IDFC FIRST Bank and IIM Calcutta Innovation Park Launch ₹2 Crore National Incubation Program to Accelerate Sustainable and Circular Economy Startups

Supporting 16 high-potential startups driving sustainability, circularity, cleantech, waste management, and green manufacturing across India

IDFC FIRST Bank, has partnered with IIM Calcutta Innovation Park (IIMCIP) under IGNITE, a startup incubation program of FIRST IMPACT, to launch a Pan-India Incubation Program for Sustainable Business Solutions, aimed at nurturing and scaling innovative startups addressing critical environmental and sustainability challenges. The initiative will provide a total support of ₹2 crore, including a startup grant corpus of ₹1.36 crore, to help emerging enterprises strengthen their business models, expand market reach, and create measurable environmental and social impact.

The program will focus on startups working in areas such as green manufacturing, recycling and upcycling of waste, cleantech solutions, renewable energy, water and wastewater management, environmental technologies, and sustainable use of local and indigenous resources.

Through a structured incubation journey, 16 startups from across the country will be selected and provided with business diagnostics, mentoring, bootcamps, expert guidance, networking opportunities, and access to ecosystem stakeholders. Following a competitive evaluation process, the top-performing startups will receive performance-linked grant support to accelerate their growth and scale.

The initiative seeks to address some of India's most pressing sustainability challenges by supporting entrepreneurs developing innovative solutions that promote resource efficiency, waste reduction, climate resilience, and sustainable livelihoods.

Expected Outcomes

• Facilitate scale-up of 16 environmentally sustainable products or services.
• Enable diversion of waste from landfills through recycling, upcycling, composting, and circular economy solutions.
• Improve business capabilities and operational readiness of participating enterprises.
• Contribute to livelihood creation through employment growth within incubated startups.
• Enable revenue growth and market expansion for participating enterprises.
• Strengthen India's sustainability ecosystem through innovation-led entrepreneurship.

Saptarshi Bapari, Head - Investor Relations and ESG - IDFC First Bank said, "At IDFC FIRST Bank, we believe that entrepreneurs can play an important role in addressing some of our country's most pressing challenges. Through IGNITE, we have been supporting impact-driven startups over the last two years. We are pleased to partner with IIM Calcutta Innovation Park as we expand the program's reach to entrepreneurs working in areas such as waste management, circular economy, resource efficiency, and clean technology. We look forward to supporting the next generation of founders as they build and grow their businesses."

Ajay Jain, Chairman, IIM Calcutta Innovation Park Board, said, "IIM Calcutta Innovation Park has always stood steadfast with entrepreneurs and go-getters who leverage innovation as a means to address real world challenges. We are enthused to partner with IDFC FIRST Bank, in enabling impact-first startups with innovative solutions in sustainability, circular economy and resource efficiency. By providing such founders with the right mentorship, market access and ecosystem support, we hope to accelerate innovations and create commercially sustainable enterprises that contribute to a sustainable future for India."

About IIM Calcutta Innovation Park

The IIM Calcutta Innovation Park (IIMCIP) is a not-for-profit (Section 8) company established under the aegis of the Indian Institute of Management Calcutta to promote entrepreneurship and innovation in India. Recognised by the Department of Science & Technology, Government of India, IIMCIP's mission is to nurture innovative, socially impactful entrepreneurs who can drive inclusive growth.

Its core offerings span structured mentoring, capacity building, seed funding and access to markets and investors. To date, IIMCIP has supported over 2,000 startups and seed-funded 136 ventures, which have collectively raised more than ₹2,000 crore and built a cumulative portfolio valuation of nearly ₹8,000 crore.

IIMCIP also works closely with government bodies, corporates and academia to strengthen India's innovation ecosystem, foster high-impact collaborations and promote women's entrepreneurship, with a special focus on underserved regions of the country.

About the Bank

1. Vision: To build a world-class Bank in India, founded with principles of Ethical, Digital, and Social Good Banking.


2. Scale: IDFC FIRST Bank is one of India's fast-growing private banks, building its UI, UX, and tech stack like a fintech. As of June 30, 2026, the Bank serves 39 million customers, with a customer business at Rs. 6,04,776 crore ($65.9b) comprising customer deposits of Rs. 2,99,405 crore ($32.6b) and loans & advances of Rs.3,05,370 crore ($33.3b). Customer deposits grew 16.6% YOY and loans 20.6% YOY. We reach over 60,000 cities, towns, and villages, operate through 1,155 branches.


