Recykal Company Profile

Background

Recykal is a Hyderabad-based technology company specializing in waste management and recycling solutions. Founded in 2016 by Abhay Deshpande, Abhishek Deshpande, Anirudha Jalan, Vikram Prabakar, and Ekta Narain, Recykal aims to build a self-sustaining circular economy in India by diverting waste from landfills to recycling and reuse. The company operates across various waste categories, including plastic, paper, metal, e-waste, tires, and batteries, providing digital solutions to brands, government agencies, and recyclers to achieve their sustainability goals.

Key Strategic Focus

Recykal's strategic focus encompasses:

Extended Producer Responsibility (EPR) Solutions: Assisting brands in meeting their EPR targets for plastic, e-waste, battery, and tire waste with transparency and traceability.

E-Waste Disposal: Offering compliant and secure disposal services for e-waste and IT assets through real-time bidding and traceability.

Circularity Solutions: Providing SaaS-based platforms to monitor industrial waste flow and report accurate Environmental, Social, and Governance (ESG) and Sustainable Development Goals (SDG) metrics.

Marketplace Materials: Enabling the purchase of sustainably sourced recycled materials, including plastic, paper, and metal, from sellers across India.

Traceable Plastic Recovery: Helping businesses offset their plastic footprint by implementing traceable plastic recovery initiatives.

Financials and Funding

Recykal has demonstrated significant financial growth:

Revenue: The company reported a revenue of $12.6 million in 2024, up from $9.9 million in 2023.

Funding: Recykal has raised a total of $46.6 million over multiple funding rounds. Notable investors include Circulate Capital, which invested $22 million in January 2022, and Morgan Stanley's Indian Wealth Management Unit.

Technological Platform and Innovation

Recykal's technological innovations include:

Digital Deposit Refund System (dDRS): Facilitating government-led efforts to change citizens' behavior against littering by involving various stakeholders and providing precise waste data traceability through AI-led processes.

Smart Centers: Digitizing Material Recovery Facilities to improve waste sorting infrastructure with digital workflows, inventory tracking, and AI-driven operations.

Rethink+: Empowering educational institutions to nurture eco-conscious leaders through tailored sustainability content, gamified learning experiences, and practical activities.

Leadership Team

Abhay Deshpande: Founder & CEO. A serial entrepreneur with over 18 years of experience, previously the founder and CEO of MartJack.

Abhishek Deshpande: Co-Founder & COO. A tech entrepreneur and sustainability thought leader with over 8 years of managerial experience in the hospitality sector.

Anirudha Jalan: Co-Founder & CSO. An investment banker and angel investor with over 10 years of experience, previously associated with Morgan Stanley and Ernst & Young.

Vikram Prabakar: Co-Founder & CPO. A tech entrepreneur with over 20 years of experience in building and implementing enterprise cloud products, formerly with Oracle.

Ekta Narain: Co-Founder & CBO. A business development and sales professional with over 20 years of experience in the FMCG and education sectors, having worked with IBM, Dukes, and Kwality Group.

Competitor Profile

Market Insights and Dynamics: The waste management and recycling industry in India is experiencing rapid growth due to increasing environmental awareness and regulatory mandates. The market is characterized by a mix of established players and emerging startups offering innovative solutions.

Competitor Analysis:

Lucro: Founded in 2012 and headquartered in Mumbai, Lucro operates within the industrial goods and services sector, focusing on recycling solutions. Lucro generates significantly less revenue compared to Recykal.

Attero: Established in 2007 in Roorkee, Uttar Pradesh, Attero specializes in e-waste recycling. While operating in a similar sector, Attero's revenue is a fraction of Recykal's.

Banyan: Founded in 2013 in Hyderabad, Banyan operates in the waste management services industry. Compared to Recykal, Banyan has fewer employees and a smaller market presence.

Strategic Collaborations and Partnerships

Recykal has established significant collaborations to strengthen its market position:

Government Partnerships: Collaborated with the Ministry of Housing and Urban Affairs (MoHUA) and the United Nations Development Programme (UNDP) to digitize waste management centers.

Educational Initiatives: Launched the Rethink+ program to empower educational institutions in fostering sustainability awareness among students.

Operational Insights

Recykal's distinct competitive advantages include:

Comprehensive Digital Solutions: Offering end-to-end digital platforms that connect all stakeholders in the waste management ecosystem.

Scalability: Rapid expansion from operations in 2 states to over 30 states and union territories within two years.

Recognition and Awards: Honored with the Digital India Award by the President of India for implementing the country's first digital Deposit Refund System in Uttarakhand.