Ishitva raises over $1M in Pre-Series A round
Ishitva, a robotic startup, announced that it has raised over $1 million in a Pre-Series A round led by Inflection Point Ventures.
The Ahmedabad-based startup plans to use the freshly raised funds for increasing sales and expanding the R&D team.
The round also saw participation from several waste management and plastic value chain players and veterans including Kamaljyot Investments Ltd (a subsidiary of Excel Industries Ltd), Gandhi Family from GRP Ltd, AVI Global Plast Private Limited, Anup Gulati – COO at Quality Maritime Provider LDA, Harinder Arya – President and Div CEO – Major Capex and Pressure Control at Joulon, Sanjay Kamlani – Serial Investor and Founder of Pangea3 and Mohan Ayyangar, Operations Lead – GDS EY India.
Commenting on the investment, Mitesh Shah, Co-founder, Inflection Point Ventures said, “According to MoHUA, as of January 2020, India generated 1,47,613 MT of solid waste. This is a serious situation that our country is headed to and we are seeing startups taking on this challenge to address the waste generated in the country. Ishitva’s model is particularly innovative as they are leveraging cutting edge technology to sort out the waste which is already being generated.”
Organized by Jitesh Dadlani, Ishitva leverages AI, ML, and IoT Industry 4.0 to create efficient solutions that help in sorting complex waste.
Jitesh Dadlani, Founder of Ishitva, said, “Indian waste management industry is a riddle and our unlimited dream is to eliminate the manual sorting of waste which often involves humans to work unhygienic conditions. Our vision is to install industry 4.0 solutions in 4,000+ towns of the country picked up by the Swachh Bharat mission and we are thrilled to have IPV as a part of this journey.”
In a statement, the startup stated that currently, effective sorting of waste is the most delicate link in creating a circular value chain. Therefore, to avoid dumping and burning of dry waste, which results in serious environmental hazards, it focuses on using industry 4.0 tools to systematically sort out waste and assess the quality of recyclable waste.
Sandip Singh, CEO of Ishitva added, “We are excited that many of the waste industry stalwarts are joining early in our journey. With IPV, we now have access to a large pool of professionals and experts which is immensely useful at this stage for us.”
Ishitva seems to have built a strong presence in the market with its innovative solutions. I’m sure the company will soon emerge as a dominant player in the market. My best wishes to the team of Ishitva.Shishir Gupta, Founder and CEO, StartupLanes
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