India-based electronic asset management firm Attero said Friday that it has closed $15 million in Series C funding. Forum Synergies led the round.
Attero, India’s largest electronic asset management company based in Noida, today announced a $15 million Series C round of investment in a round led by Forum Synergies (India), a pioneering PE Fund Manager. Attero’s latest round of fund-raising, with all earlier investors continuing to stay invested as well as participating in the current round, underscores the overwhelming investor-confidence in the NASA recognized technology innovator.
The company is all set to catapult itself into the billion dollar league in the next four years, powered by Attero’s low-cost, eco-friendly 360-degree integrated solutions for e-waste management, coupled with the rapid technology obsolescence and shorter life cycles of consumer technology products. Attero’s proprietary disruptive technology makes it the only company with the knowhow for precious metal extraction, data security, electronics reverse logistics and refurbishment which reinforces its numero uno position in India. Now backed by the fresh investment from Forum Synergies, their high-engagement participation and the strong business leadership and industry experience that they bring, the Attero growth story is poised to take the big leap forward globally.
Commenting on the just-concluded deal, Samir Inamdar, Co-founder, Managing Director and CEO, Forum Synergies (India) said, “What attracted us to Attero was the innovative technology, the passionate and high-energy management team and their vision for growing the business. Attero addresses a growing environmental concern in India in a safe and efficient manner. We have well-founded expectations of growth and global impact from Attero. We are confident of helping Attero management create a global company out of India.”
Added Mr. Hemchandra Javeri, Co-Founder and Executive Director, Forum Synergies, “E-waste continues to grow exponentially, posing grave environmental hazards that need to be tackled on a war-footing. It is this challenge that Attero has addressed admirably. We at Forum Synergies chose to partner with them because of the complete alignment of vision and commitment to the Triple Bottom Line. We are extremely excited to participate in this success story with Attero.”
Mr. Nitin Gupta, CEO, Attero said, “Attero is at a significant inflexion point of its growth. This funding round is indeed timely as it will certainly help us fast track our business goals and enable us to scale the company, expand geographically, grow our client base and help more businesses manage e-waste in the country and globally. I am grateful to Forum Synergies for vesting their trust in Attero. I am excited that these eminent business leaders will assist us to make quantum jumps in performance, truly exemplifying ‘Intelligent Capital’ through a contribution on par with the global best.”
According to recent studies, e-waste in India is set to reach 1.72 million metric tonnes by 2020. Such alarming figures call for urgent attention and action. To complement its efforts towards a sustainable e-waste management solution, Attero has also been working to formalize the informal sector, which handles a major portion of e-waste in India. The aim is to train informal sector workers and establish a consumer e-waste collection channel, which will divert e-waste to the formal sector for responsible recycling. To bolster its efforts in this area, Attero is also actively involved in raising consumer awareness about e-waste through its collection drives & awareness programs. In fact, thanks to such initiatives, Attero is today the only end-to-end recycler in the country which moves more than a million pounds of electronic assets from 500 cities across 25 states.
The company has raised 2 earlier rounds of funding from PE entities like Draper Fisher Jurvetson (DFJ), Granite Hill India Opportunity Ventures, Kalaari Capitals & debt funding from International Finance Corporation (IFC).
Attero is India’s largest electronics asset management company. Since its inception, Attero has been working to ensure a more sustainable future, while maximizing the value of all electronics assets, by promoting eco-friendly recycling. Attero is the only company in India with the capability to extract pure metals from end of life electronics. To deal with the problem of electronic assets, Attero offers various services including customized end-to-end solutions for e-waste management; electronics asset recovery, data security and pan India reverse logistics along with repair, refurbishment and retailing of electronics.
About Forum Synergies (India) PE Fund Managers:
Forum Synergies is a unique and differentiated private equity fund manager headquartered in Bangalore. Forum Synergies team includes an elite list of industry leaders and brings tremendous depth and breadth of business leadership, operating expertise and industry networks. The focus is on investing growth capital primarily in SMEs and mid-market businesses in Engineering, Healthcare, Clean Technology and Information and Communication Technology (ICT). Forum Synergies looks for opportunities to add value to bring about a step change in the performance and growth of the investee company thereby delivering superior returns to the investors. For more information, visit http://www.forumsynergies.com.