly pushed Japan to postpone the release of Fukushima nuclear power plant wastewater due to concerns that it may pollute fishing grounds. An appeal was made on Wednesday when Japan announced that treated sewage f...

Activist groups take Danone to court over excessive use of plastics

Activist groups take Danone to court over excessive use of plastics

By Nikita Chaurasia

Danone, the French bottled water and yogurt firm, is reportedly being sued in court by three environmental activists’ groups for failing to cut its plastic footprint significantly. According to the groups, the maker of Evian and Volvic miner...

Bosch expands security with dashcams designed for rideshare drivers

Bosch expands security with dashcams designed for rideshare drivers

By Nikita Chaurasia

Bosch, the German technology company, has reportedly expanded its security footprint in the ridesharing market with the launch of its latest security dashcams. At CES 2023, Las Vegas, the German tech firm unveiled a new integrated smart camera on ...

Australia: PM Albanese denies potential $450M payout to Rio Tinto

Australia: PM Albanese denies potential $450M payout to Rio Tinto

By Nikita Chaurasia

Australia's Prime Minister Anthony Albanese has reportedly denied rumors that Rio Tinto and its partners could receive a $450 million settlement for the Gladstone power station, which would bring the total compensation for the coal price limit to...

UK: Firms still struggle with post-Brexit trading and red tape

UK: Firms still struggle with post-Brexit trading and red tape

By Nikita Chaurasia

Businesses in the UK are still reportedly grappling after two years following the beginning of post-Brexit trading, as suggested by a new report. According to the British Chambers of Commerce (BCC), firms are still battling increased red tape and ...