Climate Tech Startup Recykal Raises USD 13 Mn in Pre-Series B from 360 ONE Asset With the raised funding, the Hyderabad-based startup will be able to continue innovating its technology, products, and services.
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B2B waste management and recycling platform Recykal announced that it has raised INR 110 crore (~ USD 13 million) from a Category II scheme managed by 360 ONE Asset Management Limited (earlier known as IIFL Asset Management Limited).
So far, Recykal has secured USD 35 million in capital from several sources, including Morgan Stanley, Circulate Capital, Triton Investment Advisors, Pidilite Industries' Executive Vice Chairman Ajay Parekh, Arun Venkatachalam, and Vellyan Subbiah from the Murugappa Group.
Abhay Deshpande, Recykal's Founder and CEO, said, "As we embark on the next phase of our growth journey, this investment will enable us to drive further innovation in our technology, products, and solutions. Thus, this will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner."
Founded in 2016 by Anirudha Jalan, Abhishek Deshpande, and Abhay Deshpande, Recykal serves as an essential middleman in the waste management ecosystem by facilitating connections between producers, waste generators, facilitators, and other industry stakeholders.
It operates in several categories, offering circularity and sustainability solutions, including plastic, paper, metal, e-waste, tyres, and batteries.
With a network of more than 400 brands, 500 recyclers and co-processors, 10,000 enterprises, and 600 urban local authorities, Recykal has processed 700,000 metric tons of waste so far and strives to increase awareness of efficient waste management techniques.
Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, said, "The company has demonstrated significant progress and scale in achieving circularity of value chain, as opposed to the traditional linear "take-make-dispose" approach, by solving for demand aggregation and resource utilisation, which we believe is imperative in building a sustainable future."
