Mumbai — September 03, 2024: ReCircle,a well-known clean-tech firm, revealed today that it has completed a bridge funding round headed by high-net-worth individuals (HNIs), Mumbai Angels, and Venture Catalysts. Mumbai Angels is a wholly owned subsidiary of 360 ONE WAM Limited, formerly known as IIFL Wealth Management Limited. 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).
With growing compliance for recycled plastics, and mandatory Extended Producer Responsibility (EPR) policies, ReCircle is committed to ensuring businesses adhere to local policies and meet their global sustainability goals.
“We are leveraging our pan-India network of partners, built over the last eight years, to forward integrate into the plastic waste supply chain. This will empower us to provide traceability from the source of collection to the final product packaging, enabling businesses to incorporate ethically sourced, traceable materials in their packaging.
Currently, ReCircle operates its own advanced Material Recovery Facility in Dahisar, Mumbai wherein it collects materials including plastic, paper, cardboard, metal, glass, e-waste and textile waste. ReCircle has diverted over 169,000 MT
Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts++ commented on the investment, saying, “ReCircle’s innovative approach to plastic waste management perfectly aligns with our vision of supporting transformative startups. Their technology-driven solution, combined with a robust pan-India network, uniquely positions them to address the critical challenge of plastic waste at scale.
“We’re thrilled to support ReCircle’s innovative approach to addressing the plastic waste crisis. Their forward integration strategy and commitment to ethical circularity align perfectly with our investment philosophy. We believe ReCircle has the potential to make a significant impact on the environment and create sustainable value”,
About ReCircle
ReCircle was founded in 2016 by Rahul Nainani & Gurashish Singh Sahni to tackle India’s growing waste problem. ReCircle empowers consumers and brands to divert waste away from landfills and oceans, and back into the economy to be recycled, reused or repurposed.
Headquartered in Mumbai, ReCircle is driven by a singular mission: to accelerate the world’s transition to a circular economy. To achieve this mission, the company has instituted flagship initiatives such as ClimaOne, Plastic EPR Service, Plastic-Neutral programs and Project Extra Life to further their goal. Its tech-enabled platform, ClimaOne, addresses existing challenges in the ecosystem by building a unified,
