- Boon Sustainability Technologies is spearheaded by Polycab promoters Bharat Jaisinghani and Nikhil Jaisinghani. The funding round also saw participation from Harsh Mohunta, Managing Director of Classic Display Systems, Dinesh Babbar, former President at Infra.Market, boutique investment bank Veromint Advisors, Venkatesh Srinivasan, former Partner at EY GDS, architect Renuka Sharma, and Kaushik Rajan, founder of Stoicus Legal.
- Existing investors include Circulate Capital, a leading circular economy investment management firm with the largest recycling portfolio in Asia, backed by some of the world’s biggest brands.
- Ricron Panels is a plastic waste recycling company specializing in converting low-value multi-layer plastic (MLP) waste into high-quality building materials using proprietary technology.
- Ricron’s proprietary technology currently recycles 5,000 tons of plastic waste annually.
- The newly raised funds will be utilized for expanding Ricron’s presence in India, enhancing marketing efforts, capital expenditure, and growth capital.
July 9, 2024, Mumbai: Gujarat-based plastic waste recycling company Ricron Panels has successfully raised a Series A funding round led by Boon Sustainable Technologies. Other participants in the round include Harsh Mohunta, Managing Director of Classic Display Systems; Dinesh Babbar, former President at Infra.Market; boutique investment bank Veromint Advisors; Venkatesh Srinivasan, former Partner at EY GDS; architect Renuka Sharma; and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the sole financial advisor, while Kaushik Rajan of Stoicus Legal provided legal advisory services for the transaction.
Ricron Panels is a sustainability startup renowned for converting low-value multi-layer plastic (MLP) into high-quality, carbon-negative, and eco-friendly building materials through its patented technology. These materials, used in applications such as furniture, housing, roofing, and construction, offer a sustainable alternative to traditional building materials. Ricron’s panels serve as a cost-effective substitute for plywood, metal, and cement roofing, catering to both emerging and developed markets.
Globally recognized for its environmental contributions, Ricron has received numerous accolades, including the Climate Solver Award for Innovation in Technology 2019 by WWF.
Founded by Rahul Chaudhary and Radhika Chaudhary, 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, including roofing, framework shuttering, doors, panels, and storage pallets, boast superior nail and screw holding strength compared to traditional plywood and MDF, while also being cost-effective.
Ricron 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 of Ricron produced. Additionally, Ricron was the first company in India to generate an Extended Producer Responsibility (EPR) credit.
The newly raised funds will be used to bolster marketing and distribution efforts, expanding Ricron’s presence in the Indian market and amplifying its environmental and economic impact.
Rahul Chaudhary, Director and Co-Founder of Ricron Panels, stated, “Waste management is a major global concern as nations continue to develop and urbanize. India, with its growing population and consumerism, faces a rapid increase in plastic waste. Ricron was established to address this challenge by offering a promising solution through our state-of-the-art technology. Currently, we recycle 5,000 tons of plastic per year and plan to increase this to 24,000 tons annually within the next two years.”
Bharat Jaisinghani of Boon Sustainability added, “The rising plastic usage across sectors and the resultant waste pose significant environmental hazards. Ricron’s innovative technology converts waste plastic into sustainable products. At Boon Sustainability, we aim to provide strategic support to Ricron and scale this sustainable business worldwide.”
Ricron’s manufacturing plants are currently located in Ankleshwar and Bhopal, with plans to expand to at least four more locations across India within the next five years. The company boasts a prestigious clientele, including L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle.
India generates approximately 3.4 million tonnes of plastic waste annually. Across the country’s towns and cities, often ranked among the world’s most polluted, the absence of organized plastic waste management leads to widespread littering and pollution. Since its inception in 2018, the UNDP program has collected 83,000 metric tonnes of plastic waste.
