Circulate Capital announces follow-on investment in Lucro

Circulate Capital, a Singapore-based investment management firm focused on climate technology and the circular economy, announced a follow-on investment in Lucro Plastecycle Private Limited, one of its current portfolio companies.

The additional capital will allow the company to triple its capacity in order to meet the increasing demand for its products.

Circulate Capital, in collaboration with leading global corporations such as PepsiCo, Procter & Gamble, Dow, Danone, Chanel, Unilever, The Coca-Cola Company, Chevron Phillips Chemical Company LLC, and Mondelez International, has committed to investing half of its $112 million Circulate Capital Ocean Fund (CCOF I) into India, according to CNBC TV18.

Lucro is an Indian company that recycles and converts difficult-to-manage post-consumer flexible plastic packaging into granules and high-value end products. The company’s trademark Plast-E-Cycle process sets new industry standards and contributes to the closure of the plastic usage loop. Lucro is the only Indian company capable of producing customized, single compounded granules and waste end products. With the new funding, the company hopes to recycle more than 315,000 tonnes of flexible and rigid plastic waste by 2031 and to employ and contract over 1,000 people.