Metals recycling startup Runaya is planning to boost its processing of industrial waste about eightfold in the next two years as the Indian company adds zinc and copper to its existing aluminum portfolio.
The Mumbai-based company plans to process 300,000 tons of metals waste by March 2025 from 40,000 tons in the financial year ended March 31, co-founder and Chief Executive Officer Annanya Agarwal said in an interview with Bloomberg Television. Revenue is expected to double this year to $100 million, he said.
“We started Runaya with the vision that sustainability will be be the largest driver of profitability for the resources sector in the years to come,” Agarwal said. “We want to enable the resources sector to meet their carbon neutrality and ESG goals.”
Runaya was founded in 2017 by brothers Annanya and Naivedya Agarwal. They are sons of Navin Agarwal, the executive vice chairman of commodities conglomerate Vedanta Resources Ltd., and nephews of Chairman Anil Agarwal.
The startup was initially funded by a mix of family equity and debt and the firm is currently being funded through internal cash flows, Annanya Agarwal said, adding that the company is also eyeing tie-ups up with global strategic partners.
“We are looking for strategic partnerships with companies that align with our values” and which offer financing according to ESG criteria, he said. “In India and everywhere in the world today there is so much ESG funding available but unfortunately there aren’t so many avenues for these funds to deploy because there aren’t many startups that are meeting the criteria.”
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