Revolutionizing Reverse Logistics: Delhi startup ScrapUncle Secures INR 3.7 Crores in Pre-Seed Funding Round from Bestvantage and other marquee investors
ScrapUncle, a dynamic Delhi-based startup, is making waves with its innovative approach to recyclable waste management. Founded in 2019 by a then-college student, Mukul Chhabra, the company has quickly established itself as a pivotal player in India's sustainability landscape by offering a streamlined platform that allows users to sell scrap materials for recycling at pre-quoted prices effortlessly.
ScrapUncle made its mark on Season 2 of Shark Tank India, securing an investment from Amit Jain, the founder and CEO of CarDekho Group. The episode witnessed an engaging bidding war between sharks Anupam Mittal and Amit Jain, who vied to invest in the startup. Ultimately sealing the deal with Amit Jain. At its core, ScrapUncle functions as a digital-age 'kabadiwala' (scrap dealer), redefining how recyclable waste is managed nationwide. The startup has embarked on a mission to tackle India's waste management problem by bringing efficiency, transparency, and eco-consciousness to scrap recycling. Through its user-friendly website and app, ScrapUncle enables both homeowners and offices to schedule the collection and recycling of their scrap materials conveniently.
The unique selling proposition of ScrapUncle lies in its commitment to bridging the gap between traditional waste management practices and modern technology. Customers can effortlessly book trained and verified agents through the platform, who then collect the scrap directly from their premises. This user-centric approach ensures a hassle-free experience while contributing to a greener and cleaner environment.
In a significant development, ScrapUncle has successfully secured a seed funding round of over INR 3.7 crores, propelling the company closer to its vision of sustainable waste management. This funding was led by the family office of Madhuram Papers' promoters and also saw participation from angel investors including Bharat Jaisinghani from Polycab.
The infusion of capital is poised to fuel ScrapUncle's expansion plans, enabling the establishment of additional warehouses and the deployment of personnel to cover a wider geographic footprint.
Mukul Chhabra, the visionary founder of ScrapUncle, expressed his optimism about the investment, stating, " We are immensely thankful for the trust our investors have placed in us. This funding marks a pivotal moment in ScrapUncle's journey. With this infusion of resources, we are well-equipped to enhance our current operational scale, thus making a substantial contribution to the company's overall revenue."
Chhabra further added that, "We have taken a comprehensive approach to address challenges faced by both customers and Kabadiwalas in the unorganized recycling sector. Customers frequently encounter issues in obtaining fair value for their scrap due to a lack of awareness about its true worth. By factoring in all these dynamics, ScrapUncle emerges as the solution that comprehensively resolves these issues. Our ultimate goal is to leave a lasting positive impact on the environment, and this funding takes us several steps closer to achieving that."
Yash Bhatia, Managing Partner at Madhuram Papers’ Family Office added that “ScrapUncle's innovative approach to waste management resonates deeply with our values at our group. We believe in supporting initiatives that bring about positive change, and ScrapUncle's efforts to revolutionize recycling align perfectly with that. We are excited to be a part of their journey to create a more sustainable and efficient waste management ecosystem in India."
Dolce Vita Advisors, a strategic partner in ScrapUncle's journey, not only advised the startup in this seed funding round but also boasts an existing investment in the company. Sumit Kochar, Partner at Dolce Vita Advisors, emphasized the significance of the seed round, stating, "This funding infusion is poised to amplify the current scale of ScrapUncle's operations. It will also drive initiatives that align with a sustainable and eco-friendly future."
Bestvantage investments: Bestvantage investments is an investment platform that offers one stop solution to all Startups investment needs by offering investors an opportunity to invest in verified startups that are poised to be the unicorns of tomorrow. Raman Sharma, CEO and Founder, Bestvantage investments, commented, “ScrapUncle's dedication to marrying technology with sustainability is truly commendable. We believe in their vision and their ability to make a significant difference. This funding round signifies not only a financial investment but an investment in a greener future.”