MUMBAI – E-waste and lithium-ion battery recycler Recyclekaro India Limited is gearing up for a significant financial milestone, planning to raise ₹240 crore in fresh equity over the next six months. The company is also evaluating an Initial Public Offering (IPO) as it seeks to capitalize on India’s surging demand for critical minerals and clean energy materials.
This capital push follows a recent ₹93 crore funding round and is designed to move the company further up the value chain—transitioning from basic recycling to the extraction of high-purity materials essential for electric vehicles (EVs) and energy storage systems.
Scaling for the EV Revolution
Recyclekaro’s CEO, Prassann Daphal, highlighted a massive leap in processing capabilities. The company’s lithium-ion battery recycling capacity, which stood at 4,200 metric tonnes last year, has already been scaled to 10,000 metric tonnes. Plans are underway to add another 16,000 metric tonnes specifically for extracting high-value minerals like lithium, cobalt, nickel, and manganese.
The company’s e-waste division has seen similar growth, with capacity jumping from 7,500 metric tonnes to 24,500 metric tonnes per year.
Beyond E-Waste: New Frontiers
To diversify its portfolio, Recyclekaro has entered the automotive scrap market through a joint venture, Evergreen Mahan Recycling. This facility focuses on recovering precious metals—platinum, palladium, and rhodium—from catalytic converters, with an annual capacity of 600 tonnes.
“Our goal is not just recycling, but extracting materials and adding value before selling them,” said Daphal. The company currently utilizes advanced hydrometallurgical processes to recover metals from ‘black mass’ with an efficiency rate exceeding 95%.
Market Dynamics and Financial Outlook
India’s e-waste market is a dormant goldmine, with generation expected to reach 14 million metric tonnes by 2030, carrying an estimated economic value of ₹51,000 crore. However, a significant gap remains: while formal recycling recovers up to 97% of materials, the informal sector—which still processes nearly 80% of India’s e-waste—recovers only 10-20%.
Recyclekaro is positioning itself to close this gap while preparing for future shifts toward sodium-ion batteries and rare earth magnet recovery.
Financial Highlights:
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Previous Year Revenue: ~₹219.5 crore
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Projected Current Year Revenue: ~₹450 crore
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EBITDA Margins: 17–18%
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Net Profit Margins: 8–9%
With a projected doubling of revenue this year, the company’s potential IPO comes at a time when India is aggressively seeking to reduce its dependence on imported critical minerals for its green energy transition.
