Page 36 - Plastics News September 2024
P. 36
COMPANY NEWS
viding traceability. “This helps us pass on ben- at our own facility in Mumbai and having built a
efits to downstream partners and pushes us strong pan-India collection network, we see our-
further towards our vision of ethical circularity. selves in the right position to leverage this to
The funds raised will be crucial in our journey forward integrate and tap into the massive mar-
towards diversification, expanding our impact ket demand." The company has seen challenges
and launching our own recycling unit in the com- in raising equity capital from VC funds. Nainani
ing months.” Founded in 2016, ReCircle aims to states that most funds were either not looking
tackle India's growing waste problem. The firm at the sector or did not understand their busi-
operates its own advanced material recovery fa- ness model as the waste management industry
cility in Dahisar, Mumbai, wherein it collects ma- is fragmented and has multiple nuances. “While
terials such as plastic, paper, cardboard, metal, we were cash-flow positive and steadily grow-
glass, e-waste and textile waste. ReCircle claims ing, we did need equity capital to enable us to
to have diverted over 169,000 MT (equivalent to grow our business to the next level. We over-
the weight of 28,166 elephants) of waste from came this by getting on board Flipkart Ventures,
landfills and water bodies across 270 cities and Acumen & 3iPartners in 2023,” he says. In 2023,
towns in India with the help of 45 processing ReCircle raised its pre series-A round from Flip-
partners who have a pan-India network of 400 kart Ventures, 3i Partners & Acumen Fund Inc.
collection partners. Nainani sees a big market op- Tracxn had valued the startup at $7.79 million on
portunity with the Extended Producer Respon- October 23, 2023.
sibility (EPR) requirement for mandatory use of Source – The Economic Times
recycled content of 10-30% kicking in from April
2025. "Having captive capacity of PET bottles
Recycling startup RecommerceX raises $3.6 mil-
lion in round led by Accel, Kae Capital
(L-R), Ajay Gupta, Shobhit Goel, Mohit Gulyani,
founders, RecommerceX
he chemical recycling and sustainability
startup will use the funds to expand the
Tteam, develop tech platform, push R&D
for advanced material recovery, and scale its
operations. RecommerceX targets medium to
large manufacturing companies and engineer-
ing, procurement, and construction (EPC) firms
as its primary customers.
36 38 PL September 2024
PLASTICS NEWSASTICS NEWS
September 2024
