Recykal Invests ₹10 Crore in Walbha to Drive India’s Biomass Clean Energy Transition

• Strategic investment extends Recykal's behavioral change mission into sustainable industrial fuels, shifting industries from fossil fuels to clean, traceable biomass energy

Recykal, India's leading circular economy company driving behavioral change across the waste and sustainability value chain, today announced a strategic investment of ₴100 million in Walbha Industries Pvt. Ltd., a leading manufacturer of biomass briquettes and pellets. The investment marks Recykal's entry into the bioenergy value chain and extends its mission of changing how India produces, consumes, and recovers resources, this time by helping industry shift from fossil fuels to clean, farm-sourced biomass, while giving farmers a paying alternative to burning crop residue.

The partnership will connect Walbha's biomass production to Recykal's enterprise network of 620+ brands and manufacturers, many of which operate industrial boilers as part of their production processes creating an immediate demand channel for Walbha's fuel. In exchange, Walbha gains access to Recykal's technology platform and its expertise in digitising and formalising fragmented supply chains, while Recykal's brand and enterprise customers gain access to verified, lab-tested biomass fuel for their energy transition commitments. The deal will also support Walbha's planned expansion beyond its current North and Central India footprint into South Indian markets.

Abhay Deshpande, Founder & CEO, Recykal, said: "Every problem we solve at Recykal is ultimately a behavior problem. Consumers littering, brands treating sustainability as paperwork, recyclers operating in cash and opacity, industries burning coal because it's familiar and have become a habit with time. But habits change when the alternative is easier, transparent, and economically better. Walbha makes the clean fuel choice exactly that for the Indian industry, giving farmers a profitable alternative to stubble burning. That's behavioral change at both ends of the supply chain."

Vaishavi Sinha Bhasin, Co-Founder, Walbha Industries, said: "21,100+ farmers in Bundelkhand now have a verified buyer for crop residue they would otherwise burn in the open. That is what behavioral change looks like at the supply end of the chain and it is why this partnership makes sense."

Walbha operates one of the largest covered biomass production plants in North India, located in Jhansi, Uttar Pradesh right in the groundnut heartland of Bundelkhand, with abundant access to agricultural residues such as groundnut shell, mustard husk, and sawdust. The company converts these residues into high-calorific-value bio briquettes and pellets that serve as a cleaner, cost-effective alternative to coal for industrial boilers, with a supply network spanning 50+ cities across Uttar Pradesh, Delhi-NCR, Madhya Pradesh, Uttarakhand, Himachal Pradesh, Bihar, Maharashtra, and Chhattisgarh. Walbha's plant has a production capacity of 250,000 kg per day, supplies to 57 B2B industrial clients, and sources residue through a network of 21,100+ farmers. The company is an active biomass supplier to NTPC Vindhyachal and NTPC Tanda.

The global shift toward renewable energy has sharply increased industrial demand for biomass fuels. Produced from agricultural residues, sawdust, and other organic materials, bio briquettes and pellets deliver lower carbon emissions, improved combustion efficiency, and meaningful cost savings for manufacturing units, power plants, and commercial heating systems.

At its core, Recykal's work has always been about behavioral change, nudging consumers away from littering and toward responsible disposal, helping brands move from compliance checkboxes to genuinely sustainable practices, and enabling recyclers and aggregators to shift from informal, opaque trade to transparent, traceable, digital supply chains. The investment in Walbha carries this same philosophy into industrial energy: changing a decades-old habit of burning fossil fuels, and giving farmers a reason to sell crop residue rather than burn it in the open.

ABOUT RECYKAL:

Founded in 2015, Recykal is a globally recognised, Hyderabad-headquartered technology company driving behavioral change in waste management through digital platforms, Deposit Return Systems (DRS), and circular commerce of recyclable materials. The company also develops AI-enabled hardware solutions, including reverse vending machines, indigenously designed and manufactured in India, helping businesses, and governments across the globe by making material recovery measurable, scalable and economically viable. It has channelised over 30,00,000+ MT of waste by empowering 650 brands like Hindustan Unilever, Samsung, BMW etc, and more than 5000 aggregators and recyclers.

ABOUT WALBHA INDUSTRIES:

Walbha Industries is a biomass briquette and pellet manufacturer operating Uttar Pradesh's largest covered biomass production plant in Jhansi. With in-house lab testing, year-round production capability, and a farmer sourcing network, Walbha supplies groundnut, sawdust, and mustard-based briquettes and pellets to industrial clients across North and Central India.

Recykal’s $23M Boost Fuels Tech-Led Waste Solutions

• Existing and new investors back bridge round as Recykal reports 53% revenue growth in FY26 and sharp improvement in profitability

Recykal, India's leading technology platform for waste management and the circular economy, today announced the successful closure of a USD 23 million bridge round, comprising a combination of primary and secondary capital from existing investors and a select group of new family offices.

