Recykal, a cloud-based waste management and recycling enabler has closed a Pre-Series A financing round of USD 2 million from Triton Investment Advisors, a family enterprise of Ajay Parekh (Director, Pidilite Industries), and existing investor Vijay Acharya.
According to a press release issued by the city-based startup, the funding would enable Recykal to expand their footprint across India.
Abhishek Deshpande, co-founder, Recykal said over the past three years, the firm has been working closely with stakeholders in the industry to understand their pain points and developed tailored solutions for them.
"The funds raised will help us strengthen our technology offerings, expand our team and presence in new cities across India. Our association with Triton marks the onset of an exciting journey for us and the industry," he said.
Explaining the rationale behind Recykal, Deshpande said, Indian Waste Management market is expected to reach USD14 billion by 2025 and it is primarily operated by the informal sector, with the majority of the transactions being offline and untraceable.
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