ReCircle is a plastic and waste management solution-providing startup that has secured an undisclosed investment in its bridge funding round. This round was led by Venture Catalysts and had the participation of other investors including HNIs, and Mumbai Angels. The startup plans to use these proceeds to scale its business, enhance its services, improve its platform, introduce new products, and expand the market.
The company intends to use a portion of this investment to launch its recycling unit this year. The cleantech startup uses advanced technologies to offer transparency and control over the supply chain from sourcing to disposal. The company allows you to transform the way you manage waste materials while optimizing resources to deliver sustainable goals. The platform provides solutions to convert and recycle waste materials into a resource. ReCircle aims to solve the growing waste problem in India by empowering brands and consumers to divert waste away from oceans and landfills to recycle, reuse, and repurpose in the industries. The startup has raised around $692k across multiple funding rounds, including $561k raised during the seed funding round from Acumen, Flipkart, and 3i Partners.
ReCircle has launched flagship initiatives including Plastic EPR service, ClimaOne, Project Extra Life, and Plastic Neutral Programs. The tech-based platform ClimaOne addresses the challenges in the ecosystem by providing real-time tracking, data analytics, simplified reports, and compliances. The company wants to use some of this investment to develop its market presence in the clean-tech sector. The startup intends to forward integration into the waste plastic supply chain. This enables the platform to provide high-quality traceable recycled plastic content to plastic packaging companies. The startup faces competition from other cleantech startups in the same market segment such as Recycling Technologies, and Samara Eco.
The Mumbai startup aims to achieve a revenue of Rs 100 crore in the next fiscal year. The firm plans to use this investment to strengthen its platform, and expand its services in India. ReCircle intends to use this amount to scale up its in-house infrastructure, enhance production capability, and product development, and advance its technology. The company provides a waste management platform with tech-enabled features. The company faces competition from other tech plastic and waste management solution companies in this sector. The development came just after the cleantech sector saw increased investor interest globally.
Conclusion:
ReCircle is a tech-enabled waste and plastic management cleantech startup that provides waste management solutions to its users. The startup got fresh capital in its bridge funding round from Venture Catalysts, Mumbai Angels, and HNISs. The funding round had participation from several other investors. The company intends to use this fresh capital to scale up its operations, launch a new recycling unit, expand its offerings, enhance its performing capabilities, and develop its brand presence. The company aims to transform the cleantech sector across India. The startup uses advanced technologies to provide waste management solutions. The investment shows the investor’s interest in the firm’s market potential and business model.
