Recykal Aims To Build Self-sustaining Circular Economy In India
Recykal, a Hyderabad-based tech startup, is revolutionising the waste management ecosystem through its online platform by offering marketplace solutions for waste management. Recykal empowers buyers and sellers of scrap material and aims to build a self-sustaining circular economy in India.
Recykal has secured USD 36.7 million in funding over seven rounds. In its latest Series A round of funding in September 2022, the company raised USD 7.36 million. The funding is crucial for the startup's mission to divert at least five per cent of waste from landfills and promote recycling and reuse.
Investors
Investors in Recykal include Morgan Stanley, Bank of Singapore and Idea Entity. Morgan Stanley, which led the latest funding round, demonstrates confidence in Recykal's innovative approach to waste management. The startup has five co-founders, Abhay Deshpande, Co-founder and CEO, Abhishek Deshpande, Co-founder and COO, Anirudha Jalan, Co-founder, Ekta Narain, Co-founder and Additional Director and Bhasmang Vidyutrai Mankodi.
Recykal operates in the B2C and B2B segments within the Environmental Tech market. With a focus on creating a comprehensive waste management ecosystem, it competes by providing end-to-end solutions for waste centres and implementing Extended Producer Responsibility (EPR) initiatives. The initiative focuses on prevention of and reduction in waste by advocating less use of single-use plastics, better waste management, recycling, and raising awareness about sustainability.
Recykal's mission is to divert waste from landfills to recycle and reuse them. The company’s 'Samudramanthan' initiative was inspired by Indian mythology in which the ocean was churned for nectar targets recycling ocean-bound plastics. It aims to gather 70,000 metric tonnes of plastics from 207 districts in 19 Indian states.
Profitable Venture
Recykal is also associated with Rapidue Technologies Private Limited, incorporated on 26 November, 2015. It has a revenue of USD 93.2 million (as of 31 March, 2023) and a net profit of USD 3.21 million. In the pursuit of sustainability, Recykal continues to drive technological innovation, creating a lasting impact on waste management practices in India.
Recykal’s efforts are albeit another drop in the ocean of sustainable ventures needed to save the earth, but it is a worthy one.
