Food upcycling startup Wastelink bags $10 crore in its seed funding round
- ByStartupStory | June 8, 2022
Wastelink, a B2B food upcycling company, has raised Rs 10 crore in early capital from Matterhorn Projects LLP, Indigram Labs Foundation, Sanjiv Rangrass, and other angel investors. According to a statement from Wastelink, the funds will be utilised to grow the company’s reach across India and scale up its nutrition research and food waste supplier platform capabilities.
Wastelink, founded in 2018 by engineers Saket Dave and Krishnan Kasturirangan, uses their patented processing method to convert food waste into high-energy components for the animal feed business. Wastelink aspires to create a countrywide food and feed ecology that is sustainable.
Food waste is responsible for 8-10% of worldwide greenhouse gas emissions. The UN Environment Program (UNEP) 2021 Report has given these facts. According to the FAO’s 2021 study, 40 percent of food produced in India is wasted, owing to India’s fragmented food production systems and supply chain. The initiatives of Wastelink are aimed at resolving this major economic and environmental issue. Food waste is kept within the food chain because to Wastelink’s alignment with the circular economy.
Saket Dave, the CEO of Wastelink said that the company is ecstatic to have raised its first round of investment and to be able to take advantage of the opportunities that come with it. He also stated that as he further plans the course toward national development, the combined experience of the investors, as well as the funds, will be invaluable. By upcycling one million metric tonnes of food waste in two to three years, the firm wants to have a significant beneficial influence on society.
Malvika Poddar, the Director Matterhorn Projects LLP stated that Wastelink is certainly adding impetus to the circular economy, which is the need of the hour. The firm is thrilled to be working with Saket and Krishnan, who offer a wealth of knowledge as well as a passion for tackling a global issue at the same time as economic growth.
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