24 August 2016, India :
EnCashea has raised an undisclosed amount in seed funding from FreeCharge co-founders Kunal Shah and Sandeep Tandon, Tracxn Labs and a group of unnamed investors.
EnCashea enables users to schedule scrap pickup both on its website and Android app. It doesn’t have any minimum order as of now. It collects segregated, recyclable scrap from both households and corporates and sells directly to paper mills and e-waste recyclers, thus becoming the only middleman between scrap generator and scrap recycler. The startup was founded in August 2015 by Priyank Jain, Harshal Chaudhari and Rahul Jaiswal.
Priyank Jain, co-founder and CEO of EnCashea, declined to comment on the possible acquisition and its next fund raising, but confirmed the angel investment.
It currently operates only in Bangalore, but plans to expand to either Chennai or Hyderabad post the next round of funding. Jain said the company was clocking about Rs 70,000 in revenues in December last year but grew its business to generate around Rs 8 lakh last month.
The company is now in advanced talks to acquire its city-based rival RaddiMan. Source & Image- Techcircle
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