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Bengaluru-based deeptech startup PolyCycl has raised INR 26 Cr (about $2.8 Mn) in a Series A round from Zerodha’s investment arm Rainmatter to scale its chemical recycling tech stack for plastic waste.
The startup intends to utilise the fresh capital to roll out commercial projects in partnership with industrial partners, strengthen its engineering and operations teams as well as support long-term licensing across domestic and global markets. The funding will also support efforts to deepen engagement with petrochemical and downstream manufacturing partners.
Founded by Amit Tandon in 2016, PolyCycl converts plastic waste into hydrocarbon oils that can be reused by companies to make fresh plastics and other materials. Its tech recycles low-grade and contaminated plastics such as single-use polythene bags and mixed polyolefin packaging, which can not usually be processed by mechanical recyclers.
The startup has designed a fully continuous process which can handle up to 100 tonnes of plastic waste per day in a single module. The startup said its system has reached “Technology Readiness Level 7”, claiming that it has been tested in extended industrial operations and is now ready for commercial scale-up.
The investment comes at a time when India’s plastic waste problem continues to deepen, with the country generating nearly 9.3 Mn tonnes of plastic waste every year. This is nearly 20% of the global total.
A large part of this waste consists of low-value and multi-layered plastics such as food wrappers, sachets and carry bags, which are difficult to recycle using conventional methods.
As per estimates, less than 1% of multi-layered plastic waste in India is recycled, with most of it ending up in landfills or being burned. This improper disposal of plastic also creates health hazards for the country’s more than 4 Mn informal waste pickers, who handle mixed and contaminated waste with minimal protection.
Chemical recycling is increasingly being seen as one of the few options to deal with such plastics, especially as regulators push for higher recycling rates and circular use of materials.
However, the sector remains capital-intensive and technically complex, with only a handful of startups like WITHOUT reaching late-stage deployment.
The post PolyCycl Raises INR 26 Cr To Scale Its Chemical Recycling Tech appeared first on Inc42 Media.
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