GreenTech Secures ₹30 Crore Seed Funding for Battery Recycling Expansion
GreenTech has secured ₹30 crore in seed funding from domestic venture capital firms and angel investors, valuing the startup at ₹120 crore. The funding will enhance product development and expand operations, aiming for a processing capacity of 5,000 tonnes of lithium-ion batteries by 2026 while targeting a break-even point by FY27 with projected revenues of ₹250 crore. Investors are optimistic due to the company's high gross margins and strong government support for green technologies amid India's escalating battery waste challenge.
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GreenTech raised ₹30 crore in seed funding from domestic venture capital firms and angel investors, valuing the startup at ₹120 crore. The funding will support product development, prototype testing, and hiring engineers.
GreenTech’s battery recycling technology recovers 95% of valuable metals from lithium-ion batteries, targeting a processing capacity of 5,000 tonnes by the end of 2026. The company plans to allocate funds to research, factory expansion, hiring, and operations.
They aim to break even by FY27 with a projected revenue of ₹250 crore in three years, amidst India's growing battery waste issue. Investors are optimistic due to high gross margins and government support for green technologies.
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