Singapore-Based Circulate Capital Invests In Recykal To Boosts India's Waste Management The funding will enable Recykal to expand the network of Recykal Points to over 100 locations in tier I and II cities pan-India
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Singapore-based investment management firm Circulate Capital on Thursday announced that its Circulate Capital's Ocean Fund (CCOF) has made a strategic investment in Recykal, a digital solutions waste-commerce company.
This funding is part of Circulate Capital's commitment to invest half of its $106 million fund in India to transform the country's waste management and recycling industry. The funding will enable Recykal to expand the network of Recykal Points to over 100 locations in tier I and II cities pan-India.
Recykal is an end-to-end digital solutions provider, facilitating transactions for all stakeholders across India's waste management and recycling value chain. Its integrated approach connects waste generators, processors, recyclers to solve demand-supply mismatch, lack of transparency, source segregation and others.
The company boasts that its waste collection and channelization include more than 400,000 consumers, over 1,000 businesses, 500 aggregators and waste management companies, across 25 states, Union Territories in India.
Commenting on the funding, Abhay Deshpande, founder, Recykal, said, "We are proud to be India's first w-commerce company, transforming the waste management and recycling industry and setting new standards using digital solutions. We believe that our unique proposition of providing the industry with a complete ecosystem to track and trace material flows and transactions brings unprecedented value to all key players along the value chain. By connecting stakeholders, we are also driving efficiency to promote higher throughputs in recycling. This investment will allow us to bring our offerings to more markets in India and put us in a good position to lead a digital revolution of the country's waste management and recycling industry."
To date, Circulate Capital has committed $39 million to form the largest investment portfolio dedicated to fighting plastic pollution and advancing the circular economy for plastic waste in India. The portfolio includes six local small and medium enterprises (SMEs) in the waste management sector.
Commenting on the latest development, Rob Kaplan, CEO, Circulate Capital, said, "As the first company in India to set up a digital waste marketplace and provide comprehensive digital solutions to the whole waste management and recycling industry, Recykal is playing a pivotal role in bringing transformative change to India's circular economy through targeted solutions for specific pain points like transparency and traceability. We are excited to be embarking on this journey with Recykal and look forward to supporting the company through this exciting expansionary phase."