Recykal has raised ₹166 crore (approximately $18 million) in its Series D funding round. This is a new valuation for the company that has further increased the company’s corporate value, making its post-money valuation estimated at ₹2,587 crore (approximately $280 million). The fresh infusion of capital highlights the growing institutional and individual interest in developing digital sustainability platforms that connect waste generation to industrial recycling in India’s rapidly changing circular economy.
Officials said the company had approval from its board to raise the specified amount through the strategic issuance of 35,971 Series D compulsory convertible preference shares at an issue price of ₹46,275 per share. The comprehensive fundraise was culled through a structured process in two separate corporate filings.
The first tranche of the scheme’s ₹128 crore corpus was approved in February, followed by successive board meetings and successful approval and closure of the remaining corpus. Ajay Parekh, Vice Chairman, Pidilite Industries, led the Series D round with an investment of ₹30 crore.
The round also saw significant institutional backing from a broad spectrum of well-known corporate institutions and investment funds. Biological E Limited was the next to lead the round with its contribution of ₹25 crore, followed closely by the 360 One Large Value Fund with ₹20 crore.
Current backers of Strat Venture LLC and Trinity Combine Private Limited pledged an additional ₹15 crore to the sustainability platform each, doubling their existing support for the same. Multiple other financial institutions and small investors completed the round.
Clini Pharma LLP, P. Arun Varma and PVS Raju separately provided support of ₹10 crore to the climate-tech startup. The rest of the round was backed by a collective investment of approximately ₹31.43 crore from a cohort of participants, including Aryaadi Consulting Services LLP, Vivek Mundhra, Usha Reddy Chigarapalli, Shyam Bhat, Nageshwar Reddy, and Kesari Singh.
This large infusion of capital has inevitably resulted in a rearrangement of the internal capitalization table of Recykal. After fresh share allocation, 360 ONE Large Value Fund has a 10.17% equity stake in the company, while Strat Ventures LLC has 5.29% equity stake.
Trinity Combine Private Limited and Biological E Limited have stakes of 1.63% and 0.97% respectively, while Ajay Parekh now holds 2.64% stake. Co-founder and Chief Executive Officer Abhay Raosaheb Deshpande holds a 23.11 % equity shareholding, followed by co-founder Abhishek Arvind Deshpande with 5.34 % equity shareholding.
The regulatory filing also indicates that Recykal plans to use the newly raised $18 million to cover the company’s day-to-day working capital needs. Some of the revenue collected will be dedicated to implementing strategic investments in other entities, thereby expanding the waste management network and increasing the capacity of the enterprise.
Recykal was launched by Abhay Deshpande in 2016. The company acts as a one-to-one streamlined digital waste management marketplace connecting brands, industrial recyclers, and local waste collectors, making a single cloud-based system for the ecosystem.
The ability to trace with sophistication makes it possible for commercial firms to efficiently deal with waste streams, tackle problems associated with complex electronic waste (e-waste) and recyclables, and comply with changing laws of EPR (Extended Producer Responsibility).
In FY 2026, Recykal succeeded in posting impressive gains in gross revenue by registering ₹1,498 crore in contrast to ₹978 crore recorded in FY 2025. In spite of the rapid growth of the firm, it continued to hold a steady position in terms of profitability, posting an increase in losses by only ₹60 crore each year from ₹56 crore in FY 2025.
The Series D funding raise of $18 million by Recykal at a $280 million valuation reflects the commercialization capabilities of digital sustainability platforms. Its 53.2% compound revenue growth shows that there is immense practical need for technology that will make EPR compliance easier and will revolutionize the waste management supply chain. By investing this capital in operational infrastructure and strategic investments, Recykal is poised to sustain its leadership position and firmly establish digital tracking and connectivity as critical components for scaling India’s circular economy.