Introduction
India’s waste management and recycling sector is undergoing a profound transformation, from an informal, fragmented system to a structured, technology-driven industry that supports the country’s circular-economy ambitions. Every year, India generates more than 62 million tonnes of solid waste, out of which nearly 70% is collected and only 20–25% is effectively treated or recycled. The rest ends up in landfills, waterways, or open dumps, creating enormous environmental and health challenges.
1. Recykal
City: Hyderabad
Founded: 2015
FY 2024 Revenue: ₹718.24 Cr
Latest Valuation: ₹1068.75 Cr (As of 26 Feb 2024)
About the company:
Recykal, founded by Abhay Deshpande and Abhishek Deshpande, is India’s top digital waste-management platform. It connects waste generators, recyclers, and producers through a transparent online marketplace. By bridging every stage of the recycling chain, the company brings structure to a sector once dominated by informal networks.
Recykal helps FMCG and packaging brands meet their EPR (Extended Producer Responsibility) goals, ensuring that more waste is reused rather than buried. Its data-led platform turns discarded materials into measurable value, proving that sustainability and profitability can coexist. Additionally, Recykal’s technology makes waste tracking traceable and accountable, driving compliance and transparency across the supply chain. As a result, it strengthens circular partnerships and accelerates India’s shift toward responsible production and consumption.
In turn, the platform’s traceability features empower producers to track their circular efforts in real time. Ultimately, Recykal is pushing India closer to a truly circular economy , one where nothing is wasted and everything finds a new purpose.
2. Bls Ecotech
City: New Delhi
Founded: 2015
FY 2024 Revenue: ₹358.82 Cr
Latest Valuation: ₹ 109.64 Cr (As of 04 Nov 2015 )
About the company:
Founded By Nimit Aggarwal, BLS Ecotech Limited is one of India’s largest polyester recycling companies. It turns used PET bottles into high-quality recycled polyester staple fiber (RPSF). Founded in 2015, the company plays a key role in India’s circular economy by giving plastic waste a new life in textiles, cars, and industrial goods.
With advanced recycling plants and eco-friendly systems, BLS Ecotech ensures that every ton of plastic kept out of landfills becomes a useful product again. Its full value chain, from waste collection to fiber production, helps cut carbon emissions and reduce the need for new plastic.
Through its work, BLS Ecotech shows how sustainability and innovation can go hand in hand, making recycling both profitable and planet-friendly.
3. GemCorp
City: Mumbai
Founded: 2019
FY 2024 Revenue: ₹192.74 Cr
Latest Valuation: ₹71.04 Cr (As of 20 Sep 2024)
About the company:
GemCorp, founded by Vikas Chhajer and Surendra Patawari , focuses on integrated plastic recycling and resource recovery. It converts both industrial and consumer waste into high-grade recycled polymers. Furthermore, the company supplies these materials to leading FMCG and packaging players, thereby helping them reduce their dependency on virgin plastics.
In addition, through its extensive recycling partnerships, GemCorp promotes circular production and greener manufacturing practices. As a result, it is helping India build a cleaner and more sustainable industrial base. Moreover, the company’s strong commitment to quality and compliance has earned it long-term relationships with global brands that prioritize traceability.
Ultimately, GemCorp clearly demonstrates how collaboration between recyclers and brands can drive large-scale environmental impact.
4. Dalmia Polypro
City: Mumbai
Founded: 1970
FY 2024 Revenue: ₹152.11 Cr
Latest Valuation: ₹1035.04 Cr (As of 19 Dec 2024)
About the company:
Founded by Aditya Dalmia, this long-standing player has been a recycling pioneer for more than five decades. Over the years, Dalmia Polypro has built a fully integrated recycling chain , from collection to finished product. Moreover, it manufactures sustainable polymer compounds and recycled resins that are widely used by global brands.
In addition, the company’s continuous innovation supports India’s growing push for circular manufacturing. Consequently, it has emerged as one of the strongest advocates for sustainable materials in production. By combining legacy experience with modern recycling technologies, Dalmia Polypro demonstrates how traditional businesses can evolve to meet future environmental goals.
Ultimately, the company stands as proof that long-term vision and innovation can create a balance between profitability and sustainability.
