Hyderabad:

City-based waste management startup Banyan Nation announced that it has bagged $800,000 in its first fund raise from Jaideep Khanna, co-founder, president and managing partner of Artha Capital Management Inc and these funds will be used to scale up its business.

According to the company, Impact Investment Exchange (IIX), Shujog and global investment firm Kohlberg Kravis Roberts have assisted in raising funds and mentoring the startup.

Banyan Nation claims to be one of the first firms in India to use technology, both at the back-end and front-end, to ensure that plastic waste is not just recycled but also ‘upcycled’.

Banyan Nation founder and chief executive officer Mani Vajipey pointed out that the startup tries to address challenges of the unorganised plastic recycling sector by offering solutions for three stages of plastic recycling business — collection, recycling and selling recycled plastic to companies.

At the front-end, it has used technology to map the network of kabadiwalas, who supply plastic waste to the company and at the back-end, it deploys technology to ensure that the waste plastic is graded, which results in recycled plastic being of superior quality.

The startup has a plastic recycling plant on the outskirts of the city that has a capacity to recycle 300 tonnes of waste plastic per month. Currently, it is processing 100 tonnes of plastic waste per month.

“We are operating in an unorganised sector and it is a low margin and high volume business. We have over 20 small and medium sized local firms that procure recycled plastic from us. Now, we are targeting players from pharma, auto and FMCG sector,” Vajipey added.

source: http://www.timesofindia.indiatimes.com / The Times of India / News Home> City> Hyderabad / by Swati Rathor / TNN / March 03rd, 2016