Hyderabad: Hyderabad headquartered cloud-based waste management and recycling enabler Recykal has closed a pre-series A financing round of $2 million. Triton Investment Advisors (Triton), the family office of Ajay Parekh (director, Pidilite Industries), and existing investor, Vijay Acharya (former managing director, Bank of Singapore) participated in this round. The funding will enable Recykal to expand their footprint across India.
The company’s digital technology platform connects waste generators (businesses and consumers) with waste aggregators and recyclers, facilitating transactions and offering visibility, transparency and traceability of recyclable waste. The company has also built a suite of mobile applications that facilitates consumer awareness and take-back programmes for FMCG and electronic brands and ensures compliance with the Extended Producer Responsibility (EPR) Guidelines outlined by the government.
Abhishek Deshpande, co-founder, Recykal said, “The funds raised will help us strengthen our technology offerings, expand our team and presence in new cities across India. Our association with Triton marks the onset of an exciting journey for us and the industry.”
Recykal was co-founded by Deshpande and Anirudha Jalan in 2016. The company’s technology solutions are deployed across 150 businesses. It is currently operational in Hyderabad, Pune and Bangalore, and channelizes more than 1,000 metric tonnes of recyclables per month through its platforms.