Bengaluru: Mumbai-based waste management solutions provider Sampurn(e)arth raises $10 million in a funding round led by ah! Ventures. The funding round also saw significant contributions from Intellecap Impact Investment Network (I3N) and Rianta Capital. There was no information about how the company will use the fresh capital. However, speaking to starupcity.com, co-founder of Sampurn(e)arth – Debartha Banerjee revealed that the company is in talks with their existing investors to raise another round of funding within the next 8-12 months.
Speaking about their new fundraising, Jayanth Nataraju, Co-Founder, Sampurn(e)arth says, “In Mumbai alone, about 10,000 tonnes of waste is generated daily, so there is a huge opportunity for intervention. With initiation of the Swacch Bharat Abhiyan, there is an increased interest in our solutions and we are seeing tremendous support from stakeholders across the value chain. We are confident that with the guidance of investors on scaling the business, we will be able to move the needle on this vast challenge”.
“The current method of dumping waste into landfills leads to several environmental and societal problems. This practice adversely affects the health of people and also fails to recognize the inherent value in the waste. Sampurn(e)arth is bringing in an effective decentralized asset light business model that is environmentally sustainable, generates employment and is profitable. This is an execution intensive model and we have full faith in the promoters’ passion for the cause and ability to deliver,” quotes Ajay Dalmia, Partner, I3N.
Speaking in similar veins, Harshad Lahoti, Founder & CEO, ah! Ventures says, “ah! Impact, the platform through which the investment in Sampurn(e)arth was made, validates our commitment and foresight towards social investing in India, also a large number of our investors, who are mostly first time investors have shown great interest in investing in social enterprises with high potential and measurable social or environmental impact. ah! Impact recently reinvested in Ketto, a crowdfunding platform for social, personal and creative projects”.
Sampurn (e)arth, started in 2012, is the contrivance of Tata Institute of Social Sciences alumni of Debartha Banerjee, Jayanth Nataraju and Ritvik Rao. It specializes in waste management solutions and caters to the needs of many municipal bodies, housing societies, corporate IT parks and educational institutions. Its services include waste audit, enhancing environmental awareness, designing & installing waste management systems and maintenance of the systems.
The company also has tie-ups with NGOs like Stree Mukti Sanghatana, a women empowerment group associated with 3,000 women waste-pickers, providing them an alternative employment opportunity, Sampurn(e)arth has also won the prestigious ‘Global Social Venture Competition 2014’ organized by the Haas School of Business of the University of California – Berkeley.