Delhi-based waste management startup Pom Pom Recycling is planning to raise its first round of funding, for USD 8-10 million.
Started in November 2015 Pom Pom is fully operational in South Delhi and parts of Noida. Founded by Deepak Sethi & Kishor K Thakur, the company already has a gross revenue of more than INR 20 million till date, and are aiming at INR 140 million revenue by March 2017.
Starting off with 26 tonnes in the first month, Pom Pom has reached more than 400 tonnes of recyclable waste every month, and said has already successfully processed more than 12,000 orders. In the first two months of its operations, Pom Pom had a growth rate of more than 200%. Ever since then, they have been growing at a rate of 50% both in terms of number of orders and quantity collected, largely propagating through great user experience and positive review.
After diverting around two million kg of recyclable waste away from the landfills, they have finally decided to expand their operations in other parts of Delhi &NCR. The Company is not just expanding geographically but is also working towards educating users about recycling and segregation. They focus on providing recycling workshops schools, colleges & corporates to the children and adults alike. Pom Pom’s first phase of expansion is to cover the remaining parts of Delhi &NCR and build a stronger product with better services.
“We believe, this is the perfect time to raise funds as we have proven the business viability and are nearing profitability. We are expecting the first round of funding to close at 8-10 million dollars and have the strategy ready around the same. It will help us expand our base and initiate further processing of parts of the recyclable materials being collected to add value. This funding will help us contribute towards a Cleaner India,” said Deepak Sethi, Co-Founder, PomPom Recycling.
India generates more than 14 million tonnes of garbage per day according to Central Pollution Board of India, and is expected to rise to 436 million tonnes by 2050 if not treated on time. Startups like Karma Recycling, Encashea, Kabadi Express and Extra Carbon have come up in the past couple of years in the similar field. The waste management and processing industry is expected to be worth approximately $14 billion by 2025, which shows a huge potential in the booming sector.