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[Funding alert] Deluxe Recycling raises funds from Circulate Capital

Updated: May 31, 2022


Author: Payal Ganguly

Singapore-headquartered impact-focused investment management firm Circulate Capital has announced an undisclosed amount of investment in Mumbai-headquartered Deluxe Recycling. The investment made from the $100 million Circulate Capital Ocean Fund I (CCOF I) is its seventh in India.

The capital will help Deluxe set up three new facilities across western and southern India for its recycling facilities, increasing its capacity by three-fold.

Founded in 1999 by Jignesh Shah, Deluxe recycles multilayer plastics (MLP) such as sachets and used beverage cartons into pallets and rickshaw seats through its proprietary technology and manufacturing facility. MLPs are considered low-value plastic and are difficult to recycle, typically ending up in incinerators or landfills. Deluxe recycled 7,100 tonnes of MLP in 2020, and plans on diverting 34,000 tonnes of waste per annum from incineration and landfills by 2025.

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