Recykal, a tech solutions provider for sustainability and circular economy ecosystem, has raised ₹110 crore in Pre-Series B investment from a Category II scheme managed by 360 ONE Asset Management Ltd (earlier known as IIFL Asset Management Ltd).  The investment has also allowed early-stage investors to achieve a multi-bagger exit (an exit that gave returns of over 100 per cent of the original investment).  

Post the investment, Shyam Powar, who heads Dr Ranjan Pai’s family office, joins the Recykal’s board. The current investment is from Dr Pai’s family office through 360 One Asset Management Ltd.

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. 

The investing company is part of the the 360 ONE group, a wealth and alternates-focused institution with more than $ 54 billion assets under management.

“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. This will pave the way for us to amplify our growth and strengthen our position as a trusted sustainability partner,” Recykal’s Founder and CEO, Abhay Deshpande, said.

“This investment solidifies Recykal’s position as a frontrunner in the sustainability and circular economy space, which is estimated to grow to a $2-trillion opportunity in India by 2050 as per the National Circular Economy Framework & the CII,” a Recykal spokesperson said.