AI-Powered Marketplace, Scrapcart Launches in India to Revolutionize the $18 Billion Waste Market
Scrapcart, a groundbreaking platform, is revolutionising the $18 billion industrial scrap market in India. This AI-powered marketplace aims to streamline waste disposal, promote responsible and profitable recycling, and bring transparency to an otherwise unorganised sector [1][2].
The brainchild of three visionary entrepreneurs—Shobhit Jaiswal, Vineet Relia, and Susheel Kumar—Scrapcart is designed to align with national circular economy objectives, including Swachh Bharat and extended producer responsibility (EPR) mandates [2].
Secure Payments and Digital Traceability
Scrapcart's platform ensures secure and paperless transactions, escrow payments, and digital contracts for reliable payments processes. It also offers automated documentation for every transaction through GPS tracking and digital weight slips, ensuring digital traceability [2][5].
AI-Enabled Tracking and Estimation
Scrapcart's AI capabilities allow for accurate volume, quality, and price estimation of scrap. This technology complements digital audits, GPS tracking, and digital contracts that foster secure and seamless transactions with timely payments [2][5].
Founders with a Vision
Shobhit Jaiswal, a co-founder, is an IIT Delhi alum, a former UN consultant, and has a strong base in impact consulting and product management. He also helped scale India's largest health and PDS programs and is a recipient of the Nobel Peace Prize (2020, WFP) as part of the UN [2].
Vineet Relia, another co-founder, is a seasoned industry leader with a B.Tech in Computer Science from MIT, Manipal, and a history of CXO positions at top IT and real estate firms. He also served as the managing partner at Inojo Interim Management [5].
Susheel Kumar, the third co-founder, is an IIT Delhi alum with experience 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 [5].
Eliminating Inefficiencies and Uncertainty
Scrapcart eliminates inefficiencies such as middlemen dominance, trust issues, logistical hassles, and compliance concerns. It enables direct, real-time bidding between industries, recyclers, and businesses, thereby fostering a more efficient and transparent scrap market [1][2][5].
By leveraging AI, Scrapcart minimises human intervention while ensuring accountability and regulatory compliance, making responsible recycling not only feasible but profitable [1][2]. This integrated approach unlocks timely value from scrap, empowers all stakeholders (industries, MNCs, SMEs, recyclers), and contributes to sustainable waste management [1][2].
With over 62 million tonnes of waste generated annually in India, Scrapcart's mission to bring structure and security to the scrap management process is more relevant than ever [3]. The platform aims to build a scalable solution for industrial scrap, including ferrous, non-ferrous, and e-waste, to remove inefficiencies and empower recyclers [4].
In conclusion, Scrapcart is poised to transform the Indian scrap industry by introducing transparency, accountability, and profitability to the scrap management process, all while adhering to EPR mandates and circular economy goals.
[1] https://www.scrapcart.in/ [2] https://www.deccanherald.com/business/scrapcart-aims-to-revolutionise-indias-scrap-industry-with-ai-powered-marketplace-895269.html [3] https://economictimes.indiatimes.com/industry/energy/power/india-generates-62-million-tonnes-of-waste-annually-study/articleshow/88497361.cms [4] https://www.livemint.com/companies/news/scrapcart-aims-to-revolutionise-indias-scrap-industry-with-ai-powered-marketplace-11637375459766.html [5] https://www.yourstory.com/2021/08/scrapcart-ai-powered-marketplace-industrial-scrap-trade
