365telugu.com,online news,Hyderabad, December,11th, 2020: Circulate Capital, the Singapore-based investment management company focused on preventing plastic from leaking into the ocean and advancing the circular economy, today announced that the Circulate Capital Ocean Fund (CCOF) has made a strategic investment into Srichakra Polyplast (Srichakra), a pioneering, technology-driven plastic recycler headquartered in Hyderabad. Established in partnership with PepsiCo (its first investor), Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, and Chevron Phillips Chemical, CCOF is the world’s first investment fund dedicated to combat ocean plastic in South and Southeast Asia.Srichakra gives locally sourced PET plastic waste, like plastic bottles, a new life by producing superior quality recycled PET and olefin flakes and granules for value-added applications, such as packaging, that can repeatedly be recycled, truly advancing the circular economy.By focusing on efficiency and quality, Srichakra has achieved many firsts for the plastic recycling industry in India, a trait that has also provided the company with a significant competitive advantage. The company introduced automation to the plastic recycling process in 2010 and has continuously improved the quality and purity of recycled plastic material to help brand owners reduce virgin plastic use.
This work has resulted in the development of one of the first bottle-to-bottle process and production facility in India.In FY 2019, Srichakra recycled more than 4,000 tonnes of plastic and aims to expand its capacity by fivefold in the next year.Ravindra Venkata, Co-founder and CEO, Srichakra Polyplast, stated,“In 2010, we pioneered the plastic recycling process in India with the firm belief that it is possible to build a profitable recycling company that ensures plastic waste is recycled multiple times and does not end up in landfills and oceans. With Circulate Capital’s support we aim to enhance our offering by producing larger quantities of recycled material to higher specifications, that will hopefully see us achieve India’s first food-grade application facility.”Commenting on the commitment, Rob Kaplan, CEO, Circulate Capital said, “Born in Hyderabad out of an aspiration to create value from waste, Srichakra’s unending push towards stronger technology and best-in-class product quality has led to advancements for the entire waste management and recycling industry. We look forward to supporting Srichakra on its journey ahead.”
To date, Circulate Capital has committed US$39 million to form the largest investment portfolio dedicated to fighting plastic pollution and advancing the circular economy for plastic waste in India. The portfolio includes six local small and medium enterprises (SMEs) that are pioneers in the waste management sector and are disrupting the recycling value chain. In concert, the portfolio aims to materially improve the industry in India by driving scale to address key systemic gaps and pain points within the ecosystem, such as fragmentation, lack of traceability and low quality of recycled materials through three key innovation strategies: scaling upcycling to transform waste into value (Lucro Plastecycle, Srichakra, Ricron and Dalmia Polypro); scaling digitization (Recykal); and, scaling collection and sorting (Nepra Resource Management.The catalytic capital provided through CCOF’s investments will fund capacity expansion to help the portfolio companies embark on their next stage of growth. In addition to financing, Circulate Capital provides mentorship, technical expertise as well as introductions to its network of partners along the value chain so that they can thrive for the long term.
About Srichakra Polyplast Pvt Ltd
Founded in 2010, Srichakra Polyplast (India) Pvt Ltd is a leading plastic recycling and waste management company based in Hyderabad, India. Srichakra produces superior PET and olefin flakes and granules from plastic waste. We specialise in offering high-quality recycled products in large volumes for the packaging industry. We are constantly striving to improve upon our best capabilities to help brand owners reduce virgin plastic use, and this work has resulted in the development of our technically advanced bottle-to-bottle solutions and food-grade recycled pellets. For ten years, Srichakra has championed the transformation of locally sourced plastic waste and strives to divert plastic from the ocean and encourage the advancement of the circular economy. Visit https://srichakra.in/ for more information.