Jofie Yordan · · 2 min readBintang Capital Partners backs SG waste management firm
Prashant Singh, co-founder and CEO at Blue Planet / Photo credit: Blue Planet
Bintang Capital Partners, a Malaysian private equity firm, has invested into Singapore-headquartered waste management firm Blue Planet. The investment was made through Bintang’s BCP Asia Fund I L.P., its maiden fund.
The funding amount and round are undisclosed.
Blue Planet was founded in 2017 by Madhujeet Chimni, Bharadwaj Chivukula, and Prashant Singh. It offers various solutions throughout the waste management value chain, including waste collection, transportation, segregation, processing, and treatment.
The company said that it has processed 3.3 million metric tonnes of waste to date, and it reduced an equivalent of 2 million metric tonnes of CO2 emissions last year. In addition to Singapore, it operates across India, Malaysia, and the UK.
With the fresh funds, Blue Planet intends to expand its operational teams and enhance its tech portfolio to manage and process more types of waste.
In a statement, Bintang – which is the private equity arm of Malaysia’s AHAM Asset Management Berhad – said that this investment is driven by an urgent need for sustainable waste management solutions. In Malaysia, it was estimated that around 38,000 metric tonnes of waste were generated per day in 2021.
Blue Planet previously told Tech in Asia that it has been profitable for two years. It has also acquired 10 firms in the waste management and recycling sector.
Editing by Patrick Arya and Dhania Putri Sarahtika
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