A business-to-business marketplace for waste management, namely, Recykal has raised $22 million in funding by investment funds managed by Morgan Stanley India. According to the company statements, the funds are to be used for strengthening technology, expand the B2B marketplace across the country and build hyper-local waste processing infrastructure.
Recykal works with several consumer brands to assist them in implementing sustainability solutions in India. The company has also launched B2B Marketplace for waste that connects participants across the waste value chain to enhance efficiency and economics for all.
“Recykal Marketplace and other technology driven sustainability solutions have a direct impact on the waste management ecosystem and its stakeholders. These innovations will pave the way to tap into the $100 billion potential that the waste management industry holds,” said Abhay Deshpande, Founder and CEO, Recykal, in a statement to ET