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ReCircle, a cleantech startup, has secured an undisclosed sum of investment in a bridge financing round that was jointly led by Mumbai Angels, Venture Catalysts, and high-net-worth individuals (HNIs).
The company had previously secured a pre-Series A round of funding from Acumen Fund Inc., 3i Partners, and Flipkart Ventures.
Diversification, expansion, and the establishment of its own recycling unit will be the primary objectives of the proceeds in the forthcoming months.
The objective of ReCircle is to address the increasing waste issue in India by enabling consumers and brands to redirect waste from landfills and oceans and bring it back into the economy for recycling, reuse, or repurposing.
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Plastic EPR Service, Project Extra Life, Plastic Neutral Programs, and ClimaOne are among the flagship initiatives that the venture has implemented. The ecosystem's extant challenges are addressed by the tech-enabled platform, ClimaOne, which is a unified, transparent platform that simplifies reporting and compliance, provides real-time tracking, and is backed by data analytics.
ReCircle is committed to the pursuit of ethical circularity and is committed to the advancement of integration into the plastic waste supply chain. This will allow it to offer traceable, high-quality recycled plastic content to companies that utilize plastic packaging. The organization's objective is to generate Rs 100 crore in revenue during the forthcoming fiscal year.
About ReCircle
Founded in 2016 by Rahul Nainani & Gurashish Singh Sahni, ReCircle started as a grassroots-level waste collection aggregator in 2016.
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