HYDERABAD: Sustainable circularity startup Recykal has secured a Rs 110 crore (around $13 million) pre-series B investment from a Category II scheme managed by 360 ONE Asset Management Limited, formerly known as IIFL Asset Management Limited.
The investment is learnt to have come from Manipal Group founder chairman Dr Ranjan D Pai’s family office and has been routed through 360 One Asset Management, which manages assets worth over $54 billion.
With this investment, Shyam Powar, who heads Dr Pai’s family office Claypond Capital, has joined the Recykal board.
The Hyderabad-based startup has so far raised $35 million through investors such as 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 investment, Recykal’s founder & CEO Abhay Deshpande said: “As we embark on the next phase of our growth journey, this investment will enable us to drive further innovation in our technology, products and solutions. It will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner.”
Sameer Nath, CIO & head of private equity at 360 ONE Asset, said “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 so far channelled 7 lakh MT of waste through a network of over 400 brands, 500 recyclers and co-processors, 10,000 businesses and 600 urban local bodies.
The investment is learnt to have come from Manipal Group founder chairman Dr Ranjan D Pai’s family office and has been routed through 360 One Asset Management, which manages assets worth over $54 billion.
With this investment, Shyam Powar, who heads Dr Pai’s family office Claypond Capital, has joined the Recykal board.
The Hyderabad-based startup has so far raised $35 million through investors such as 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 investment, Recykal’s founder & CEO Abhay Deshpande said: “As we embark on the next phase of our growth journey, this investment will enable us to drive further innovation in our technology, products and solutions. It will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner.”
Sameer Nath, CIO & head of private equity at 360 ONE Asset, said “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 so far channelled 7 lakh MT of waste through a network of over 400 brands, 500 recyclers and co-processors, 10,000 businesses and 600 urban local bodies.
