Ahmedabad-based dry waste management company Nepra Resource Management Private Limited has raised $18 Mn in Series C funding from Aavishkaar Capital and Circulate Capital.
With the fresh capital, the company plans to expand its capacity and manage dry waste across the country.
Existing investor 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, the company said in a statement.
Nepra processes over 500 tonnes of dry waste every day across Ahmedabad, Indore and Pune with the help of 1,700 collectors. The company claims to have positively impacted the lives of 5K people at the very bottom of the waste management industry over the last eight years.
Sandeep Patel, cofounder 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 organise 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.”
Nepra offers an integrated, efficient and scalable waste management solution that connects all stakeholders along the value chain, from municipalities to informal waste pickers, as well as recyclers and brand owners.
Commenting on the firm’s investment, 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.”
Nepra claims that 62 Mn metric tons of municipal waste is generated annually. Though India collects 90% of the waste generated, 80% of this goes into open landfills or the environment.