The financial consulting and fundraising firm SCOPE announced an infusion of $1 million in Goodeebag, an innovator in sustainable waste management. This strategic investment, it added, aims to bolster Goodeebag’s expansion efforts, enabling the company to enhance its operational capabilities and solidify its presence in existing markets across India.
The investment aligns with SCOPE’s strategy to back innovative startups that address pressing global challenges. Appalla Saikiran, Founder & CEO, SCOPE, said “At SCOPE, we are committed to supporting ventures that not only offer robust financial returns but also contribute positively to society. Goodeebag exemplifies this dual focus. Their innovative approach to waste management is creating real, tangible benefits for communities and the environment. We are excited to support their expansion and help them reach new heights in their mission to make sustainability a reality for more people.”
Goodeebag plans to utilize this capital infusion to scale its operations and outreach. The company’s recent growth—marked by a 60 per cent surge in new customer acquisitions and a 35 per cent increase in waste pick-ups during the April-June 2024 quarter, has demonstrated its capacity to drive significant environmental impact. With SCOPE’s investment, Goodeebag is set to further accelerate its mission, with plans to expand into additional metro cities and engage even more communities in sustainable practices.
Abhishek Agarwal, Founder & CEO of Goodeebag, said, “SCOPE’s investment marks a pivotal moment for Goodeebag. This funding will enable us to scale our operations more rapidly and reach our goal of making a significant environmental impact across India. We are grateful for SCOPE’s support and look forward to leveraging their expertise as we continue to grow and lead in the waste management sector.”
In 2024, Goodeebag achieved notable operational growth, incorporating 4,500 new families into its network by June and performing a total of 30,000 waste pick-ups. This growth highlights the company’s increasing impact in advancing sustainable waste management. Looking ahead, Goodeebag plans to extend its reach to three additional metro cities within the next eight months and aims to serve 200,000 families by the end of the year.
Earlier this year, SCOPE announced a $450,000 investment in Auth Pay, further demonstrating its commitment to nurturing innovative startups. Goodeebag, on its part, has continued to expand its customer base and operational reach, positioning itself as a key player in the sustainable waste management sector.