ReCircle, an Indian cleantech startup, announced that it has secured an undisclosed amount in a bridge funding round.
The funding round was led by Venture Catalysts and Mumbai Angels, a subsidiary of 360 ONE WAM, along with high-net-worth individuals.
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The startup plans to use the funding to support its mission to transition to a circular system for managing plastic waste.
ReCircle CEO and co-founder Rahul Nainani was quoted as saying: “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.”
ReCircle has been working towards circularity as part of its growth and diversification strategy.
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By GlobalDataThe move is expected to create a new revenue stream for ReCircle as it aims to reach its Rs1bn ($11.91m) revenue goal for financial year 2025-26.
Currently, ReCircle operates a material recovery facility in Dahisar, in the state of Mumbai, where it collects various materials, including plastic, paper, cardboard, metal, glass, e-waste, and textile waste.
The company says it has diverted more than 169,000 tonnes of waste from landfills and water bodies across 270 cities and towns in the country.
Venture Catalysts co-founder and managing director Apoorva Ranjan Sharma was quoted as 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.”
