Ricron Panels Secures Series A Funding Led by Boon Sustainability
Gujarat-based Ricron Panels has secured an undisclosed amount in a Series A funding round led by Boon Sustainable Technologies. The round also saw participation from existing investor Circulate Capital, alongside new investors including Harsh Mohunta of Classic Display Systems, former Infra.Market president Dinesh Babbar, and Veromint Advisors.
Founded in 2013 by Rahul Chaudhary and Radhika Chaudhary, Ricron Panels specializes in transforming low-value multi-layer plastic (MLP) waste into high-quality, carbon-negative, and eco-friendly building materials. The startup plans to use the fresh capital to boost its marketing and distribution efforts, and to scale its production capacity to 2,000 tonnes per month.
Ricron’s patented technology converts non-recyclable plastic waste into versatile building materials that are waterproof, rust-proof, fire-retardant, heat-resistant, termite-proof, and impact-resistant. These materials are used for roofing, framework shuttering, doors, panels, and storage pallets.
Currently operational in Ankleshwar and Bhopal, the company plans to expand to at least four additional cities within the next five years. Ricron’s clientele includes industry giants such as L&T, Tata Projects, DLF, Maruti Suzuki, RMZ, SLEEK by Asian Paints, Decathlon, and Nestle.
“Waste management is emerging as a major concern worldwide as urbanization continues,” said co-founder Rahul Chaudhary. “Ricron was established to address this issue by providing a sustainable solution for plastic waste.”
Bharat Jaisinghani, executive director at Boon Sustainability, praised Ricron’s innovative technology. “At Boon Sustainability, we aim to extend strategic support to Ricron and scale this sustainable business worldwide,” he said.
India generates approximately 3.4 million tonnes of plastic waste annually, with many towns and cities struggling with littering and pollution due to unorganized waste management. However, the country’s waste recycling market is experiencing significant growth. The plastic recycling sector is projected to reach 23.7 million tonnes by 2032, growing at a compound annual growth rate (CAGR) of 9.86%. This growth is driven by increasing environmental awareness, government initiatives like the Swachh Bharat Mission, and advancements in recycling technology.
With this new round of funding, Ricron Panels is well-positioned to make a substantial impact on India’s plastic waste recycling industry, offering a promising solution to the nation’s pressing waste management challenges.
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