Clean-Tech Startup ReCircle Raises Bridge Round Led By Venture Catalysts, Mumbai Angels
The funds raised will be crucial in its journey towards diversification and launching own recycling unit in the coming months.
ReCircle, a clean-tech startup, has secured an undisclosed sum in a bridge funding round led by Venture Catalysts, Mumbai Angels (formerly IIFL Wealth Management Ltd.) and high-net-worth individuals. The funding will support ReCircle's work to transition to a circular system for plastic waste.
As part of its growth and diversification strategy, ReCircle plans to forward integrate into the plastic waste supply chain. This will enable the startup to provide better-quality, traceable recycled plastic content to companies using plastic packaging. With this, the company will open up a new revenue channel in its attempt to achieve its targeted revenue of Rs 100 crore in the next financial year, it said.
With growing compliance for recycled plastics, and mandatory extended producer responsibility policies, ReCircle is working to help 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,” said Rahul Nainani, chief executive officer and co-founder, ReCircle.
"The funds raised will be crucial in our journey towards diversification, expanding our impact and launching our own recycling unit in the coming months," Nainani added.
Currently, ReCircle operates its own material recovery facility in Dahisar, Mumbai, wherein it collects materials including plastic, paper, cardboard, metal, glass, e-waste and textile waste. The company said it has diverted over 169,000 MT of waste from landfills and water bodies across India with the help of processing partners.
"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," said Apoorva Ranjan Sharma, co-founder and managing director of Venture Catalysts.
