Flipkart Ventures-backed cleantech startup ReCircle raised bridge funding
In a bridge funding round led by Mumbai Angels, Venture Catalysts, and high-net-worth individuals (HNIs), cleantech startup ReCircle has raised an undisclosed amount of capital.
Flipkart Ventures, 3i Partners, and Acumen Fund Inc. had previously contributed to the company’s pre-Series-A funding round.
In the upcoming months, ReCircle plans to diversify, expand, and establish its recycling unit with the proceeds, the company announced in a press release.
ReCircle, which Rahul Nainani and Gurashish Singh Sahni co-founded in 2016, seeks to address India’s mounting waste issue by enabling consumers and brands to redirect waste from landfills and the ocean toward reuse, recycling, and other economic uses.
Leading projects like ClimaOne, Plastic EPR Service, Plastic Neutral Programs, and Project Extra Life have been unveiled by the startup. Through the creation of a unified, transparent platform that offers real-time tracking supported by data analytics and streamlines reporting and compliance, its tech-enabled platform, ClimaOne, addresses current challenges in the ecosystem.
In addition to advancing integration into the supply chain for plastic waste, ReCircle aims to promote ethical circularity. It will be able to supply businesses that use plastic packaging with high-quality, traceable recycled plastic content thanks to this. In the upcoming fiscal year, the company wants to generate revenue of Rs 100 crore.
