HYDERABAD: Sustainable circularity startup Recykal has secured a Rs 110 crore (round $13 million) pre-series B funding from a Category II scheme managed by 360 ONE Asset Management Limited, previously referred to as IIFL Asset Management Limited.
The funding is learnt to have come from Manipal Group founder chairman Dr Ranjan D Pai’s household workplace and has been routed by means of 360 One Asset Management, which manages property price over $54 billion.
With this funding, Shyam Powar, who heads Dr Pai’s household workplace Claypond Capital, has joined the Recykal board.
The Hyderabad-based startup has to date raised $35 million by means of buyers corresponding to Morgan Stanley, Circulate Capital, Triton Investment Advisors, Ajay Parekh, Executive Vice Chairman, Pidilite Industries, Arun Venkatachalam and Vellyan Subbiah of the Murugappa Group.
Commenting on the funding, Recykal’s founder & CEO Abhay Deshpande mentioned: “As we embark on the subsequent part of our progress journey, this funding will allow us to drive additional innovation in our expertise, merchandise and options. It will pave the way in which for us to amplify our progress and strengthen our place as a trusted sustainability companion.”
Sameer Nath, CIO & head of personal fairness at 360 ONE Asset, mentioned “Recykal has demonstrated significant progress and scale in achieving circularity of value chain, as opposed to the traditional linear `take-make-dispose’ approach, by solving for demand aggregation and resource utilization, which we believe is imperative in building a sustainable future.”
Recykal has to date channelled 7 lakh MT of waste by means of a community of over 400 manufacturers, 500 recyclers and co-processors, 10,000 companies and 600 city native our bodies.
The funding is learnt to have come from Manipal Group founder chairman Dr Ranjan D Pai’s household workplace and has been routed by means of 360 One Asset Management, which manages property price over $54 billion.
With this funding, Shyam Powar, who heads Dr Pai’s household workplace Claypond Capital, has joined the Recykal board.
The Hyderabad-based startup has to date raised $35 million by means of buyers corresponding to Morgan Stanley, Circulate Capital, Triton Investment Advisors, Ajay Parekh, Executive Vice Chairman, Pidilite Industries, Arun Venkatachalam and Vellyan Subbiah of the Murugappa Group.
Commenting on the funding, Recykal’s founder & CEO Abhay Deshpande mentioned: “As we embark on the subsequent part of our progress journey, this funding will allow us to drive additional innovation in our expertise, merchandise and options. It will pave the way in which for us to amplify our progress and strengthen our place as a trusted sustainability companion.”
Sameer Nath, CIO & head of personal fairness at 360 ONE Asset, mentioned “Recykal has demonstrated significant progress and scale in achieving circularity of value chain, as opposed to the traditional linear `take-make-dispose’ approach, by solving for demand aggregation and resource utilization, which we believe is imperative in building a sustainable future.”
Recykal has to date channelled 7 lakh MT of waste by means of a community of over 400 manufacturers, 500 recyclers and co-processors, 10,000 companies and 600 city native our bodies.
