ReCircle, a cleantech innovator, has secured a pre-Series A funding round led by Flipkart Ventures, 3i Partners, and Acumen Fund Inc., along with a group of high-net-worth individual (HNI) investors.
This investment not only propels ReCircle’s ambitious growth strategy but also strengthens its mission of promoting an ethical circular economy. The funds will be utilized to expand hiring, scale technology, and broaden partner networks across new waste supply chains.
ReCircle has demonstrated remarkable success in its mission, achieving a staggering 290% increase in waste recovery rates during the 2022-23 fiscal year compared to the previous year. With plans to double this recovery amount, the urgency becomes apparent, especially considering India’s annual plastic waste production of 3.4 million tonnes, of which only 30% is currently recycled.
Rahul Nainani, Co-Founder & CEO of ReCircle, said, “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”
Lubna Ahmed — 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.
Over the years, ReCircle has played a pivotal role in improving urban waste systems across India by collaborating with over 3,100 informal waste workers, thus enhancing their lives and livelihoods. The funding will enable ReCircle to continue its mission, reaching the last mile of the value chain and ensuring dignity and equity for informal waste workers.
Paraag Sabhlok, Associate Director, Portfolio (India) at Acumen, said “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”
Shalini Chhabra of 3i Partners, said, “We are delighted to partner with passionate environmentalists and entrepreneurs, Rahul and Gurashish in their journey towards a more responsible, sustainable future”.
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.