Recycling Startup Ricron Panels Bags Series A Funding From Boon Sustainability, Others

Plastic waste recycling company Ricron Panels has raised an undisclosed amount in its Series A funding round led by Boon Sustainable Technologies.

The round also saw participation from existing investor Circulate Capital, along with new backers, including Classic Display Systems’ managing director Harsh Mohunta, Infra.Market’s former president Dinesh Babbar and boutique investment bank Veromint Advisors, among others.

The startup will use the fresh funds to boost its marketing and distribution channels. It also aims to further increase its production capacity to 2,000 tonnes a month.

Founded in 2013 by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels specialises in converting low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative, and eco-friendly building materials using its patented technology.

Ricron’s patented technology transforms non-recyclable plastic waste into versatile, waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof and impact-resistant building materials. These products include roofing, framework shuttering, doors, panels and storage pallets.

Currently, operational at Ankleshwar and Bhopal, the startup plans to expand to at least four more cities in the next five years. 

It counts L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon and Nestle among its portfolio companies.

Rahul Chaudhary said, “Waste management is emerging as a major concern across the nations worldwide as we continue to develop and urbanise. To mitigate this formidable plastic wastage, Ricron was established to back waste management and offer a promising solution.”

Executive director, Bharat Jaisinghani of Boon Sustainability added, “ Ricron with its innovative technology enables waste plastic to convert into sustainable products. At Boon Sustainability, we aim to extend strategic support to Ricron and scale this sustainable business worldwide.”

India generates about 3.4 Mn tonnes of plastic waste annually, as per UNDP data. Across India’s many towns and cities, which are often ranked among the world’s most polluted, the absence of an organised management of plastic waste leads to widespread littering and pollution.

India’s waste recycling market is experiencing significant growth, with the plastic recycling sector expected to reach 23.7 Mn tonnes by 2032, growing at a CAGR of 9.86%. The market has seen a substantial increase in recycling capacity, growing from 60,000 tonnes per year in 2005 to over 500,000 tonnes recently.

This growth is driven by increasing environmental awareness, government initiatives like the Swachh Bharat Mission, and technological advancements in recycling processes.