3. Scope: We are a universal Bank offering complete range of services, including Retail, MSME, Rural, Startups, Corporate Banking, Cash Management, Credit Cards, Wealth Management, Deposits, Government Banking, Working Capital, Trade Finance, and Treasury solutions.


4. Ethical Banking: We are committed to doing right even when customers are not watching. We have simplified descriptions, calculations, and legal jargon to avoid confusing customers.


5. Digital Banking: The Bank's modern technology stack delivers high-quality services across all channels like mobile, branch, internet banking, call centers and relationship managers. Built on cloud-native, API-led, microservices architecture, supported with data, analytics, AI, and fine aesthetics, we strive to deliver fintech-grade experiences on banking platform.


6. Social Good: We work for society. We have impacted over 40 million lives including 3.6 million women entrepreneurs. We have financed over 7.5 million lifestyle improvement loans (for laptops, washing machines, refrigerators etc.), 2.5 lakh electric 2W and 3W vehicles, 2.7 lakh water, sanitation, and hygiene loans, 2 million livelihood (cattle) loans, and 300,000+ SMEs.


7. Customer Friendly Banking: We make banking easy by having a customer first approach. We have waived fees on 36 essential savings account services which are commonly charged in the market, the first and only bank in India to do so. We create "pull" products that customers actively seek out.


8. Governance: We adhere to regulatory guidelines in letter and spirit and actively work with regulators to make things better. We take pride in maintaining highest levels of corporate governance.


9. Shareholders: We are building a well-diversified universal banking portfolio designed to deliver consistent ROE of 16%+.


10. Employees: IDFC FIRST Bank is designed to be a happy place to work, with cutting-edge roles, meaningful growth opportunities, and a culture of meritocracy. Compensation is healthy, efforts are recognized, and employees experience the pride and excitement of creating a world-class Bank in India.

About IDFC FIRST Bank CSR

IDFC FIRST Bank's CSR initiatives focus on creating sustainable and inclusive social impact through strategic investments in education, healthcare, livelihoods, entrepreneurship, environmental sustainability, and community development. Through partnerships with credible institutions and ecosystem enablers, the Bank aims to support innovative solutions that address critical developmental and environmental challenges.

Recykal’s $23M Boost Fuels Tech-Led Waste Solutions

• Existing and new investors back bridge round as Recykal reports 53% revenue growth in FY26 and sharp improvement in profitability

Recykal, India's leading technology platform for waste management and the circular economy, today announced the successful closure of a USD 23 million bridge round, comprising a combination of primary and secondary capital from existing investors and a select group of new family offices.

The fresh capital will be deployed towards strengthening Recykal's technology platform, accelerating its Deposit Return System (DRS) deployments, expanding its behavioural change solutions in waste management, and supporting international growth initiatives.

The company enters its next phase of growth with strong business momentum. In FY26, Recykal reported gross revenue of ₴1,498 crore, representing a 53.2% increase over ₴978 crore in FY25, while reducing losses from 6% to 4%, demonstrating improved operating leverage and disciplined execution.

As part of the transaction, early climate-focused investor Circulate Capital completed a full exit, realising approximately 5x returns on its original investment.

Pioneering Deposit Return Systems

A core focus of the new capital is the acceleration of Recykal's Deposit Return System (DRS) business, a technology-led model in which consumers pay a small refundable deposit on packaging that is returned upon recycling, dramatically increasing collection and recovery rates. Recykal provides the digital clearinghouse, reverse-logistics, consumer engagement and verification infrastructure that enables such schemes to operate efficiently and at scale.

Recykal has established a leading DRS track record across multiple Indian states and neighbouring markets, with deployments and pilots spanning Goa, Himachal Pradesh, Kerala, Tamil Nadu and Bhutan, laying the operational and technological foundations for a scalable recyclable-collection ecosystem. The company's reverse vending machine (RVM) and clearinghouse technology stack positions Recykal as a preferred partner for governments, beverage producers and retailers implementing producer responsibility and deposit-return mandates.

Building a Global Circular Economy Platform

Beyond India, Recykal is expanding internationally, taking its waste-management technology and DRS capabilities into global markets. The company is actively pursuing opportunities in Europe and the United Kingdom through organic expansion, strategic partnerships and potential acquisitions, with the ambition of becoming the technology backbone for circular economy infrastructure worldwide.

