PadCare Labs Raises $3 Million in Pre-Series A Led by Rainmatter

• The Pre-Series A funding round includes a combination of equity and debt financing.
• PadCare Labs currently operates in 24 Indian cities, managing more than 2,000 sites and serving over 685 clients across enterprises, manufacturing facilities, and residential communities.
• The company has maintained profitability at the PAT level for two consecutive years, consistently delivering EBITDA margins of 26%.

India | February 10, 2026: PadCare Labs, India’s pioneering clean-technology startup focused on sanitary waste recycling, has raised $3 million in a Pre-Series A round comprising a mix of equity and debt financing. The round was led by Rainmatter (by Zerodha), with participation from 3one4 Capital, Brigade REAP, PKRBCV Shroff Trust, and continued support from existing investors Lavni Ventures, 3i Partners, and debt partners EXIM Bank and ICICI Bank.

The fresh capital will be deployed to:

• Scale recycling capacity to 2,000 MT annually by March 2027.
• Launch PadCare Orbit, a B2C sanitary waste management app for housing societies.
• Expand operations across APAC markets, with entry targeted by 2027.
• Strengthen leadership, core operating functions, and accelerate R&D in diaper recycling and recycled product portfolios.

Company Highlights

• Operates across 24 cities in India, managing 2,000+ sites.
• Serves 685+ enterprise, manufacturing, and residential community clients.
• Maintained PAT positive status for two consecutive years with 26% EBITDA margins.
• Achieved 136% CAGR with 99.5% client retention rate.
• Recycled 256 MT of sanitary waste in 2025, reducing 512 MT of CO₂-equivalent emissions.
• Holds three granted patents with seven more in pipeline, operating at TRL-9 readiness.

Ajinkya Dhariya, Founder & CEO, PadCare Labs, said: “Sanitary waste management remains one of the most under-addressed challenges in India’s waste ecosystem. As regulations evolve with SWM 2026 rules, enterprises face higher sustainability and compliance standards. This fundraise enables us to expand capacity, strengthen leadership, and build the operational backbone required to scale a circular economy for hygiene waste.”

Nithin Kamath, CEO of Zerodha & Rainmatter, said: “Sanitary waste is a structurally ignored problem with significant environmental and public-health implications. PadCare has shown that this category can be addressed through technology and operational discipline. We are reinvesting to support their mission of building long-term circular infrastructure for India.”

Nruthya Madappa, Partner, 3one4 Capital, added: “Sustainable waste infrastructure is essential for India’s urban future, and PadCare is leading the way. With proven traction and strong unit economics, PadCare is ready to scale nationally. We’re excited to partner with them as they deepen their impact.”

Nirupa Shankar, Joint MD, Brigade Group, said: “Personal hygiene waste management has long been overlooked. PadCare’s pioneering work in scalable sanitary waste recycling not only addresses a critical gap but also sparks louder conversations around menstrual health and hygiene.”

About PadCare Labs
Founded in 2018 by Ajinkya Dhariya, PadCare Labs is the world’s first sanitary waste disposal and recycling system. Its patented technology enables scientific recycling of sanitary waste, recovering value-added materials for industrial applications. PadCare integrates on-site collection, compliant logistics, scientific recycling, and transparent reporting aligned with ESG standards.

Website: www.padcarelabs.com

About Rainmatter (Zerodha)
Rainmatter, founded by Nithin Kamath, is Zerodha’s investment initiative supporting startups building sustainable, impactful solutions. With a focus on climate, sustainability, and consumer innovation, Rainmatter partners closely with founders to scale responsible businesses.