E-waste management firm Attero is preparing to open its MetalMandi platform to third-party buyers, marking a shift from a captive sourcing model as it targets Rs 10,000 crore in revenue over the next five years, a 10x increase from the Rs 1,000 crore currently, Nitin Gupta, co-founder and chief executive said.
“We will… open it up very shortly… We are in the process of tying up with different partners for that. We’ve already reached critical mass already to take that step,” Gupta said.
The move signals the next phase for the digital scrap trading platform, which has so far operated with Attero as the sole buyer. Opening the platform is expected to enable a marketplace model, allowing direct interaction between scrap suppliers and multiple corporate buyers, while creating additional revenue streams linked to transactions and services for MetalMandi.
A brief overview of MetalMandi
Launched in April last year, MetalMandi has over 110,000 registered users, around 50,000 monthly active users, and operations across more than 100 cities, Gupta said. The platform currently facilitates the collection of about 15,000 tonnes of scrap each month, with volumes expected to grow at an annual rate of about 100%.
“From a capex perspective, this is an asset light model. The capex is essentially used in software building and warehouse leasing, but it is still asset light. It’s more IP driven,” Gupta said adding that the next phase of expansion does not require a significant capital infusion.
The MetalMandi platform uses an AI-based pricing engine that tracks global metal benchmarks and estimates scrap composition to generate prices. It is also deploying image-based tools to assess material quality, alongside digital KYC and tracking systems to improve traceability.
The company is positioning MetalMandi within a broader shift in India’s metals ecosystem. Large industrial players such as Tata Group companies, Adani and Hindalco are increasing investments in secondary metal production, which is expected to drive demand for more organised scrap sourcing.
Attero said it views these companies as partners, with the platform aimed at aggregating fragmented supply and connecting it to processing capacity.
Gupta on firm’s ambitions
Gupta also framed the firm’s ambitions as tied to the macroeconomic triggers which have led to supply chain disruptions, especially when it comes to energy, and critical metals.
“India is a net importer of almost every single metal that we use. Now, as the entire geopolitics is playing out, critical materials are being used as an economic power or economic threat. This has led countries to think of ways to strengthen domestic supply chains,” Gupta said.