India, June 21 -- Waste management startup Recykal has raised $23 Mn (nearly Rs.217 Cr) as part of a bridge funding round, in a mix of primary and secondary deals, from existing backers and a clutch of family offices.

The startup told Inc42 that $17.6 Mn (over Rs.166 Cr) was raised via primary transactions, while the remaining $5.4 Mn (nearly Rs.51 Cr) comprised secondary deals. It plans to utilise the fresh funds to strengthen its tech stack and support international growth initiatives.

In a statement, Recykal also said that a chunk of the capital will also be utilised to support strategic investments in the circular economy space, accelerate the deployment of its deposit return system (DRS) and scale its waste management solutions.

"...