Recyclekaro India Limited is set to raise ₹240 crore (approximately $29 million USD) in fresh equity over the next six months, as it considers an initial public offering (IPO) to support its expansion in e-waste and lithium-ion battery recycling. Following a recent capital infusion of ₹93 crore, the funds will be allocated to building new facilities, enhancing extraction capabilities, and scaling operations across various business verticals. CEO Prassann Daphal stated that the company is moving up the value chain from basic recycling to high-purity material recovery, responding to the growing demand from electric vehicle and energy storage manufacturers.

The company has significantly increased its lithium-ion battery recycling capacity from 4,200 metric tonnes to 10,000 metric tonnes per year, with plans to further expand to 16,000 metric tonnes. Additionally, Recyclekaro has tripled its e-waste recycling capacity from 7,500 metric tonnes to 24,500 metric tonnes annually. The firm has also ventured into catalytic converter recycling through a joint venture focused on recovering precious metals.

With India's e-waste generation expected to rise from 6.19 million metric tonnes in 2024 to 14 million metric tonnes by 2030, Recyclekaro aims to capture a larger share of this market. The company anticipates nearly doubling its revenue to ₹450 crore (around $54 million USD) this year, driven by increased capacity and higher value-added products.