Hyderabad-based Recykal raises 163 cr from Morgan Stanley
Hyderabad: Hyderabad-based Recykal, a waste commerce company that bridges gaps between waste generators and waste processors, has raised $22 million (about Rs 162.8 crore) in funding by investment funds managed by Morgan Stanley India. Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam from the Murugappa Family also participated in this round. This is the […]
Hyderabad: Hyderabad-based Recykal, a waste commerce company that bridges gaps between waste generators and waste processors, has raised $22 million (about Rs 162.8 crore) in funding by investment funds managed by Morgan Stanley India.
Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam from the Murugappa Family also participated in this round. This is the second institutional fund raise by the company after a $4 million round in 2020.
Recykal plans to use these funds for strengthening its technology, expanding its B2B marketplace pan India and building hyper-local waste processing infrastructure. This will enable the circular economy and help corporate India in achieving its sustainability goals.
Founded in 2016, Recykal was the first Indian start-up in the World Economic Forum’s Circular Accelerator Programme 2021. So far, Recykal has channelised two lakh tonne of dry waste through its platform back into the circular economy and away from landfills and water bodies by digitally connecting more than 100 brands, 1,000 corporates, 150 recyclers, 80 Government agencies across the country on one platform.
“Recykal Marketplace and other technology-driven sustainability solutions have a direct impact on the waste management ecosystem and its stakeholders. These innovations will pave the way to tap into the $100 billion potential that the waste management industry holds. We believe partnering with Morgan Stanley will help us expand our solutions across the entire spectrum of the ecosystem, ” said Recykal Founder and CEO Abhay Deshpande.
“Waste management in India and many other parts of the world is already a big problem and it is getting worse. We believe our investment will allow Recykal to play a leadership role in implementing scalable and sustainable solutions to one of society’s biggest challenges”, said Raja Parthasarathy, Managing Director and Co-Head of Morgan Stanley India Infrastructure.
“Recykal is making a real difference to advancing the circular economy in India. Recykal’s model is proof that the creation of both financial and environmental value can go hand in hand, ” said Rob Kaplan, Founder and CEO, Circulate Capital.
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