Mexican PE invests in Hyderabad firm

Hyderabad: A city-based plastic recycling start-up Banyan Nation has raised $800,000 from Mexico-based Artha Capital to fund its expansion.

The company’s business model involves working closely with local ragpickers to source the discarded plastic items for recycling, which is currently dominated by informal sector.

Talking about the funding, Mani Vajipey, founder and CEO of Banyan, said, “A part of the $800,000 has been used to set up our facility in Patancheru, wherein we produce 100 tonnes of recycled plastic per month, although it has a capacity of 300 tonnes. We are approaching many FMCG and auto companies to substitute our recycled plastic with virgin plastic to support the cause of sustainable environmental.”

Impact Investment Exchange (IIX), Shujog and KKR assisted the company in securing seed funding.