The fresh capital will be deployed towards strengthening Recykal's technology platform, accelerating its Deposit Return System (DRS) deployments, expanding its behavioural change solutions in waste management, and supporting international growth initiatives.

The company enters its next phase of growth with strong business momentum. In FY26, Recykal reported gross revenue of ₴1,498 crore, representing a 53.2% increase over ₴978 crore in FY25, while reducing losses from 6% to 4%, demonstrating improved operating leverage and disciplined execution.

As part of the transaction, early climate-focused investor Circulate Capital completed a full exit, realising approximately 5x returns on its original investment.

Pioneering Deposit Return Systems

A core focus of the new capital is the acceleration of Recykal's Deposit Return System (DRS) business, a technology-led model in which consumers pay a small refundable deposit on packaging that is returned upon recycling, dramatically increasing collection and recovery rates. Recykal provides the digital clearinghouse, reverse-logistics, consumer engagement and verification infrastructure that enables such schemes to operate efficiently and at scale.

Recykal has established a leading DRS track record across multiple Indian states and neighbouring markets, with deployments and pilots spanning Goa, Himachal Pradesh, Kerala, Tamil Nadu and Bhutan, laying the operational and technological foundations for a scalable recyclable-collection ecosystem. The company's reverse vending machine (RVM) and clearinghouse technology stack positions Recykal as a preferred partner for governments, beverage producers and retailers implementing producer responsibility and deposit-return mandates.

Building a Global Circular Economy Platform

Beyond India, Recykal is expanding internationally, taking its waste-management technology and DRS capabilities into global markets. The company is actively pursuing opportunities in Europe and the United Kingdom through organic expansion, strategic partnerships and potential acquisitions, with the ambition of becoming the technology backbone for circular economy infrastructure worldwide.

Alongside DRS, Recykal is also expanding its Open Marketplace, enabling domestic and global sourcing of recyclable materials and circular commodities by connecting aggregators, recyclers and industrial buyers.

The fresh capital will also support strategic investments aligned with Recykal's long-term vision of building a fully digitised, globally connected circular economy.

Commenting on the fundraise, Abhay Deshpande, Founder and Chief Executive Officer of Recykal, said:

Recykal was built on a simple conviction, that the circular economy is fundamentally a technology problem. Over the last year, we have demonstrated that growth and improving unit economics can go hand in hand, delivering over 53% revenue growth while reducing losses. Deposit Return Systems are perhaps the clearest expression of this thesis, combining technology, logistics and behavioural change to transform how packaging is recovered. This bridge round gives us the flexibility to deepen our technology investments, scale DRS deployments, and expand into international markets where circularity infrastructure is rapidly becoming a priority. We remain committed to building the digital backbone for a globally connected circular economy.

About Recykal

Founded in 2016, Recykal is a Hyderabad-based technology company building digital infrastructure for waste management and the circular economy. Its platform connects and empowers the entire value chain, including brands, producers, recyclers, aggregators, collectors and consumers, traceability, circular commerce, Deposit Return Systems and material recovery solutions at scale. Recykal operates across India and is expanding into international markets, with a growing presence in Deposit Return System deployments worldwide.

Hyderabad-based Recykal Ranks 4th Among Fast Company’s 50 Most Innovative Companies 2023

Recykal ranks 4th out of Fast Company’s 50 most innovative companies, joins the ranks of OpenAI, Disney, Tiffany & Co., and more

Recykal Named to Fast Company’s Annual List of the APAC’s Most Innovative Companies for 2023

Recykal has been named to Fast Company’s prestigious annual list of the World’s Most Innovative Companies APAC Region for 2023.

This year’s list highlights the businesses at the forefront of their respective industries, paving the way for the innovations of tomorrow. These companies are setting the standard with some of the greatest accomplishments of the modern world. In addition to the World’s 50 Most Innovative Companies, 540 organizations are recognized across 54 sectors and regions.

“Recykal is on a mission to transform the way we think about waste management in India. Powering sustainability by tech, Recykal isn’t just promoting a circular economy, but also creating a platform for efficient channelisation of waste. With a healthy growth and 4,00,000 MT of waste channelised till now, we aim to make waste a resource in India's sustainability game,” said Abhay Deshpande, the founder of Recykal.

Recykal recently launched a pilot Digital DRS campaign - Sabka Saath, Swachch Kedarnath in Kedarnath. 11,000 QR codes were distributed across all shops in the temple area that resulted in 52% improvement in the collection and refund rate. What intrigued the pilgrims and local government is the tech intervention where plastic waste generated could be traced back to the user. Sabka Saath, Swachch Kedarnath not only incentivized pilgrims to collect and return their bottles, but also improved the collection and recycling rates, and boosted the local recycling economy.

The World’s Most Innovative Companies is Fast Company’s signature franchise and one of its most highly anticipated editorial efforts of the year. It provides a firsthand look at the inspiring and innovative efforts of companies across all sectors of the economy.

