Circulate Capital invests in Indian plastic recycling company, Deluxe

Representative photo by Nick Fewings on Unsplash

Singapore-based investment management firm Circulate Capital has invested in Indian plastic recycling company Deluxe through its $112-million Circulate Capital Ocean Fund (CCOF I), which was created in partnership with global corporations like PepsiCo, Procter & Gamble, Chanel, Unilever and The Coca-Cola Company, among others. 

While the firm did not disclose the investment amount, Rob Kaplan, Founder and CEO of Circulate Capital, told BusinessLine that the average ticket size of their investments is $2-10 million. Deluxe recycles multilayer plastics (MLP) like sachets and used beverage cartons into new, valuable products such as pallets and rickshaw seats.

Deluxe says it has developed a scalable ecosystem for MLP collection by working with a network of aggregators and small material recovery facilities (MRF). The company uses proprietary in-house technology to manufacture a range of heavy and rigid products. In 2020, the company said it recycled 7,100 tonnes of MLP. Deluxe will use the funding to add three new facilities in western and southern India, which will increase its capacity three-fold.

Disclaimer: This article is taken from a press release issued by Circulate Capital

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