Attero, an e-waste recycling and metal extraction startup, expects to close FY25 with approximately Rs 1,000 crore in revenue from operations.
The firm reported a 54% year-on-year (y-o-y) growth in revenue in FY24, reaching approximately Rs 446 crore. “This growth is a direct result of our expanding capacity, the increasing demand for sustainable recycling solutions, and the success of our tech platforms like MetalMandi and Selsmar,” Nitin Gupta, co-founder and CEO of Attero, told FE.
The company has also seen a significant recovery in net profit in FY25. In FY24, despite a strong topline growth, the company’s net profit declined by 30%. This drop, the company said, was due to heavy investments in capacity expansion and integration of new technologies. The startup claims that in FY25, the profit margin has been in line with its FY23 numbers, when it reported a profit of Rs 21 crore.
“We expect to see strong growth in profitability moving forward. For FY26, we are optimistic about achieving robust profit growth as our investments start paying off and our platforms scale up,” Gupta added.
For FY26, Attero’s platform MetalMandi, which simplifies the scrap collection process for businesses by offering real-time pricing and secure transactions, aims to handle 1,000 tonnes of scrap daily by 2025, with a projected turnover of 100% growth y-o-y. On the other hand, Selsmart, which is Attero’s direct-to-consumer (D2C) platform for the disposal of household electronics, is set to hit an annual recurring revenue of Rs 100 crore by collecting 14,000 metric tonne e-waste. The startup plans to expand this platform into multiple cities and onboard 150,000 users by 2025. By the third year, it is targeting Rs 1,000 crore in revenue, with 140,000 metric tonne e-waste collected annually.
Selsmart and MetalMandi are the key channels for Attero for sourcing materials, contributing to around 85% of its supply on a run-rate basis. “These platforms play a significant role in streamlining our procurement process and driving efficiency in our operations. These platforms will continue to drive a significant portion of our growth in both e-waste and battery recycling,” Gupta said.
Attero last raised capital in FY25 to expand the capacity of its Lithium-ion battery recycling plant. “This investment is part of our strategy to scale up operations and meet the increasing demand for sustainable recycling solutions, especially as the global focus on battery waste management continues to grow,” Gupta said.
Attero has been granted more than 46 global patents to date and has applied for more than 200. “Our R&D is dedicated to developing innovative solutions, including hydrometallurgical and pyrometallurgical processes for extracting various types of inputs – e-waste, magnets, LiB, solar panels, and generate base, rare earth elements, base-earth metals, and precious metals,” he said.
The company claims that these advancements enable it to achieve a 98.5% extraction rate with 99.99% purity metals from e-waste, and a 98% extraction rate with over 99.9% purity from battery waste. This ensures that the startup recovers high-purity materials like cobalt, lithium, and gold efficiently and sustainably.
Over the past year, the startup has also scaled up digitisation across verticals, from procurement to production. As part of its efforts to establish a fully automated recycling infrastructure, it aims to ensure precision, sustainability, and operational efficiency. The firm also uses RPA (robotic process automation) in key areas to further automate routine tasks, reducing manual workload and improving accuracy in operations.
Attero plans to debut on the stock market within 12-24 months. “This timeline reflects our confidence in our business’s growth and our operations’ scalability,” he said.