Akshata Sharma
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Gujarat-based plastic waste recycling startup Ricron Panels has raised an undisclosed amount in a Series A funding round led by Boon Sustainable Technologies.
The round also saw participation from Harsh Mohunta (Managing Director, Classic Display Systems), Dinesh Babbar (Ex-President, InfraMarket), Boutique investment bank Veromint Advisors, Venkatesh Srinivasan (Ex-Partner, EY GDS), Renuka Sharma (Architect), and Kaushik Rajan (Founder, Stoicus Legal).
Founded in 2013 by Rahul Chaudhary and Radhika Chaudhary, Ricron is a plastic waste recycling company based in Gujarat, India. The startup specialises in converting low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative, eco- friendly materials for furniture, housing, roofing, construction and other building applications.
Developed through an innovative proprietary process, Ricron claims that its panels are a high utility and cost-effective substitute to common materials, such as plywood and metal and cement roofing, offering a sustainable green building solution for emerging and developed markets.
"Waste management is emerging as a major concern across the nations worldwide as we continue to develop and urbanize. India is one such country which is constantly developing along with its growing population and consumerism causing a rapid increase in plastic intake," said Rahul Chaudhary, Director and Co- Founder of Ricron Panel.
Claims to recycle a significant amount of plastics annually
Ricron recycles 5,000 tonnes of plastic annually, preventing one ton of deforestation, avoiding the emission of 4.01 tons of CO2, and saving 21,000 MJ of energy for every ton of Ricron produced.
"With our state of 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," Chaudhary said.
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