[Funding alert] Let's Recycle's Nepra raises $18 M Series C round led by Aavishkaar and Circulate Capital
Ahmedabad-based dry waste management company Let's Recycle's parent company Nepra Resource Management Private Limited has raised $18 million in Series C funding, led by Aavishkaar Group's impact investing arm Aavishkaar Capital, and Circulate Capital.
The funding will be used by Nepra to expand its capacity and manage dry waste across the country.
Sandeep Patel, Co-Founder and CEO, NEPRA, said, “We aim to utilise this Series C funding to further expand our operations nationally and strengthen our capacity to cater to the growing needs of cities for dry waste management solutions. Our ability to work closely with municipalities to organize dry waste collection, improve revenues for the informal sector, and ensure quality feedstock for recyclers, has seen our systems become indispensable and improve efficiency along the entire value chain.”
Aavishkaar Capital undertook a partial exit from its earlier fund, which had first invested in 2013 in the company, as a part of this round.
Anurag Agrawal, Partner, Aavishkaar Capital, said, “Nepra is a unique story in the country that has grown many-fold from the time we made our first investment in 2013 when the company had ideated the concept and epitomises our philosophy of how scale, sustainability and impact can go hand in hand. The success of Nepra’s model has led us to regularly invest across all their rounds and partner them in their journey to take their unique solid waste management solutions pan-India.”
Nepra is one of the largest collectors and processor's of dry waste in the country. It has partnered with over 1,700 waste pickers and collectors. It processes over 500 tonnes per day across Ahmedabad, Pune, and Indore.
Nepra claims to have improved the lives of more than 5,000 people from the base of the waste pyramid over eight years. The platform offers an integrated, scalable, and efficient waste management solution that connects all of the stakeholders like municipalities, waste pickers, recyclers, and brand owners.
Rob Kaplan, Founder and CEO from Circulate Capital, added, “At a time when communities need economic opportunities more than ever, Nepra is poised to scale its unique model of turning plastic pollution from a scourge into a resource for job creation and a thriving circular economy. With this investment, we see tremendous opportunity to disrupt the waste management and recycling value chain while creating financial, environmental and social value. Alongside our corporate investors, we look forward to supporting Nepra’s expansion and scaling their impact across the country."
The statement added that the platform has a “zero waste to landfill” model, diverting recyclable waste away from landfills and delivers quality materials to recyclers. Non-recyclables are used for energy recovery.