Attero secures US$16.5M in Series C led by Forum Synergies
The Indian electronic asset management company plans to use the capital to improve technology and expand to oversees marketsBy Twishy Shahi 01 Sep, 2014
The firm plans to use the capital on technology and innovation, and to expand to international markets.
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 have well-founded expectations of growth and global impact from Attero. We are confident of helping Attero management create a global company out of India.”
Attero claims to be all set to catapult itself into the billion dollar league in the next four years by low-cost, eco-friendly 360-degree integrated solutions for e-waste management, coupled with the rapid technology obsolescence and shorter life cycles of consumer technology products.
The company had earlier raised two rounds of funding from PE entities like Draper Fisher Jurvetson (DFJ), Granite Hill India Opportunity Ventures, Kalaari Capital, and debt funding from International Finance Corporation (IFC).
Nitin Gupta, CEO, Attero said, “Attero is at a significant inflexion point of its growth. This funding round is indeed timely as it will certainly help us fast track our business goals and enable us to scale the company, 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 tonne by 2020. Such alarming figures call for urgent attention and action. To complement its efforts towards a sustainable e-waste management solution, Attero has been working to formalise the informal sector, which handles a major portion of e-waste in India. The company’s aim is to train workers from the informal sector and establish a consumer e-waste collection channel, which will divert e-waste to the formal sector for responsible recycling.