EcoEx Secures $4 Mn Funding, Eyes IPO to Boost Waste Management Tech and Solutions
EcoEx, a digital marketplace and compliance platform for waste management, has secured $4 Mn in a strategic funding round led by Dovetail Global Fund PCC, Navbharat Investment Fund, and Narnolia Velox Fund. The company is set to undertake its IPO soon, aiming to enhance its tech stack, expand its cleantech solutions, and scale its Waste Commodity App.
Founded in 2018 by Nimit Aggarwal and Akshaya Rath, EcoEx connects producers, recyclers, and waste collectors to trade materials like plastics and e-waste. The platform currently serves prominent clients such as Anmol, Ananda, Amrico, Canon, Adani Wilmar, and Haldiram, among 16 others.
The fresh capital will be used to bolster EcoEx's tech capabilities, broaden its cleantech offerings, and grow its newly launched Waste Commodity App. EcoEx aims to cross $20 Mn in transaction value in FY 26, transforming waste into both a climate and economic opportunity. The company filed for a BSE SME IPO in October 2023, proposing a fresh issue of 3.6 Lakh equity shares.
The funding round comes amidst increasing investor interest in India's cleantech and waste management sector, with startups raising $321 Mn in the first half of FY25. The Indian waste management market is projected to reach $17 Bn by 2029, growing at a CAGR of 5.8%. EcoEx's strategic financing round and upcoming IPO position the company well to capitalize on this growing market.
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