In a significant milestone for the city’s growing startup ecosystem, recycling marketplace startup Kabadi Man has secured its first institutional investment, raising ₹40 lakh from one of India’s leading Indian Institutes of Management (IIMs). The investment forms part of the company’s ongoing ₹2 crore pre-seed funding round.
The Belagavi-based startup has also secured an additional ₹30 lakh in soft commitments from angel investors, taking the total committed amount to ₹70 lakh.
Founded by Siddharth Mutkekar and Chinmay Maddinmath, and incubated at Deshpande Startups in Hubballi, Kabadi Man operates a technology-driven recycling marketplace that connects households and businesses with verified kabadiwala partners for on-demand scrap collection.
The startup follows an asset-light aggregator model aimed at formalising India’s vast informal recycling sector. By providing technology, transparent pricing, and a steady flow of customers, the platform claims to have helped its kabadiwala partners increase their earnings by nearly three times.
Strong Growth Since Pilot Launch
Currently operational in Belagavi and Kolhapur, Kabadi Man has recorded significant growth since launching its pilot operations in January 2025.
According to the company, it has:
- Completed over 5,000 scrap pickup orders
- Onboarded more than 550 kabadiwala partners
- Served over 3,300 customers
- Diverted more than 4 lakh kilograms of waste from landfills
The startup has generated ₹1.2 crore in sales since the pilot launch and ₹45 lakh in revenue since its incorporation in September 2025. It reports an average month-on-month growth rate of around 12%.
Its business clientele includes major brands such as Zepto, Blinkit, DMart, Royal Enfield, KFC, McDonald’s and Reliance Smart.
Recognition at National Level
Kabadi Man has also gained recognition in the startup ecosystem, receiving the MeitY Genesis Entrepreneur-in-Residence (EIR) Grant, winning TiECon 2026, and earning media coverage from publications and channels including The Hindu, Times of India, DD National and ETV Bharat.
Bengaluru Expansion Planned
Speaking about the investment, Founder and CEO Siddharth Mutkekar said the funding validates the company’s belief that India’s recycling challenges are fundamentally a supply-chain problem and that informal scrap collectors deserve better technology, dignity, and income opportunities.
The newly raised capital will be used to:
- Launch operations in selected areas of Bengaluru
- Expand existing operations in Belagavi and Kolhapur
- Develop Agentic AI-powered Voice Agents for automated bookings
- Build an AI-based Price Prediction Engine for real-time scrap pricing
- Hire key talent to support growth
The company has set an ambitious target of crossing ₹10 crore in Gross Merchandise Value (GMV) while preparing for its next fundraising round.
Seeking Additional Investors
With ₹70 lakh already committed, Kabadi Man is continuing discussions with potential investors to raise the remaining ₹1.3 crore of its ₹2 crore pre-seed round.
The startup operates at the intersection of cleantech, waste management, social impact, and the formalisation of India’s informal economy—sectors that are increasingly attracting investor interest amid growing environmental, social and governance (ESG) focus and rising concerns over urban waste management.
The funding announcement marks another notable success story emerging from Belagavi’s startup ecosystem, highlighting the city’s growing contribution to technology-led innovation and sustainable business solutions.