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Attero, the Noida-based e-waste management company, today announced a $15 million Series C round of investment in a round led by private equity firm Forum Synergies (India).
Existing investors Draper Fisher Jurvetson (DFJ), Granite Hill India Opportunity Ventures, Kalaari Capitals also particiapated in this round of fund, Attero said in a statement.
The company has raised 2 earlier rounds of funding from existing PE investors and debt funding from International Finance Corporation.
Attero is the only company in India with the capability to extract pure metals from end of life electronics. To deal with the problem of electronic assets, Attero offers various services including customized end to end solutions for e-waste management; electronics asset recovery, data security and pan-India reverse logistics along with repair, refurbishment and retailing of electronics.
Commenting on the just-concluded deal, Samir Inamdar, Co-founder, Managing Director and CEO, Forum Synergies (India) said, “Attero addresses a growing environmental concern in India in a safe and efficient manner. We are confident of helping Attero management create a global company out of India. What attracted us to Attero was the innovative technology, the passionate and high-energy management team and their vision for growing the business.”
Nitin Gupta, CEO, Attero said, “The funding will enable us to expand geographically, grow our client base and help more businesses manage e-waste in the country and globally.”
According to recent studies, e-waste in India is set to reach 1.72 million metric tonnes by 2020. To complement its efforts towards a sustainable e-waste management solution, Attero has also been working to formalize the informal sector, which handles a major portion of e-waste in India.
The idea is to train informal sector workers and establish a consumer e-waste collection channel, which will divert e-waste to the formal sector for responsible recycling.
Forum Synergies is a private equity fund manager headquartered in Bangalore. It focuses on investing growth capital in SMEs and mid-market businesses in engineering, healthcare, clean technology and information and communication technology.