Recykal, a Hyderabad-based business-to-business (B2B) waste management and recycling marketplace, has raised $22 million in funding from Morgan Stanley India.
Abhay Deshpande, a serial entrepreneur who launched ecommerce platform Malamall in 1998 and ecommerce enablement SaaS platform Martjack in 2007, founded Recykal in 2016. Capillary Technologies later purchased Martjack. Anirudha Jalan, Abhishek Deshpande, Ekta Narain, and Vikram Prabhakar are among the company’s other co-founders.
“Waste management in India and many other parts of the world is already a big problem and it is getting worse. We believe our investment will allow Recykal to play a leadership role in implementing scalable and sustainable solutions to one of society’s biggest challenges”, said Raja Parthasarathy, Managing Director and Co-Head of Morgan Stanley India Infrastructure in the statement.