Ricron Panels, a Gujarat-based plastic waste recycling startup, has raised a Series A funding round led by Boon Sustainable Technologies.

Harsh Mohunta, Managing Director of Classic Display Systems, Dinesh Babbar, Ex-President of Infra. Market, Veromint Advisors, a boutique investment bank, Venkatesh Srinivasan, Ex-Partner EY GDS, Renuka Sharma, Architecht, and Kaushik Rajan, founder of Stoicus Legal, also participated in the round. Ricron Panels’ legal advisor for this deal was Kaushik Rajan, founder of Stoicus Legal, while Veromint Advisors served as the sole financial advisor.

Ricron Panels, a sustainability firm, has pioneered the conversion of low-value multi-layer plastic (MLP) into high-quality, carbon-negative, and eco-friendly building materials using its patented technique. End applications include furniture, housing, roofing, and building, providing a viable and sustainable alternative to traditional materials. Ricron’s panels are a high-utility, cost-effective alternative to plywood, metal and cement roofs, offering a green building solution for both emerging and developed markets.

Ricron has received multiple awards for its environmental contributions, including the World Wildlife Fund’s Climate Solver Award for Innovation in Technology 2019.

Ricron, founded by visionary entrepreneurs Rahul Chaudhary and Radhika Chaudhary, uses proprietary technology to transform non-recyclable plastic trash into flexible building materials that are waterproof, rust-proof, fire-resistant, heat-resistant, termite-proof, and impact-resistant. These items, which include roofing, framework shuttering, doors, panels, and storage pallets, have higher nail and screw holding strength than typical plywood and MDF and also cost less.

The company recycles 5,000 tonnes of plastic each year, reducing one tonne of deforestation, avoiding the emission of 4.01 tonnes of CO2, and saving 21,000 MJ of energy for each tonne of Ricron manufactured. Furthermore, Ricron was the first company in India to generate an Extended Producer Responsibility (EPR) credit.

The funds raised in the current round will be used to boost Ricron’s marketing and distribution activities in India, thereby increasing the company’s environmental and economic impact.

Rahul Chaudhary, Director & Co-Founder, Ricron Panel says, “Waste management is emerging as a major concern across the nations worldwide as we continue to develop and urbanise. India is one such country which is constantly developing along with its growing population and consumerism 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. With our state-of-the-art technology, today we are manufacturing responsible building materials by recycling 5000 tons of plastic per year and in the next 2 years, we plan to recycle 24000 tons per year.”

Speaking on the investment, Bharat Jaisinghani, Boon Sustainability, says, “Over the years plastic usage across sectors has been on the rise and so has been the after-usage waste which is 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.”

Ricron’s manufacturing plants are now located in Ankleshwar and Bhopal, and the business plans to expand to at least four additional locations across India within the next five years.  L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK bt Asian Paints, Decathlon, Nestle, and other well-known customers use the company’s services. 

In India’s many towns and cities, which are frequently named among the world’s most polluted, the lack of organised plastic waste disposal leads to rampant littering and pollution. The UNDP operation, which launched in 2018, has gathered 83,000 metric tonnes of plastic waste. India creates approximately 3.4 million tonnes of plastic garbage each year.

For more information, visit: https://www.ricron.com/