ReCircle closes preseries A funding round, aims to expand recycling efforts

ReCircle, a Mumbai-based resource recovery company, recently closed its preseries A fundraise, led by Flipkart Ventures, 3i Partners, Acumen Fund Inc. and a pool of HNI Investors.

Additionally, the company says it has experienced a sizable leap in recovery rates, claiming a 290 percent increase in 2022-23 compared with the previous financial year. The company plans to double this recovery amount, citing urgency as India’s annual plastic waste production hovers around 3.4 million tons, of which 30 percent currently is recycled.

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“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,” ReCircle co-founder and CEO Rahul Nainani says. “With our technology-enabled waste supply chain platform, we are poised to handle waste recovery efficiently and transparently across India in a scalable and cost-effective way. We are committed to drive greater change across the value chain by organizing the sector and taking an active role in the transition to a circular future.”

ReCircle says the fundraise will allow it to enhance its service offerings for brands and expand its partner network that currently includes more than 350 collectors. The investment also will enable the company to scale its existing waste supply chain, further digitize it and propel it toward venturing into new waste supply chains such as paper, textiles and glass.

“Flipkart has always been at the forefront of empowering the startup ecosystem in India,” says Lubna Ahmed, head of Bangalore, India-based Flipkart Ventures. “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.”

ReCircle says, over the years, it has improved urban waste systems in pan-India by working directly and indirectly with more than 3,100 informal waste workers, having impacted their lives and improved livelihoods. With new capital, the company says it will continue to build strategies to reach the last mile of the value chain, ensuring dignity and equity for informal waste workers.

“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,” says Paraag Sabhlok, associate director, India portfolio, at New York-based Acumen. “This investment supports Acumen India’s initiative on pioneering green jobs.”