Abstract
The case centres on Akshay Jain, Managing Director of Namo eWaste Management Ltd., who faces a pivotal decision on whether to leverage the speed and reach of informal waste collectors for rapid scale or invest in their gradual formalisation to ensure compliance, worker safety, and long-term sustainability. With India’s e-waste sector dominated by informal practices and shaped by regulatory pressures under the E-Waste (Management) Rules, 2022, the case highlights the tensions between scale, ethics, compliance and inclusion. Through Namo’s growth story, partnerships, and industry context, the case provides insights into sustainable business models in emerging markets.
Keywords: E-waste management, informal sector, sustainable growth, ethical leadership, compliance, circular economy.
Introduction
It was 18 June 2025. Akshay Jain, Managing Director and Promoter of Namo eWaste Management Ltd., Gurugram, sat deep in thought after reviewing the company’s latest performance report. The numbers looked strong, with collection volumes had risen, recovery rates had improved, and compliance with India’s evolving e-waste regulations was intact. With growing partnerships with reputed brands like Flipkart, Havells, Godrej, and Tata Sky, Namo was fast becoming a leading name in the formal e-waste recycling space. ¹ Yet, beneath this growth, a question kept resurfacing in Akshay’s mind, one that no report or graph could resolve. India’s informal e-waste sector, driven by kabadiwalas and independent waste pickers, still handled a vast amount of the country’s discarded electronics. These workers, who have long been integral to the country’s recycling backbone, operated with minimal safety, low recognition, and little access to formal support. Namo had worked with some of them only at arm’s length, using their services for quick, low-cost, and efficient collection when needed, but never formally including them in the company’s operations or support systems. This kept costs down and processes fast, yet left these workers outside the scope of safety measures, training, and compliance standards.
As Namo aspired to uphold international R2v3 standards and expand ethically, Akshay found himself crossroads. Should the company continue to rely on informal collectors in their raw, unregulated form to scale quickly and reduce costs, risking certification and worker safety? Or should the company invest in slowly formalising them through training, protective measures, and compliance protocols, ensuring ethical growth but accepting delays and higher costs in return? The former offered speed and scale, but at a potential cost in terms of ethics and regulation. The latter promised long-term credibility, social responsibility, and brand trust, but it also demanded patience, investment, and risk.
As he gazed out of his office window into the twilight haze of Gurugram, Akshay knew this was more than an operational decision. It was a defining moment, an opportunity to decide whether Namo would merely grow or grow with purpose.
Namo eWaste Management Ltd.: Company Background
Namo eWaste Management Ltd. is a prominent company in India dedicated to the responsible recycling of electrical and electronic (EEE) waste, offering environmentally sustainable solutions for e-waste management. ² It was incorporated in 2014 as a private limited company with a mission to provide environmentally sound, socially inclusive, and regulation-compliant solutions for e-waste management and resource recovery. ³ Namo eWaste Management Ltd. has affirmed compliance with the E-Waste (Management) Rules, 2022, effective 1 April 2023, mandating Extended Producer Responsibility (EPR), authorised recycling, and traceable waste processing, aligning with national standards for responsible e-waste management. ⁴ The main business verticals of Namo included e-waste collection and reverse logistics, IT Asset Disposition (ITAD), refurbished electronics, Extended Producer Responsibility (EPR) services, and integration of the informal recycling sector. ⁵ Exhibit 1 provides an overview of Namo’s activities.
Organisational Structure
Namo eWaste Management Ltd. is led by a five-member Board of Directors, with Mr. Akshay Jain serving as the Chairman and Managing Director (CMD). He is supported by Mr. Parikshit Satish Deshmukh, the Whole-Time Director, who oversees operations and ensures regulatory compliance. The board also includes Mr. Ujjwal Kumar as a non-executive director, along with two independent directors, Ms. Rojina Thapa and Mr. Saurabh Shashwat. This composition reflects a balanced and compliant board structure in line with statutory corporate governance norms, fostering accountability, strategic oversight, and ethical leadership in the company’s operations. ⁶ A detailed description and composition of the board and committee structure is given in Exhibit 2.
