Metal recycling startup Runaya aims to generate $1 bn in revenue by FY30

Metal recycling startup Runaya is eyeing $1 billion revenue by FY30 when it achieves a target of 5 million tonne per annum (mtpa) recycling capacity.

Annanya Agarwal, chief executive officer and co-founder of Runaya, said that in FY25, the company would have revenues of Rs 1,000-1,200 crore as it steps up recycling capacity to 100,000 tonnes. 

In FY24, the company had revenues of Rs 500 crore and a recycling capacity of 50,000 tonnes.

For FY26, Runaya has in its sights revenues between Rs 2,000-2,200 crore as it doubles recycling capacity to 200,000 tonnes.

“Most of the capex for that is already being deployed. The projects have started,” Agarwal said.

“If you see our track rate in the first week of the current financial year, we are already on track to 100,000 tonnes capacity,” Agarwal said, adding, there was nothing stopping the company’s growth.

The investment to achieve the target capacity of 5 mtpa is pegged at about Rs 700 crore and is likely to be met through a combination of internal accruals, debt and partnership.

The company is also looking at an IPO. But Agarwal said, it was not an urgent priority. It would happen whenever the timing is right.

Runaya just announced the inauguration of its calcium aluminate plant in Jharsuguda, Odisha. According to the company, the launch marked a “pivotal” moment in Runaya’s journey towards environmental leadership and technological advancement within the industry.

With a capacity of 12,000 metric tonnes per annum, the facility would be able to deliver green premium product to customers across the steel industry.

A new age resources company, founded by Naivedya and Annanya Agarwal, sons of Vedanta Limited vice chairman, Navin Agarwal, Runaya is focused on projects that enable a circular economy promoting the concept of waste to wealth.

Runaya’s portfolio includes ground support products, sustainability solutions for the aluminium industry, minor metals recovery, gas atomised metallurgical powders and FRP (fibre reinforced plastic) and ARP (aramid reinforced plastic) rods for the telecommunication cable and steel industries.

From 200,000 tonnes of waste, Runaya is expecting to recover 90,000 tons of metal. “We are focusing on metals that are important for the EV supply chain,” Annanya Agarwal said.

On the calcium aluminate plant, Annanya Agarwal said, “At Runaya, innovation and sustainability are ingrained in our DNA. The launch of our calcium aluminate plant is a testament to our commitment to pioneering environmentally solutions in the metals industry.”