User:Abhinayaninetha/sandbox
Recykal
[edit]Recykal is a digital platform that connects waste generators, aggregators, and recyclers with technology-driven waste management solutions. It was founded by Abhay Deshpande in 2016 and is headquartered in Hyderabad. Recykal has been named one of the Technology Pioneers in 2022 by the World Economic Forum[1].
History
[edit]Recykal is owned and operated by Rapidue Technologies Private Limited, the company founded by Abhay Deshpande and a team of co-founders. Abhay had previously founded malamall.com in 1998, later, he launched Martjack in 2007 a SAAS company with an enterprise e-commerce platform; eight years later, it was sold to Capillary Technologies.
In 2016, the company launched the UZED app, which allowed users to schedule waste pickups.
In 2019, the firm switched to a B2B model and developed a marketplace for bulk waste generators by digitising their transactions and channeling more than 23,727 tonnes of waste from April 2019 to March 2020[2].
In 2020, Recykal increased operations in more than 30 municipalities across 25 States, and Union Territories in India[3].
In 2021, the company channeled more than 200,000 tonnes[4].
Products and services
[edit]Recykal provides digitally powered solutions for waste generators, processors, and collectors in India.
Its key products and services:
1. Marketplace
2. Sustainability EPR - Extended producer responsibility
- Takeback solutions
- IEC- Information, Education, and communication awareness programs
- Industrial waste
3. Smart city solutions
- DRS solution - Deposit refund scheme
- Smart center solutions
Funding and financials
[edit]In 2019, Recykal received $2 million from Triton Investment Advisors, a Mumbai-based family office of Pidilite Industries director Ajay Parekh and current investor Vijay Acharya, a former managing director of the Bank of Singapore [5].
In 2020, this is the second institutional fundraising round for the firm, after a $4 million deal led by Singapore-based Circulate Capital[4].
In 2022, Recykal received $22 million (about Rs 165 crore) in funding from Morgan Stanley India investment funds[5].
Existing investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam of the Murugappa Family contributed as well.
| Year | Revenue(In crores)[6] | Profit/Loss |
|---|---|---|
| FY 2019 | 1.8 | -3.6 |
| FY 2020 | 21.2 | -5.3 |
Philanthropy
[edit]In 2018, Recykal launched “Information Education and Awareness programs” to enable a positive change in customers behavior.
●It establishes methods for the administration and facilities management employees to adopt some of the finest waste management practices via awareness initiatives.
●Engaging the employees in sustainable efforts such as waste collection and recycling programs.
●Sessions that are both engaging and educational at Residential Welfare Associates (RWAs) Schools and Colleges.
●Certificates of Environmental Impact and incentives for participating organizations, consumers, and brands.
In 2021, the Recykal Foundation was established with the goal of empowering a comprehensive socioeconomic transformation of the waste management ecosystem.
Recykal foundation initiates programs like "Bringing Awareness to the Masses," "Unnati SETU[7]," "First of its Kind Swachhata Kendra," "Circular Economy for a Sustainable Tomorrow," and "Situation Specific Projects” for a Sustainable Future.
Awards and Nominations
[edit]| Year | Award category | Category | Organisers |
|---|---|---|---|
| 2019 | NASSCOM Emerge 2019 Awards | Innovation | NASSCOM |
| 2020 | Grant Thornton Sabera Awards 2020[12] | Responsible Business | Grant Thornton |
| 2021 | CII 3R Award[13] | Innovation | CII |
| 2021 | CII 3R Award[14] | Innovation
Appreciation Letter – Excellence in Managing E-Waste by EPR Strategies |
CII |
| 2021 | World Economic Forum (WEF)’s Circular Accelerator Programme[15 | Recovering Value (Innovation) | World Economic Forum |
| 2021 | FICCI Award[16] | Startup | FICCI |
| 2022 | World Economic Forum[17] | Technology Pioneers 2022 | World Economic Forum |
References
[edit]- https://widgets.weforum.org/techpioneers-2022/index.html
- https://businessindia.co/magazine/recykal-emerges-as-indias-uber-waste-collector
- https://www.thehindubusinessline.com/companies/circulate-capital-invests-in-recykal-for-waste-management-recyling/article33298937.ece
- https://economictimes.indiatimes.com/tech/funding/recykal-raises-22-million-from-morgan-stanley-existing-investors/articleshow/88824251.cms
- http://en.wiki.x.io/wiki/Bank_of_Singapore
- https://timesofindia.indiatimes.com/city/hyderabad/recykal-raises-22-m-from-morgan-stanley-existing-investors/articleshow/88842858.cms
- https://timesofindia.indiatimes.com/city/hyderabad/recykal-raises-22-m-from-morgan-stanley-existing-investors/articleshow/88842858.cms
- https://www.forbesindia.com/article/take-one-big-story-of-the-day/how-recykal-is-cleaning-up-the-mess/70177/1
- https://telanganatoday.com/tag/unnati-setu
- https://nasscom.in/emerge50/Emerge50_Award_Booklet.pdf
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