PE-VC Fund Investments
Sanitary pads recycler PadCare raises $3-M led by Rainmatter Capital
Bengaluru-based cleantech startup PadCare has raised USD 3 million (INR 27.2 crore) in a pre-Series A funding round - that was a mix of equity and debt - led by Zerodha's investment arm Rainmatter Capital, with participation from 3one4 Capital, Brigade Group, PKRBCV Shroff Trust, and existing investors Lavni Ventures and 3i Partners.Founded in 2018 by Ajinkya Dhariya, PadCare offers collection and recycling of used sanitary pads. PadCare operates a service model where its bins are deployed at client locations, connecting them to a reverse logistics system that transports the waste to a centralised recycling factory. The company's services are currently available across 24 cities, serving over 2000 client sites and individual households.The firm will use the fresh funds to scale recycling capacity by establishing additional processing plants. PadCare plans to expand its existing facility in Bengaluru and establish independent recycling plants in Delhi, aiming to increase its daily recycling capacity to 3 metric tonnes from 0.5 metric tonnes. Additionally, the company will allocate funds towards rebuilding its leadership team and investing in its diaper recycling project.
In Dec-22 PadCare had attracted about USD 0.60 M from 3i Partners, Lavni Ventures, Rainmatter Capital, Social Capital, and others.For FY24, PadCare had reported about INR 5.84 Cr in Operating Income and about INR 0.05 Cr in PAT.
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