Alongside DRS, Recykal is also expanding its Open Marketplace, enabling domestic and global sourcing of recyclable materials and circular commodities by connecting aggregators, recyclers and industrial buyers.

The fresh capital will also support strategic investments aligned with Recykal's long-term vision of building a fully digitised, globally connected circular economy.

Commenting on the fundraise, Abhay Deshpande, Founder and Chief Executive Officer of Recykal, said:

Recykal was built on a simple conviction, that the circular economy is fundamentally a technology problem. Over the last year, we have demonstrated that growth and improving unit economics can go hand in hand, delivering over 53% revenue growth while reducing losses. Deposit Return Systems are perhaps the clearest expression of this thesis, combining technology, logistics and behavioural change to transform how packaging is recovered. This bridge round gives us the flexibility to deepen our technology investments, scale DRS deployments, and expand into international markets where circularity infrastructure is rapidly becoming a priority. We remain committed to building the digital backbone for a globally connected circular economy.

About Recykal

Founded in 2016, Recykal is a Hyderabad-based technology company building digital infrastructure for waste management and the circular economy. Its platform connects and empowers the entire value chain, including brands, producers, recyclers, aggregators, collectors and consumers, traceability, circular commerce, Deposit Return Systems and material recovery solutions at scale. Recykal operates across India and is expanding into international markets, with a growing presence in Deposit Return System deployments worldwide.

HPCL and Tata Motors Partner to Pilot Scalable Recycling of Used Automotive Lubricants, Advancing India’s Circular Economy Goals

Hindustan Petroleum Corporation Limited (HPCL), a Maharatna Oil Marketing Company, and Tata Motors, India’s largest commercial vehicle manufacturer, have signed a Memorandum of Understanding (MoU) to pilot a structured and scalable model for the responsible collection and recycling of used automotive lubricants.

This collaboration brings together the complementary strengths of two leading Indian organisations to address a critical sustainability challenge, while supporting compliance with India’s evolving Extended Producer Responsibility (EPR) framework and advancing the country’s circular economy goals.

The initiative aims to establish an organized and traceable system for managing used lubricants—classified as hazardous waste, from collection and storage to recycling. The process will enable conversion into high-quality re-refined base oil, improving resource efficiency and reducing environmental risk. The pilot is expected to set new benchmarks for responsible waste management and support India’s transition towards a circular, resource-efficient economy.

Launching the pilot, Mr. Ch Srinivas, Executive Director – Lubes, HPCL, said: “Achieving true circularity in used oil begins with reintegrating re-refined base oil into finished lubricants. Our collaboration with Tata Motors is a significant step towards building a scalable model for used oil circularity and reducing the carbon footprint across operations.”

Commenting on the partnership, Mr. Vikram Agrawal, Head – Parts and Services, Tata Motors Ltd., said, “Used automotive lubricant, if not handled responsibly, can cause long‑term environmental harm. Addressing this challenge calls for credible partners, clear processes and the ability to operate at scale. HPCL has been a trusted partner to Tata Motors across multiple dimensions, and this collaboration allows us to take a meaningful step towards organised and responsible recycling. With the combined strengths of both organisations, we believe this pilot can help establish a robust foundation for wider industry adoption.”

Under the partnership, HPCL will anchor the aggregation and transportation of used lubricants through authorised collection mechanisms, ensuring channelisation to registered recyclers. Tata Motors will leverage its extensive authorized service network to enable structured collection and promote responsible disposal practices across its ecosystem.

The pilot will be implemented across select states and governed by a joint committee comprising representatives from both organizations, responsible for monitoring progress and evaluating scalability.

As a holistic mobility solutions provider, Tata Motors complements its commercial vehicle portfolio with Sampoorna Seva 2.0, delivering end‑to‑end lifecycle solutions including assured turnaround times, annual maintenance contracts and access to genuine spare parts. These offerings are further strengthened by Fleet Edge, Tata Motors’ connected vehicle platform that enables data‑driven fleet optimisation and improved vehicle uptime. Tata Motors operates a network of over 4,500 sales and service touchpoints across India.

