Hyderabad: Banyan Nation, a plastic based waste management and recycling company has recently raised a funding of $800,000 (Rs. 5.3 crores). Banyan is a startup that offers FREE On-Demand and Recurring recyclable waste pickup services to townships, apartments, small and medium businesses, large corporations and independent homes.
The funding comes from Artha Capital as a part of the social enterprise technical assistance project run by the global PE firm KKR and Shujog – the not-for profit-initiative by Impact Investment Exchange (IIX).
“We help the startups chalk out a business plan, decide on a capital structure, how to raise it and what kind of capital will work well for them,” says Steven Okun, director of public affairs at KKR Asia Pacific.
Banyan Nation aspires to innovate and cure the methods of dealing with this non-degradable waste by making the recycling value chain more efficient at every aspect from pre-sorting and collection to post-sorting and processing of recycled materials.
“Our mission is to identify and nurture progressive recyclers within the informal sector, improving their quality of life through technology solutions that give them ample opportunities to maximize their growth and earning potential,” says Mani Vajipey, Co-founder & CEO, Banyan.
The company has signed three agreements to pilot the recycled plastic at industry level for large-scale implementation in finished products with large industries as per the source.