“What a strange and thrilling year it has been to honor this year’s Most Innovative Companies.

This year’s list compiles some of the most cutting-edge groundbreakers who are changing our world every single day, from legacy organizations like McDonald’s to upstarts like MrBeast and institutions such as NASA. Everyone on this list does something completely, uniquely different, yet, they all have one thing in common: innovation,” said Fast Company editor-in-chief Brendan Vaughan.

Fast Company will host its third annual Most Innovative Companies Summit on April 19 and 20. The virtual summit celebrates the Most Innovative Companies in business, and provides an inside look at cutting-edge business trends and what it takes to innovate in 2023. Fast Company’s Most Innovative Companies issue (March/April 2023) is available online here, as well as in-app form via iTunes, and on newsstands beginning March 14. The hashtag is #FCMostInnovative.

ABOUT RECYKAL

Recykal is a clean-tech startup headquartered in Hyderabad. As an end-to-end digital solutions provider, Recykal facilitates transactions for all stakeholders across India’s waste management & recycling value chain to promote more efficient and effective recycling of local plastic waste. Revolutionising the waste-commerce sector with digital innovations led to the recognition as a ‘Technology Pioneer’ by the World Economic Forum; other honours include Grant Thornton - Sabera Awards as a Responsible Business of the Year, Best Waste Management Digital Technology Player by Assocham, Excellence in Waste Management as a PRO by CII 3R Awards, and Best Soonicorn by BusinessWorld.

ABOUT FAST COMPANY

Fast Company is the only media brand fully dedicated to the vital intersection of business, innovation, and design, engaging the most influential leaders, companies, and thinkers on the future of business. Headquartered in New York City, Fast Company is published by Mansueto Ventures LLC, along with our sister publication Inc., and can be found online at www.fastcompany.com.

Cloud-based Waste Management Startup Recykal Raises $2 Mn from Triton, EX-MD of Bank of Singapore

Hyderabad headquartered Recykal, a cloud-based waste management and recycling enabler has closed a Pre-Series A financing round of US $ 2 million. Triton Investment Advisors (Triton), the family office of Ajay Parekh (Director, Pidilite Industries), and existing investor, Vijay Acharya (former managing director, Bank of Singapore) participated in this round. The funding will enable Recykal to expand their footprint across India.

Recykal’s digital technology platform connects Waste Generators (businesses and consumers) with Waste Aggregators and Recyclers, facilitating transactions and offering visibility, transparency and traceability of recyclable waste. The company has also built a suite of mobile applications that facilitates consumer awareness and take-back programs for FMCG and electronic brands and ensures compliance with the Extended Producer Responsibility (EPR) Guidelines outlined by the government.

“Over the past three years, we have been working closely with stakeholders in the industry to understand their pain points and developed tailored solutions for them,” said Abhishek Deshpande, co-founder, Recykal. “The funds raised will help us strengthen our technology offerings, expand our team and presence in new cities across India. Our association with Triton marks the onset of an exciting journey for us and the industry.”

Dev Raman, Partner at Triton added, “Waste Management and Recycling industry is a massive and untapped space, where the stakeholders are often disjointed and disconnected. We see a multi-billion-dollar industry evolving, with the Solid Waste Management Rules, EPR and other driving factors. Recykal, with its comprehensive technology offerings is leading the way to bridge the technological and operational gaps. It’s a unique investment opportunity that lets us create social, economic and environmental impact at scale. We are glad to be part of their vision.”

Ajay Parekh, Director, Pidilite Industries pointed out that, “Organizations, governments and communities who embrace sustainability view waste management and recovery of materials to be critical to achieve their sustainability goals. Investments in this space can potentially create millions of jobs and accelerate India’s vision for a circular economy.”

Recykal is the brainchild of Abhay Deshpande, a serial entrepreneur who founded Martjack in 2007 (acquired by Capillary Technologies). Explaining the rationale behind Recykal, Deshpande said, “Indian Waste Management market is expected to reach US$14 billion by 2025.It is primarily operated by the informal sector, with the majority of the transactions being offline and untraceable.

Recykal aims to disrupt the industry through ‘digital intervention’ to drive awareness, mobilize actions among the stakeholders and establish a transparent ecosystem. The sector is often run by Public Private Partnership (PPP) models, with the participation of companies limited to their CSR initiatives. However, the landscape is changing, with private investments pouring in to encourage innovative ideas and promote sustainable businesses, on account of government initiatives like Swachh Bharat, Solid Waste Management Rules and EPR.”

Founded in 2016, by Abhishek Deshpande and Anirudha Jalan, Recykal’s technology solutions are deployed across 150 businesses. It is currently operational in Hyderabad, Pune and Bangalore, and channelizes more than 1000 metric tonnes of recyclables per month through its platforms.