Waste management player Lets Recycle (an initiative by NEPRA) announced on Friday (November 14), that it has raised $18 million in series C round of funding from Aavishkaar Group's impact investing arm Aavishkaar Capital and Circulate Capital.

With this round Aavishkaar Capital undertook a partial exit from its earlier fund, which had first invested in Lets Recycle in 2013. The company intends to use the fresh infusion of capital to expand its capacity and manage dry waste across the country.

Founded in 2012, Lets Recycle is a

social enterprise that operates in segment of dry waste management & recycling. It collects dry waste from waste generators, segregates the recyclables and sends them to authorized recyclers. The company has so far helped over 500 customers become greener and has impacted the lives of more than 5000 people from bottom of pyramid.

Speaking about the investment Sandeep Patel, Co-Founder and CEO, NEPRA, said, “We aim to utilize 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.”

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.”