New Delhi, Jan 15 (PTI) E-waste and lithium-ion battery recycling firm Attero expects 10-fold growth in consolidated revenue with the launch of scrap metal marketplace Metal Mandi, a top company official said on Wednesday.

Attero CEO and co-founder Nitin Gupta said the company has onboarded around 15,000 scrap collectors across India and plans to scale it up to 1.5 lakh by April.

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India's material recycling market is valued at USD 40 billion and has immense potential for streamlining and formalising the sector, he added.

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"MetalMandi aims to capitalise on this opportunity by facilitating the daily transaction of 1,000 tonnes of scrap by May 2025, translating to an annual turnover of Rs 2,000 crore for Attero. We expect to scale up scrap collection by 10 times by the end of fiscal year 2026, which will proportionately enhance our consolidated revenue by 10 times," Gupta said.

The company will leverage its current technology to recycle metal collected through Metal Mandi, he noted.

"We have introduced an artificial intelligence-based pricing engine at Metal Mandi. Collectors will have to click a few photographs of the scrap, which will be analysed by our pricing engine and give the purchase price," Gupta said.

The metal scrap market is currently largely occupied by a lot of middlemen and unorganised players.

"Metal Mandi will digitise and organise the metal scrap market that will not only generate transparent pricing but also reduce greenhouse gas emission, generate carbon credit and boost government's tax collection," Gupta said.

Attero will initially target around 7 per cent of the total metal scrap market in the country.

The company will leverage third-party logistics across 1,400 cities for the collection of the scrap.

"Attero is the only company which re-cycles both e-waste and lithium-ion batteries to extract metals like gold, silver, copper, aluminium, iron, tin, nickel, cobalt, graphite etc. Our GHG emission is significantly lower compared to the mining process. For example, our lithium carbonate extraction GHG emissions are 99 per cent compared to the same material being imported from China," Gupta noted.

He said that Attero has 46 patents for recycling technology.

"We generate three times higher revenue compared to our next best competitor. This financial year, we will be doing around Rs 1,100 crore revenue," Gupta said.

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