Gujarat-based startup Ricron Panels, specializing in plastic waste recycling, has successfully raised an undisclosed amount in a Series A funding round led by Boon Sustainable Technologies.
This round also saw participation from prominent investors, including Harsh Mohunta (Managing Director, Classic Display Systems), Dinesh Babbar (Ex-President, Infra.Market), Venkatesh Srinivasan (Ex-Partner, EY GDS), architect Renuka Sharma, and Kaushik Rajan (Founder, Stoicus Legal). Boutique investment bank Veromint Advisors acted as the sole financial advisor, and Kaushik Rajan served as the legal advisor for this transaction.
Founded in 2013 by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels is a pioneering plastic waste recycling company based in Gujarat, India. The startup specializes in converting low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative, eco-friendly materials suitable for furniture, housing, roofing, construction, and other building applications. Through its innovative proprietary process, Ricron offers panels that serve as a cost-effective and sustainable substitute for traditional materials such as plywood, metal, and cement roofing.
Ricron claims to recycle 5,000 tonnes of plastic annually, thereby 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. “With our state-of-the-art technology, today we are manufacturing responsible building materials by recycling 5,000 tons of plastic per year and in the next two years, we plan to recycle 24,000 tons per year,” said Rahul Chaudhary, Director and Co-Founder of Ricron Panels. Additionally, Ricron is the first company in India to generate an Extended Producer Responsibility (EPR) credit.
The startup aims to use the raised capital to enhance its marketing and distribution efforts, thereby expanding its presence in the Indian market and amplifying its environmental and economic impact. Currently, Ricron’s manufacturing plants are located in Ankleshwar and Bhopal, with plans to expand to at least four more locations across India within five years. Notable clients include L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle.
The lack of organized plastic waste management in India leads to widespread littering and pollution in many towns and cities, often ranked among the world’s most polluted. India generates approximately 3.4 million tonnes of plastic waste annually. The UNDP program, which began in 2018, has so far collected 83,000 metric tonnes of plastic waste.
Bharat Jaisinghani of Boon Sustainability commented, “Over the years, plastic usage across sectors has been on the rise, and so has the after-usage waste, which not only exhausts dumping space but also causes environmental hazards. 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.”
This investment marks a significant step forward for Ricron Panels, highlighting its potential to drive sustainable solutions in the plastic waste recycling industry.
