Rahul Nainani (L) and Gurashish Singh Sahni (R), the co-founders of ReCircle
September 3, 2024, Mumbai: ReCircle, a leading clean-tech startup, announced today that it has secured a bridge funding round led by Venture Catalysts, Mumbai Angels (a wholly owned subsidiary of 360 ONE WAM Limited [formerly known as IIFL Wealth Management Limited]), and high-net-worth individuals (HNIs). This funding will support ReCircle’s mission to transition to a circular system for plastic waste.
ReCircle is dedicated to pursuing ethical circularity as part of its development 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 material. By doing this, the business creates a new income 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 received will be essential in our quest to diversify, increase our impact, and open our own recycling plant in the upcoming months.
ReCircle now 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 garbage 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 income sources, especially 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 investing 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 momentum, and competitive edge as a technology-forward firm are the driving forces for this investment round.
Concerning ReCircle
Rahul Nainani and Gurashish Singh Sahni established ReCircle in 2016 to address India’s mounting garbage issue. ReCircle gives customers and companies the power to repurpose, recycle, and reuse garbage instead of letting it end up in landfills or the ocean.
ReCircle, which has its headquarters in Mumbai, is focused on accelerating the global shift to a circular economy. The organization has implemented landmark projects including Plastic EPR Service, ClimaOne, Plastic-Neutral programs, and Project Extra Life in order to promote their objective. With the use of data analytics, its tech-enabled platform, ClimaOne, creates a transparent, unified platform that facilitates real-time tracking and streamlines reporting and compliance, therefore addressing current difficulties in the ecosystem.
With the assistance of 45+ processing partners and a pan-Indian network of 400 collection partners, ReCircle has diverted over 169,000 MT (the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities and towns in India, improving the lives of over 3100 Safai Saathis, or informal waste workers. ReCircle has helped more than sixty forward-thinking brands, such as Hindustan Coca-Cola Beverages, HUL, and UNDP India, accomplish their sustainability objectives.
ReCircle secured money in 2023 from Flipkart Ventures, 3i Partners, and Acumen Fund Inc. for its pre-series-A investment. To learn more, go to https://recircle.in.