The company’s co-founder and CEO, Nitin Gupta, mentioned that they have been growing at a rate of 100 per cent year-on-year. Last year, their revenue was approximately Rs 4.40 billion, and they are on track to surpass Rs 11 billion this year.

In FY 2023, Attero posted a revenue of Rs 2.85 billion and holds a nearly 30 per cent market share in India.

Gupta highlighted that thanks to their innovative patented technology, the company is expected to remain profitable. He explained that Attero has invested heavily in research and development and established thought leadership within the industry. According to Gupta, Attero is the only e-waste and battery recycling company globally to generate carbon credits per ton of waste recycled.

The Noida-based company is funded by the International Finance Corporation (IFC), as well as private equity firms like TPG and Kalaari Capital. India’s e-waste market, valued at $1,660 million, is projected to grow to $5,198 million by 2032, expanding at a compound annual growth rate (CAGR) of 13.52 per cent between 2024 and 2032, as per an Astute Analytica study. Attero, specialising in e-waste and lithium-ion battery recycling, recovers over 98 per cent of pure battery-grade materials such as cobalt, nickel, graphite, manganese, and lithium carbonate. Similarly, in electronic waste, the company recovers over 99 per cent of pure metals including gold, silver, copper, aluminum, and iron.

Last week, Attero launched MetalMandi, a program that uses artificial intelligence (AI) to offer transparent pricing mechanisms. The company, which collects around 400 tonnes of e-waste, has onboarded 15,000 vendors with a goal of expanding this network tenfold, reaching 1.5 lakh vendors by April 2025. Attero also plans to partner with third-party logistics providers in nearly 1,500 cities for e-waste collection.

Gupta also mentioned that the company has set a goal of handling 1,000 tonnes of e-waste per day by mid-next year. Last year, Attero introduced Selsmart, a digital platform that enables end-users to directly sell their e-waste, which is then recycled using the company’s eco-friendly technology.

Gupta pointed out that India’s lack of a formal sector for e-waste is resulting in a loss of tax revenue, including Goods and Services Tax (GST). He stated that India currently imports metals such as gold, tin, copper, and aluminum. However, if the country could formalize the collection of scrap and recycle it using advanced technology, it could transform India from a net importer of these metals to a net exporter.

Currently, there are nearly 200 e-waste recycling firms operating in India’s largely informal sector.