Lucro Plastecycle Private Limited, a plastic recycling company has raised undisclosed amount in funding round from Circulate Capital, a Singapore-based investment management firm.
The company plans to use the funds to triple its capacity to meet the growing demand for its products.
The Mumbai-based Lucro was founded in 2012 by Saumil Dinesh Desai and Ujwal Desai, It recycles locally sourced flexible plastic waste to manufacture flexible packaging products, such as shrink wraps and films.
The company aims to recycle more than 315,000 tons of flexible and rigid plastic waste by 2031 and create more than 1,000 new jobs and contract opportunities.
Ujwal Desai, Lucro’s Co-Founder and Managing Director said, “Circulate Capital’s further investment demonstrates that we are executing on our objective of completing the loop on plastic packaging and becoming a leader in innovative recycled materials to support the worldwide shift toward circularity. With their continuous support, we will be able to strengthen our capacity to satisfy the growing demand for post-consumer recycled (PCR) packaging and accelerate our impact across India’s waste management and recycling industry.”
“We are proud of Lucro’s outstanding success over the last two years. They have shown incredible endurance in the face of the pandemic, and their success demonstrates that the development of commercial and environmental values can coexist. We are delighted to assist them in expanding their world-class operations to fulfil the growing need for sustainable packaging solutions”, said, Rob Kaplan, Founder and CEO of Circulate Capital.
Lucro is well-integrated waste management, recycling and product manufacturing company helping the transition towards a better tomorrow by ensuring that plastic stays in a circular economy.
They provide sustainable solutions for businesses by creating high-quality products from post-consumer waste.
They create a Circular Plastics Economy by collecting post-consumer waste in their collection centres and recycling it into final packaging products at our facilities.
They also provide brands with a sustainable packaging solution in the process. They close the loop on plastic waste with their trademarked process – Plast-E-Cycle.
This process lets us recover the plastic waste collected from waste-pickers, NGOs, aggregators, and brands and recycle it into granules, which form the final packaging and products.