Recykal raises $22mn from Morgan Stanley, existing investors
The Hindu
Existing investors Circulate Capital, Vellayan Subbiah and Arun Venkatachalam from the Murugappa Family also participated in this round, the company said in a release.
B2B marketplace for waste and provider of cloud-based solutions to facilitate traceable material flows in waste Recykal has raised $22 million from investment funds managed by Morgan Stanley India.
Existing investors Circulate Capital, Vellayan Subbiah and Arun Venkatachalam from the Murugappa Family also participated in this round, the company said in a release on Tuesday.
The funds will be used for strengthening its technology, expanding B2B marketplace pan India and building hyper-local waste processing infrastructure. It will enable the circular economy and help corporate India in achieving sustainability goals, said Recykal. This is its second institutional fundraise after the $4 million round in 2020.
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