EcoEx Nets $4 Mn To Enhance Its Waste Management Solutions

Cleantech startup EcoEx has raised $4 Mn (around INR 35.5 Cr) in a strategic funding round led by Dovetail Global Fund PCC, Navbharat Investment Fund, and Narnolia Velox Fund. Besides, the round also saw participation from undisclosed domestic and international investors .

EcoEx will use the fresh capital to enhance its tech stack, expand its cleantech solutions, and scale its newly launched Waste Commodity App.

Founded by Nimit Aggarwal and Akshaya Rath in 2018, EcoEx runs a digital marketplace and compliance platform that helps businesses manage and recycle waste. It connects producers, recyclers, and waste collectors to trade materials like plastics and e-waste. Besides the digital marketplace, EcoEx also entered the waste management vertical through its mobile apps in FY24.

It claims that its client portfolio includes companies like Anmol, Ananda, Amrico, Canon, Adani Wilmar, Haldiram, among 16 others.

“We are on track to cross $20 Mn in transaction value in FY 26, transforming waste into both a climate and economic opportunity,” Aggarwal said.

While this marks the first private investment funding raised by the startup, it filed for a BSE SME IPO back in October 2023. The proposed IPO was slated to comprise solely of a fresh issue of 3.6 Lakh equity shares.

As of now, the company said that it is preparing to undertake its IPO soon without giving exact timelines for the same.

The funding comes amid growing investor interest inIndia’s cleantech and waste management sector with startups raising as much as $321 Mn in the first half of FY25 across 31 deals.

Last year, EcoEx’s competitor Recykal also raised INR 110 Cr from 360 ONE Asset, while RecommerceX secured $3.6 Mn in a seed round co-led by Accel and Kae Capital.

Other notable fundraisers in recent years include Attero and Duro Green, which specialises in wet waste management solutions.

The sector’s momentum has been further supported by government initiatives like PLI schemes across multiple cleantech segments. Besides, regulatory frameworks like SEBI-mandated Business Responsibility and Sustainability Reporting (BRSR) and India’s Carbon Credit Trading Scheme, which make it mandatory for companies to be sustainability compliant, are also propelling the growth of this sector.

The Indian waste management market is projectedto breach the $17 Bn mark by 2029, growing at a CAGR of 5.8%.

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