Reverse logistics startup ScrapUncle has secured Rs 3.7 crore in its pre-seed funding round co-led by Bestvantage and a family office of the promoters of Madhuram Papers along with other angel investors including Bharat Jaisinghani.
The Delhi-based startup previously raised Rs 60 lakh from CarDekho CEO Amit Jain during Shark Tank India Season 2.
The company plans to use funds to enhance its current operational scale, thus making a substantial contribution to the company’s overall revenue, ScrapUncle said in a press release.
Founded in 2019 by Mukul Chhabra, ScrapUncle offers scrap recycling services via an online website and application. Through its website and app, ScrapUncle enables both homeowners and offices to conveniently schedule the collection and recycling of their scrap materials. The startup aims to tackle waste management problems by bringing efficiency, transparency, and eco-consciousness to the process of scrap recycling.
ScrapUncle competes with The Kabadiwala, RecycleBaba, and few others.
According to estimates, the market size for reverse logistics is approximately $60 billion and is expected to reach $80 billion by 2025, growing at a CAGR of 12%.
