Recykal, B2B platform for waste management and recycling marketplace, has raised $22 million from Morgan Stanley India. Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam of the Murugappa Family have also participated in the round.
This takes the total equity capital raised by the company to $26 million, including a $4 million round in 2020.
According to the Hyderabad-based startup, the capital will be used to strengthen its technology and expand its B2B marketplace, apart from building hyperlocal waste processing infrastructure.
Founded in 2016 by Abhay Deshpande, Recykal is an end-to-end digital solutions provider that facilitates transactions for all stakeholders across India’s waste management and recycling value chain to promote more efficient and effective recycling of plastic waste, e-waste.
Recykal’s digital footprint for waste collection and channelisation claims that it includes more than 400,000 consumers, over 1,000 businesses, 500 aggregators and waste management companies, more than 100 recyclers and 30 municipalities across 25 states and union territories.