ReCircle, a waste management startup, has successfully secured funding in a pre-series A round. Major participants in this funding round included Flipkart Ventures, 3i Partners, Acumen Fund Inc., and a consortium of high-net-worth individual investors.
With this fresh infusion of capital, ReCircle is gearing up to significantly expand its operations. The company plans to amplify its technological and service capacities, venture into new waste supply chains such as paper, textile, and glass, and digitise its existing waste management processes. Furthermore, the company said that there will be a strong emphasis on broadening partnerships across various sectors to better manage waste streams.
ReCircle specialises in waste recovery and management. In the financial year 2022-23, “ReCircle's waste recovery rates witnessed a robust 290% growth compared to the previous year.” Given the environmental challenges India faces, particularly with 3.4 million tonnes of plastic waste generated annually and only 30% of it undergoing recycling, ReCircle's services address a critical need.
The company claimed that it has collaborated with more than 3100 informal waste workers across India in its mission to uplift their living conditions and provide them with dignified employment opportunities.
On this strategic move, Rahul Nainani, Co-Founder & CEO, ReCircle, stated, “Our goal is to play a significant role in India's transition to a circular economy. This funding is a testament to our ambition, and we're gearing up to make substantial changes in the waste management sector.”
Lubna Ahmed, Head, Flipkart Ventures, one of the key investors, expressed confidence in their investment. She said, “Flipkart has always been a fervent supporter of innovative startups. ReCircle, with its impactful model and vision, fits perfectly into our investment paradigm.”
Paraag Sabhlok, Associate Director, Portfolio (India), Acumen, echoed similar sentiments. He said, “ReCircle's vision of transforming waste into valuable resources aligns with Acumen's broader objectives. We're excited to be part of this transformative journey.”