Clean-tech startup PadCare Labs raises $3 Mn led by Rainmatter

Clean-tech startup PadCare Labs has raised $3 million in a pre-Series A funding round led by Rainmatter, with participation from 3one4 Capital, Brigade REAP, and PKRBCV Shroff Trust. 

Existing investors Lavni Ventures and 3i Partners also participated, along with debt support from EXIM Bank and ICICI Bank. The round includes a mix of equity and debt.

The fresh capital will be used to scale its recycling capacity to 2,000 metric tonnes annually by March 2027, expand operations across Bengaluru and Delhi NCR, and strengthen leadership and core operational teams. 

Founded in 2018 by Ajinkya Dhariya, PadCare Labs operates in the sanitary waste recycling segment with a focus on building compliant and scalable recycling infrastructure. The startup currently operates across 24 cities in India, manages over 2,000 sites, and serves more than 685 enterprise, manufacturing, and residential clients.

PadCare also plans to launch PadCare Orbit, a B2C app focused on sanitary waste management for housing societies, and expand its presence across the APAC region.

PadCare has developed patented technology for recycling used sanitary waste and also operates Rebirth, a portfolio of recycled stationery and paper products. The firm claims to have reported being PAT positive for the last two years, with EBITDA margins of 26%.