A digital market place where one can trade waste as a commodity is now live in India. Launched by a startup called Eco eMarket, this platform is meant to trade electronic, paper, plastic, and textile waste.
The portal went live for e-waste on January 18 and is currently operating from Bengaluru.
According to reports, India is the fifth-largest producer of e-waste, generating 18.5 lakh tonnes of waste annually. Open for business-to-business transactions, this platform will help organizations that want to dispose of waste in an eco-friendly manner, and aims to bridge the gap between e-waste generators and recyclers.
Eco eMarket was founded by four professionals from varying backgrounds like technology, commodity markets, and finance, and their goal is to reach all bulk-waste generators across the country. The startup will run a national digital exchange on a revenue-sharing basis with National Commodity and Derivatives Exchange (NCDEX) eMarkets, which is a trading platform, and will function like a commodity exchange platform with auction and bidding methods
Meenakshi Chidambaram, chief technology officer at Eco eMarket, told Deccan Herald that NCDEX saw relevance in their idea and signed an agreement with them. “We want to connect the approved buyers of waste with the large users of e-products such as multinationals, IT firms, corporates, and banks. We will start with e-waste and add other types of waste as we go along,” she told Economic Times.
Many e-waste generating corporates and government-approved recyclers are already on board with the startup. Claimed to be India’s first online marketplace to trade e-waste, this is definitely a big step towards a greener planet.
Know more about the platform here.
Featured image for representation only. Source: Flickr
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