Noida, Aug 21 (ANI/Business Wire India): Attero, a Noida-based start-up in the business of E-Waste Management, today announced that it has attracted 6.3 million dollar in funding from venture capital firms NEA-IndoUS Ventures and Draper Fisher Jurvetson.
The company will use the proceeds of the financing to establish a state of the art E-Waste Recycling facility in Roorkee and grow the business.
Attero is setting up an automated and integrated electrical and electronic waste recycling plant in Roorkee spread over an area of more than 100,000 sq ft. The plant will process WEEE (Waste Electrical and Electronic Equipment) such as used computers, cell phones, network gear and TV in an environmentally friendly manner with very high recycling efficiency. Attero was started with a mission of removing E Waste from our society.
"We at Attero believe that recycling is a simple step towards a better future. We look at E-Waste as an important resource that can be made useful instead of shunning it as a social and environmental burden," said Nitin Gupta, CEO, Attero Recycling Private Limited.
"With this funding, we look forward to bringing a safe, efficient and hassle free solution to the E-Waste problem and open up this potentially huge market in India. We are delighted to have investors like NEA-IUV and DFJ partner with us in this venture," Gupta added.
"Close technical collaboration with a leading US company for mechanical separation, a first-of-its kind indigenous metallurgical process being developed in-house, a highly automated facility for integrated E-Waste recycling at Roorkee are just some steps taken to process E Waste efficiently." said Dr. Kumar Shiralagi, Managing Director, NEA-IndoUS Ventures.
"E-Waste is a growing problem with the rapid rise in consumption of consumer electronics and the increase in their obsolesce rate. We are delighted to partner with Attero in their quest to recycle E-Waste in a highly efficient and environmentally safe manner," added Shiralagi.
"Attero is the first company in India setting up an end to end E-Waste recycling facility. Attero offers consumers a convenient way to ensure millions of obsolescent unwanted gadgets don't poison the nation's dumps." said Mohanjit Jolly, Executive Director, Draper Fisher Jurvetson, India.
"With the ever increasing awareness of health and environment, there has never been a greater need for a company that can not only handle complete processing of E-Waste but also provide client friendly services like pickup of E-Waste from premises and complete data security, a company that cares as much about the customer needs as the environment. We are ecstatic about not only what Attero has accomplished but what the prospects are," Mohanjit added.
Electronic waste is the fastest growing waste stream in the country, with many consumer electronics ending up being disposed off in a harmful manner.
This is an environmental concern and a waste of our natural resources. Efficient and environmentally friendly recycling of this waste is imperative. India generated 3.3 lakh tonnes of E-Waste in 2007 and is going to touch 4.7 lakh tonnes by 2011, as per a study released by MAIT-GTZ.