Funding · Climate, Energy & Sustainability

PolyCycl raises undisclosed Series A from Rainmatter

By Startup Enthusiast · 23 January 2026

What they do

PolyCycl is a Chandigarh-based deep-tech startup that converts low-grade waste plastics into liquid hydrocarbon oils

The company raised an undisclosed amount in a Series A round led by Rainmatter to scale its chemical recycling technology

This funding supports commercial deployments starting in 2026 amid India's significant plastic waste management challenges

The lead investor for this funding round is Rainmatter, the climate and sustainability arm of Zerodha.
The specific financial amount raised in this transaction remains undisclosed.
This capital will be used to fast-track commercial deployments with industrial partners.
The company plans to strengthen its engineering and operations teams using these funds.
PolyCycl aims to build execution teams for scaling up and licensing its technology domestically and internationally.
The deployment of its technology is scheduled to begin in 2026.
This funding marks a significant step in validating PolyCycl's chemical recycling capabilities.

India generates nearly 9.3 million tonnes of plastic waste annually.
This volume accounts for approximately 20% of the global total plastic waste.
Less than 1% of multi-layered plastic waste is currently recycled in India.
Most of this unrecycled waste is either landfilled or burned, causing environmental harm.
Health hazards exist for over 4 million informal waste pickers handling mixed waste.

PolyCycl operates a fully continuous chemical recycling platform based in Chandigarh.
It converts inputs like single-use polyethene bags and contaminated plastics into liquid hydrocarbon oils.
The output is refined via a proprietary purification system for use as feedstock.
Petrochemical and oil & gas companies use this feedstock for low-carbon materials.
The process also produces new food-grade virgin plastics from recycled waste.
The company achieved a yield of 600-820 kg of hydrocarbon oils per tonne of plastic.
Each module has a capacity to process up to 100 tonnes of plastic waste per day.
PolyCycl has generated small revenue from the sale of these hydrocarbon oils.
The company launched its Generation VI platform version in 2025.

Product: Continuous-process chemical recycling technology converting low-grade plastic waste into reusable hydrocarbon oils
Customers: Petrochemical manufacturers and downstream plastics producers
How it makes money: Technology licensing and commercial project partnerships with industrial and petrochemical partners
What sets it apart: Continuous process capable of processing up to 100 tonnes per day of contaminated plastics unprocessable by mechanical recyclers