Recykal, a tech company in sustainability and circular economy, raised Rs 110 crore ($13 million) in its pre-series B funding round. The fund was secured from Category II scheme managed by 360 ONE Asset Management Limited (earlier known as IIFL Asset Management Limited) (“360 ONE Asset”)
The investment has also allowed early-stage investors to achieve a multi-bagger exit, the company added in a statement.
Recykal's founder and CEO, Abhay Deshpande, emphasised the significance of the investment, saying, "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.”
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Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, commenting on the investment 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 utilization, which we believe is imperative in building a sustainable future.”
Recykal has raised a total of $35 million in funding to-date and existing investors include Morgan Stanley, Circulate Capital, Triton Investment Advisors, Ajay Parekh, Executive Vice Chairman, Pidilite Industries, Arun Venkatachalam and Vellyan Subbiah from the Murugappa Group.
Recykal, a tech start-up headquartered in Hyderabad, enables stakeholders across waste management and recycling with a digitised waste management ecosystem. It operates in several categories, offering circularity and sustainability solutions, including plastic, paper, metal, e-waste, tyres, and batteries.
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