News Column

DFJ Backed Attero To Raise PE Funds

June 3, 2014

Electronics asset management company @AtteroPrivate Limited is planning to raise $50 Mn from PE funds to finance its expansion plans. The funding is likely to be through debt instruments.

Founded in 2008 by brothers Rohan and Nitin Gupta after an failed effort to recycle their faulty laptop. Attero serves as a recycling platform offering various services like customized end to end solutions for e-waste management, electronics asset recovery, data security and electronics reverse logistics along with repair, refurbishment and retailing of electronics.

The company had $6.3 Mn from VC firms NEA Indo US Venture Capital LLC and @Draper_Fisher for financing its E-Waste Recycling facility in Roorkee which currently manages 500 tonnes of waste.

Then in 2010 it raised $8.3 Mn from @IFC, Granite Hill and its existing investors.

The company collects e-waste from about 500 cities - from OEM partners such as Samsung, Voltas, Wipro, Bosch, Siemens, HCL and Acer, as well as 500 bulk consumers - and moves about 450,000 kg of electronic assets and uses technology to extract gold , silver and nickel from the waste.

The money earned from selling extracted metals to industrial and private consumers at commodity market prices and refurbished electronic items forms the topline for the company.

Attero's revenue has risen from $1 Mn to $15 Mn and recorded break-even in 2012.

It claims to move 1,000,000 pounds of material each month, along with its network in the informal sector, channel partners and 24 warehouses across 19 states and 100 cities.

The company which faces competition from Bangalore-based E-Parisaraa and Mumbai-based @Eco_Recycling Limited aims to record a turnover of $100 Mn before 2015-16.

The Noida based firm plans to start its Mexico plant from by November and a new plant is likely to come up in Ireland in July 2015.

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Source: DealCurry (India)

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