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Funding · Climate, Energy & Sustainability

Greenwave Circularity secures $31.5 million credit line

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Date
Company
Greenwave Circularity
What it does
PET plastic recycling facility
Kind
Funding
Amount
$31.5 million
Stage
growth
Based in
Meerut
Founded
2024
Sector
Climate, Energy & Sustainability

What they do

Greenwave Circularity operates a closed-loop facility in Odisha that converts post-consumer plastic bottles into food-grade recycled resin for packaging

What happened

The company secured a $31.5 million credit line from the Development Bank of Austria to fund its integrated recycling plant

Why it matters

This financing is supported by the European Union and aligns with Indian regulations requiring higher recycled content in plastic bottles

The details

  • Greenwave Circularity secured a $31.5 million credit line from the Development Bank of Austria (OeEB).
  • The funds will support the development of a fully integrated PET recycling plant located in Odisha.
  • The facility processes used plastic bottles into food-grade rPET resin, flakes, and preforms for the consumer goods industry.
  • The project is backed by the EU's EFSD+ programme, which provides guarantees to support global value chains.
  • Intellecap's Investment Banking Group served as the exclusive financial adviser for this transaction.
  • The agreement between the parties was finalized in March 2026.

The bigger picture

  • The investment is part of a broader effort to strengthen cross-border economic ties under the India-EU framework.
  • Indian EPR (Extended Producer Responsibility) rules now mandate that companies include specific percentages of recycled content in their plastic packaging.
  • Replacing virgin plastic with recycled material can reduce greenhouse gas emissions by up to 79%.

About the business

  • The company operates as a joint venture between Moon Beverage, Jainarain Fabtech, and founder Devang Kumar.
  • The Odisha plant has an annual production capacity of 42,000 tonnes of recycled resin.
  • The facility incorporates sustainable features like rooftop solar panels and zero-liquid-discharge water treatment systems.
  • Beyond PET, the company also recycles polyolefin bottle caps for use in automotive and industrial packaging.
  • Moon Beverage acts as an offtake partner, while Jainarain Fabtech manages the sourcing network for waste plastic.
  • The company maintains its headquarters in Meerut.

What happens next

  • The company intends to develop recycling capabilities for HDPE and PP plastics.
  • Management is evaluating potential expansion into other emerging markets with similar recycled-content mandates.

The deal

Type
credit line

Investors

  • OeEB (lead) — The Development Bank of Austria providing debt financing.

Founders

  • Devang Kumar, Founder & CEO

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