Recykal, known for its innovative approach to the circular economy, announced today the successful closure of a pre-Series B funding round, raising Rs 110 crore (about $13 million). Led by 360 ONE Asset Management Limited, the funding signals a strong endorsement of Recykal’s vision to drive positive environmental impact through technology-driven solutions.
The investment will fuel Recykal’s ongoing efforts to innovate in its technology, products, and solutions, reinforcing its position as a trusted partner in the sustainability space. Abhay Deshpande, Founder and CEO of Recykal, expressed his excitement about the company’s growth trajectory, stating that the funding will enable Recykal to amplify its impact and solidify its role as a leader in promoting sustainability practices.
In addition to supporting Recykal’s expansion plans, the funding round provided an opportunity for early-stage investors to achieve an exit. With this latest infusion of capital, Recykal has now raised a total of $35 million, underscoring investor confidence in the startup’s mission and potential for growth.
360 ONE Asset Management Limited, formerly known as IIFL Asset Management Limited, spearheaded the funding round. As part of the 360 ONE group, which specializes in wealth management and alternative investments, the firm manages over $54 billion in assets. Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, praised Recykal’s progress in fostering circularity within the value chain, emphasizing the importance of sustainable practices in shaping the future.
Recykal, founded in 2016 by Anirudha Jalan, Abhishek Deshpande, and Abhay Deshpande, operates as a tech-driven marketplace for the circular economy in India. The startup’s platform connects producers, waste generators, facilitators, and other stakeholders, facilitating efficient waste management processes across multiple sectors. With a focus on plastic, paper, metal, e-waste, tyres, and batteries, Recykal has processed 700,000 metric tons of waste to date, showcasing its commitment to promoting sustainable practices.
Looking ahead, Recykal aims to raise awareness about effective waste management methods and expand its network, which currently includes over 400 brands, 500+ recyclers and co-processors, 10,000+ businesses, and 600+ urban local bodies. With the sustainability and circular economy sector in India projected to reach $2 trillion by 2050, Recykal is poised to play a pivotal role in driving positive change and shaping a more sustainable future for generations to come.