India–EU Launch €15.2 Mn EV Battery Recycling Call to Secure Critical Minerals, Boost Circular Economy, and Strengthen Green Tech Ties

India and the European Union have jointly launched a €15.2 million (~₹169 crore) call for proposals under the Trade & Technology Council (TTC) to advance EV battery recycling technologies, with submissions open until 15 September 2026. This initiative aims to secure critical minerals, accelerate the circular economy, and strengthen India–EU green innovation ties.

The goal is to recycle old electric vehicle (EV) batteries so that valuable minerals like lithium, cobalt, and graphite can be reused instead of wasted. With this, India won’t have to rely as much on buying minerals from other countries. Recycling batteries reduces pollution and supports a greener future.

Researchers, industries, and startups from both India and Europe will work together, creating opportunities in technology and manufacturing.

• Launch Date: 5 May 2026
• Submission Deadline: 15 September 2026
• Funding Pool: €15.2 million (~₹169 crore)
• EU Component: Horizon Europe programme
• India Component: Ministry of Heavy Industries (MHI)

Strategic Objectives

• Critical Mineral Security: Reduce dependence on imports by recycling lithium, cobalt, and graphite.
• Circular Economy Transition: Accelerate sustainable reuse and recovery of EV battery materials.
• Industrial Deployment: Establish a joint India–EU pilot line in India for real-world validation.
• Innovation Ecosystem: Connect researchers, industries, and startups across both regions.
• Climate Commitments: Support India’s net-zero targets and EU’s Green Deal goals.

Strategic Overview

Objective	Strategic Impact
Mineral Security	Ensures resilient supply chains for lithium, cobalt, graphite
Circular Economy	Promotes sustainable recycling and reuse of EV batteries
Pilot Deployment	Validates innovative recycling processes at industrial scale
Innovation Collaboration	Strengthens India–EU research and startup partnerships
Climate Alignment	Advances shared net-zero and green transition goals

Focus Areas

• High recovery rates of lithium, graphite, cobalt
• Handling mixed battery chemistries
• Safe, digitalised collection systems
• Inclusive logistics integrating informal sector
• Second-life applications with strict safety standards

Funding Overview

Contributor	Programme	Funding
European Union	Horizon Europe	€15.2m (shared)
Government of India	Ministry of Heavy Industries	₹169 crore (shared)

Leadership Remarks

• Prof. Ajay Kumar Sood (PSA, Govt of India): “A pivotal moment in the India–EU strategic partnership.”
• H.E. Hervé Delphin (EU Ambassador): “Batteries sit at the core of the green transition.”
• Dr. Parvinder Maini (Scientific Secretary, PSA): “Catalyses momentum for a digitalized, inclusive logistics model.”
• Marc Lemaître (DG RTD, European Commission): “Strengthening bond in green innovation and resilient value chains.”

Global Significance

• Supports India’s net-zero commitments and EU’s Green Deal
• Strengthens bilateral research cooperation under TTC Working Group 2
• Positions India as a hub for advanced recycling technologies

Next Steps

• Proposal submissions open until 15 September 2026
• Pilot demonstrations to showcase innovative recycling processes
• Long-term vision: resilient supply chain for critical minerals

From Waste to Resource: Re Sustainability & IOCL Launch India’s 1st Used Oil Circular Economy

(Left) Mr. Masood Mallick and Mr. Bankim Patra (Right)

• Re Sustainability and Indian Oil Join Hands to Create India’s First Integrated Used Oil Circular Economy Ecosystem

Re Sustainability has signed a Memorandum of Understanding (MoU) with Indian Oil Corporation Limited to launch India’s first structured national initiative for the collection and recycling of used lubricating oil. The partnership marks a significant milestone in building a circular ecosystem for lubricant oil management and advancing India’s transition towards a resource-efficient and low-carbon economy.

This pioneering collaboration demonstrates how industry partnerships can accelerate circular resource flows, strengthen environmental governance, and build resilient energy and materials infrastructure for the future. By enabling systematic recovery and re-refining of used lubricants, the initiative will help reduce reliance on virgin crude-derived base oils while conserving natural resources and lowering foreign exchange outflows.

The collaboration will focus on establishing a dedicated Special Purpose Vehicle (SPV) to create a nationwide reverse logistics and collection ecosystem for used lubricating oil. The platform will aggregate used lubricants from industrial and automotive sectors and develop advanced Re-Refined Base Oil (RRBO) refining infrastructure to produce Group I and Group II+ base oils from recovered lubricants in partnership with Re Sustainability and its technology partners.

