Learn more about our investment model, criteria and process and apply for funding

Our Investment Portfolio

The Circulate Capital Ocean Fund (CCOF) provides both debt and equity financing to waste management, recycling, and circular economy start-ups and SMEs in India, Indonesia, Thailand, Vietnam and the Philippines. CCOF helps  solutions to  scale and replicate by connecting them to the supply chains of the world’s leading companies.

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Tridi Oasis


Tangerang, Greater Jakarta, Indonesia

Investment announced April 2020

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Tridi Oasis is an Indonesian, female-led company specialising in recycling PET bottles into rPET flakes, which are used in the production of packaging and textiles.

Tridi Oasis is working closely with local and international partners as well as local communities to advance the circular economy, create more sustainable jobs for Indonesians along the waste management value chain and create a positive impact on the environment.


They are also closely collaborating with their network of suppliers on the traceability of the materials they recycle.




Mumbai, India

Investment announced April 2020


Lucro Plastecycle Private Limited (Lucro) is a homegrown Indian manufacturer that specialises in recycling difficult-to-manage flexible plastic packaging for use in its own manufacturing and for sale as high-quality commodities to other facilities across the country. 


Lucro focuses on films and flexible plastic that many others ignore because they believe there is inherent, untapped value that can be realised by turning plastic waste into valuable products.


Their trademark Plast-E-Cycle™ process sets new standards for the industry, as they buy back and recycle flexible plastic from manufacturers, retailers, distributors, scrap aggregators and waste pickers, thereby closing the loop in plastic usage.

In February 2021, Lucro and our investor Dow entered into a memorandum of understanding to co-develop a post-consumer recycled polyethylene film solution. This partnership embodies Circulate Capital’s vision of being a value-added investor by bringing the power of relationships to support product development and market access.

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Ahmedabad, India

Investment announced November 2020


Nepra Waste Management Pvt Ltd (Nepra) is India’s largest dry waste management company specialising in the collection, segregation, processing and recycling of municipal dry waste, including plastic.

By combining a people-centric approach, with technology-driven processes and solid infrastructure, Nepra offers an integrated, efficient and scalable waste management solution that connects all stakeholders along the value chain.

As the largest collector and processor of dry waste in India, they supply high-quality sorted recyclables recovered from waste to recyclers and manufacturers for reuse in the circular economy.


Srichakra Polyplast


Hyderabad, India

Investment announced December 2020

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Srichakra Polyplast (India) Pvt Ltd (Srichakra) is a leading technology-driven plastic recycling company that has pioneered the recycling process to create high quality recycled PET and Polyolefin flakes and granules, helping brand-owners reduce their use of virgin plastic.

The company has achieved many firsts for the industry, from introducing automation to the plastic recycling process in 2010 to the development of one of the first bottle-to-bottle process and production facilities in India.

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Hyderabad, India

Investment announced December 2020


Rapidue Technologies (Recykal), India’s first waste-commerce (w-commerce) company, provides end-to-end digital solutions that connect waste generators, processors, recyclers and brand owners as well as facilitate material flows and transactions across the waste management and recycling value chain.

Their suite of services includes a digital Marketplace, Smart Centre Solutions, and an extended producer responsibility (EPR) management solution, EPR Solutions.


Ricron Panels


Gujarat, India

Investment announced December 2020


Deeya Panel Products (Ricron Panels) converts multi-layer plastic waste into high-quality materials for furniture, building and construction applications. 

Through an innovative proprietary process, Ricron offers an alternative to common building materials, such as plywood, by providing quality recycled materials that are high performing, cost-effective and. provide long-term utility to the building and construction industry. 

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Dalmia Polypro


Mumbai, India

Investment announced December 2020

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Dalmia Polypro Industries (Dalmia) is a market-leading, sustainability-focused plastic recycling company that produces high-quality recycled materials from local PET and Polyolefin waste for reuse in fashion, consumer and industrial packaging applications. 

With a strong focus on innovation and technology, the company is well-positioned to lead the way in the development of food-grade applications in the market. 


Our Investment Model

A majority of the plastic waste entering the ocean is originating from countries in Asia which lack waste management and recycling infrastructure to capture plastic before it reaches the ocean. Research shows that a 45% reduction in plastic leakage is possible by improving waste management infrastructure in just five countries in Asia. 

To unlock the capital needed from institutional investors to build circular supply chains in South and Southeast Asia, catalytic capital needs to prove that investing in this sector is scalable and can generate competitive returns. However, until now, there are no parties singularly focused on investing in improved waste management regionally.


Circulate Capital established the world’s first investment fund dedicated to preventing ocean plastic: the Circulate Capital Ocean Fund (CCOF). Its goal is to invest in companies that prevent plastic pollution and advance the circular economy in South and Southeast Asia, thereby proving the investment case and catalyzing significant capital into the solutions. 

CCOF is a new, blended financing mechanism, bringing together the public and private sectors to invest for maximum impact. Circulate Capital secured significant funding commitment from corporate partners and partnered with USAID which will provide a 50% guarantee of CCOF’s loans, up to $35 million USD, further de-risking investments

Financing innovative local companies that are working to address the challenge is a critical step to reducing the flow of ocean plastics and also key to improve economic development and public health outcomes. Our model relies on our partnership with the local innovators implementing solutions on the ground in source communities, and on incentivizing a new generation of social entrepreneurs to build a fresh pipeline of potential projects.

What We Look For

Our purpose is to enable financing to businesses operating in the solid waste management and recycling sector. We are interested in three principal segments of the waste management supply chain: collection, sorting/process, and recycling/end markets

We are particularly interested in projects that offer:


Opportunities to implement more efficient collection and aggregation, and/or to apply more professional management, within the existing infrastructure, including the informal sector (e.g., ‘waste or rag pickers’), for plastics and other commodities within the waste stream.


Opportunities to galvanize underutilized assets that may contribute to more efficient collection, sorting, and recycling or end use of plastics and other commodities within the waste stream.


Technologies, materials, applications and projects that contribute to either 01 or 02.

For more detail on the investment criteria and proposals, click here to download the full Request for Proposal.