Companies

Circulate Capital invests in Recykal for waste management, recyling

Our Bureau Hyderabad | Updated on December 10, 2020

Funding is part of the Singapore company’s commitment to invest half of its $106-million fund in India

Circulate Capital, a Singapore-based investment management company, through the Circulate Capital’s Ocean Fund (CCOF) has made a strategic investment in Rapidue Technologies (Recykal), a digital solutions provider in the waste-commerce management business.

The funding will enable Recykal to expand network of Recykal Points to over 100 locations in tier-1 and -2 cities. The funding is part of Circulate Capital’s commitment to invest half of its $106-million fund in India to transform the country’s waste management and recycling industry.

Recykal’s digital footprint for waste collection and channelisation includes more than 400,000 consumers, over 1,000 businesses, 500 aggregators and waste management companies, more than 100 recyclers and 30 municipalities across 25 States, Union Territories.

Abhay Deshpande, Founder, Recykal, in a statement said, “We believe that our unique proposition of providing the industry with a complete ecosystem to track and trace material flows and transactions brings unprecedented value to all key players along the value chain. By connecting stakeholders, we are also driving efficiency to promote higher throughputs in recycling.”

Rob Kaplan, CEO, Circulate Capital, said, “Recykal is playing a pivotal role in bringing transformative change to India’s circular economy through targeted solutions for specific pain points like transparency and traceability. We look forward to supporting the company through this exciting expansionary phase.”

To date, Circulate Capital has committed $39 million to form the largest investment portfolio dedicated to fighting plastic pollution and advancing the circular economy for plastic waste in India.

The portfolio includes six local small and medium enterprises (SMEs) in the areas of scaling collection and sorting (Nepra Resource Management), scaling upcycling to transform waste into value (Srichakra Polyplast, Dalmia Polypro, Ricron and Lucro Plastecycle) and scaling digitization (Recykal).

Established in partnership with PepsiCo, Procter & Gamble, Dow, Danone, CHANEL, Unilever, The Coca-Cola Company and Chevron Phillips Chemical, CCOF is dedicated to combat ocean plastic in South and South-East Asia.

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Published on December 10, 2020
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