Mr. Bankim Patra, Country Head (Lubes), Indian Oil Corporation Limited, said: “As India’s largest integrated energy company, Indian Oil is committed to advancing solutions that strengthen both energy security and environmental responsibility. This collaboration reflects our commitment to building sustainable value chains that enable responsible recovery, reuse, and circular utilisation of lubricants. By formalising the collection and recycling of used oil, we are supporting a more resource-efficient and sustainable energy ecosystem for India.”

Under the collaboration, recovered oil will be processed to produce Re-Refined Base Oil (RRBO) which can be reintroduced into lubricant manufacturing value chains. This circular approach significantly reduces dependence on virgin crude-derived base oils while strengthening material efficiency across the lubricants sector.

Speaking on the collaboration, Mr. Masood Mallick, Managing Director & Group CEO, Re Sustainability Limited, said: “India’s journey towards a circular economy requires large-scale systems that can recover value from complex waste streams and reintegrate them into productive use. Our partnership with Indian Oil marks a transformative step towards institutionalising structured oil recycling in India. By building an integrated ecosystem for used lubricant recovery and re-refining, we are enabling the transition from waste management to resource recovery while strengthening India’s environmental infrastructure and circular economy.”

The MoU is signed, with a targeted annual collection of 100 KTA (kilotonnes per annum) of used lubricating oil supported by a structured nationwide network of aggregation, logistics, and traceability systems.

As part of the initiative, the partners will establish a state-of-the-art re-refining facility at mutually agreed locations. The project will include both the development of new infrastructure and the upgrade of existing facilities designed to process used lubricating oil and convert it into Group II Re-Refined Base Oil (RRBO) meeting Bureau of Indian Standards (BIS) and international specifications.

The facility is expected to have a processing capacity of 50–100 KTA and is targeted to be commissioned within the next three years, forming the foundation for a scalable oil recovery and circular recycling ecosystem under the partnership.

The initiative will also include recovery and recycling of plastic lubricant containers, aligned with Extended Producer Responsibility (EPR) requirements under India’s environmental regulations, thereby strengthening compliance and enabling responsible lifecycle management of lubricant packaging.

India currently generates approximately 1.3 million tonnes of used lubricating oil annually, of which only around 0.2 million tonnes is recovered through formal recycling channels. This initiative aims to significantly expand formal recovery infrastructure, unlock the resource value of used lubricants, and accelerate India’s transition toward a circular, resource-efficient, and sustainable lubricant economy.

Re Sustainability Limited (ReSL), a KKR-backed company, is one of Asia’s largest and most diversified providers of integrated environmental and sustainability solutions. The company operates across 100+ sites in India, Singapore, UAE, Saudi Arabia, Qatar, Oman, Kuwait, Tanzania, and the USA. With a 22,000+ strong workforce and over three decades of leadership in waste management, resource recovery, and sustainability infrastructure, ReSL is driving the transition toward a low-carbon, circular economy.

For more information, visit: resustainability.com

Indian Oil Corporation Limited (IndianOil) is India’s largest integrated energy company and a Maharatna public sector enterprise under the Ministry of Petroleum and Natural Gas, Government of India. Headquartered in New Delhi, the company operates across the entire hydrocarbon value chain including refining, pipeline transportation, marketing of petroleum products, petrochemicals, natural gas, and exploration and production.

IndianOil owns and operates one of the country’s largest refining capacities and an extensive network of pipelines, terminals, depots, and fuel stations that serve millions of consumers across India. The company plays a vital role in ensuring India’s energy security and supporting economic growth.

Ranked among the Fortune Global 500 companies, IndianOil is also advancing investments in cleaner fuels, renewable energy, and emerging technologies as part of its transition towards a more sustainable and diversified energy future.

Performance-Based Environmental Governance: Andhra Pradesh Introduces Recognition-Linked Incentives for GreenCo and IGBC Projects

The Andhra Pradesh Pollution Control Board introduced a structured incentive framework to encourage industry participation in the GreenCo Rating System. Under this mechanism, units holding valid GreenCo ratings became eligible for a one-year extension of Consent to Operate (CTO), subject to the absence of reported noncompliance during the consent period. GreenCo-rated units were also accorded formal recognition through annual State-level awards, while products manufactured by such units were positioned to receive preference in State Government tendering processes, in line with applicable procurement policies. Additionally, rated companies were provided enhanced visibility through exclusive mentions on the official websites of APPCB and CII GreenCo, highlighting their sustainability achievements and environmental performance.

