- Climate tech startup Recykal secures $13 million in pre-Series B funding round from 360 ONE Asset Management Limited, enabling further innovation in technology and products.
- Recykal’s Founder and CEO, Abhay Deshpande, expresses plans for growth and strengthening the company’s position as a sustainability partner.
- The investment allows early-stage investors to exit, with Recykal having raised a total of $35 million to date from various investors.
- 360 ONE Asset Management highlights Recykal’s progress in achieving circularity in the value chain, emphasizing the importance of sustainability for the future.
- Recykal, founded in 2016, operates as a tech-driven marketplace for the circular economy in India, connecting various stakeholders in the waste management ecosystem and processing 700,000 metric tons of waste to date.
Revolutionizing Sustainability: Recykal’s $13M Pre-Series B Funding
Climate tech startup Recykal has recently secured an impressive $13 million in a pre-Series B funding round led by 360 ONE Asset Management Limited, marking a significant milestone in the company’s growth trajectory. This substantial investment is set to fuel further innovation in Recykal’s technology, products, and solutions, reinforcing its position as a key player in India’s sustainability and circular economy sector.
Driving Circular Economy Growth in India
Recykal’s successful funding round comes at a time when the sustainability and circular economy sector in India is poised for remarkable growth. According to the National Circular Economy Framework and the Confederation of Indian Industry (CII), this sector is projected to reach a staggering $2 trillion by 2050, underscoring the immense potential for innovative solutions that prioritize environmental sustainability.
Founded in 2016 by Anirudha Jalan, Abhishek Deshpande, and Abhay Deshpande, Recykal has emerged as a tech-driven marketplace that plays a pivotal role in connecting various stakeholders within the waste management ecosystem. By facilitating collaboration between producers, waste generators, facilitators, and other industry players, Recykal serves as a crucial intermediary driving circularity and sustainability across sectors such as plastic, paper, metal, e-waste, tyres, and batteries.
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Empowering Sustainable Practices Through Innovation
Recykal’s cloud-based platform has already processed an impressive 700,000 metric tons of waste, showcasing its commitment to effective waste management practices. With a network comprising over 400 brands, 500+ recyclers and co-processors, 10,000+ businesses, and 600+ urban local bodies, Recykal is actively raising awareness on the importance of adopting sustainable waste management methods.
Abhay Deshpande, Founder and CEO of Recykal, expressed enthusiasm about the company’s growth trajectory following the recent funding round, emphasizing the potential to amplify Recykal’s impact as a trusted sustainability partner. The investment not only sets the stage for further innovation but also provides early-stage investors with an exit opportunity, underscoring the startup’s progress and potential for scale in the circular economy space.
360 ONE Asset Management: A Strategic Partnership for Sustainable Future
360 ONE Asset Management Limited, the lead investor in Recykal’s pre-Series B funding round, brings a wealth of expertise in wealth management and alternative investments, managing over $54 billion in assets. Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, highlighted Recykal’s significant progress in achieving circularity within the value chain, a crucial step towards building a sustainable future.
The partnership between Recykal and 360 ONE Asset Management underscores a shared commitment to advancing sustainability practices and driving innovation in the circular economy space. With a focus on demand aggregation and resource utilization, Recykal is well-positioned to lead the charge towards a more sustainable and environmentally conscious future in India and beyond.
Recykal’s recent funding success not only validates the company’s innovative approach to sustainability but also signals a growing recognition of the importance of circular economy practices in driving long-term environmental impact. As Recykal continues to expand its reach and influence within the industry, the company is poised to play a pivotal role in shaping the future of sustainable business practices in India and beyond.
Links to additional Resources: 1. https://www.cii.in/ 2. https://www.india.gov.in/ 3. https://www.worldbank.org/