ReCircle, a cleantech startup, has secured an undisclosed amount in a bridge funding round co-led by Venture Catalysts, Mumbai Angels (a wholly owned subsidiary of 360 ONE WAM), and high-net-worth individuals (HNIs).
This funding follows a pre-Series A round from Flipkart Ventures, 3i Partners, and Acumen Fund Inc. The funding will support ReCircle’s 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 ₹100 crore in the next financial year (2025-26).
Currently, ReCircle operates its advanced material recovery facility in Dahisar, Mumbai wherein it collects materials including plastic, paper, cardboard, metal, glass, e-waste, and textile waste.
Rahul Nainani, the CEO and co-founder of ReCircle, said, “We are leveraging our pan-India network of partners, built over the last eight years, for forward integration 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 recycling unit in the coming months.”
Apoorva Ranjan Sharma, co-founder and managing director of the Venture Catalysts++ Group on the investment 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,” Sharma added.
Shivangi Bubna, executive vice-president of investments at 360 ONE Asset said, “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.”
ReCircle was founded in 2016 by Rahul Nainani and Gurashish Singh Sahni to tackle India’s growing waste problem. It 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 has instituted initiatives such as ClimaOne, Plastic EPR Service, Plastic-Neutral programs and Project Extra Life to further its 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 metric tonnes (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 more than 45 processing partners who have a pan-India network of 400 collection partners all while impacting the lives of over 3,100 informal waste workers.
ReCircle has enabled more than 60 brands including HUL, UNDP India, and Hindustan Coca-Cola Beverages to achieve their sustainability goals.
