Aavishkaar, Circulate invest $18m in Indian recycling company

The Series C round allows Aavishkaar to realize an exit from one of its earlier funds. Circulate is investing via its debut fund, which exclusively targets companies that help reduce plastic pollution in the ocean.

Nepra, which operates under the brand Let’s Recycle, claims to be the largest collector and processor of dry waste in India, processing more than 500 tons of waste per day. The company describes its model as a people-centric approach, whereby some 1,700 individual waste collectors provide sorted recyclables to industrial recyclers and manufacturers.

“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,” Rob Kaplan, founder and CEO of Circulate, said in a statement.

“With this investment, we see tremendous opportunity to disrupt the waste management and recycling value chain while creating financial, environmental, and social value.”

Circulate says there are about 150 million tons of plastic in the ocean today and that number grows by around 8 million tons a year, which is equivalent to a garbage truck unloading every minute. Most of this is occurring in developing Asia.

Aggregating, sorting, and recycling are the early areas of interest. The firm’s first investments were India’s Lucro Plastecycle. And Indonesia’s Tridi Oasis.

Aavishkaar Capital has raised six impact funds and currently claims around $400 million in assets under management. It invests across Asia and Africa, with focus areas including agriculture and food processing and inclusive finance.

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• Topics
• South Asia
• Cleantech
• Expansion
• Industrials
• Trade sale
• India
• Circulate Capital
• manufacturing
• Growth capital
• Aavishkaar Capital