Mumbai-based cleantech startup ReCircle has lately hit the headlines with respect to the waste management sector and it is for good reason. It lately secured fresh investment in a bridge funding round co-led by Mumbai Angels, Venture Catalysts and a couple of more high-net-worth individuals (HNIs). The exact figure of the investment has not been disclosed but the new capital injection is a milestone for the company towards revolutionizing waste management in India.
ReCircle was founded by Nainani and Gurashish Singh Sahni in 2016 and since then it is tackling one of the most important environmental challenges, which is waste. The mission is to divert the wastes into economy. The mission is basically to transform wastes into valuable resources. The startup is integrating its mission into the plastic waste supply chain. It aims to provide high-quality as well as traceable recycled plastic content to companies. The strategy aligns its broader commitment to ethical circularity. The strategy also positions the startup to achieve revenue target of Rs 100 crore in the upcoming financial year.
ReCircle is learned to be using the fresh capital in diversifying operations, expanding reach and launching new recycling unit in the coming months. Co-founder Nainani said that they are leveraging their extensive pan-India network of partners to integrate more deeply into the plastic waste supply chain.
The impact of ReCircle is significant as it operates an advanced Material Recovery Facility in Dahisar (Mumbai) to process a wide range of materials such as plastic, paper, cardboard, metal, glass, e-waste and textiles. ReCircle claims to have diverted more than 169,000 metric tons of waste from landfills and water bodies across 270 cities and towns in India.
