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Flipkart Ventures-backed ReCircle raises bridge round

Entrackr · 1y ago

Medial

Cleantech startup ReCircle has raised an undisclosed amount of investment in a bridge funding round co- led by Venture Catalysts, Mumbai Angels, and high-net-worth individuals (HNIs). The company had previously raised pre Series-A round from Flipkart Ventures, 3i Partners & Acumen Fund Inc The proceeds will be allocated towards diversification, expansion, and launching its own recycling unit in the coming months, ReCircle stated in a press-release. Co- founded in 2016 by Rahul Nainani and Gurashish Singh Sahni, ReCircle aims to solve India’s growing waste problem and empowers consumers and brands to divert waste away from landfills and oceans, and back into the economy to be recycled, reused or repurposed. The startup has introduced flagship initiatives such as ClimaOne, Plastic EPR Service, Plastic Neutral Programs, and Project Extra Life. Its tech-enabled platform, ClimaOne, addresses existing challenges in the ecosystem by building a unified, transparent platform that provides real-time tracking, backed by data analytics and simplifies reporting and compliance. ReCircle intends to work towards ethical circularity, and plans to forward integration into the plastic waste supply chain. This will enable it to provide high-quality, traceable recycled plastic content to companies using plastic packaging. The company aims to achieve a revenue of Rs 100 crore in the next financial year.