Cleantech Startup ReCircle Closes Bridge Round Led By Venture Catalysts, Mumbai Angels

ReCircle, a clean-tech startup, said that it has secured a undiisclosed amount bridge funding round led by Venture Catalysts, Mumbai Angels (a wholly owned subsidiary of 360 ONE WAM), and high-net-worth individuals (HNIs). This funding will support ReCircle's mission to transition to a circular system for plastic waste.

With growing compliance for recycled plastics and mandatory extended producer responsibility (EPR) policies, ReCircle claimed that it is committed to ensuring businesses adhere to local policies and meet their global sustainability goals.

“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 recycling unit in the coming months,” said Rahul Nainani, CEO & Co-Founder, ReCircle.

As part of its growth and diversification strategy, ReCircle is committed to work towards ethical circularity, and plans to forward integrate into the plastic waste supply chain. This will enable ReCircle to provide high-quality, traceable recycled plastic content to companies using plastic packaging. With this, the company opens up a new revenue channel, helping it achieve its targeted revenue of Rs 100 Cr in the next financial year (2025-26).

Currently, ReCircle operates its advanced material recovery facility in Dahisar, Mumbai wherein it collects materials including plastic, paper, cardboard, metal, glass, e-waste, and textile waste. ReCircle said that it has diverted over 169,000 metric tonne (equivalent to the weight of 28,166 elephants) of waste from landfills and water bodies across 270 cities & towns in India with the help of 45 plus processing partners who have a pan-India network of 400 collection partners.

Apoorva Ranjan Sharma, Co-Founder, Managing Director, 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.”