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Vardhan: Circle X uses Web3 for end-to-end waste traceability
“And then on top of that, we plugged in blockchain and web three because it will give us a hundred percent traceability and transparency over the complete journey of the waste.”
Vardhan: Circle X Reached $1.01 Million in Monthly Revenue in December
“So we do December we closed at 1.01 million dollars.”
Vardhan: Circle X operates as 'Uber for waste' with 45-minute dispatch
“So we are like a Uber for waste. So you can just swipe up and raise a pickup request, and within 30 to 45 minutes, one of our executives will come and pick up your waste and take it for.”
Vardhan: Circle X charges brands software fees plus service fees
“Yes, they pay for the software. On top of that, they also pay something for the service that they avail.”
Vardhan: Over 25,000 users completed a transaction on Circle X
“Over 25,000 of them have done at least one transaction.”
Vardhan: Circle X channelized 9,000 metric tons of waste monthly in 2022
“Last year was close to 6000 metric tons per month on a monthly basis. So we channelize a lot of this waste across India. And this year this year we are closing at close to 9000 metric tons on a monthly basis.”
Vardhan: Circle X processed nearly $3M of waste in December 2022
“So December the waste volumes was close to three million dollars December, 20, 22. So that's the amount of waste that was channelized through the app just on, just in December.”
Vardhan: Circle X transaction take rate ranges between 1% and 5%
“It depends on the scrap prices at the end of the day, because it's all a demand and supply game. So our percentages keep varying based on how much we can supply based on the demand. It depends from one to five percent.”
Vardhan: Circle X generates 60% of revenue from SaaS, 40% from transactions
“The pure play software because now we have the other softwares as well close to 60% and the remaining 40% is made up with all the transaction fees and so on.”
Vardhan: Circle X has grown to nearly 1,000 B2B customers
“We have close to a thousand. These are small, medium companies as well. And we are scaling that up as we speak.”
Vardhan: Circle X grew 10x in revenue in one year
“One year ago one by 10th of this was what we were doing.”
Vardhan: Circle X has raised only $250,000 in outside funding
“We raised capital, but it was a very small round, 250,000 dollars.”
Vardhan: Circle X currently processes approximately 0.1% of India's available waste
“So right now we are probably doing .1 percentage of the waste, which is available across India.”
Vardhan: Circle X spent first two years building physical network
“First thing for the first two years of the company, we spent just building the network because ultimately ways needs to go for recycling to be able to build a circular economy. And I can't build software on top of a network, which is not present. So first two …”