Circulate Capital invests in Plastic Recycling Company Deluxe

By creating a market for MLP waste, the company plans to divert 34,000 tonnes of waste annually from incineration or landfills by 2025, helping to pave the way for a circular economy in India.

Circulate Capital, the Singapore-based investment management firm that funds innovation, ventures and infrastructure to prevent ocean plastic and climate change by advancing the circular economy, today announced that the Circulate Capital Ocean Fund (CCOF I) invests in Deluxe Recycling Private Limited (Deluxe). Deluxe is a leading plastic recycling company in India that recycles difficult multi-layered plastics (MLPs) like used beverage bags and cartons (UBCs) into new valuable products like pallets and rickshaw seats . By creating a market for MLP waste, the company plans to divert 34,000 tonnes of waste annually from incineration or landfills by 2025, helping to pave the way for a circular economy in India.

The Circulate Capital Ocean Fund investment will enable Deluxe to expand to three new facilities in western and southern India, tripling its capacity. The Circulate Capital Ocean Fund is the world’s first investment fund focused on ocean plastics in South and Southeast Asia, created in partnership with leading global companies, PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC and Mondelez International. As Deluxe grows, its infrastructure can be leveraged to create a circular market for multilayer plastics and accelerate industry development as new technologies are deployed.

Rob Kaplan, Founder and CEO of Circulate Capital, said, “Hard-to-recycle plastics like pouches, food wrap and plastic packaging have remained a global challenge in the waste management and recycling industry. Deluxe’s ​​breakthrough technology and entrepreneurial savvy has enabled the company to turn these multi-layered plastics into valuable products on a scale never seen before in India. Deluxe currently supplies 90% of the recycled seat board market, which means almost every rickshaw driver sits on a Deluxe recycled seat.

Jignesh Shah, co-founder of Deluxe said, “Our ultimate mission is to create value from waste, diverting it from incineration and landfill. We are proud to partner with Circulate Capital to scale our operations and impact. At Deluxe, we see the potential to turn India’s MLP waste into a valuable common raw material, encouraging its collection and replacing the need to use virgin plastics.


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