Under the APPCB–IGBC facilitation framework, building projects in Andhra Pradesh pursuing or achieving IGBC certification were made eligible for a range of incentives, including streamlined and fast-tracked processing of Consent to Establish (CTE) and Consent to Operate (CTO), prioritized regulatory clearances to minimize procedural delays, and a one-year extension of CTO for eligible IGBC-certified Hotels, Hospitals (Red Category), and large Township/Area Development projects. In addition, certified projects received formal recognition and enhanced visibility through APPCB platforms, reinforcing a performance-linked regulatory approach that rewards sustainable building practices.

At the APPCB–CII Andhra Pradesh Conference on “Circular Economy & Green Industry: Strategies for Sustainable Growth and Resource Efficiency” held in Visakhapatnam, the Andhra Pradesh Pollution Control Board (APPCB) announced a structured set of recognition-based incentives and regulatory facilitation measures to encourage industries to participate in the GreenCo Rating System. The initiative marked a strategic shift toward performance-driven environmental governance, aimed at rewarding industries that demonstrate measurable improvements in resource efficiency and sustainability.

Addressing the gathering, Dr P Krishnaiah, I.A.S (Retd.), Chairman, Andhra Pradesh Pollution Control Board, outlined the Board’s intent to differentiate and incentivize environmentally responsible industries. “APPCB is committed to moving beyond a compliance-only framework toward a performance-driven regulatory model. Industries that achieve GreenCo ratings and demonstrate measurable excellence in energy efficiency, water stewardship, waste reduction, and circular practices will receive recognition-based incentives and regulatory facilitation from the Board.” He further stated “Our objective is to create a positive reinforcement mechanism where environmental leadership is acknowledged and supported. By linking GreenCo performance with facilitative measures, we aim to encourage industries to voluntarily exceed statutory requirements and embed sustainability into core operations.”

The incentive framework announced by APPCB included regulatory facilitation for higher-rated GreenCo industries, enhanced visibility and formal recognition, and structured engagement mechanisms to promote best practice replication across industrial clusters. The measures were designed to reduce procedural uncertainties, reward transparent environmental performance, and foster healthy competition among industries.

Speaking on the broader sanitation and circularity agenda, Sri Pattabhi Ram, Chairman, Swachh Andhra Corporation, emphasized the importance of industrial participation in resource circularity. “Circular economy cannot be achieved without active industry participation. Incentivizing industries through credible rating systems such as GreenCo strengthens accountability and drives measurable impact in waste reduction, recycling, and material recovery. Recognition-linked facilitation sends a strong signal that sustainability leadership will be institutionally supported.” He added, “When industries see tangible regulatory benefits tied to environmental performance, sustainability transitions from being a cost centre to becoming a strategic advantage.”

Highlighting the technical robustness of the framework, Sri N Muthusezhiyan, Deputy Executive Director, CII Green Business Centre, noted that the GreenCo Rating System provided a comprehensive metrics-based pathway for industries to improve across critical sustainability parameters. “GreenCo enables industries to benchmark and enhance performance across energy productivity, renewable energy adoption, water efficiency, waste management, material conservation, and green supply chains. APPCB’s incentive-linked approach creates a powerful multiplier effect by aligning regulatory facilitation with measurable sustainability outcomes.” He further observed, “Andhra Pradesh has set an important precedent by formally recognizing environmental performance as a criterion for regulatory engagement. This approach will accelerate the adoption of structured sustainability frameworks and position the State as a leader in performance-based environmental governance.The announcement underscored Andhra Pradesh’s intent to integrate circular economy principles into mainstream industrial regulation. By embedding incentives within a credible sustainability rating framework, APPCB reinforced its commitment to promoting resource-efficient, responsible, and globally competitive industries across the State.

