Hyderabad, 15 April- Recykal, a tech leader in Sustainability and Circular Economy, announced a significant pre-series B investment of Rs 110 cr (~$13m) from a Category II scheme managed by 360 ONE Asset Management Limited (earlier known as IIFL Asset Management Limited) (“360 ONE Asset”), one of India’s largest alternate asset managers and part of the 360 ONE group, a wealth and alternates-focused institution with more than US$ 54 billion assets under management. This investment has also allowed early-stage investors to achieve a multi-bagger exit.
Recykal’s Founder and CEO, Abhay Deshpande, emphasised the significance of the investment, saying, “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. Thus, this will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner.”
Sameer Nath, CIO and Head of Private Equity at 360 ONE Asset, commenting on the investment said, “The company 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 raised a total of $35 million in funding to-date and existing investors include Morgan Stanley, Circulate Capital, Triton Investment Advisors, Ajay Parekh, Executive Vice Chairman, Pidilite Industries, Arun Venkatachalam and Vellyan Subbiah from the Murugappa Group.
This investment solidifies Recykal’s position as a frontrunner in the sustainability and circular economy space, which is estimated to grow to a $2 tn opportunity in India by 2050 as per the National Circular Economy Framework & the CII 1 . Recykal is poised to reinforce its commitment to driving positive environmental and social change through technology-driven solutions.