Industry Background
India has rapidly emerged as one of the world’s largest generators of electronic waste, generating approximately 1.601 million tonnes in FY 2021–22. ⁷ The rise is linked to accelerating digital penetration, increased affordability of consumer electronics, shorter replacement cycles, and the influence of global technology trends.⁸ In addition, economic growth, rising disposable incomes, and urbanisation have contributed to the widespread adoption of devices such as smartphones, laptops, and household appliances, intensifying the pressure on waste management systems.⁹ While the country’s e-waste problem mirrors global trends, its scale and speed of growth place it among the top three generators worldwide.¹⁰
The industry is divided between a formal recycling sector, comprising licensed recyclers with authorised facilities, and a dominant informal sector that processes more than 95% of e-waste using unsafe dismantling techniques such as open burning and acid leaching.¹¹ Despite government efforts, formal recycling capacity remains underutilised; only 527,132 tonnes (around 33%) of e-waste were formally collected and processed in FY 2021–22.¹² This gap is further complicated by fragmented collection systems, lack of consumer awareness, and the economic dependence of many urban poor on informal recycling jobs.¹³ To address these challenges, the Government of India enacted the E-Waste (Management) Rules, 2022, effective from 1 April 2023, which expanded the scope of covered products, introduced digitalised tracking systems, and mandated phased Extended Producer Responsibility (EPR) targets starting at 60% collection in FY 2023–24 rising to 80% by FY 2027–28.¹⁴
Recent trends indicate that the e-waste management industry is transitioning toward technology-driven recycling methods, such as hydrometallurgical processes for recovering precious metals, as well as the adoption of circular economy models by both startups and established players.¹⁵ Reports estimate that recoverable materials from India’s e-waste could represent an annual economic value of USD 6 billion.¹⁶ Simultaneously, emerging waste streams from clean-energy transitions such as solar panel scrap and Electric Vehicle (EV) batteries are adding new complexity to waste management planning.¹⁷ These dynamics present both significant challenges and growth opportunities, positioning Namo eWaste at a critical juncture where environmental compliance, market expansion, and sustainable innovation intersect. A detailed overview of India’s e-waste industry landscape, covering its scale, growth drivers, structural challenges, regulatory framework, and emerging trends, is presented in Exhibit 3.
Financial Performance
Namo eWaste Management Ltd. has demonstrated a strong financial performance over the past four years, with revenue increasing by 172%, from ₹44.78 crore in FY 2021–22 to ₹121.97 crore in FY 2024–25. Profit After Tax (PAT) rose significantly from ₹1.81 crore to ₹8.41 crore during the same period, while Profit Before Tax (PBT) improved from ₹2.42 crore to ₹11.46 crore. This steady upward trend in revenue and profitability underscores the company’s robust growth trajectory and improving operational efficiency. Exhibit 4 presents a detailed comparative summary of Namo’s financial performance over the last four financial years.
Stakeholder and Regulatory Ecosystem
India’s e-waste story is powered by many hands and guided by many voices, each carrying its own needs, pressures, and priorities. Regulators set the boundaries, ensuring that anyone in the game follows the rules that protect both people and the planet. For Akshay, those boundaries are defined by the E-Waste (Management) Rules, 2022, which require Namo’s registration on the CPCB portal, not just a legal formality but a mark of trust and credibility. ¹⁹ That credibility is what convinces brands like Flipkart, Havells, Godrej, and Tata Sky to depend on Namo for meeting their (EPR) targets without fear of non-compliance.
Nevertheless, beyond these formal partnerships lies a vast, fast-moving network of informal collectors, kabadiwalas, scrap dealers, and dismantlers, who quietly handle more than 95% of India’s e-waste. ²⁰ Their reach is unmatched, their costs are low, and their speed keeps discarded electronics from piling up in every corner of the country. However, the same speed often means cutting corners on worker safety, fair pay, and environmentally sound practices. Non-Governmental Organisations and civil organisations see this gap and work tirelessly to bridge it, aiming to combine the informal sector’s reach with the formal sector’s standards.
