Morgan Stanley-Backed Recykal Bags $23 Million Series D Funding Round
What is the news?
In a monumental development for the global sustainability and climate-tech landscape, Hyderabad-based waste management pioneer Recykal has announced the successful closure of a $23 million (approximately ₹191 crore) Series D bridge funding round. This latest transaction elevates the technology platform’s post-money valuation to an estimated $280 million (₹2,587 crore), highlighting the rising global prominence of Indian intellectual capital solving large-scale environmental issues.
Why is it interesting?
Founded in 2016 by serial entrepreneur Abhay Deshpande, Recykal operates a sophisticated marketplace and SaaS ecosystem that seamlessly connects brands, industrial producers, waste collectors, and recyclers. The platform brings radical transparency, accountability, and tracking to e-waste and plastic recycling, helping global enterprises navigate stringent Extended Producer Responsibility (EPR) regulations. The funding round was led by Ajay Parekh, Vice Chairman of Pidilite Industries, with participation from marquee institutional investors, including 360 ONE Large Value Fund, Trinity Combine, and Strat Venture LLC. Notably, the transaction allowed early climate investor Circulate Capital to register a complete exit with a spectacular 5x return on investment.
The freshly secured funds are strategically earmarked to advance Recykal’s technological stack, step up its localized Deposit Return System (DRS) deployments, and critically, catalyze its international market expansion. This underscores the core narrative of Indian-origin founders constructing scalable, world-class environmental SaaS architectures built in India to address the world’s urgent environmental challenges. Bolstered by an astounding 53.2% year-on-year revenue surge reaching ₹1,498 crore in FY26 Recykal is firmly positioned to emerge as a benchmark leader in the global transition toward a structured circular economy.
Read more: Update: Morgan Stanley-backed Recykal raises $23 Mn in bridge round