2 hrs ago
Greenwave Circularity Raises $31.5 Million for Indian Recycling Capacity
Greenwave Circularity is a company that recycles used plastic.
It has received $31.5 million to build a new recycling facility in India.
The facility will mainly use discarded PET bottles.
It will turn the bottles into materials that can be used to make new food and drink packaging.
The company also wants to recycle other plastics, including HDPE and PP.
The project is intended to help companies use more recycled material in their packaging.
Greenwave says it could create more organised work for waste collectors and new formal jobs.
The company may later expand to other countries, but its immediate focus is India.
Greenwave Circularity secured $31.5 million from OeEB, backed by the European Union’s EFSD+ programme.
The financing will fund new plastic recycling capacity in India to meet demand for recycled packaging.
The facility will convert post-consumer plastic, especially PET bottles, into food-grade recycled PET products.
Greenwave also plans to develop recycling capacity for HDPE and PP plastics.
The company aims to formalise scrap collection, create employment and eventually assess expansion into selected emerging markets.
- Who
- Greenwave Circularity, with financing from OeEB backed by the European Union’s EFSD+ programme.
- What
- Greenwave Circularity raised $31.5 million to build plastic recycling capacity and produce recycled packaging materials.
- Where
- The planned recycling capacity will be built in India.
- When
- The financing was announced on September 10, 2026.
- Why
- The company aims to meet growing FMCG demand for recycled packaging and respond to pressure for more circular supply chains.
Key facts
- Financing
- $31.5 million, or approximately ₹300 crore
- Investor
- OeEB, the Development Bank of Austria
- EU support
- Backed by the European Fund for Sustainable Development Plus under its Transforming Global Value Chains programme
- Main feedstock
- Post-consumer plastic, particularly discarded PET bottles
- Products
- Food-grade recycled PET resin, flakes, pellets and preforms
- Additional plastics
- High-density polyethylene (HDPE) and polypropylene (PP)
- Immediate focus
- Building Greenwave’s recycling platform in India
Quotes
Devang Kumar
Founder and CEO of Greenwave Circularity
“This long-term financing marks a significant milestone in our journey to scale circular economy solutions across industries. Partnering with OeEB builds credibility and strengthens our ability to accelerate innovation, expand our reach, and deliver measurable impact.”
thehindubusinessline.com
Sources
Related news
India Turns To Technology And EPR Amid Plastic Waste Crisis
India’s Sustainable Packaging Startups Shift Toward Commercial Scale
India Urges Stronger Textile Recovery Frameworks for Climate Commitments
Can gold recycling become India's next circular economy success?
PETRONAS Lubricants India, Tata Motors Sign Used-Oil Recycling MoU
Sprite Tejas Express Turns Plastic Waste Into Public Infrastructure
Xi Jinping to Visit India for BRICS Summit
Approved Stem Cell Therapy Enters Knee Care in Tamil Nadu
DGCA Orders One-Time Drug Tests for All Pilots by 2027
DGCA Orders One-Time Drug Tests for All Airline Pilots
India’s Crude Basket Tops $100 as Geopolitical Risks Persist
