Abhay Deshpande
Abhay Deshpande | |
|---|---|
| Born | August 18, 1971 |
| Nationality | Indian |
| Occupation | Businessman |
| Title | Founder and CEO, Recykal |
| Spouse | Pornima Deshpande |
| Children | 2 |
Abhay Deshpande (born 18 August 1971) is an Indian entrepreneur, technology businessman, and founder of Recykal, a digital waste management platform.
Early life and education
Abhay Deshpande was born on 18 August 1971 in Parbhani, Maharashtra, India. He grew up in a middle-class family and pursued a career in technology and entrepreneurship. He earned a Bachelor's in Computer Science and Engineering in Shri Guru Gobind Singhji Institute of Engineering and Technology (SGGSIET), Nanded.[1]
Career
In 1999, Abhay launched Malamall.com, an e-commerce platform in India focused on regional ethnic products. The Hyderabad-based marketplace offered items such as food, fashion, handicrafts, and wellness products from over 27 cities.[2][3] In 2007, he founded MartJack, a SaaS-based multichannel e-commerce platform designed to help retailers create and manage online storefronts. The platform served over 250 brands, including Future Group, Walmart India, and Lulu Hypermarkets. MartJack was acquired by Capillary Technologies in 2015.[4][5]
In 2016, Abhay established Recykal, a digital platform aimed at formalising the entire waste management ecosystem in India through holistic tech solutions and improving recycling practices.[6] The company created a Circular Economy Managed Marketplace that enables stakeholders such as brands, consumers, recyclers, and waste collectors through a digitized system.[7][8] Recykal raised $2 million in a pre-Series A round in 2019.[9][10] In January 2022, it secured $22 million in a funding round led by Morgan Stanley India, with participation from Circulate Capital.[11][12][13]
The company implemented India's first digital Deposit Refund System (dDRS) in Uttarakhand.[14] For it in 2022, this project received the Digital India Award 2022 from President Droupadi Murmu.[15][16] In April 2024, his company raised an additional $13 million in a pre-Series B round led by 360 ONE Asset Management.[17] At the same year, he was also honored by the India Circular Economy Forum (ICEF).[18]
In March 2025, Abhay Deshpande was named Ecopreneur of the Year by The Economic Times.[19] He is also an independent director on the board of Zaggle Prepaid Ocean Services, a fintech company focused on spend management and prepaid card technologies.[20][21] He has made angel investments in startups such as Elchemy and Payswiff, the latter of which was acquired by Cholamandalam Investment and Finance Company.[22] Through T-Hub, a Hyderabad-based startup incubator, he has mentored entrepreneurs, particularly in building scalable SaaS services.[23][24]
References
- ^ "Abhay Deshpande investment portfolio". pitchbook.com. Retrieved 2025-05-02.
- ^ "From Malamall's Bust To MartJack's Multimillion Dollar Exit: Abhay Deshpande's Entrepreneurial Baptism By Fire". CrowdforThink. Retrieved 2025-05-02.
- ^ Modgil, Shweta (2016-12-28). "From Malamall's Bust To MartJack's Multimillion Dollar Exit: Abhay Deshpande's Entrepreneurial Baptism By Fire". Inc42 Media. Retrieved 2025-05-20.
- ^ Modgil, Shweta (2016-12-28). "From Malamall's Bust To MartJack's Multimillion Dollar Exit: Abhay Deshpande's Entrepreneurial Baptism By Fire". Inc42 Media. Retrieved 2025-05-02.
- ^ "A Look at E-Commerce in India: How MartJack Helped Offline Retailers Go Online". Wamda. Retrieved 2025-05-02.
- ^ "Recykal, one of 5 Indian Startups on the World Economic Forum Tech Pioneer '22 List!". Start-Up Hyderabad. 2022-05-17. Retrieved 2025-05-02.
- ^ "Five Indian start ups join World Economic Forum's tech pioneer community - BusinessToday". Business Today. 2022-05-10. Retrieved 2025-05-20.
- ^ Datt, Akshay. "Tackling Waste With Tech | Recykal". www.founderthesis.com. Retrieved 2025-05-20.
- ^ "Recycling-tech platform Recykal gets pre-Series A funding". Techcircle. 2019-06-03. Retrieved 2025-05-20.
- ^ "Climatetech startup Recykal snags funding from 360 One Asset Management". VCCircle. Retrieved 2025-05-20.
- ^ Computer, Express (2022-01-11). "Recykal raises US$ 22 mn from Morgan Stanley". Express Computer. Retrieved 2025-05-20.
- ^ "Tech in Asia - Connecting Asia's startup ecosystem". www.techinasia.com. Retrieved 2025-05-20.
- ^ "Recykal raises $22 million funding from Morgan Stanley, existing investors". The Economic Times. 2022-01-11. ISSN 0013-0389. Retrieved 2025-05-20.
- ^ Panwar, Himakshi (2023-08-05). "Uttarakhand's Digital Deposit Refund System Paves The Way For Waste Management". Outlook Traveller. Retrieved 2025-05-02.
- ^ "'Digital Deposit Refund System' aimed to reduce plastic littering along Kedarnath trek gets Digital India Award". ETGovernment.com. January 7, 2023. Retrieved 2025-05-02.
- ^ "Recykal's Digital DRS wins Digital India Award, reduces plastic littering at Kedarnath and brings behavioral change". FoodTechBiz.com. 2023-01-07. Retrieved 2025-05-02.
- ^ Team, I. S. N. "Hyderabad-based Recykal raises Rs 110Cr in a pre-Series B round". indianstartupnews.com. Retrieved 2025-05-20.
- ^ Desk, SMEStreet Edit. "Recykal Joins World Economic Forum Global Innovators Community". smestreet.in. Retrieved 2025-05-20.
{{cite web}}:|last=has generic name (help) - ^ "ET Entrepreneur Awards 2025". EconomictimesB2B.com. Retrieved 2025-05-02.
- ^ "Zaggle Prepaid Ocean Services Management Information - Details of Zaggle Prepaid Ocean Services Management". The Economic Times. Retrieved 2025-05-02.
- ^ "Zaggle Prepaid Ocean Services Ltd". MarketWatch. 2025-04-16. Retrieved 2025-05-02.
- ^ "Abhay Deshpande - 2025 Portfolio & Founded Companies - Tracxn". tracxn.com. 2025-01-15. Retrieved 2025-05-20.
- ^ "Hyderabad: We don't back fraud accused start-up Lab2Land, says T-Hub". The Siasat Daily. 2024-09-25. Retrieved 2025-05-02.
- ^ "T-Hub, TSIC to organise first T-SaaS meetup for SaaS startups in Hyderabad". The News Minute. 2019-01-10. Retrieved 2025-05-02.