Bengaluru-based end-to-end recycling solutions provider EnCashea has raised an undisclosed amount in seed funding from Freecharge co-founders Kunal Shah and Sandeep Tandon, Tracxn Labs and a group of undisclosed investors. The funding was closed a few months ago and has been announced now.
The funding has been primarily used to build its Android app, expand the team, enhance its warehousing capabilities and expand its operations in more localities of Bengaluru, tells Encashea’s co-founder Priyank Jain.
The company is also in advanced talks to acquire local rival RaddiMan, a doorstep service that collects waste materials for recycling. RaddiMan was founded in 2015 by Shobha R as a waste management startup. It currently offers services only in Bengaluru. The company claims to have recycled over 30 tonnes of scrap so far.
Related Article: Recycling Solutions Provider EnCashea Shuts Down Operations
Founded in 2015 by Priyank Jain, Rahul Jaiswal and Harshal Chaudhary, Encashea facilitates doorstep scrap pickup from both website and app. Users can sell scrap, metals, old newspapers and other electronic waste items directly from our website or mobile application. They provide services to individuals and enterprises. The scrap collected is then directly sold to paper mills and e-waste recyclers.
According to an official statement, corporate orders account for 15% of the business and the rest come from households. EnCashea’s latest corporate clients include Apple, Swiggy, HP, and UrbanLadder.
In June 2016, Jaarvis Accelerator-backed ExtraCarbon initiated to organise this space by bringing the consumers and waste pickers on a single platform. Other players in this space include Raddi Express, Kabadiwala, Rekart, Pompom, Kachrapatti, Zero Waste and more.