Ricron Panels, a Gujarat-based start-up engaged in the recycling of multilayer plastics into high-grade construction material, raised a Series A investment round from investors like Boon Sustainability. This funding will let Ricron Panels further evolve to address plastic waste and support sustainable construction methods.
PC: ThePrint
Founded by Rahul and Radhika Chaudhary, Ricron Panels aims to rein in an environmental problem burning due to non-recyclable MLP waste. This type of plastic is normally found in various everyday items—from biscuit wrappers to toothpaste tubes, which are notoriously hard to recycle using traditional methods. So, what does this start-up do? It makes use of proprietary technology in turning these different low-value plastics into panels that are durable, fire-retardant, waterproof, and termite-proof for construction—a low-cost alternative to conventional building materials such as plywood.
Ricron Panels’ unique business model is to aggregate MLP wastes across industry sectors such as Fast Moving Consumer Goods and cosmetics, processing them to versatile concrete sheets for construction needs. These can be used in the roofing, furniture, portable toilet, and many other segments. Above all, their manufacturing process does not allow for plastic landfills, contributing to the huge value attached to the carbon emission reduction target. For every tonne of Ricron Panels produced, about four tonnes of carbon emissions are saved. The startup’s panels are designed to be sustainable and economical, as they are priced around 20% less than traditional plywood. Durability is up to 15 years, much higher than the conventional six to eight years.
From an initial production capacity of 50 tonnes per month at the time of its commercial launch in 2014-2015, Ricron Panels is today producing 700 tonnes per month. The company has seen immense success in foreign markets, having shipped products to the US, UK, European countries, and Thailand. This growth is supported by their recent funding round, which will further enhance manufacturing capabilities and market outreach.
Sustainability is at the forefront of Ricron Panels, with a vision of zero-waste manufacturing and a buy-back policy. For instance, travelers and interior industries involve the utmost use of wood. Customers can return used panels, which the company will recycle back into panels, hence closing the loop in terms of circularity. This step plans to show that Ricron Panels is aware of the need to drastically lower plastic waste, moving toward a sustainable future.
It has also been noticed and supported by many leaders and organizations across the industry. In 2022, the Startup got inducted into Scale-up, the no-equity accelerator program of the Marico Innovation Foundation. The program has given Ricron Panels valuable mentorship and resources. It also secured a multi-crore collection and recycling deal with a large FMCG brand.
Some of their accolades include the Green Pro Certification Award by CII and the Climate Solver Award by WWF India, appreciating their efforts and potential to bring change in the environment and revolutionize the recycling industry. Just raised its Series A funding, Ricron Panels is now on the fast track to further expansion and scale-up its impact.
The company aims to cover the capacity of mitigating plastic waste from 500 tonnes to 1,000 tonnes per day to further reduce environmental pollution and conserve resources. Continuing in innovation and growth, Ricron Panels is bound to take center stage in the global drive of sustainable development and preservation of the environment. This successful funding round became a stepping stone in Ricron Panels’ journey toward fighting plastic wastes and promoting sustainable construction. They are able to turn low-value plastics into high-quality building materials, not just solving a critical environmental problem but leading the way into a more sustainable future.