5. Safar Polyfibre
City: Rajkot
Founded: 2016
FY 2024 Revenue: ₹143.82 Cr
Latest Valuation: ₹38.70 Cr (As of 02 Jan 2024)
About the company:
Safar Polyfibre, founded by Hardik Parshotambhai Bhalodiya, converts used PET bottles and post-consumer waste into recycled polyester fiber. Its products serve India’s textile and furnishings markets as eco-friendly alternatives. Additionally, the company’s process significantly reduces plastic pollution while encouraging sustainable fashion. Through innovation and operational efficiency, Safar has built a strong national presence. As a result, it perfectly aligns with India’s mission to close the plastic loop.
6. Srichakra Polyplast
City: Hyderabad
Founded: 2010
FY 2024 Revenue: ₹109.92 Cr
Latest Valuation: ₹769.23 Cr (As of 17 Feb 2025)
About the company:
Founded by Rajasekhar Yarlagadda and Venkata Ravindra Paruchuri, Srichakra Polyplast is a leading recycler of PET and HDPE plastics. It produces food-grade recycled resins trusted by beverage and packaging giants. Furthermore, its plants meet international safety and quality standards. By helping brands reuse plastic responsibly, the company cuts virgin material use and curbs waste. Step by step, Srichakra is pushing India toward a low-waste, circular future.
7. Lucro
City: Mumbai
Founded: 2019
FY 2024 Revenue: ₹88.89 Cr
Latest Valuation: ₹403.51 Cr (As of 02 Feb 2023)
About the company:
Lucro, co-founded by Ujwal Dhruven Desai, converts flexible plastic waste into recycled granules and packaging materials. The company works closely with FMCG and logistics brands to design closed-loop recycling programs. Moreover, the company excels at converting low-value waste into high-value resources. As a result, it not only drives responsible packaging practices but also sets new standards for sustainable material recovery. Through its continuous innovation, Lucro is helping industries adopt a more circular and eco-conscious approach. In turn, its efforts are redefining how India approaches circular production and eco-friendly consumption.
8. Banyan Nation
City: Patancheru
Founded: 2013
FY 2024 Revenue: ₹60.92 Cr
Latest Valuation: ₹485.05 Cr (As of 27 Sep 2024)
About the company:
Banyan Nation, founded by Mani Vajipey and Rajkiran Madangopal, blends technology with recycling science to make plastic recovery more efficient. Through its traceable platform, the company tracks materials from pickup to reuse, ensuring complete transparency across the value chain. Furthermore, it supplies high-quality recycled plastics to leading automotive and consumer goods brands, helping them cut down on virgin plastic use. Over the years, Banyan Nation has built strong credibility for its ethical and scalable recycling model. In addition, its technology-driven approach has earned global recognition, from awards at the Circulars (Davos) to partnerships with sustainability leaders. Ultimately, the company exemplifies how innovation and responsibility can work together to transform India’s waste management ecosystem.
9. Plastic For Change
City: Bengaluru
Founded: 2018
FY 2024 Revenue: ₹50.00 Cr
Latest Valuation: ₹0.1 Cr (As of 22 May 2019)
About the company:
Founded by Arvind Palaniappan, Plastic For Change is a fair-trade recycling enterprise that connects environmental action with social impact. It builds ethical supply chains that create stable incomes for waste collectors. Furthermore, it provides ethically sourced recycled plastic to global brands. Through this transparent model, the organization turns waste into dignity and opportunity. As a result, Plastic For Change proves that recycling can empower people while protecting the planet.
10. Envirocyclean
City: Mumbai
Founded: 2020
FY 2024 Revenue: ₹38.10 Cr
About the company:
Envirocyclean, founded by Puneet Jain, delivers comprehensive waste-management and recycling solutions for industrial, commercial, and residential clients. The company emphasizes waste segregation, material recovery, and circular product design, ensuring that resources are reused efficiently. Moreover, its tech-enabled systems minimize landfill dependency while advancing sustainable urban living. As a result, Envirocyclean stands as a reflection of India’s transition toward smarter, data-driven recycling solutions that combine innovation with environmental responsibility.
This report is prepared by PrivateCircle Insights, based on verified company data and financial disclosures