Hyderabad-based plastic waste recycling company Banyan Nation has raised an additional capital of Rs 5.36 crore (USD 800,000) from Artha Capital as a part of the social enterprise technical assistance project run by the Global PE Firm KKR and Shujog – the not-for profit-initiative by Impact Investment Exchange (IIX).
The Indian startup will be the third project under the initiative by KKR and IIX-Shujog. “We help the startups chalk out a business plan, decide on a capital structure, how to raise it and what kind of capital will work well for them,” said Steven Okun, Director of Public Affairs at KKR Asia Pacific.
Banyan Nation collects plastic wastes from industries and recycles it based on the composition to pellets for further use in the industry. “We have come a long way n the engineering front and are now adding performance enhancers to the recycled plastic in order to ensure that the recycled plastic has a greater lifecycle,” says Mani Vajipey, Co-Founder of Banyan Nation which inaugurated its recycling unit at Patancheru in Hyderabad.
The company has signed three agreements to pilot the recycled plastic at industry level for large-scale implementation in finished products with large industries.
Source: The Economic Times
