Capital infusion to enable the company to expand network of Recykal Points to over 100 locations in tier 1 and 2 cities pan-India
Hyderabad: Circulate Capital, the Singapore-based investment management company focused on preventing plastic from leaking into the ocean and advancing the circular economy, announced that the Circulate Capital’s Ocean Fund (CCOF) has made a strategic investment into Rapidue Technologies (Recykal), a digital solutions waste-commerce (w-commerce) company based in Hyderabad.
Established in partnership with PepsiCo (its first investor), Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, and Chevron Phillips Chemical, CCOF is the world’s first investment fund dedicated to combat ocean plastic in South and Southeast Asia.
Recykal’s integrated approach connects waste generators with waste processors and recyclers, and brand owners through an ecosystem of digital cloud-based solutions that facilitate transparent and traceable material flows and transactions for all stakeholders. The company enables more efficient and effective dry waste management through its digital marketplace for waste, Smart Centre Solutions and EPR solution, an EPR management tool.
Recykal’s digital footprint for waste collection and channelisation include more than 4,00,000 consumers, over 1,000 businesses, 500 aggregators and waste management companies, more than 100 recyclers and 30 municipalities across 25 states, union territories in India.
Speaking on this occasion, Abhay Deshpande, founder, Recykal, said, “This investment will allow us to bring our offerings to more markets in India and put us in a good position to lead a digital revolution of the country’s waste management and recycling industry.”
Commenting on the commitment, Rob Kaplan, CEO, Circulate Capital said, “As the first company in India to set up a digital waste marketplace and provide comprehensive digital solutions to the whole waste management and recycling industry, Recykal is playing a pivotal role in bringing transformative change to India’s circular economy through targeted solutions for specific pain points like transparency and traceability.”
To date, Circulate Capital has committed $39 million to form the largest investment portfolio dedicated to fighting plastic pollution and advancing the circular economy for plastic waste in India.
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