High-net-worth individuals (HNIs), Mumbai Angels, a fully owned subsidiary of 360 ONE WAM Limited (previously known as IIFL Wealth Management Limited), and Venture Catalysts supported the bridge funding round that ReCircle, a prominent clean-tech firm, announced today. ReCircle’s goal of moving plastic waste into a circular system will be aided by this grant.
ReCircle is dedicated to pursuing ethical circularity as part of its growth and diversification strategy, and it intends to forward integrate into the supply chain for plastic trash. This will make it possible for ReCircle to supply businesses that use plastic packaging with high-quality, traceable recycled plastic content. By doing this, the business creates a new revenue stream that will enable it to meet its revenue goal of INR 100 Cr for the upcoming fiscal year (2025–2026).
ReCircle is dedicated to making sure businesses follow local laws and achieve their global sustainability objectives in light of the increasing compliance for recycled plastics and the mandated Extended Producer Responsibility (EPR) standards.
We are forward integrating into the plastic waste supply chain by utilising our eight-year-old pan-Indian network of partners. This will enable us to offer traceability from the point of collection to the packaging of the finished product, allowing companies to use materials that are traceable and ethically sourced in their packaging. Rahul Nainani, CEO & Co-Founder of ReCircle, stated, “The money raised will be essential in our quest to diversify, increase our impact, and open our own recycling plant in the upcoming months.
ReCircle currently runs its own state-of-the-art material recovery facility in Dahisar, Mumbai, where it gathers various materials such as cardboard, plastic, paper, metal, glass, e-waste, and textile waste. ReCircle has worked with over 45 processing partners that have a pan-India network of 400 collecting partners to divert approximately 169,000 MT (the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities & towns in India.
Regarding the investment, Dr. Apoorva Ranjan Sharma, Managing Director and Co-Founder of Venture Catalysts++, stated: “ReCircle’s creative approach to plastic waste management perfectly aligns with our vision of supporting transformative startups.” Their technology-driven approach and strong pan-Indian network put them in a unique position to tackle the pressing issue of plastic waste on a large scale. Their future integration plans, which will improve traceability and create new revenue sources, particularly impress us. Given ReCircle’s impressive history and well-defined expansion plans, we have little doubt that the company will be essential to India’s transition to a circular economy. We are thrilled to support their nationwide expansion and to endorse their purpose.
“We’re excited to back ReCircle’s creative strategy for solving the plastic waste issue. Their dedication to ethical circularity and forward integration plan are a wonderful fit with our investment philosophies. Shivangi Bubna, Executive Vice President, Investments, 360 ONE Asset, stated, “We think ReCircle has the potential to have a significant environmental impact and create sustainable value.”
ReCircle’s robust revenue growth over the previous year, strong pan-Indian traction, and competitive edge as a technology-forward firm are the driving forces for this investment round.
