[Funding alert] Waste management startup Saahas Zero Waste raises Rs 6 cr
Bangalore-based waste management startup Saahas Zero Waste (SZW) has raised an investment aggregating to Rs 6 crore from Impact Investors - Capital 4 Development (lead investor), Indian Angels Network (IAN), Lesing-Artha Ventures and Asha Impact. The startup will use the funding to enhance collection and aggregation of all types of non-biodegradable waste, including low-grade plastics, through setting up of material recovery facilities that have the appropriate technology to maximise recovery of resources.
Recognised as a startup by the Government of India, Saahas Zero Waste (SZW) was founded in 2013. SZW is a social enterprise that provides decentralised waste management services. Currently, it manages 45 tonnes of waste per day. Over the last two years, the startup has expanded its presence across South and West India.
SZW’s business is aligned not only to waste management regulations of the central and state governments in India but also structured to align with the UN’s Sustainable Development Goals. Last year (FY19), the startup claimed to have increased its revenue by 50 percent.
Speaking on the development, Wilma Rodrigues, Founder & CEO at SZW, said,
“We are excited to now scale our business and thereby demonstrate how we can solve the waste problem through resource recovery and recycling. This model will also create a plethora of jobs - at the base of the pyramid as well as provide satisfying careers for professionals looking to make a difference in the environment sector.”
With a total staff strength of 248 people, of which 60 percent are women, SZW designs intelligent solutions and execute complicated operations, including the collection of segregated waste, tracking and managing logistics, secondary sorting systems, aggregation and compaction and finally management of recycling and sale of recycled products.
Arvind Agarwal, Managing Partner, C4D Partners, and a director at SZW, said,
“We believe that the way forward is through maximum recovery of resources within a framework of decentralised waste management. However, this approach also needs expertise and professional management. We were impressed with the way Saahas Zero Waste has meticulously put together a system that walks the talk both in terms of business and social impact. It has lived up to its core values of maximum resource recovery by bringing together Nature, People, and Technology. C4D Partners is committed towards the business and will also invest in the next funding round(s).”
Last month, Bhopal-based smart waste management system startup The Kabadiwala also secured $434,000 in equity funding from early-stage investors, HNIs, and senior industry professionals.