Update: Morgan Stanley-backed Recykal raises nearly $13 Mn

Update: B2B waste management and recycling marketplace Recykal has raised Rs 110 crore (approximately $13 million) from a Category II scheme managed by 360 ONE Asset Management Limited.

According to Recykal, this investment has also allowed early-stage investors to achieve a multi-bagger exit. 

Original story follows:

B2B waste management and recycling marketplace Recykal has raised Rs 80 crore from 360 One Large Fund. The fresh investment came after a hiatus of more than two years for the Morgan Stanley-backed firm.

The board at Recykal has passed a special resolution to allot 35,476 Seres D CCPS at an issue price of Rs 22,556 each to raise Rs 80 crore (approximately $10 million), its regulatory filing accessed from the Registrar of Companies shows.

Founded in 2016, Recykal helps businesses to fulfill their EPR targets, become plastic-neutral, dispose of IT assets, source recyclable materials, and track and trace industrial waste flow.

Recykal has declined to comment on the story.

As of now, Recykal has raised around $38 million across several rounds including a $22 million round led by Morgan Stanley India and Circulate Capital in January 2022.

Before this round, Morgan Stanley was the largest stakeholder with 27.05% in the company followed by Circulate Capital and Triton Fund. Its co-founders including Abhay Deshpande, Abhishek Deshpande and Anirudha Jalan cumulatively command 40.03% of the company.

Recykal demonstrated impressive financial performance which was evident from its scale that grew 3.92X to Rs 745 crore in FY23 from Rs 190 crore in FY22. The losses for the Hyderabad-based firm stood at Rs 25.7 crore during the fiscal year ended in March 2023.

Update: The headline and story have been updated to add information from Recykal's official press release.