Hindustan Unilever launched a programme called Transform Plastics Challenge to back Indian tech startups working in plastic waste management segment
Under the programme, it will invest in five homegrown tech startups that are developing solutions for plastic waste and reuse and compostable packaging
Originally, the initiative was co-led by UK-based FCDO, Ernest & Young and Social Alpha
FMCG major Hindustan Unilever (HUL) has launched a programme called Transform Plastics Challenge to back Indian tech startups working in the space of plastic waste management.
Under the programme, HUL will invest INR 1.6 Cr each to five homegrown tech startups that are developing solutions for plastic waste, plastic reuse and compostable packaging. The said investment will be made in the form of grant and equity investments, according to Mint.
As a part of the programme, the selected startups will also receive mentorship and additional support to grow their businesses.
Originally, the programme was an initiative led by HUL, the UK-based FCDO, Ernest & Young and Social Alpha.
HUL said that it is committed to collecting and processing plastic and further, aims to use 100% recyclable plastic for packaging by 2025. It also claims to have achieved the said target in 2021.
The latest development has come at a time when the Centre and state governments have taken various measures to abolish single-use plastics in the country.
In June, the Central Pollution Control Board (CPCB) asked ecommerce companies to stop the usage of single-use plastics for packaging and other operations. It also banned 14 plastic commodities such as wrapping films used for packaging, plastic sticks used over earbuds, and PVC banners, among others.
In its written statement, CPCB had said, “On the demand side, directions have been issued to ecommerce companies, leading single-use plastic sellers/users, and plastic raw material manufacturers with respect to phasing out of identified single-use plastic items.”
Prior to that, the Delhi government also announced that it would support startups that can build alternative products or solutions to manage single-use plastic in the state.
The state government further said that it organised a training programme along with the UNEP for imparting knowledge about plastic waste management.
India’s waste management industry stood at $6.9 Bn in terms of revenue in 2020. The industry grew at a CAGR of 1.9% during the period 2016-2020. Some of the startups that are working in the space are Recykal, Nepra, Lucro Plastecycle and Sampurna(e)arth, among others