Gujarat-based plastic waste recycling company Ricron Panels has raised funds in a Series A round led by Boon Sustainable Technologies. The round also saw participation from Harsh Mohunta, Managing Director at Classic Display Systems, Dinesh Babbar, former President at Infra.Market, boutique investment bank Veromint Advisors, Venkatesh Srinivasan, former Partner at EY GDS, Renuka Sharma of Architecht, and Kaushik Rajan, Founder at Stoicus Legal. Veromint Advisors acted as sole financial advisor and Kaushik Rajan, Founder at Stoicus Legal, acted as legal advisor to Ricron Panels on the transaction.
Ricron Panels, a sustainability startup, is pioneering the use of patented technology to transform low-value multi-layer plastics (MLPs) into high-quality, carbon-negative, eco-friendly building materials. End uses include furniture, housing, roofing and construction, providing a viable, sustainable alternative to traditional materials. Ricron’s panels are a practical, cost-effective alternative to plywood, metal and cement roofing, providing green building solutions to both emerging and developed markets.
Recognized globally for its contributions to the environment, Ricron has received numerous awards, including the 2019 Climate Solver Innovation Award from WWF.
Founded by visionary entrepreneurs Rahul Chaudhary and Radhika Chaudhary, Ricron’s patented technology transforms non-recyclable plastic waste into versatile waterproof, rust-proof, flame-retardant, heat-resistant, termite-proof and impact-resistant building materials. These products, including roofing, framing forms, doors, panels and storage pallets, not only offer better nail and screw retention than traditional plywood and MDF, but also come at a cost-effective price range.
The company recycles 5,000 tonnes of plastic annually, prevents 1 tonne of deforestation, avoids 4.01 tonnes of CO2 emissions and saves 21,000 MJ of energy for every tonne of Ricron’s production.Furthermore, Ricron is the first company in India to generate Extended Producer Responsibility (EPR) credits.
The funds raised from this round of funding will be utilized to expand Rikron’s presence in the Indian market and strengthen its marketing and distribution efforts to further enhance its environmental and economic impact.
Rahul Chaudhary, Director and Co-Founder, Ricron Panel, said, “Amidst increasing development and urbanization, waste management has emerged as a major concern in countries across the globe. India is one of the countries that is constantly evolving as plastic intake skyrockets with rising population and consumerism. To mitigate this dreaded plastic waste, Ricron was established to help with waste management and provide a promising solution. With our cutting edge technology, we are currently recycling 5,000 tonnes of plastic per year to manufacture responsible building materials and plan to recycle 24,000 tonnes per year in the next two years.”
Commenting on the investment, Bharat Jaisinghani, Boon Sustainability, said, “Over the years, the use of plastics has been on the rise across all sectors, leading to a rise in post-use waste. This not only puts pressure on disposal sites but also poses environmental hazards. LiClon’s innovative technology enables it to convert waste plastic into sustainable products. At Boon Sustainability, we are pleased to extend our strategic support to LiClon and look to scale this sustainable business across the globe.”
Ricron’s manufacturing plants are currently located in Ankleshwar and Bhopal but the company aims to expand to at least four locations across India in the next five years. Some of the company’s key clients include L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK bt Asian Paints, Decathlon and Nestle.
Lack of systematic management of plastic waste has led to rampant littering and pollution in many Indian towns and cities, often ranked among the most polluted in the world. A UNDP program launched in 2018 has so far collected 83,000 tonnes of plastic waste. India generates around 3.4 million tonnes of plastic waste annually.
About Ricron Panels
Founded in 2013, Ricron is a plastic waste recycling company based in Gujarat, India. The company specializes in converting low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative, eco-friendly materials for furniture, housing, roofing, construction and other building applications. Developed through an innovative proprietary process, Ricron’s panels are a viable and cost-effective alternative to common materials such as plywood, metal and cement roofing, providing sustainable green building solutions in emerging and developed markets. The company’s commitment to increasing the circularity of plastics is driven by its pursuit of continuous innovation and passion to provide sustainable products for responsible consumption.
A pioneer in eco-friendly building materials, Ricron is proud to have retail stores across major Indian cities including Mumbai, Delhi, Kolkata, Chennai, Calicut, Bangalore, Hyderabad, Surat, Haridwar, Udupi, Yellapur etc. Ricron’s commitment to sustainability and innovation has also led to successful projects in the US, UK, South Africa, Italy, Indonesia, Maldives and Nepal.
