Gujarat-based plastic recycling company Ricron Panels has secured Series A funding, led by Boon Sustainable Technologies. The funding round also included Harsh Mohunta of Classic Display Systems, Dinesh Babbar, former President of Infra.Market, Veromint Advisors, Venkatesh Srinivasan, former Partner at EY GDS, architect Renuka Sharma, and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the financial advisor, while Kaushik Rajan was the legal advisor for Ricron Panels.
Ricron Panels is known for converting low-value multi-layer plastic (MLP) waste into high-quality, eco-friendly building materials. These materials include furniture, housing, roofing, and construction items, offering a sustainable alternative to traditional materials like plywood, metal, and cement.
Ricron’s innovative technology and environmental impact have earned it numerous awards, including the Climate Solver Award for Innovation in Technology 2019 by WWF. The company, founded by Rahul Chaudhary and Radhika Chaudhary, transforms non-recyclable plastic waste into waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant building materials. These products are also cost-effective compared to traditional materials.
Ricron recycles 5,000 tonnes of plastic annually, preventing deforestation, reducing CO2 emissions by 4.01 tons per tonne of Ricron produced, and saving 21,000 MJ of energy per tonne. Ricron was the first company in India to generate an Extended Producer Responsibility (EPR) credit.
The funds from this round will be used to enhance marketing and distribution efforts in India. Rahul Chaudhary, Director and Co-Founder of Ricron Panels, emphasized the importance of waste management, especially in rapidly developing countries like India. He stated that Ricron plans to increase its recycling capacity from 5,000 to 24,000 tonnes per year within the next two years.
Bharat Jaisinghani of Boon Sustainability praised Ricron’s innovative technology for converting plastic waste into sustainable products. He expressed Boon Sustainability’s commitment to supporting and scaling Ricron’s business globally.
Ricron currently operates manufacturing plants in Ankleshwar and Bhopal and aims to expand to at least four more locations in India over the next five years. The company serves prominent customers like L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle.
India generates about 3.4 million tonnes of plastic waste annually, with many towns and cities lacking organized waste management systems. The UNDP program, which began in 2018, has collected 83,000 metric tonnes of plastic waste so far.
Founded in 2013, Ricron Panels specializes in converting low-value multi-layer plastic (MLP) waste into high-quality, eco-friendly building materials. These materials serve as sustainable alternatives to plywood, metal, and cement roofing. Ricron’s innovative process and dedication to sustainability have enabled the company to establish a retail presence in major Indian cities and expand its reach to international markets, including the USA, UK, South Africa, Italy, Indonesia, Maldives, and Nepal.
