Waste management startup Recykal has raised $23 million (nearly ₹217 crore) in a bridge funding round from existing investors and family offices, the company confirmed to inc42.com. The round included $17.6 million in primary transactions and $5.4 million in secondary deals. The fresh capital will be used to enhance its technology platform and support international expansion efforts.
Recykal cofounder and CEO Abhay Deshpande said the funds will help deepen technology investments, accelerate deployment of its deposit return system (DRS), and scale its waste management solutions globally. The startup raised ₹166.5 crore across two tranches this year, ₹128 crore in February and ₹38.4 crore in June, according to RoC filings accessed by inc42.com. The round was led by Pidilite Industries vice chairman Ajay, with the company issuing 35,971 Series D compulsory convertible preference shares at ₹46,275 apiece.
The funding round underscores growing investor interest in circular economy startups amid rising global focus on sustainability and waste management infrastructure. Recykal’s platform digitizes waste management processes and promotes circularity, positioning it alongside other firms addressing environmental challenges through technology. The company aims to capitalize on increasing demand for digital solutions in waste management and circular economy initiatives worldwide.
Recykal plans to deploy the capital to support strategic investments in the circular economy and expand its footprint in international markets where circular infrastructure is becoming a priority, the startup said in a statement to inc42.com.