Bangalore: Waste paper recycling startup, Pastiwala – which owns and operates by the Sort India Enviro Solutions Limited – raises Rs.24.8 crores from Agnus Capital, a private equity fund of Strides Arcolab’s Promoter, Arun Kumar. The firm will utilize the fund to establish its company presence across Gujarat and to set up automatic material recycling facilities.
Founded in 2010 by Paresh Parekh, Pastiwala provided provides services including collection of waste paper and plastic, transporting them to its warehouses, segregating them and selling the segregated goods to various paper mills and recycling units. Today, the firm has tied up with recycled paper makers and proceeds as a supply chain creator. Currently, the firm has six recycling facilities, capable of handling 56K tons and has claims to handle around 300 tons of recovered paper every day, running a fleet of over 150 vehicles in seven cities of Gujarat.
On the other hand, the firm is planning to raise $20-$25 million by next quarter and has selected Artifice Advisors for funding. The upcoming round of funding will be used to expand the company across Bengaluru, Pune, Mangalore, Nagpur, Jaipur, Ajmer, Indore and Bhopal.