Amid this complex web, Akshay finds himself at a critical crossroads. On the one hand, he can leverage the informal network’s quick and low-cost routes to help Namo scale rapidly and capture a larger market share. On the other hand, he can slow down to build an inclusive and fully compliant system that aligns with R2v3 standards, even if that means delayed growth, higher costs, and more arduous negotiations with stakeholders. The decision Akshay makes will not only shape Namo’s business trajectory but also define the kind of legacy he leaves behind in India’s e-waste management story. Exhibit 5 presents a stakeholder ecosystem map of Namo eWaste Management Ltd.
Growth vs. Inclusion
Over the years, Akshay has guided Namo eWaste Management Ltd. into becoming a trusted compliance and recycling partner, building formal alliances with leading Indian corporations and global electronics brands. These partnerships have been instrumental in advancing his vision of delivering traceable, regulation-compliant, and environmentally responsible e-waste solutions.
Domestically, Akshay has secured collaborations with prominent companies such as Flipkart, Havells, Voltas, Tata Sky, and Godrej, ensuring comprehensive recovery services that cover collection, reverse logistics, certified recycling, and compliance reporting under the E-Waste (Management) Rules, 2022.²¹ Internationally, his efforts have positioned Namo as an authorised recycler for Samsung, Whirlpool, Blue Star, Hitachi, and Carrier, demonstrating its ability to meet stringent global standards.²² A Samsung India spokesperson even acknowledged the value of such alliances in promoting circularity: “Samsung’s e-waste collection initiatives are powered by specialised recycling partners like Namo, who ensure effective and environmentally sound reclaiming of valuable materials.”²³
However, despite these milestones, Akshay finds himself at a defining crossroads. On one side lies the vast, informal network of kabadiwalas and waste pickers, who manage a large portion of India’s discarded electronics. Leveraging this network could enable rapid and cost-effective expansion while supporting existing livelihoods. On the other hand, however, Akshay recognises the responsibility of formalising the training of these informal workers and integrating them into a safer, regulation-compliant system that prioritises dignity, safety, and long-term sustainability in line with international R2v3 standards. This contrast captures the essence of his dilemma: should Namo push for faster scale through informal engagement, or invest in a slower but more ethical path of inclusive formalisation?
In reflecting on this choice, Akshay weighs scale against sustainability. He recognises that growth via informal networks offer speed, but this approach risks compromising compliance and long-term credibility. Conversely, formalising the informal sector may take more time and resources. However, it aligns with his personal vision of building not just a recycler, but a responsible enabler of India’s circular economy. For Akshay, this is more than a business decision; it is about defining the very identity of Namo’s future: to be remembered merely as a fast-growing recycler or as a pioneer in ethical and sustainable e-waste management. Exhibit 6 highlights Namo eWaste Management Ltd.’s dilemma between pursuing rapid growth and fostering inclusion.
Path Forward
The choice before Akshay is not merely operational; it strikes at the core of the company’s identity and the principles he wishes to uphold in the years ahead. Continuing to rely on the speed, reach, and cost advantages of the informal network could help him capture scale rapidly, strengthen market presence, and consolidate profitability. Nevertheless, this path carries the weight of ethical compromise, potential non-compliance, and the continued marginalisation of those who have sustained India’s recycling backbone for decades. On the other hand, investing in the slow and resource-intensive process of inclusive formalisation could align his company with the highest international standards, reinforce corporate trust, and reshape the sector with lasting social and environmental impact, while inevitably delaying growth and requiring deeper capital commitments.
As dusk settled over Gurugram, Akshay sat by his office window, the spreadsheets and targets from the day still fresh in his mind, yet none of them weighed as heavily as the decision before him. Growth or inclusion, speed or sustainabilitywhich path would define not just his business trajectory but also his legacy in India’s evolving e-waste story?
Exhibit I. Namo eWaste Management Ltd.: Business Activities: An Overview
1. E-Waste Collection and Reverse Logistics:
Namo operates a pan-India collection network through CPCB-authorised collection centres and reverse logistics partners. The system is designed to retrieve end-of-life electronics from households, institutions, and corporations in line with the E-Waste (Management) Rules, 2022. The process ensures traceability, compliance, and transparency across the value chain, thereby helping brand owners meet their annual collection targets.
