Attero Recycling Raises Series A Funding of US$6.3 Million
NOIDA, India, August 21 /PRNewswire/ -- Attero, a Noida based start-up in the business of E-Waste Management, today announced that it has attracted US$6.3 million (approx Rs. 25 crore) in funding from venture capital firms NEA-IndoUS Ventures and Draper Fisher Jurvetson . The company will use the proceeds of the financing to establish a state of the art E-Waste Recycling facility in Roorkee and grow the business.
Attero is setting up an automated and integrated Electrical & Electronic Waste recycling plant in Roorkee spread over an area of more than 100,000 sq ft. The plant will process WEEE (Waste Electrical and Electronic Equipment) such as used computers, cell phones, network gear, TV etc. in an environmentally friendly manner with very high recycling efficiency. Attero was started with a mission of removing E Waste from our society.
"We at Attero believe that recycling is a simple step towards a better future. We look at E-Waste as an important resource that can be made useful instead of shunning it as a social and environmental burden." said Nitin Gupta, CEO, Attero Recycling Private Limited. "With this funding, we look forward to bringing a safe, efficient and hassle free solution to the E-Waste problem and open up this potentially huge market in India. We are delighted to have investors like NEA-IUV and DFJ partner with us in this venture."
"Close technical collaboration with a leading US company for mechanical separation, a first-of-its kind indigenous metallurgical process being developed in-house, a highly automated facility for integrated E-Waste recycling at Roorkee are just some steps taken to process E Waste efficiently." said Dr. Kumar Shiralagi, Managing Director, NEA-IndoUS Ventures. "E-Waste is a growing problem with the rapid rise in consumption of consumer electronics and the increase in their obsolesce rate. We are delighted to partner with Attero in their quest to recycle E-Waste in a highly efficient and environmentally safe manner."
"Attero is the first company in India setting up an end to end E-Waste recycling facility. Attero offers consumers a convenient way to ensure millions of obsolescent unwanted gadgets don't poison the nation's dumps." said Mohanjit Jolly, Executive Director, Draper Fisher Jurvetson, India. "With the ever increasing awareness of health and environment, there has never been a greater need for a company that can not only handle complete processing of E-Waste but also provide client friendly services like pickup of E-Waste from premises and complete data security, a company that cares as much about the customer needs as the environment. We are ecstatic about not only what Attero has accomplished but what the prospects are."
Electronic waste is the fastest growing waste stream in the country, with many consumer electronics ending up being disposed off in a harmful manner. This is an environmental concern and a waste of our natural resources. Efficient and environmentally friendly recycling of this waste is imperative. India generated 3.3 lakh tonnes of E-Waste in 2007 and is going to touch 4.7 lakh tonnes by 2011, as per a study released by MAIT-GTZ.
Attero is a Noida-based start-up in the E-Waste management space founded by Nitin Gupta and Rohan Gupta. Attero brings to the market a convenient, highly efficient and safe solution to counter the growing E-Waste problem. The company offers product pickup from anywhere in India thus reducing the customer's need for storage and the ensuing problems. Customers are constantly updated with regular reports of the status of the consignment from receipt to final disposal. Attero conducts regular audits to ensure compliance with the Health Environment and Safety standards. At Attero, we believe that every contribution can make a difference to reducing the e-burden on society and protecting nature from the growing E-Waste menace. The company is proud of the fact that it cares for the society and is working towards a cleaner and safer future for all. Attero's team comprises of some of the best brains in the business having studied in best in class colleges worldwide like IITs, RECs, London Business School etc. and has got the backing of two of the leading Venture Capital firms, namely, NEA-IUV and DFJ. For additional information, please visit http://www.attero.co.in
About NEA-IndoUS Ventures:
NEA-IndoUS Ventures is a venture capital firm based out of Bangalore, India and Silicon Valley US. The firm is dedicated to creating technology and technology enabled innovative companies out of India that serve both the Indian and the global markets. The firm invests in early and mid-stage companies. The firm's partners have the unique experience and expertise to nurture entrepreneurs and actively help the development and scaling of promising companies. In addition, a significant partner in this fund is New Enterprise Associates (NEA) who is a sponsor and active advisor. This network of collective relationships and experience is an invaluable asset to entrepreneurs and portfolio companies. For additional information, visit http://www.neaiuv.com
About Draper Fisher Jurvetson
Draper Fisher Jurvetson is the preeminent venture capital firm with global presence through a network of partner funds, with offices in more than 33 cities around the world and over US$5.5 billion in capital commitments. DFJ's mission is to identify, serve, and provide capital for extraordinary entrepreneurs anywhere who are determined to change the world. Over the past twenty years, DFJ has been proud to back more than 300 companies across many sectors including such industry-changing catalysts as Hotmail (acquired by MSFT), Baidu (BIDU), Skype (acquired by EBAY), United Online (UNTD), Overture (acquired by YHOO), Athenahealth (ATHN), EnerNOC (ENOC), Interwoven (IWOV), Four11 (acquired by YHOO), Parametric (PMTC), and Digidesign (acquired by AVID).
DFJ's India portfolio includes DVD rental company Seventymm.com, electric car maker Reva, mobile payment company mChek, internet ad network Komli, and out of home TV company LiveMedia.
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SOURCE Attero recycling Pvt. Ltd
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