Nepra Resource Management Private Limited, a waste aggregation and processing company that operates under the ‘Let’s Recycle’ brand today said it has raised Rs 44 crore in Series-B funding round.
The funds were raised from Aavishkaar, and Asha Impact, an impact investment and policy advocacy platform, the company said in a statement.
Speaking on the funding, Sandeep Patel, CEO, NEPRA said, “We have seen impressive growth in Ahmedabad and this new round of funding from Aavishkaar and Asha Impact will help us expand our operations to 3 more cities and help us to build the foundation for expansion across the country over the next 5 years. ”
India generates more than one lac metric tonnes of solid waste every day. The sector has been plagued with poor segregation practices, which result in overfilling of landfills and loss of valuable recyclable waste. With initiatives such as the Swachh Bharat Abhiyan, regulatory push on solid waste management regulations and Extended Producer Responsibility, there is a large demand for organised waste management enterprises who can process at scale and provide reliable waste management services.
Nepra claims to have been working towards addressing these challenges since 2013. The Ahmedabad-based firm has built an organized dry waste supply chain that connects waste generators and collectors to recyclers while efficiently integrating over 1,800 waste pickers into the formal economy.
Founded by Sandeep Patel, Dhrumin Patel & Ravi Patel in 2011, NEPRA brings transparency and scalability in the highly unorganized Indian waste management sector, benefiting bottom of the pyramid and improving resource efficiency and promoting Circular Economy. The company has leveraged advanced technology for processing of waste and has developed a model that is modular, scalable and highly replicable. It currently has a capacity of processing 100 tonnes of waste per day in Ahmedabad.
Previously, the company had raised its first external funding of $2.5 million from Aavishkaar in January 2013.