PadCare Labs Raises $3 Mn in Pre-Series A Led by Nithin Kamath's Rainmatter with Participation From 3one4 Capital and Brigade REAP

• The Pre-Series A round comprises a mix of equity and debt financing
• The startup operates across 24 cities in India, managing over 2,000 sites and serving more than 685 enterprises, manufacturing, and residential community clients. 
• The company has remained PAT positive for two consecutive years, delivering EBITDA margins of 26%

PadCare Labs, a clean-technology startup focused on sanitary waste recycling, has raised $3 million in a Pre-Series A funding round to scale its recycling capacity to 2,000 MT annually by March 2027 and launch Orbit, an app-based offering for housing societies. Led by Rainmatter by Zerodha, the equity and debt mix round witnessed new participation from 3one4 Capital, Brigade REAP and PKRBCV Shroff Trust, and backing from existing investors Lavni Ventures, 3i Partners, and debt partners EXIM Bank and ICICI Bank.

The company plans to deploy the fresh capital to scale its recycling operations across Bengaluru and the Delhi NCR region while strengthening leadership and core operating functions. Building on this, PadCare will accelerate its R&D efforts, advance diaper recycling capabilities, and expand Rebirth, its portfolio of recycled corporate stationery and paper products. As the world’s first sanitary-waste disposal and recycling system, the company is now eyeing expansion into new APAC markets, with entry targeted by 2027.

Speaking on the fundraise, Ajinkya Dhariya, Founder and CEO of PadCare Labs, said, “Sanitary waste management remains one of the most under-addressed challenges within India’s waste ecosystem. As regulations evolve with Solid Waste Management (SWM) 2026 rules and enterprises are held to higher sustainability and compliance standards, the need for organized, transparent recycling infrastructure is becoming unavoidable. This fundraise enables us to expand capacity, strengthen leadership, and build the operational backbone required to scale a circular economy for hygiene waste.”

Ajinkya Dhariya, CEO and Founder, PadCare Labs

Founded in 2018 by Ajinkya Dhariya, PadCare has developed patented technology for the scientific recycling of used sanitary waste, enabling the recovery of value-added materials for industrial applications. The company operates across 24 cities in India, including Bangalore, Mumbai, Delhi, Chennai, and serves over 685 clients like Infosys, Wipro, Mahindra Group across more than 2,000 sites. PadCare works with large enterprises, manufacturing facilities, educational institutions, institutes, and residential communities to deliver scalable and sustainable sanitary waste management solutions.

Nithin Kamath, CEO of Zerodha and Rainmatter, said, “Sanitary waste is a structurally ignored problem with significant environmental and public-health implications. PadCare has demonstrated that this category can be addressed through the right combination of technology & operational discipline. We have seen the company scale responsibly over the years, which is why we chose to reinvest in PadCare. We will be supporting them as they build long-term, circular infrastructure for India.”

Nruthya Madappa, Partner, 3one4 Capital, added, "Sustainable waste infrastructure is essential for India's urban future, and PadCare is leading the way. Ajinkya Dhariya and the team have deployed their patented technology across multiple markets, building a solution that works environmentally, operationally, and economically. With proven traction and strong unit economics, PadCare is ready to scale nationally. We're excited to partner with PadCare as they expand operations and deepen their impact.

Nirupa Shankar, Joint Managing Director, Brigade Group, said, “Personal hygiene waste management is an area that has been overlooked over the years, and it is heartening that Ajinkya and the team at Pad Care are leveraging true innovation for solutions in a space that really needs it. This investment represents our belief that impactful change comes from backing entrepreneurs who successfully combine technology with purpose. Their pioneering work in scalable sanitary waste recycling not only addresses a critical gap in the ecosystem but also sparks louder conversations and creates greater visibility around topics such as menstrual health and effective hygiene products.”

Sanitary waste, while recognized under India’s solid waste management framework, has historically lacked scalable and compliant recycling solutions, resulting in most of it being sent to landfills or handled unsafely. PadCare addresses this gap through an end-to-end model that integrates on-site collection infrastructure, compliant logistics, scientific recycling, and transparent reporting aligned with sustainability and ESG requirements.

Notably, the company has sustained EBITDA profitability over the last two years, maintaining EBITDA margins of 26%, reflecting strong operating leverage and a resilient business model. It has recorded a 136% CAGR and continues to see strong customer stickiness, with a 99.5% client retention rate. In 2025 alone, PadCare recycled approximately 256 MT of sanitary waste, resulting in an estimated reduction of 512 MT of CO₂-equivalent emissions. The company also holds three granted patents, with seven more in the pipeline, and operates at TRL-9 technology readiness. To date, the company has raised $5 million in funding from investors including BIRAC’s LEAP Fund (Venture Center) and Social Alpha, and secured a landmark four-shark investment on Shark Tank India Season 2 from Piyush Bansal, Anupam Mittal, Vineeta Singh, and Namita Thapar.

