The company is unable to share any additional information on the amount raised at this time.
This funding will allow Recirculate Provide high quality recycled and traceable products. plastic to companies that use the material for packaging. With this, the company opens up a new revenue channel that will enable it to achieve revenues of Rs 100 crore in the next financial year (2025-26).
This funding will support ReCircle’s mission to transition to a circular system for plastic waste. Rahul NainaniCEO and co-founder, says that by integrating into the supply chain, they will gain control of the entire supply chain and provide traceability. “This helps us pass on the benefits to downstream partners and drives us further towards our vision of ethical circularity. The funds raised will be crucial in our journey towards diversification, expanding our impact and launching our own recycling unit in the coming months.”
Founded in 2016, ReCircle aims to address the growing waste problem in India. The company operates its own advanced material recovery facility in Dahisar, Mumbai, where it collects materials such as plastic, paper, cardboard, metal, glass, e-waste, and textile waste. ReCircle claims to have diverted over 169,000 MT (equivalent to the weight of 28,166 elephants) of waste from landfills and water bodies in 270 cities and towns across India with the help of 45 processing partners who have a pan-India network of 400 collection partners.
Nainani sees a huge market opportunity with the Extended Producer Responsibility (EPR) requirement of mandatory use of 10-30% recycled content coming into effect from April 2025. “Having captive PET bottle capacity at our own facility in Mumbai and having built a robust collection network across India, we see ourselves in the right position to leverage this to integrate and tap into the huge market demand.” The company has encountered challenges in raising equity capital from venture capital funds. Nainani claims that most funds were either not considering the sector or did not understand its business model as the waste management industry is fragmented and multi-nuanced. “While we were cash flow positive and growing steadily, we needed equity capital to enable us to grow our business to the next level. We overcame this by onboarding Flipkart Ventures, Acumen and 3iPartners in 2023,” he says. In 2023, ReCircle raised its pre-Series A round from Flipkart Ventures, 3i Partners, and Acumen Fund Inc.
Tracxn had valued the startup at $7.79 million on October 23, 2023.
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