Clean-tech startup PadCare Labs has secured Rs 5 crore in a seed funding round led by Social Alpha with strategic investments from Lavni Ventures, 3i partners, Rainmatter, and Spectrum Impact.
The proceeds will be utilised to expand the operating geographies in India, set up decentralised material recovery centres, invest in advancing its patented 5D recycling technology and for product commercialisation, PadCare said in a press statement.
Founded in 2018 by Ajinkya Dhariya, PadCare aims to make change in India’s menstrual hygiene economy by making period choices sustainable without changing user preferences. PadCare’s unique recycling technology closes the loop of the menstrual hygiene economy by generating recycled output out of used pads. The recycled output is further used to make paper and plastic-based objects. The firm also provides pad vending machines to enhance the accessibility to menstrual products.
According to PadCare Labs, it has a team of 45, present in 6 metro cities, and creating an impact on menstruators, waste workers, and the planet alike. The company’s innovative model has been accepted by corporate giants in India such as Mahindra, P&G, Capgemini, Aditya Birla Group, Symbiosis International University and 250 other companies.
Social Alpha claims to have supported more 150 startups including more than 40 seed investments.
Source @Entrackr
