The investment was made through Circulate Capital Ocean Fund, which is dedicated to investing in startups solving ocean plastic crisis in South and Southeast Asia, Circulate Capital said in a statement.
Circular Capital did not specify the amount it invested in Lucro but together with an investment in an Indonesian company, the fund has put in a total of $6 million, it added.
Mumbai-based Lucro, which was founded in 2012, recycles locally-sourced flexible plastic waste to manufacture flexible packaging products, such as shrink wrap and films. It also supplies recycled plastic granules to manufacturers for their production.
Currently, the company has facilities in Gujarat.
These funds will be used for opening a new collection centre to increase post-consumer sourcing, and support and organize the informal waste sector and expand the range of its recycling processes.
Lucro is at the forefront of plastic recycling in India, turning local plastic waste into an opportunity and transforming plastic consumption from a linear to a circular economy.
This is a PR News Feed, edited by Clean-Future Team