Recykal Raises INR 110 Cr From 360 ONE Asset
SUMMARY
This mix of primary and secondary investment marked the multi-bagger exit of early stage investors
Recykal’s Founder and CEO, Abhay Deshpande said that this investment will enable the company to drive further innovation in technology, products and solutions
Founded in 2016, Hyderabad-based Recykal offers cloud-based solutions to its clients that enables transparent and traceable material flows in waste.
Cloud-based waste management and processing startup Recykal has secured INR 110 Cr (around $13.2 Mn) as a part of its Pre-Series B funding round from 360 ONE Asset Management.
This mix of primary and secondary investment also gave multi-bagger exit to its early stage investors, the startup said in a statement.
Recykal’s founder and CEO, Abhay Deshpande, said that this investment will enable the company to drive further innovation in technology, products and solutions.
Founded in 2016 by Abhishek Deshpande, Hyderabad-based Recykal offers cloud-based solutions to its clients that enables transparent and traceable material flows in waste.
Deshpande, said, “As we embark on the next phase of our growth journey, this investment will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner.”
“The company has demonstrated significant progress and scale in achieving circularity of value chain, as opposed to the traditional linear “take-make-dispose” approach, by solving for demand aggregation and resource utilization, which we believe is imperative in building a sustainable future,” said, Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset.
Till date, the company has raised a total funding of $35 Mn.
In 2022, Recykal raised $22 Mn in a round led by Morgan Stanley India. The round also saw participation from a host of existing investors, including Circulate Capital, Vellayan Subbiah and Arun Venkatachalam.
It is pertinent to note that the startup reported a net loss of INR 25.7 Cr in the financial year 2022-23 (FY23) as against a net profit of INR 1.2 Cr in FY22.
However, its operating revenue jumped 291% to INR 745.1 Cr in FY23 from INR 190.4 Cr in the previous year. Including other income, Recykal reported a total revenue of INR 747.6 Cr in FY23 from INR 190.7 Cr in FY22.
India’s cleantech space has been gaining traction from a lot of investors for quite some time now.
For instance, last month, cleantech startup Bambrew raised INR 60 Cr (about $7 Mn) in its Series A funding round led by Blume Ventures.
