ReCircle is developing an ethical and traceable reverse supply chain for plastics. Through mobile apps and dashboards, they are able to link stakeholders in an informal supply chain to track materials from collection to processing, thus creating traceability. Material that flows through their supply chain is then sold as Plastic Credits to businesses that use plastic as packaging. Thus, they are able to become plastic neutral and increase their impact.
They have recovered over 74 Million Kgs of waste from over 200 Locations in India. This impacts the lives of over 2500 informal workers for businesses like Hindustan Unilever, Hindustan Coca Cola Beverages, Tata Starbucks, Dabur, Nestle & many more.
To check their data and data room, check ReCircle on DueDash.
Transforming India’s plastic waste management
Every year, India creates a massive amount of plastic waste. According to the Niti Aayog UNDP Handbook on Sustainable Urban Plastic Waste Management, around 3.4 million tonnes of plastic waste are generated annually. Although producing a huge amount of waste, India imports plastic for recycling from other countries including China, Italy, Japan, and Malawi. The Indian Plastic Waste Management Industry is mostly informal, and there is a massive gap in the supply chain for plastic waste management. ReCircle is capitalizing on this opportunity by developing a technology-enabled traceable reverse supply chain for plastic to assist major businesses in meeting EPR compliance while also meeting their SDGs.
Fundraising achieved so far
The deal terms
They are raising a round of $2.5M.
A entrepreneurially seasoned team Leading the way
They are a young and dynamic team with extensive entrepreneurial experience. The group is comprised of specialists from operations, technology, business development, marketing, and human resources.
Bridging the gap to empower resource recovery
India is the world’s fifth-largest producer of plastic garbage. The estimated market size of India’s plastic industry stands at Rs 7.1 lakh crore ($96 billion) as of 2021-22 and it employs more than 4 million people, according to the Plastic Industry Status Report 2021, by PlastIndia Foundation, a body of the major associations, organisations, and institutions connected with plastics.
According to the research, India’s plastic demand in 2021-22 was 20.89 million tonnes, and it is expected to reach 22 million tonnes by 2023. The plastic sector claims to recycle more than 60% of plastic waste created after a product is consumed and its packaging is discarded. To combat plastic waste, the government has already prohibited certain plastic goods such as straws and plates. As a result, plastic credit/ EPR will be a crucial policy instrument in managing India’s massive plastic waste.
Getting ahead of a growing market
Advanced communication with stakeholders
Working with stakeholders over the last 5+ years, they have developed a proprietary digital platform that connects each stakeholder in the ecosystem, therefore enabling traceability in an informal and fragmented industry. The material that flows through their platform is sold as Plastic Credits to businesses.