2. Environmentally Sound Recycling and Dismantling:
Namo’s state-of-the-art recycling facility in Gurugram is authorised by the Central Pollution Control Board (CPCB) and follows environmentally sound dismantling practices. The facility is equipped for mechanical segregation, material recovery, and safe handling of hazardous components. Recycling is conducted in accordance with Section 6 of the E-Waste Rules, ensuring both environmental protection and worker safety.
3. IT Asset Disposition (ITAD):
Namo offers comprehensive ITAD services to businesses, which include certified data erasure, secure transportation, auditing, remarketing, and end-of-life recycling. These services align with global standards (such as R2 practices) and serve to protect data integrity while reducing e-waste generation through reuse.
4. Refurbishment and Resale of Electronics:
Functional or repairable electronic items are refurbished through a diagnostic evaluation, minor repairs, and quality checks before being introduced through the secondary markets. This process supports India’s resource efficiency and circular economy goals by extending the usable life of electronics and diverting them from landfills.
5. Extended Producer Responsibility (EPR) Compliance:
Under the E-Waste (Management) Rules, 2022, Namo functions as a Producer Responsibility Organisation (PRO) and EPR partner. It enables brand owners and producers to fulfil their legal obligations through strategic collection planning, recycling partnerships, documentation, and filing of EPR credits on the CPCB portal.
6. Informal Sector Integration and Training:
Recognising that nearly 90–95% of India’s e-waste is handled by informal workers, Namo has initiated training programs to formalise this workforce. Workers are trained in safe dismantling techniques, provided with protective gear, and linked to authorised operations, thus fostering inclusive circularity and occupational safety.
Namo eWaste Management Ltd.: Business Activities – An Overview
Source: Created by the authors using data from Namo eWaste Management Ltd.’s website, regulatory guidelines, and investor communication in FY 2024–25.
Exhibit II. Organisational Structure
Committees of the Board and Composition
Namo eWaste Management Ltd. had four committee levels, each chaired by either an independent or an executive director following corporate governance norms. The committees were constituted following the provisions of the Companies Act, 2013, and the SEBI (LODR) Regulations, 2015.
Board Committees of Namo eWaste Management Ltd.
Source: Data obtained from the Board Sub-Committees Composition section on Namo eWaste Management Ltd.’s official website, as publicly presented.
Exhibit III. Industry background
Exhibit IV. Financial Performance of Namo eWaste Management Ltd. (FY 2021–22 to FY 2024–25)
Source: Created by the authors using audited financial results and investor communication in FY 2024–25, along with historical disclosures from public financial platforms.
Exhibit V. Stakeholder Ecosystem of Namo eWaste Management Ltd.
• Regulators – Ministry of Environment, Forest and Climate Change (MoEFCC) and Central Pollution Control Board (CPCB) enforce the E-Waste (Management) Rules, 2022, setting compliance boundaries, traceability requirements, and Extended Producer Responsibility (EPR) obligations.
• Corporate Partners – Brands such as Flipkart, Havells, Godrej, and Tata Sky collaborate with Namo to fulfil EPR targets, driving demand for formal, R2v3-aligned recycling solutions.
• Informal Sector – Kabadiwalas, waste pickers, and small dismantlers manage over 95% of India’s discarded electronics, offering cost efficiency, grassroots access, and critical last-mile collection.
• Civil Society Organisations & NGOs – Act as intermediaries between formal and informal systems, advocating safer working conditions, supporting capacity-building, and enabling formalisation efforts.
• End Consumers – Influence the quantity, type, and flow of e-waste entering the system through disposal behaviour, awareness levels, and willingness to engage with formal recycling channels.
Source: Created by the authors using data from Namo eWaste Management Ltd.’s website, regulatory guidelines, and investor communication in FY 2024–25.
Exhibit VI. Growth vs. Inclusion
Source: Adapted from Namo eWaste Management Ltd. internal reports, partnership disclosures (2023–25), and the E-Waste (Management) Rules, 2022, with insights from senior management interviews.
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