Strategic Investment from Industry Leaders Boon Sustainability, founded by the Jaisinghani brothers of Polycab fame, spearheaded the funding round, which also saw participation from notable figures such as Harsh Mohunta (Classic Display Systems), Dinesh Babbar (former President at Infra.Market), and several others. Notably, Ricron’s existing backer, Circulate Capital, continues to provide support as the firm operates the largest recycling portfolio in Asia.
Innovative Technology Driving Change Ricron has developed proprietary technology that transforms low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative building materials. Currently recycling approximately 5,000 tons of plastic annually, Ricron is positioned as a sustainable alternative in the construction sector, producing items such as roofing materials and furniture that rival traditional products in quality and price.
"India's rapid urbanization and consumerism are leading to unprecedented plastic waste," stated Rahul Chaudhary, Co-Founder and Director of Ricron Panels. "Our technology addresses this critical issue, enabling us to recycle significant volumes of plastic while creating responsible building materials."
Addressing Environmental Challenges Ricron’s manufacturing processes not only prevent deforestation but also significantly reduce carbon emissions. Each ton of Ricron-produced material avoids 4.01 tons of CO2 emissions and conserves 21,000 MJ of energy, underscoring the company’s commitment to sustainability. Ricron’s innovative approach has been recognized internationally, earning accolades such as the Climate Solver Award from WWF in 2019.
Plans for Expansion and Growth With the recent funding, Ricron aims to scale its operations, with plans to recycle 24,000 tons of plastic annually within the next two years. The company also intends to establish additional manufacturing sites across India, enhancing its capacity to meet growing demand.
Bharat Jaisinghani from Boon Sustainability remarked, “The rising plastic consumption across sectors is leading to significant environmental challenges. Ricron’s innovative technology provides a sustainable solution to these pressing issues, and we are committed to supporting their growth trajectory.”
Market Position and Future Outlook Ricron has already secured partnerships with industry giants, including L&T, Tata Projects, and Nestle, positioning itself as a leader in the sustainable building materials space. The company’s strategic direction aligns with the urgent need for effective plastic waste management in India, which generates approximately 3.4 million tons of plastic waste annually.
As Ricron prepares for its next phase of growth, its commitment to sustainability and innovative practices is set to not only redefine the construction landscape in India but also contribute significantly to global environmental goals.