Hyderabad: In a country where about 80 per cent of the waste is not recycled, Hyderabad-based Rapidue Technologies is making a difference. With its newly launched digital platform Recykal and Uzed, the company is connecting waste generators with processors and recyclers.
Acting as an aggregator, the platform connects all stakeholders on one platform with the Recykal app tailor made for industry and government, the Uzed app is for individual and residential users.
“As part of the Recyckal app, users can book a waste collection appointment and get incentivised. The waste can include plastic, glass, paper and/or anything that is recyclable. Meanwhile, Uzed is for businesses and government that want to give away huge amount of recyclable waste. Once the waste collection slot is fixed, we allot a rag-picker or processor to collect the waste and sort it. And after this, the waste picker gets connected to the almost 30 recyclers registered on our platform to sell their waste,” said Abhay Deshpande, director, Rapidue Technologies.
The company is working in an industry which is highly informal and has a market size of $100 billion in India itself. It charges a minimal 4-5 per cent transaction cost from the recycler for every order they get and is looking at getting into cities like Bengaluru, Mumbai, Delhi and Chennai in the next three months. In addition, it is planning to reach 50 cities with its platform by next financial year i.e. 2019-20. It is also working with few municipal corporations, like the Gurgoan Municipal Corporation, to help them in their waste recycling.
“In the last four-five months, we have on-boarded four lakh consumers from Hyderabad and Pune and have done 250-300 waste pickups per day. We have invested $1 million in the company so far, which will take care of the short-term expansion plan that we have in place. However, going ahead we plan to look at raising around $10 million in the second half of next financial year,” Deshpande informed.