Kabadiexpress, a startup which collects scrap from homes and offices and sells it to recycling plants, has raised Rs 1 crore (about $147,000) from a Delhi-based affluent individual in the real estate segment, co-founder Kapil Bajaj told TechCircle.
The company will use the funds expand its reach to Noida, Ghaziabad and adjoining areas in the national capital region, Bajaj said. He didn't disclose the investor's name.
“We are launching our new mobile application and website soon,†he said.
Kabadiexpress, run by Green Warriors Pvt. Ltd, collects scrap items such as old newspapers, magazines, furniture, electronic products and metal objects from the customers' doorstep and sells these to recycling plants and mills. The customers are paid for the scrap they submit. The company claims to have 2,000 customers at present.
The startup refurbishes furniture items that are in relatively better condition and sells those on its website as well as marketplaces such as Amazon. The company's warehouses are located in Noida and Ghaziabad. It also generates revenue through advertisements on its portal.
The Delhi-based startup was founded in May 2015 by Bajaj, who was a recruitment professional earlier, and Sandeep Sethi, who was in the financial services sector prior to starting up.
Other startups in the waste management segment are Bangalore-based EnCashea, which collects scrap in exchange for money, Karma Recycling, Pom Pom and Attero Recycling.
Delhi-based e-waste management startup Karma Recycling Pvt Ltd raised an undisclosed amount in June last year from Infuse Ventures and Low Carbon Enterprise Fund, a fund managed by Environmental Resources Management Foundation.
Noida-based Attero Recycling Pvt. Ltd, which is also into e-waste disposal and management, raised $16.5 million in its Series C round led by private equity fund Forum Synergies (India) in August 2014.
Like this report? Sign up for our daily newsletter to get our top reports.
