Hyderabad-headquartered business-to-business (B2B) platform for waste management and recycling marketplace, Recykal, has announced raising $22 million from Morgan Stanley India. Returning investors Circulate Capital, Vellayan Subbiah, and Arun Venkatachalam of the Murugappa Family also participated in the round, said the company in a statement.
This takes the total equity capital raised by the company to $26 million, including a $4 million round in 2020.
The company will utilise the capital to strengthen its technology and expand its B2B marketplace, apart from building hyperlocal waste processing infrastructure.