Reverse logistics startup ScrapUncle secured Rs 3.7 Cr Pre-seed funding from Bestvantage, others

ScrapUncle, a startup in reverse logistics, has raised Rs 3.7 crore in a pre-seed round of funding co-led by Bestvantage and a family office of the Madhuram Papers promoters, as well as other angel investors like Bharat Jaisinghani.

Earlier, during Season 2 of Shark Tank India, CarDekho CEO Amit Jain donated Rs 60 lakh to the Delhi-based startup.

According to a press release from ScrapUncle, the company intends to use the funds to increase the scale of its current operations, significantly boosting overall revenue.

Mukul Chhabra founded ScrapUncle in 2019, which provides scrap recycling services via an online website and app. Both homeowners and businesses can easily schedule the collection and recycling of their scrap materials with the help of ScrapUncle’s website and mobile app. By making the process of recycling scrap more efficient, transparent, and environmentally conscious, the startup hopes to address waste management issues.

Among its rivals are RecycleBaba, The Kabadiwala, and a select few others.

Reverse logistics is expected to have a market worth $60 billion by 2025 and be expected to grow at a CAGR of 12% during that time.