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2014-08-29

Attero secures $16.5 million in funding from Forum Synergies, existing investors

Attero is an e-waste management solutions provider in India, processing e-waste with a zero-landfill system.

Noida-based Attero Recycling Pvt Ltd raised around $16.5 million (Rs 100 crore) investment led by private equity fund Forum Synergies (India). Attero plans to invest the capital raised in building plants in the international markets. Simultaneously, a substantial part of the capital raised will go into technology and innovation.

 

Attero is an e-waste management solutions provider in India, processing e-waste with a zero-landfill system and has tied up with more than 200 corporates for its services. The company extracts pure metals from end of life electronics. It offers services including e-waste management, electronics asset recovery, data security and pan-India reverse logistics along with repair, refurbishment and retailing of electronics.

 

According to Gupta, the company clocked revenues of Rs 142 crore for the year ended March 31, 2014 and expects revenues of Rs 450 crore for the current year.

 

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.”

 

Talking about the latest funding round, Nitin Gupta, CEO, Attero said, “Almost 45 percent of the funding has come from new investor Forum Synergies and the rest from existing investors excluding IFC. All other existing investors stay invested in the company.”

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