Ennovent Impact Investment Holding, which backs companies that cater to the poor, has invested an undisclosed amount in Bengaluru-based waste management services provider Hasiru Dala Innovations Pvt. Ltd.
This is Ennovent Impact’s sixth investment, the investor said in a statement.
Hasiru Dala is a for-benefit social enterprise that aims to create sustainable livelihoods for waste-pickers through circular economy-centric businesses. It was co-founded by Nalini Shekar, Shekar Prabhakar and Marwan Abubaker in 2013 as a non-government organisation with the aim of integrating waste pickers into the city’s solid waste management system.
Hasiru Dala will also use the funding to expand its reach within Bengaluru, as well as grow its services to other cities in India, the statement said.
It will also invest in technology to streamline its operational processes and improve on its service offerings, which include solid waste management, urban gardening services, waste management services for events and home composting kits.
The statement said that the company helps improve the working conditions of thousands of workers in the informal economy, including waste pickers, sorters and itinerant waste buyers. It also helps creates jobs for waste pickers and conserves the environment.
“The problem of inefficient solid waste management in urban areas can be solved by using technology and formally integrating waste pickers into the city’s solid waste management system,†said Joel Rodrigues, senior manager for finance services at Ennovent.
Ennovent has previously invested in companies including Anant Learning & Development Pvt. Ltd, Delhi-based placement agency for the semi-skilled; Assam-based ERC Eye Care Pvt. Ltd, which provides low-cost eye-care services to the poor; and Rajasthan-based health-tech startup Karma Primary Healthcare Services Pvt. Ltd.
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