Award · Professional & Local Services

Five manufacturing startups featured in Inc42 watchlist

By Startup Enthusiast · 22 August 2026

Date: 22 August 2026
Company: Tulon Materials
What it does: Specialty chemicals maker upcycling waste
Kind: Award
Based in: Mumbai
Founded: 2022
Sector: Professional & Local Services

What they do

Tulon Materials makes specialty chemicals by upcycling waste into high-performance products for paints, coatings, and adhesives

What happened

Inc42's sixth edition of 'Five Manufacturing Startups To Watch' for August 2026 features Tulon Materials, TSUYO Manufacturing, Revamp Moto, Rechargion, and…

Why it matters

India's manufacturing sector contributes 16-17% of GDP, and the featured startups span chemicals, EV drivelines, electric two-wheelers, sodium-ion…

The details

Inc42's sixth edition of 'Five Manufacturing Startups To Watch' for August 2026 features Tulon Materials, TSUYO Manufacturing, Revamp Moto, Rechargion, and Zoppler Systems.
Tulon Materials is a specialty chemicals manufacturer that upcycles waste into high-performance chemical products.
TSUYO Manufacturing designs and manufactures complete electric drivelines under one roof.
Revamp Moto develops modular electric two-wheelers for commercial and personal use.
Rechargion is a Pune-based deeptech startup developing sodium-ion rechargeable batteries.
Zoppler Systems is building indigenous defence sensing systems.

The bigger picture

India's manufacturing sector contributes around 16-17% of GDP and employs over 2.7 crore people.
Manufacturing GVA grew at a CAGR of 10.88% between FY23 and FY26.
Merchandise exports reached $44.24 billion in July 2026.
Manufacturing output grew 7.8% in June 2026.
Electronics production rose 15.8% year-on-year to ₹13.11 lakh crore in FY26.

About the business

Tulon Materials operates in the Indian specialty resins market, projected to reach US$483.89 million by 2033.
Tulon's technology uses chemical upcycling to create novel feedstocks for performance materials, reducing reliance on fresh petroleum.
Tulon's products serve paints, coatings, printing inks, adhesives, plastics, polymers, paper, and textile processing.
Tulon has an R&D lab and HQ in Mumbai's Turbhe, thioester production in Mahad, and resin manufacturing in Visakhapatnam.
TSUYO's portfolio includes traction motors, motor controllers, gearboxes, transmissions, axles, and e-axles from 0.5 kW to 350 kW.
TSUYO's core tech includes magnet-less synchronous reluctance motors and ferrite-hybrid motor platforms reducing rare-earth magnet dependence.
TSUYO also develops integrated e-axles and automated manual transmissions for electric three-wheelers.
TSUYO has two IATF 16949, ISO 9001, ISO 14001-certified plants in Greater Noida and a 20-acre campus in Dharwad, Karnataka.
TSUYO has onboarded more than 50 OEMs and exports to Sri Lanka, Bangladesh, Nepal, and Philippines.

Founders

Asesh Sarkar, Co-founder
Rabindranath Mandal, Co-founder
Harsh Bhatt, Co-founder
Lalit L Baid, Founder
Vijay Kumar, Co-founder
Tripurari Kumar, Co-founder
Jayesh Sahebrao Tope, Co-founder
Pritesh Prakash Mahajan, Co-founder
Pushkaraj Narendra Salunke, Co-founder
Vilas Shelke, Leader
Manjusha Shelke, Leader
Om Rana, Co-founder
Ganesh Kashyap, Co-founder
Prakash, Co-founder

About Tulon Materials

Product: Proprietary specialty chemicals and advanced materials for industrial applications including plastic waste upcycling technology for chemical resins
Customers: Industrial manufacturers in paints, coatings, printing inks, and adhesives sectors
How it makes money: B2B licensing and supply of specialty chemicals with revenue-first deep-tech commercialization approach
What sets it apart: Proprietary plastic waste upcycling technology and AI-powered chemical simulation and validation; open innovation model collaborating with industry partners

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