Wastelink, a food upcycling startup, announced today that it has received INR 10 crores in seed funding led by Matterhorn Projects LLP, Indigram Labs Foundation, Sanjiv Rangrass, and other angel investors. Wastelink is being developed at Indigram Labs Foundation. The funds raised will be used to expand Wastelink's footprint across India as well as to scale up their nutrition science and food waste supplier platform capabilities.
Wastelink, led by entrepreneurs Saket Dave and Krishnan Kasturirangan, aims to create a sustainable food-to-feed ecosystem for the country. The startup converts food waste into high-energy ingredients for the animal feed industry using cutting-edge processing technology, generating both economic and environmental benefits.
Food waste accounts for 8-10% of global greenhouse gas emissions. The UN Environment Program (UNEP) 2021 Report released these statistics.
According to the Food and Agriculture Organization 2021 report, 40% of food produced in India is wasted, owing to fragmented food production systems and supply chains.
It is working to address this massive economic and environmental issue. Wastelink supports the circular economy for food by ensuring that food waste remains in the food chain.
Saket Dave, CEO of Wastelink, commented on the announcement, saying, "We are extremely excited to have raised our first-ever funding and the opportunities that come with it."
The collective experience of our investors, as well as the capital, will be extremely beneficial to us as we embark on our national expansion journey. We hope to make a significant positive impact on society by upcycling 1 million metric tonnes of food waste in the next 2-3 years."
"Wastelink is unquestionably bringing momentum to the circular economy, which is the need of the hour," said Malvika Poddar, Director of Matterhorn Projects LLP, of the investment. We are thrilled to be working with Saket and Krishnan, who brings extensive experience as well as a strong desire to address a global issue at the same time.
