Gujarat-based plastic waste recycling company Ricron Panels has raised an undisclosed Series A round led by Boon Sustainable Technologies to transform plastic waste into innovative technology for sustainable materials used in various building applications.
The latest Series A round also witnessed participation from Harsh Mohunta, managing director of Classic Display Systems, and Dinesh Babbar, ex-president of Infra. Market, Boutique investment bank Veromint Advisors, Venkatesh Srinivasan, Ex-Partner EY GDS, Renuka Sharma, Architect, and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors acted as the sole financial advisor, and Kaushik Rajan was the legal advisor for Ricron Panels in this transaction.
Ricron Panels uses patented technology to convert low-value multi-layer plastic (MLP) into high-quality, carbon-negative, eco-friendly building materials. These materials offer a sustainable alternative to traditional options like plywood, metal, and cement, finding applications in furniture, housing, roofing, and construction.
Innovative Technology for Sustainable Building
Rahul Chaudhary, Director and Co-Founder of Ricron Panels, highlights the company’s commitment to addressing plastic waste through innovative recycling methods. “Our state-of-the-art technology recycles 5,000 tons of plastic annually, producing responsible building materials. In the next two years, we plan to increase our recycling capacity to 24,000 tons annually,” he says.
Ricron’s products are recognized for their environmental benefits. The company recycles 5,000 tonnes of plastic annually, preventing one ton of deforestation, avoiding the emission of 4.01 tons of CO2, and saving 21,000 MJ of energy for every ton produced. Additionally, Ricron was the first company in India to generate an Extended Producer Responsibility (EPR) credit.
The funds raised recently will bolster marketing and distribution efforts, expanding Ricron’s presence in the Indian market. The company operates manufacturing plants in Ankleshwar and Bhopal, with plans to open at least four more locations across India in the next five years.
Global Recognition and Clients
The sustainable startup has received numerous accolades, including WWF’s Climate Solver Award for Innovation in Technology 2019. Its clientele includes marquee names like L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle.
India generates about 3.4 million tonnes of plastic waste annually. Ricron Panels aims to address this issue by offering eco-friendly building materials. The company’s drive towards increasing plastic circularity is underpinned by its continuous pursuit of innovation and sustainable practices.
Across India’s many towns and cities, often ranked among the world’s most polluted, the absence of organized plastic waste management leads to widespread littering and pollution. The UNDP program, which began in 2018, has collected 83,000 metric tonnes of plastic waste.
Rahul Chaudhary, Director and Co-Founder of Ricron Panel said, “Waste management is emerging as a major concern across the nations worldwide as we continue to develop and urbanize. India is one such country that is constantly developing, along with its growing population and consumerism are causing a rapid increase in plastic intake. To mitigate this formidable plastic wastage, Ricron was established to back waste management and offer a promising solution.”
The company’s innovative process offers a cost-effective substitute for traditional materials, promoting sustainability in emerging and developed markets. Ricron’s commitment to sustainability and innovation has led to successful projects in the USA, UK, South Africa, Italy, Indonesia, Maldives, and Nepal.
Bharat Jaisinghani of Boon Sustainability Technologies said, “Over the years, plastic usage across sectors has been rising, and so has the after-usage waste, exhausting the dumping space and causing environmental hazards. Ricron, with its innovative technology, enables waste plastic to be converted into sustainable products. At Boon Sustainability, we aim to extend strategic support to Ricron and scale this sustainable business worldwide.”
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