B2B waste management and recycling marketplace Recykal, has recently raised Rs. 110 crore or approximately $13 million from a Category II scheme managed by 360 ONE Asset Management Limited.

The Morgan Stanley-backed, firm attracted such a huge funding after a span of more than two years. The company announced that, this funding will help them to achieve a multi-bagger exit.

The company registrar shows that, the board at Recykal has passed a special resolution to allot 35,476 Seres D CCPS at an issue price of Rs. 22,556 each to raise Rs. 80 crore or approximately $10 million.

The Hyderabad based startup was founded in 2016, with a mission to help businesses in fulfilling their EPR targets, become plastic-neutral, dispose of IT assets, source recyclable materials, and track and trace industrial waste flow.

Till the date, the company has successfully raised around $38 million across several rounds including a $22 million round led by Morgan Stanley India and Circulate Capital in January 2022. Prior to this round, Morgan Stanley was the largest stakeholder of the company with 27.05% in the company followed by Circulate Capital and Triton Fund. Its co-founders including Abhay Deshpande, Abhishek Deshpande and Anirudha Jalan cumulatively command 40.03% of the company.

The recycling marketplace startup has exhibited a strong performance which was evident from its scale that grew 3.92X to Rs. 745 crore in FY23 from Rs. 190 crore in FY22. The losses for the Hyderabad-based firm stuck at Rs. 25.7 crore during the fiscal year ended in March 2023.