ReCircle in a fundraising with Flipkart, 3i Partners and Acumen Fund
ReCircle has experienced a leap in waste recovery rates, marking a 290% increase in 2022-23 as compared to the last financial year. The company plans to double this recovery amount considering India’s annual plastic waste production of 3.4 million tonnes, of which only 30% is presently recycled. To this aim, ReCircle, recently closed its pre-series, a fundraise led by Flipkart Ventures, 3i Partners, Acumen Fund and a pool of HNI investors.
27 Sep 2023 | By Abhay Avadhani
ReCircle has improved urban waste systems in pan-India by working with over 3,100 informal waste workers, having impacted their lives
This investment bolsters ReCircle's circular economy mission, facilitating expanded hiring, technology scaling, and broader partner networks across new waste supply chains.
“With our technology-enabled waste supply chain platform, we are poised to 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,” said Rahul Nainani, co-founder and CEO, ReCircle.
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. 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, and glass.
Additionally, over the years, the company has improved urban waste systems pan-India. This has been achieved by working with over 3,100 informal waste workers, having impacted their lives and improved livelihoods.
“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,” said Paraag Sabhlok, associate director, portfolio (India), Acumen.
“We are delighted to partner with passionate environmentalists and entrepreneurs, Rahul and Gurashish in their journey towards a more responsible, sustainable future”, said Shalini Chhabra of 3i Partners.