Details on Circulate Capital’s Indian plastics investments

Resource Recycling, 22 December 2020


The U.S. and Europe have had formal recycling infrastructure in place for decades. That’s not the case in India, where Circulate Capital just invested millions of dollars to boost infrastructure and reduce ocean plastics generation.


“We feel India is really uniquely positioned to drive transformative change in this space,” said Rob Kaplan, founder and CEO of Singapore-based Circulate Capital. “They can be a blueprint for other countries that are struggling with a lot of these issues, because they’re building these systems in a new way.”


Circulate Capital is an investment-management firm that focuses on reducing ocean plastics generation in south and Southeast Asia and is backed by some of the world’s largest consumer product brand owners. The firm recently announced $19 million in equity investments in four privately held Indian recycling companies: Srichakra Polyplast and Dalmia Polypro Industries, both plastic bottle reclaimers; Deeya Panel Products, a multi-layer plastics reclaimer and building products manufacturer; and Rapidue Technologies, a digital technology provider.

All told, Circulate Capital has invested $39 million from its “ocean fund” in Indian companies. Previous investments went to Lucro Plastecycle, which recycles flexible plastic scrap into new flexible packaging, and Nepra Resources Management, the largest collector and processor of dry waste in India. Circulate Capital plans to dedicate half of the ocean fund’s $106 million to India.


Together, the investments span three key areas of focus for Circulate Capital: scaling collection and sorting in partnership with cities, scaling upcycling, and scaling digitization across the value chain, Kaplan said.


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