Tuesday, 9 July 2024, Bengaluru, India
Ricron Panels is a plastic waste recycling startup that secured undisclosed funding from Boom Sustainable Technologies in its series A round. The funding round had the participation of new and existing investors including Circulate Capital, Managing director of Classic Display System Harsh Mohunta, Infra.market’s former president, boutique investment bank veromint advisors, and more. Ricron Panels was also the first Indian recycling company to generate an Extended Producer Responsibility credit.
The company plans to use these fresh proceeds on marketing, scaling operations, and expanding its network and distribution channels. The startup aims to increase its production capacity to more than 2,000 tonnes a month. Ricron Panels leverages patented technologies to convert low-value MLP waste into high-quality, eco-friendly, and carbon-negative materials. The startups convert this non-recyclable poor plastic waste into versatile, waterproof, heat-resistant, fire-retardant, and impact-resisting building materials. The company transforms plastic waste using cost-effective and innovative solutions into material to develop sheets, solar panels, doors, and storage pallets.
Ricron Panels currently operates in Bhopal and Ankleshwar and it plans to expand its network to more than four cities in the next five years. The portfolio companies of the firm include Tata Projects, RMZ, Nestle, Decathlon, L&T, and SLEEK by Asian Paints. The CEO of Ricron Panel, Rahul Chaudhary mentioned that the concern for waste management is increasing across India. To tackle this problem and reduce plastic waste the startup is offering various innovative solutions and technologies. Some portion of this investment will be used to establish a new unit in other cities.
The startup uses its advanced technology and solutions to enable the conversion of waste plastic into sustainable and eco-friendly products. The company aims to extend its network and scale its business worldwide in countries including the USA, UK, Italy, Maldives, Nepal, Indonesia, and South Africa. Inc42 mentioned in its report that according to UNDP data, India alone generates 3.4 million tonnes of plastic waste per year. The waste recycling market of India is predicted to grow at a CAGR of 9.86% and reach around 23.7 million tonnes in the next seven years. Ricron Panels claims to recycle over 5,000 tonnes of plastic per year which contributes to reducing CO2 emission by 4.01 tons per tonne and saves 21,000 MJ of energy per tonne.
Conclusion
Ricron Panels is a recycling startup based in Gujarat that secured an undisclosed funding amount in its series A funding round led by Boon Sustainable Technologies. The funding round had the participation of new and existing investors including Circulate Capital, Harsh Mohunta, Infra.market’s former president, and more. The startup plans to use this fresh capital to scale operations, to expand its network and distribution channels. The company aims to use a portion of its investment to extend its network and scale its business worldwide. Ricron Panels currently serves in Bhopal and Ankleshwar. However, the firm plans to expand its business in at least four cities in the next five years.
