New Delhi-based B2B food upcycling startup Wastelink has raised Rs 10 crore in seed funding round from Matterhorn Projects LLP, Indigram Labs Foundation, Sanjiv Rangrass, and other angel investors.
The startup plans to use the funds to expand the Wastlink’s footprint across India and scale up their nutritional science and food waste supplier platform capacity.
Wastelink was founded in 2018 by Saket Dave and Krishnan Kasturirangan, It converts food waste into high energy content for the animal feed industry with the help of its proprietary processing technology.
Through state-of-the-art processing technology, it strives to create sustainable food for the country to feed the ecosystem.
“We are extremely excited to have raised our first-ever funding and the opportunities that come with it. The collective experience of our investors along with the capital will immensely benefit us as we chart our journey towards national expansion. We aspire to make a meaningful positive impact on society by upcycling one million metric tons of food waste within two to three years,” said, Saket Dave, CEO of Wastelink.
According to the United Nations Environment Program (UNEP) 2021 report, 8-10% of global greenhouse gas emissions are linked to food waste. According to the Food and Agriculture Organization 2021 report – 40% of the food produced in India is wasted largely due to fragmented food production systems and supply chains. The startup’s efforts are towards addressing this huge economic and environmental problem and it aligns with the circular economy for food to ensure food waste within the food chain.
“Wastelink is unquestionably bringing momentum to the circular economy, which is the need of the hour. We are excited to partner with Saket and Krishnan who bring vast experience as well as a passion for working towards a global issue simultaneous to economic growth. The founders have a unique approach to penetrate into the food waste supply chain and create monetary opportunities’’, said, Malvika Poddar, Director Matterhorn Projects LLP.
They help food manufacturers and retailers prevent food waste generation by transforming their surplus and rejects into nutritious animal feed . They leverage their expertise in feed nutrition and technical processing to produce thousands of tons of high-energy feed ingredients trusted by the leading feed brands of India.