Investment Memo - Scrap Uncle

Date - 9th May, 2025

Stage: Series A

About the company: Tech-driven waste-commerce platform transforming India’s fragmented recycling industry with its “Uber for Recycling” model.

Why I am investing:

• Team - Good founder with clarity, execution chops and team has depth
  • Mukul Chhabra - IIIT Dehli, Built a drone company in past
  • Speaks with clarity, has strong execution chops and built this business in a very capital efficient manner
  • Understands this business - Lived with kabadiwala to understand value chain more deeply
  • Team has depth and width with senior people in various roles leading product, sales, etc
• TAM - Large TAM which is largely unorganized and untapped
  • TAM of 16.5 Billion USD with a CAGR of 13.5%
  • This is largely unorganized and will only grow in the near future with recycling being a big focus to build a sustainable economy
• Traction - Strong traction with huge headroom for growth
  • Currently operating only in Delhi and doing a significant topline
  • This is an evergreen sector and significant top line unlocking to happen while expanding to operations to other cities from which there is already huge incoming demand
• Good investors and institutional VC leading the round, with older investors doubling down
  • Have raised on Shark Tank India - From Amit Jain
  • Raised a Seed Round from prominent family offices
  • Raising institutional round where Orios Ventures is leading
• Moat - Strong execution where they own the supply chain
  • Unlike competitors don’t just run a marketplace
  • Own the supply chain from collection to selling which is a key advantage