Gujarat-based plastic waste recycling company Ricron Panels has secured a Series A funding round, led by Boon Sustainable Technologies. Other investors included Harsh Mohunta, Managing Director of Classic Display Systems; Dinesh Babbar, former President at Infra.Market; Boutique investment bank Veromint Advisors; Venkatesh Srinivasan, former Partner at EY GDS; architect Renuka Sharma; and Kaushik Rajan, founder of Stoicus Legal. Veromint Advisors served as the financial advisor, and Kaushik Rajan from Stoicus Legal provided legal advice for the transaction.
Ricron Panels is a sustainability-focused startup that converts low-value multi-layer plastic (MLP) into high-quality, carbon-negative, eco-friendly building materials using its patented technology.
Founded by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels employs innovative technology to transform non-recyclable plastic waste into versatile, waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant building materials. Their product line includes roofing, framework shuttering, doors, panels, and storage pallets, which offer superior nail and screw holding strength compared to traditional plywood and MDF, all at a cost-effective price.
The newly raised funds will be used to enhance marketing and distribution efforts, aiming to expand Ricron’s presence in the Indian market and increase its environmental and economic impact.
Rahul Chaudhary, Director and Co-Founder of Ricron Panels, highlighted that waste management is becoming a critical issue globally as development and urbanization continue. He pointed out that India, with its growing population and consumerism, faces a significant challenge with increasing plastic consumption. Ricron was established to address this issue by providing a sustainable waste management solution. Using their state-of-the-art technology, the company currently recycles 5,000 tons of plastic annually, with plans to increase this to 24,000 tons per year within the next two years.
Ricron’s innovative technology converts waste plastic into sustainable products. At Boon Sustainability, the aim is to provide strategic support to Ricron and help scale this sustainable business globally.
