Aavishkaar Capital, Circulate Capital invest $18 million in NEPRA - CNBC TV18
Summary
Though India collects ~90 percent of the waste generated, 80 percent of this goes into open landfills or the environment.There is an opportunity to reduce the amount of waste that leaks into the environment by investing in the highly fragmented waste management and recycling industry.Speaking on their investment, Anurag Agrawal, Partner, Aavishkaar Capital, said, Nepra is a unique story in the country that has grown many-fold from the time we made our first investment in 2013 when the company had ideated the concept and epitomises our philosophy of how scale, sustainability and impact can go hand in hand. The success of Nepras model has led us to regularly invest across all their rounds and partner them in their journey to take their unique solid waste management solutions pan-India.Commenting on the firms investment, Rob Kaplan, Founder and CEO from Circulate Capital, added, 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. "He further added, "With this investment, we see tremendous opportunity to disrupt the waste management and recycling value chain while creating financial, environmental and social value. Alongside our corporate investors, we look forward to supporting Nepras expansion and scaling their impact across the country. "Sandeep Patel, Co-Founder & CEO, NEPRA, said, We aim to utilize this Series C funding to further expand our operations nationally and strengthen our capacity to cater to the growing needs of cities for dry waste management solutions.