New Delhi: Attero, an e-waste recycling company, has initiated waste collection from residences in 10 cities using its new subsidiary Selsmart, as per a senior company representative.
Selsmart is a new platform that integrates consumer e-waste take-back services by purchasing electronic waste from consumers and delivering it to Attero for recycling. Nitin Gupta, CEO and Co-founder of Attero, announced that the company aims to increase the gathering of electronic waste such as outdated washing machines, heaters, and TVs all over India within the next three years. This expansion is projected to generate Rs 1000 crore in annual recurring revenue (ARR) for Selsmart by the third year of operation. ARR is the yearly income produced throughout the duration of a subscription or contract.
The company has launched services in 10 cities such as Delhi NCR, Bangalore, Mumbai, Chennai, etc. where customers can place orders through the Selsmart website to sell their old electronic items. At its Roorkee plant, Attero currently deals with 144,000 MT of e-waste each year and aims to increase this amount to 415,000 MT within the next five years.
The company can currently recycle 15,000 tons of lithium-ion batteries per year, with a goal to triple this capacity to 50,000 tons annually within the next five years. Over the upcoming three years, we plan to grow our Selsmart collection capacity by a factor of 10, resulting in a direct revenue boost. Gupta stated that starting from the third year, we anticipate generating Rs 1,000 crore in annual recurring revenue.
Attero has 70 OEMs participating in e-waste recycling and 5 OEMs for Selsmart. Attero plans to invest more than Rs 8,000 crore in the next five years to increase recycling capacity.
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