Cleantech startup ReCircle raises funding led by MA, Venture Catalysts, HNIs

Mumbai-based cleantech startup ReCircle has raised an undisclosed amount of investment in a bridge funding round co-led by Mumbai Angels, Venture Catalysts, and 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 back 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, traceable recycled plastic content to companies using plastic packaging. This will also enable the startup to achieve its targeted revenue of Rs 100 crore in the next financial year (2025-26).

Purpose of fundraising

The startup plans to use the raised capital for diversification, expansion, and the launch of its recycling unit in the coming months.

“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," Nainani said.

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.

The startup claims to have diverted over 169,000 MT (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 45+ processing partners who have a pan-India network of 400 collection partners.

Flagship initiatives and tech-enabled solutions

ReCircle has introduced several flagship initiatives to promote sustainable waste management. These include ClimaOne, Plastic EPR Service, Plastic Neutral Programs, and Project Extra Life.

ClimaOne, a tech-enabled platform developed by ReCircle, offers a unified, 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 enhance operational efficiency.