ReCircle secures bridge funding led by Venture Catalysts and Mumbai Angels

ReCircle, a Mumbai-based clean-tech startup, has announced the completion of a bridge funding round led by Venture Catalysts, Mumbai Angels (a subsidiary of 360 ONE WAM Limited), and various high-net-worth individuals (HNIs). This funding will assist ReCircle in advancing its efforts toward establishing a circular system for plastic waste.

ReCircle currently operates a Material Recovery Facility in Dahisar, Mumbai, handling various materials including plastic, paper, cardboard, metal, glass, e-waste, and textiles. The company has managed over 169,000 MT of waste, equivalent to the weight of 28,166 elephants, across 270 cities and towns in India with the support of 45+ processing partners and a network of 400 collection partners.

ReCircle plans to integrate further into the plastic waste supply chain, aiming to provide recycled plastic content to companies involved in plastic packaging. The company’s goal is to achieve a revenue target of INR 100 crore in the next financial year (2025-26). In response to increasing regulations on recycled plastics and Extended Producer Responsibility (EPR) policies, ReCircle aims to help businesses comply with local regulations and meet global sustainability objectives.

“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. The funds raised will be crucial in our journey towards diversification, expanding our impact, and launching our own recycling unit in the coming months,” said Rahul Nainani, CEO & Co-Founder, ReCircle.

Dr. Apoorva Ranjan Sharma, Co-founder, and Managing Director of Venture Catalysts++ commented on the investment, saying, “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”. 

“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”, said Shivangi Bubna, Executive Vice President, Investments, 360 ONE Asset. 

ReCircle’s initiatives include ClimaOne, Plastic EPR Service, Plastic-Neutral programs, and Project Extra Life. ClimaOne is a tech-enabled platform offering real-time tracking and compliance reporting. The company works with over 60 brands, including HUL, UNDP India, and Hindustan Coca-Cola Beverages. In 2023, the company raised a pre-series-A round from Flipkart Ventures, 3i Partners, and Acumen Fund Inc.