NewsVoir
Bengaluru (Karnataka) [India], August 13: Scrapcart has entered the fray to streamline that process, and empower industries, MNCs, SMEs, and recyclers to responsibly dispose of their waste while unlocking timely value from scrap through smart technology.
Scrapcart is India's first AI-powered marketplace for industrial scrap trade, and runs on the principles of price transparency, easy documentation, assured material quantity and quality, and strong ESG compliances. The cutting-edge platform offers real-time bidding for scrap, made reliable through digital audits, secure and timely payments, and seamless transactions.
"The Indian scrap ecosystem is vast, yet under-digitised. At Scrapcart, we are building a scalable solution for industrial scrap including ferrous, non-ferrous, and e-waste that removes inefficiencies, empowers recyclers and makes responsible recycling not just possible but profitable," said Vineet Relia, Founder, Scrapcart.
"Our AI-powered tech platform brings in accountability, compliance, and growth across our value chain with minimum human intervention," he said
There are over 62 million tonnes of waste generated annually in India, and the country's scrap market stands at a massive value of $18 billion. However, this market is still untapped since scrap management and trade is an unorganised sector, one that is marked by middlemen ruling the roost, trust issues, logistics hassles, and compliance concerns.
Scrapcart's platform is designed to align with national circular economy objectives, including Swachh Bharat and extended producer responsibility (EPR) mandates.
The price of scrap in the market changes every day, making it harder for organisations to operate in a streamlined and consistent manner, without risks. Scrapcart hopes to eliminate the uncertainty from the process, by bringing structure and security to the scrap management process.
With a managed services approach on end-to-end logistics, and a tech-driven approach for the discovery, sale, and purchase of scrap, the platform is designed to deliver maximum value, no matter the buyer.
Some of the salient features of Scrapcart's process include:
No Middlemen: The platform digitises the conventional manual process of scrap sale and purchase to eliminate the traditional middlemen from the chain, and counter thefts and price leakages.
AI-Enabled: Scrapcart leverages Artificial Intelligence to develop tracking and estimation tools around volume, quality, and price estimation.
Digital Traceability: By enabling GPS tracking and digital weight slips, Scrapcart ensures automated documentation for every transaction.
Secure Payments: Using secure and paperless transactions, backed by escrow payments and digital contracts, every deal has a reliable payments process.
ESG & Regulatory Compliance: Digital audits and reporting tools to help enterprises meet sustainability goals and compliance benchmarks.
Vineet Relia, Founder
A seasoned industry leader, Relia holds a B.Tech in Computer Science from MIT, Manipal and has held CXO positions at top IT and real estate firms in the past. He also served as the managing partner at Inojo Interim Management.
Shobhit Jaiswal, Co-founder
An IIT Delhi alum, and a former UN consultant, Jaiswal has a strong base in impact consulting and product management. He also helped scale India's largest health and PDS programs impacting 100M+ people. He is also a recipient of the Nobel Peace Prize (2020, WFP) as part of the UN.
Susheel Kumar, Co-founder
An IIT Delhi alum, Kumar executed hands-on stints at leading startups like Ola, Udaan, Zingbus, and Pristyn Care. At Scrapcart, he leverages his expertise in scaling operations and managing large P&Ls across mobility, healthtech, and logistics. A former leader at EY, Kumar is driving growth with a sharp focus on execution and efficiency.
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