ReCircle, a clean-tech startup, has secured a bridge funding round led by Venture Catalysts, Mumbai Angels and high-net-worth individuals (HNIs). This funding will support ReCircle’s mission to transition to a circular system for plastic waste.
Mumbai Angels is a a wholly owned subsidiary of 360 ONE WAM,formerly known as IIFL Wealth Management.
As part of its growth and diversification strategy, ReCircle says it is committed to work towards ethical circularity, and plans to forward integrate into the plastic waste supply chain. This will enable ReCircle to provide high-quality, traceable recycled plastic content to companies using plastic packaging. With this, the company opens up a new revenue channel, helping it achieve its targeted revenue of Rs 100 crore in the next financial year (2025-26).
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. The funds raised will be crucial in our journey towards diversification, expanding our impact, and launching our own recycling unit in the coming months,” said Rahul Nainani, CEO & co-founder, ReCircle.
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 (equivalent to the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities & towns in India with the help of 45+ processing partners who have a pan-India network of 400 collection partners.
Dr Apoorva Ranjan Sharma, co-founder, and managing director of Venture Catalysts said, “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 are particularly impressed by their forward integration plans, which will enhance traceability and open new revenue streams. With their strong track record and clear growth strategy, we are confident ReCircle will play a pivotal role in India’s journey towards a circular economy. We are excited to back their mission and support their expansion across the country”.
“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”, said Shivangi Bubna, executive vice president, Investments, 360 ONE Asset.
The round of investment is driven by ReCircle’s significant revenue growth year-on-year, strong traction pan-India, and competitive advantage as a technology-forward company.
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, transparent platform that provides real-time tracking, backed by data analytics and simplifies reporting and compliance.
ReCircle has diverted over 169,000 MT (equivalent to the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities & towns in India with the help of 45+ processing partners who have a pan-India network of 400 collection partners all while impacting the lives of over 3100 informal waste workers or Safai Saathis. ReCircle has enabled 60+ progressive brands including HUL, UNDP India, Hindustan Coca-Cola Beverages, etc. achieve their sustainability goals.
