Recykal, which provides cloud-based solutions for the waste management and recycling industry, has raised $2 million (Rs 14 crore) in a pre-Series A round of funding.
Rapidue Technologies Pvt. Ltd, which operates Recykal, said in a statement that it raised the sum from Mumbai-based Triton Investment Advisors and the family office of Pidilite Industries director Ajay Parekh.
Former Bank of Singapore managing director Vijay Acharya topped up his investment in the startup.
Recykal co-founder Abhishek Deshpande said that the fresh capital will be used to strengthen the firm’s technology offerings, and expand its team and geographical presence across the country.
“Waste management and recycling industry is a massive and untapped space, where the stakeholders are often disjointed and disconnected,” Deshpande added.
Founded in 2016 by Deshpande and Anirudha Jalan, Recykal’s digital platform connects waste generators such as businesses, consumers, waste aggregators, recyclers and helps them adopt sustainable practices in treating waste.
Besides, its mobile applications allow FMCG and electronic brands to run their consumer awareness and take-back programmes besides ensuring compliance with the rules prescribed by the government.
The company claims that its technology solutions are deployed across 150 businesses. It is currently operational in Hyderabad, Pune and Bengaluru, and sources more than 1,000 metric tonnes of recyclables per month via its platforms.
A graduate in hotel management and catering technology, Deshpande had earlier worked in hospitality groups Accor and Radisson. Co-founder Jalan, who is also the company’s vice president of strategy, is an MBA graduate from ISB and has earlier worked in companies like EY and Morgan Stanley. He was also associated with Calcutta Angels Network as an investor.