Waste Management startup Recykal raises $22 million from Morgan Stanley

• ByTejika Bajaj     |    January 12, 2022

Waste management startup Recykal recently announced that it has raised $22 million in a funding round that was led by Morgan Stanley. The round also witnessed participation from existing investors like Circulate Capital, Vellayan Subbiah and Arun Venkatachalam from the Murugappa family.

The company officials have revealed that the recent round of fundraising will be utilized by the startup for expansion of its services all across India. Furthermore, the funds would be utilized to hire talent for its team and to build a hyper-local waste processing infrastructure.

“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.

Based out of Hyderabad, Recykal is a cloud based waste management and processing startup that provides an informal waste management industry with solutions including a B2B platform which connects sellers and buyers. The startup also helps multinational corporations which generate heaps of plastic to meet the producer responsibility norms.

The serial entrepreneur, Abhay Deshpande said Recykal had revenue of Rs 1.8 crore in FY19, which is likely to touch Rs 220 crore in FY22. He also made it clear that though the company has a social impact, the team wants to pitch itself as a commercial venture and not as a social impact venture.

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