Recykal Secures Rs 166 Crore in Series D Funding for Climate-Tech Innovations
Recykal, a climate-tech startup, has successfully raised Rs 166 crore (approximately $18 million) in a Series D funding round. This round was spearheaded by Ajay Parekh, the Vice Chairman of Pidilite Industries, with contributions from current investors including 360 ONE, Strat Venture LLC, and Trinity Combine.
The last round of funding for Recykal occurred in April 2024, when the company garnered Rs 110 crore (around $13 million) from 360 ONE Asset Management. Regulatory filings accessed by Startup Superb indicate that the Hyderabad-based firm has obtained board approval to raise the stated 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 funding effort was executed through two separate filings. The first tranche brought in Rs 128 crore in February, with the remaining funds being approved later on. Ajay Parekh was the most prominent investor in this round, contributing Rs 30 crore. Biological E Ltd followed with an investment of Rs 25 crore, and 360 One Large Value Fund contributed Rs 20 crore. Both Trinity Combine Private Limited and Strat Venture LLC invested Rs 15 crore each, whereas Clini Pharma LLP, P. Arun Varma, and PVS Raju contributed Rs 10 crore each.
Additional investors in this 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. Startup Superb estimates that the fresh allotment values Recykal at approximately Rs 2,587 crore (around $280 million) post-money. The filing specifies that the company will utilise this funding to address its working capital needs and make strategic investments in other corporate entities.
Established in 2016 by Abhay Deshpande, Recykal operates a digital waste management platform designed to connect brands, producers, recyclers, and waste collectors. The platform assists businesses in complying with Extended Producer Responsibility (EPR) regulations, managing electronic waste and recyclables, tracking waste movement, and accessing circular economy solutions through its technology-driven services.
Following this latest funding round, 360 ONE Large Value Fund now owns a 10.17% stake in the company, with Strat Ventures LLC holding 5.29%, Ajay Parekh with 2.64%, Trinity Combine Private Limited with 1.63%, and Biological E Limited possessing a 0.97% stake. Among the individual shareholders, co-founder and CEO Abhay Raosaheb Deshpande remains the largest shareholder, holding a 23.11% stake, while co-founder Abhishek Arvind Deshpande holds 5.34%. Anirudha Jalan owns 1.23% of the company, and Ekta Narain and Vikram Loka Prabakar hold stakes of 0.29% and 0.18%, respectively.
In FY26, Recykal’s gross revenue surged by 53.2% to Rs 1,498 crore, compared to Rs 978 crore in the previous fiscal year. On the other hand, its losses saw a slight increase to Rs 60 crore from Rs 56 crore a year earlier.
