ReCircle, a Mumbai-based cleantech startup, has raised an undisclosed amount of investment in a bridge funds round co-led by Angels of Bombay, Risk catalystsand several high net worth individuals (HNIs).
Prior to this round, the startup raised an undisclosed amount in a pre-Series A round from notable investors including Flipkart Ventures, 3i Partners and Acumen Fund Inc.
What does ReCircle do?
Founded in 2016 by Nainani and Gurashish Singh Sahni, ReCircle addresses India’s waste challenges by diverting waste from landfills and oceans into the economy.
As part of its growth and diversification strategy, the startup is committed to working towards ethical circularity and plans to integrate into the plastic waste supply chain.
This will enable ReCircle to provide high-quality and traceable recycled plastic content to businesses that use plastic packaging. This will also enable the startup to achieve its revenue target of Rs 100 crore in the next fiscal year (2025-26).
Purpose of fundraising
The startup plans to use the capital raised for diversification, expansion and the launch of its recycling unit in the coming months.
“We are leveraging our network of partners across India, built over the last eight years, to integrate into the plastic waste supply chain. This will enable us to offer traceability from the source of collection to the packaging of the final product, enabling companies to incorporate traceable and ethically sourced materials in their packaging,” Nainani said.
ReCircle currently operates its own advanced material recovery facility in Dahisar, Mumbai, where it collects materials including plastic, paper, cardboard, metal, glass, e-waste and textile waste.
The startup claims to have diverted over 169,000 metric tonnes (equivalent to the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities and towns in India with the help of over 45 processing partners that have a pan-India network of 400 collection partners.
Flagship initiatives and technology-based solutions
ReCircle has launched several flagship initiatives to promote sustainable waste management, including ClimaOne, Plastic EPR Service, Plastic Neutral Programs and Project Extra Life.
ClimaOne, a technology platform developed by ReCircle, offers a unified and transparent platform that addresses key challenges in the waste management ecosystem.
The platform simplifies reporting and compliance, provides real-time tracking, and leverages data analytics to improve operational efficiency.
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