Recykal's last funding round came in April 2024, when it raised Rs 110 crore (about $13 million) from 360 ONE Asset Management.
According to Entrackr estimates, the fresh allotment values Recykal at approximately Rs 2,587 crore (around $280 million) post-money.
Founded in 2016 by Abhay Deshpande, Recykal operates a digital waste management platform that connects brands, producers, recyclers, and waste collectors.
In FY26, the company’s gross revenue grew 53.2% to Rs 1,498 crore from Rs 978 crore in the previous fiscal year, while its losses increased marginally to Rs 60 crore from Rs 56 crore a year earlier.
Update at 10:45 PM (June 20): The headline and story have been updated to reflect information from Recykal's official press release.
Update: Recykal, a technology platform for waste management and the circular economy, today announced the closure of a $23 million bridge round, comprising a combination of primary and secondary capital from existing investors and a select group of new family offices.
The fresh capital will be deployed towards strengthening Recykal's technology platform, accelerating its Deposit Return System (DRS) deployments, expanding its behavioural change solutions in waste management, and supporting international growth initiatives.
As part of the transaction, early climate-focused investor Circulate Capital completed a full exit, realising approximately 5x returns on its original investment.
Original story follows:
Climate-tech startup Recykal has raised Rs 166 crore (around $18 million) in a Series D funding round led by Ajay Parekh, the Vice Chairman of Pidilite Industries, with participation from existing investors 360 ONE, Strat Venture LLC, and Trinity Combine.
Recykal's last funding round came in April 2024, when it raised Rs 110 crore (about $13 million) from 360 ONE Asset Management.
According to regulatory filings accessed by Entrackr, the Hyderabad-based company has secured board approval to raise the aforementioned amount through the issuance of 35,971 Series D compulsory convertible preference shares (CCPS) at an issue price of Rs 46,275 per share.
The fundraise was carried out through two separate filings, with the company receiving Rs 128 crore in the first tranche in February and the remaining amount approved subsequently.
Ajay Parekh emerged as the largest participant in the round with an investment of Rs 30 crore, followed by Biological E Ltd with Rs 25 crore and 360 One Large Value Fund with Rs 20 crore. Trinity Combine Private Limited and Strat Venture LLC invested Rs 15 crore each, while Clini Pharma LLP, P. Arun Varma, and PVS Raju contributed Rs 10 crore apiece.
Other participants in the round included Aryaadi Consulting Services LLP, Vivek Mundhra, Usha Reddy Chigarapalli, Shyam Bhat, Nageshwar Reddy, and Kesari Singh, who collectively invested around Rs 31.43 crore.
According to Entrackr estimates, the fresh allotment values Recykal at approximately Rs 2,587 crore (around $280 million) post-money. According to the filing, the company will use the proceeds to meet its working capital requirements and make strategic investments in other body corporates.
Founded in 2016 by Abhay Deshpande, Recykal operates a digital waste management platform that connects brands, producers, recyclers, and waste collectors. It helps businesses comply with EPR regulations, manage e-waste and recyclables, track waste movement, and access circular economy solutions through its technology-driven platform.
Following the fresh allotment, 360 ONE Large Value Fund held a 10.17% stake in the company, followed by Strat Ventures LLC with 5.29%, Ajay Parekh with 2.64%, Trinity Combine Private Limited with 1.63%, and Biological E Limited with a 0.97% stake.
Among individual shareholders, co-founder and CEO Abhay Raosaheb Deshpande remained the largest shareholder with a 23.11% stake, followed by co-founder Abhishek Arvind Deshpande at 5.34%. Anirudha Jalan held 1.23% of the company, while Ekta Narain and Vikram Loka Prabakar owned 0.29% and 0.18% stakes, respectively.
In FY26, the company’s gross revenue grew 53.2% to Rs 1,498 crore from Rs 978 crore in the previous fiscal year, while its losses increased marginally to Rs 60 crore from Rs 56 crore a year earlier.
Update at 10:45 PM (June 20): The headline and story have been updated to reflect information from Recykal's official press release. The previous version was based on MCA filings.
