Ricron Panels secures Series A funding for expansion

Ricron Panels, a Gujarat-based plastic waste recycling company, has successfully raised a Series A funding round led by Boon Sustainability Technologies, which is spearheaded by Polycab promoters Bharat Jaisinghani and Nikhil Jaisinghani.

09 Jul 2024 | By Anushka Chourasia

Rahul Chaudhary, director and co- Founder, Ricron Panel

The funding round saw participation from investors, including Harsh Mohunta, managing director of Classic Display Systems, Dinesh Babbar, former president at Infra Market, Veromint Advisors, Venkatesh Srinivasan, ex-partner at EY GDS, Renuka Sharma, architect, and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the financial advisor, with Kaushik Rajan providing legal counsel.

Ricron Panels specialises in transforming low-value multi-layer plastic (MLP) waste into eco-friendly building materials through its patented technology. These materials are used in various applications such as furniture, housing, roofing, and construction, offering a sustainable alternative to traditional materials like plywood, metal, and cement roofing.

The company, co-founded by Rahul and Radhika Chaudhary, has developed products that are waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant. Ricron Panels recycles 5,000 tonnes of plastic annually, preventing deforestation, reducing CO2 emissions, and saving energy. Ricron's efforts have earned international recognition, including the Climate Solver Award for Innovation in Technology by WWF in 2019.

Rahul Chaudhary, director and co-Founder of Ricron Panels, said, “Waste management is emerging as a major concern across the nations worldwide as we continue to develop and urbanise. India is one such country which is constantly developing along with its growing population and consumerism causing a rapid increase in plastic intake.”

He added, “To mitigate this formidable plastic wastage, Ricron was established to back waste management and offer a promising solution. With our technology, today we are manufacturing responsible building materials by recycling 5,000 tonnes of plastic per year and in the next two years, we plan to recycle 24,000 tonnes per year.”

The newly acquired funds will be utilised to enhance Ricron’s marketing and distribution efforts within India, supporting the company’s growth and furthering its environmental impact. Ricron aims to expand its operations to four additional locations across India over the next five years. The company's current manufacturing plants are located in Ankleshwar and Bhopal.

Speaking on the investment, Bharat Jaisinghani of Boon Sustainability said, “Plastic usage across sectors has been on the rise, so has the after-usage waste, which is exhausting the dumping space and causing environmental hazards. Ricron enables waste plastic to convert into sustainable products. At Boon Sustainability, we aim to extend strategic support to Ricron and scale this sustainable business worldwide.”

Ricron Panels boasts a customer base, including names like L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle. The company’s commitment to sustainability and innovation has also led to projects in international markets such as the USA, UK, South Africa, Italy, Indonesia, Maldives, and Nepal.

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