Clean-tech Startup PadCare closes Rs.5 crore seed funding round to boost growth – Medgate Today
Summary
PadCare Labs, a Pune-based start-up for sustainable sanitary waste processing and recycling, has closed on a Rs.5 crore seed funding round led by Social Alpha with strategic investments from Lavni Ventures, 3i partners, Rainmatter, and Spectrum Impact.PadCare plans to utilize the seed capital to expand the operating geographies in India and beyond in the next 24 months, majorly to set up decentralized material recovery centres. They also provide pad vending machines to enhance the accessibility to menstrual products.PadCare recently appeared on Shark Tank India Season 2 and generated great interest from the judges Peyush Bansal, Namita Thapar, Vineeta Singh and Anupam Mittal. We believe their proprietary technology to recycle used pads is a game-changing innovation that can disrupt the market and have significant social and environmental impact in the coming years.Vasu Guruswamy, Partner and Co-founder, Lavni Ventures said, Being an impact-first investor, we have found it particularly exciting that PadCare services are capable of improving workforce productivity through better health and hygiene outcomes for women. PadCares sustainable sanitary waste processing and recycling fit well with our mission of combining technology and social impact for the benefit of communities at large. Our fund is instrumental in bringing global capital and markets to promising social entrepreneurs in India..Viraj Joshi, Manager Investments at Rainmatter said, We are thrilled to be associated with PadCare as it tackles the challenging but important problem of recycling menstrual hygiene products.