Runaya Plans Fundraising in FY26: Metal Recycling Startup

Mumbai, Nov 12 (PTI) Metal recycling startup Runaya, which is totally owned by Vedanta Group promoters, may witness a share sale in the first half of FY26, a top official said on Tuesday.

Some private equity funds have approached the company evincing interest in buying a stake, Naivedya Agarwal, the co-founder and managing director of the company who is also the nephew of Vedanta Chairman Anil Agarwal, told reporters here.

"There can be some capital market transaction in the first half of next year," he said, declining to share any details on the valuation expectations.

The company is aiming to invest up to Rs 500 crore each in FY25 and FY26, he said, adding that the investment also includes two new lines of business to be announced as joint ventures soon.

The company needs funding of up to USD 400 million, including up to USD 160 million in equity over the next few years to support its growth ambitions, he said, asserting that the family is ready to pump in the resources by itself.

"We are not hungry for cash, having the right partner is important," he said, adding that it has been profitable since the first year.

The company is targeting to close FY25 with a revenue of up to Rs 1,000 crore, which will include Rs 100 crore from the fibre-reinforced plastic line, Rs 550 crore from minor metal recycling and dross and Rs 350 crore from the joint venture with Minova.

The revenues in FY24 had stood at Rs 450 crore, and it is aiming for the topline to touch up to Rs 1,800 crore in FY26, he said, adding that they will touch USD 1 billion or Rs 8,000 crore by FY30.

At present, it is picking up 1 lakh tonnes of industrial waste for recycling from aluminium and zinc plants, which will go up to 10 lakh tonnes in three years.