Attero raises funding worth $16.5 million
CEO Nitin Gupta says the funds will be used to build plants in international markets and improve technology
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Mumbai: Attero Recycling Pvt Ltd, a Noida-based electronic waste disposal and management company, has raised $16.5 million (about Rs100 crore), which it will use to build plants and upgrade its technological expertise.
The investment was led by Forum Synergies (India), a Bangalore-based private equity fund, which put in $15 million.
Nitin Gupta, chief executive officer (CEO) with Attero said in a statement on Thursday that the funds will be used “build plants in international markets and improve technology”.
Attero had raised $6.3 million from Kalaari Capital and Draper Fisher Jurvetson, a California-based venture capital fund, in 2008 and $8.3 million in its second round in 2010.
Electronic waste in India is set to reach 1.72 million metric tonnes by 2020, according to the company.
Attero’s competitors include Delhi-based Karma Recycling Pvt Ltd, which raised seed funding last year and Eco Recycling Ltd.