Recykal, 1st Indian Startup to be a Member of WEF's 'The Circulars Accelerator' Program
The end-to-end digital waste-commerce startup, Recykal has been selected as the first member from India for The Circulars Accelerator Program 2021. The Circulars Accelerator, led by Accenture, in partnership with Anglo American, Ecolab and Schneider Electric, and in collaboration with UpLink and the World Economic Forum, will connect industry leaders with 17 ground-breaking circular economy entrepreneurs to scale up disruptive, cross-sector value chain innovation at an unprecedented pace.
Recykal’s unique, integrated approach marks India’s first digital waste-commerce (w-commerce) company that connects waste generators with waste processors and recyclers, and brand owners to solve some of the biggest challenges faced by the industry. The company’s digital solutions are ensuring higher rates of waste collection, recycling and unlocking value for stakeholders across the waste value chain thereby paving a way for a circular economy by ensuring more materials are entering the recycling streams and less to landfills. In doing so, Recykal has saved 12.86 million-kWh energy, 57.71 million - litres oil, 18.23 million cubic feet landfill space, 44.44 million litres water and 28,047 trees.
Speaking on the selection, Abhay Deshpande, founder, Recykal, said, “We are proud to become a member of this prestigious cohort that will be important in the next decade to India. As India becomes one of the world's biggest waste generators, it is crucial that business leaders recognize waste management and recycling as an industry. Effective management of waste will not only bring 650 billion plus GDP savings to our economy by 2030, it will create two million jobs by 2025. Collaborating with The Circulars Accelerator will get us a broader recognition, connectivity and right guidance on further scaling up sustainable solutions to amplify the impact we are creating with our work”.
Embracing a more circular economy is crucial in determining our response to the problem of waste management that we are currently facing. Through its digital platforms namely Marketplace, Smart Centre Solutions and EPR LOOP, Recykal is channeling over 10,000 metric tons of recyclables every month, with plans to scale and influence upwards of 2 million metric tons of plastic annually by 2025.
The Circulars Accelerator is the world’s premier platform that recognizes individuals and organizations, which are making an effort and notable contribution to the circular economy in collaboration with the World Economic Forum. The first edition of this program is supported by an esteemed panel of global experts and an extensive network of public, private and civil society sector organizations and aims to catalyze circular innovation.
The 2016-founded startup last year has received several recognitions including Grant Thornton Responsible Business Award, NASSCOM EMERGE 50 Awards, FICCI Indian Circular Economy Awards and ASSOCHAM Best Waste Management Digital Technology Player.