Update: B2B waste management and recycling marketplace Recykal has secured Rs 110 crore (approximately $13 million) from a Category II scheme managed by 360 ONE Asset Management Limited.
According to Recykal, this investment has facilitated a multi-bagger exit for early-stage investors.
Original story continues:
Recykal, a B2B waste management and recycling marketplace, has raised Rs 80 crore from 360 One Large Fund. This fresh investment marks the company’s return to fundraising after a hiatus of over two years.
As per a regulatory filing accessed from the Registrar of Companies, Recykal’s board has approved the allocation of 35,476 Series D CCPS at an issue price of Rs 22,556 each, raising Rs 80 crore (approximately $10 million).
Established in 2016, Recykal assists businesses in meeting their EPR targets, achieving plastic neutrality, disposing of IT assets, sourcing recyclable materials, and tracking and tracing industrial waste flow.
Recykal has chosen not to comment on this development.
To date, Recykal has raised approximately $38 million through various funding rounds, including a $22 million round led by Morgan Stanley India and Circulate Capital in January 2022.
Prior to this round, Morgan Stanley held the largest stake in the company at 27.05%, followed by Circulate Capital and Triton Fund. Cumulatively, the co-founders—Abhay Deshpande, Abhishek Deshpande, and Anirudha Jalan—own 40.03% of the company.
Recykal has demonstrated remarkable financial performance, with its revenue growing 3.92 times to Rs 745 crore in FY23 from Rs 190 crore in FY22. The Hyderabad-based firm reported losses of Rs 25.7 crore for the fiscal year ending in March 2023.
Update: The headline and story have been updated to incorporate information from Recykal’s official press release.