About PadCare

PadCare is an India-based clean-technology company building patented recycling solutions for sanitary waste. The company enables compliant, transparent, and circular management of sanitary waste for enterprises, institutions, and residential communities using their patented sanitary waste recycling technology. PadCare operates across 24 cities in India with a mission to eliminate landfill disposal of sanitary waste through scalable recycling infrastructure.

Website: www.padcarelabs.com

Amazon India Teams with IIT Roorkee to Curb Stubble Burning Through Crop-Waste Packaging

• Research collaboration develops strong, durable paper mailers from agricultural waste to reduce reliance on virgin wood pulp and address stubble-burning challenges

Amazon India today announced a collaboration with the Indian Institute of Technology (IIT) Roorkee to develop innovative packaging materials from agricultural waste. This project aims to create non-wood paper technology that diverts agricultural waste from burning while reducing pressure on virgin wood pulp. These lightweight yet strong packaging materials offer recyclable and home-compostable alternatives to traditional wood pulp paper or plastic bags.

The research will focus on converting crop residues such as wheat straw and bagasse into high-quality pulp for paper mailers with performance comparable to conventional paper packaging. This helps reduce stubble burning in India by turning agricultural waste into valuable packaging material. It also reduces dependency on imported virgin wood pulp and could create additional income for farmers by providing a market for agricultural residues.

The collaboration with IIT Roorkee’s Department of Paper and Packaging Technology will begin with lab-scale development and testing over a 15-month period. Subject to successful performance tests, Amazon will provide support to progress to industrial trials, process validation, and commercial production by mid to late next year.

Abhinav Singh, Vice President of Operations at Amazon India said “At Amazon, we are building and managing India’s fastest, safest, and most reliable operations network, and we’re committed to making it more sustainable. As part of this effort, we’re partnering with IIT Roorkee to develop innovative packaging from crop residue. India generates nearly 500 million tons of this waste annually, and by repurposing it into packaging, we can support a more circular economy while reducing reliance on conventional materials."

Prof. Kamal Kishore Pant, Director IIT Roorkee said, "Sustainability is no longer a choice, it is an urgent national priority. This collaboration between IIT Roorkee and Amazon is a step towards realizing India’s vision of a circular economy, aligned with government missions such as Swachh Bharat, Startup India, and the National Resource Efficiency Policy. By transforming agricultural residues into biodegradable packaging materials, we are addressing the twin challenges of stubble burning and a reliance on virgin materials in India, while creating scalable solutions that can benefit industries, farmers, and society at large. This initiative showcases how academic research and industry partnerships can accelerate India’s journey towards a more sustainable, and self-reliant future.”

Dr. Anurag Kulshreshtha from the INNOPAP Lab (Innovations in Paper and Packaging) at the Department of Paper and Packaging Technology at IIT Roorkee, Saharanpur Campus will be leading this research project.

As part of its ongoing efforts to reduce packaging, Amazon ships more than 50% of all customer orders in India either in their original packaging or with reduced packaging. The company ships customer orders in product packaging to more than 300 cities across the country. Since 2019, Amazon India has eliminated 100% of single-use plastic from its packaging across fulfillment centers.

Amazon India is committed to powering our operations more sustainably. The Climate Pledge is Amazon’s goal to reach net-zero carbon across our operations by 2040. We’ve worked fast and made impactful progress over a short period of time, including through investments in carbon-free energy, packaging innovations, electrification of our transport network, circularity improvements, and AI. Amazon has set a goal to return more water to communities in India than it uses in its direct operations by 2027.

About Amazon

Amazon is guided by four principles: customer obsession rather than competitor focus, passion for invention, commitment to operational excellence, and long-term thinking. Amazon strives to be Earth’s Most Customer-Centric Company, Earth’s Best Employer, and Earth’s Safest Place to Work. Customer reviews, 1-Click shopping, personalized recommendations, Prime, Fulfilment by Amazon, AWS, Kindle Direct Publishing, Kindle, Career Choice, Fire tablets, Fire TV, Amazon Echo, Alexa, Just Walk Out technology, Amazon Studios, and The Climate Pledge are some of the things pioneered by Amazon. For more information, visit aboutamazon.in and follow @AmazonNews.