This investment bolsters ReCircle's ethical, circular economy mission, facilitating expanded hiring, technology scaling, and broader partner networks across new waste supply chains.
MUMBAI, India, Sept. 26, 2023 /PRNewswire/ -- ReCircle has experienced a remarkable leap in waste recovery rates, marking an impressive 290% increase in 2022-23 as compared to the last financial year. As plans unfold to double this recovery amount, the urgency is palpable, considering India's annual plastic waste production of 3.4 million tonnes, of which a mere 30% is presently recycled.
To this aim, ReCircle, a leading resource recovery clean-tech innovator, recently closed its pre-series A fundraise led by Flipkart Ventures, 3i Partners, Acumen Fund Inc and a pool of HNI investors.
"This achievement fuels our ambitious growth strategy, empowering us to expand our technology and service capabilities as well as our partner networks into new waste supply chains. With our technology-enabled waste supply chain platform, we are poised to efficiently and transparently handle waste recovery across India in a scalable and cost-effective way. We are committed to drive greater change across the value chain by organising the sector, and taking an active role in the transition to a circular future", said Rahul Nainani β Co-Founder & CEO, ReCircle.
Lubna Ahmed β Head of Flipkart Ventures said, "Flipkart has always been at the forefront of empowering the startup ecosystem in India. We are excited to witness the transformative journey of startups in India as they harness Flipkart's resources and guidance to bring their innovative ideas to life. We are pleased to invest in ReCircle as it continues to fuel innovation and growth in its industry. The investment is being made by Flipkart Ventures through its cohort-based Leap Ahead program".
The fundraise will equip ReCircle to enhance its service offerings for brands and expand its partner network currently comprising a 350+ collector network. The investment will also enable ReCircle to scale its existing waste supply chain, digitise it further and propel it towards venturing into new waste supply chains such as paper, textile, glass etc.
Additionally, over the years, the company has improved urban waste systems pan-India by working directly and indirectly with over 3100 informal waste workers, having impacted their lives and improved livelihoods. Armed with fresh capital, ReCircle will continue to build strategies to reach the last-mile of the value chain ensuring dignity and equity for informal waste workers. "Acumen is excited to join ReCircle as an investor to support the company's vision of transforming waste into a valuable resource and bringing dignity to the work of people working in the waste management value chain who are often overlooked. This investment supports Acumen India's initiative on pioneering green jobs", said Paraag Sabhlok β Associate Director, Portfolio (India), Acumen.
"We are delighted to partner with passionate environmentalists and entrepreneurs, Rahul and Gurashish in their journey towards a more responsible, sustainable future", said Shalini Chhabra of 3i Partners.
The round of investment is driven by ReCircle's significant revenue growth, strong traction pan-India, and competitive advantage as a technology-forward company, which it has established year after year.
About ReCircle
Founded in 2016 by Rahul Nainani & Gurashish Singh Sahni, ReCircle is a resource recovery clean-tech innovator working towards a circular future. ReCircle empowers consumers and brands to divert waste away from landfills and oceans, back into the economy to be recycled, reused or repurposed.
Headquartered in Mumbai, ReCircle has diverted over 1,00,000+ MT (equivalent to the weight of 16,666 elephants) of waste from oceans and landfills across 270 cities & towns in India with the help of 45+ processing partners who have a pan-India network of 350+ collection partners and impacted over 3100 livelihoods (Safai Saathis).
As a technology-enabled enterprise, ReCircle enables transparency, traceability and accountability in the resource value chain to promote sustainable production and consumption of resources. To achieve its mission, ReCircle has instituted flagship initiatives such as, ClimaOne (a revolutionary tech-enabled platform designed to transform the informal waste supply chain), Plastic EPR Service, Plastic-Neutral programs and ground-level community collection drives.
For more information visit: https://recircle.in/
Contact:
Email Address: pr@recircle.in
Photo: https://mma.prnewswire.com/media/2220123/ReCircle.jpg
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