Lucro secures a follow-on funding round from Singapore-based Circulate Capital
- ByStartupStory | July 29, 2022
Lucro Plastecycle Private Limited has received follow-on funding from Circulate Capital, a Singapore-based investment management firm that funds high-growth opportunities at the intersection of climate-tech and plastics, recycling, and the circular economy. The increased funding will allow the company to triple its capacity in order to fulfil the increasing demand for its products.
Lucro’s additional capital from Circulate Capital will allow it to increase its capacity, with the company forecasting that it will recycle more than 315,000 tonnes of flexible and rigid plastic waste by 2031 and create over 1,000 new jobs and contract opportunities.
Rob Kaplan, Founder and CEO of Circulate Capital said, “We are proud of Lucro’s outstanding success over the last two years. They have shown incredible endurance in the face of the pandemic, and their success demonstrates that the development of commercial and environmental values can coexist. We are delighted to assist them in expanding their world-class operations to fulfil the growing need for sustainable packaging solutions.”
Ujwal Desai, Lucro’s Co-Founder and Managing Director said, “Circulate Capital’s further investment demonstrates that we are executing on our objective of completing the loop on plastic packaging and becoming a leader in innovative recycled materials to support the worldwide shift toward circularity. With their continuous support, we will be able to strengthen our capacity to satisfy the growing demand for post-consumer recycled (PCR) packaging and accelerate our impact across India’s waste management and recycling industry.”
About Lucro
Lucro, an Indian startup, was founded in 2012 by Saumil Dinesh Desai and Ujwal Desai, recycles difficult-to-manage post-consumer flexible plastic packaging and converts it into granules and high-value end goods. Lucro produces flexible packaging goods including shrink wrap and films using recycled flexible plastic trash that is collected locally. Granules made from recycled plastic are also provided to businesses for use in manufacturing.
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