Waste management and recycling startup Recykal Wednesday said it has raised $13 million (Rs 110 crore) in a pre-Series B funding round from 360 One Asset Management Ltd, which was earlier known as IIFL Asset Management Ltd.
The startup plans to use the funds for product development, and to improve its technology stack and existing solutions.
Hyderabad-based Rapidue Technologies Pvt Ltd owns and operates Recykal as a business-to-business marketplace for waste and provides cloud-based solutions to facilitate transparent and traceable material flows in waste. Its platform connects waste generators, processors and other players in the segment to address issues such as demand-supply mismatch.
It was founded in 2016 by Abhishek Deshpande, Anirudha Jalan, Vikram Prabakar and Ekta Narain. Recykal said it has so far channelised 700,000 tonnes of dry waste through its platform back into the circular economy and away from landfills and water bodies.
"This investment will enable us to drive innovation in our technology, products and solutions,” said Deshpande, co-founder and chief executive officer, Recykal.
The company claims to have a network of over 400 brands, 500 recyclers and co-processors, 10,000 businesses and 600 urban local bodies.
Recykal has raised a total of $38 million in funding to date. In 2022, the startup secured $22 million from the investment funds managed by Morgan Stanley India along with existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam of the Murugappa Family.
Its maiden institutional round of investment was in 2020 when it raised $4 million in a funding round from a host of investors including Circulate Capital.
In 2019, Recykal raised $2 million in a pre-Series A funding round from Triton Investment Advisors, the Mumbai-based family office of Pidilite Industries director Ajay Parekh and its existing investor Vijay Acharya, who is former Bank of Singapore managing director.
360 ONE Asset Management is an alternative asset management firm with assets and public market mandates worth more than $8 billion. 360 One Private Equity has about $3 billion in assets under management. The firm has backed startups across sectors such as healthcare, technology, financial services and consumer industries.
