Indian recycling and sustainable packaging company Greenwave Circularity has raised $31.5 million (around ₹300 crore) from OeEB, the Development Bank of Austria, with the financing backed by the European Union’s European Fund for Sustainable Development Plus (EFSD+) under its Transforming Global Value Chains programme.
The long-term financing will be used to build out Greenwave’s greenfield plastic recycling capacity in India, as the company looks to meet growing demand from FMCG companies for recycled packaging materials.
The facility will process post-consumer plastic waste, particularly discarded PET bottles, and convert it into food-grade recycled PET (rPET) resin, flakes, pellets and preforms that can be used by FMCG companies to manufacture new packaging. The company also plans to develop recycling capacity across other commonly used plastics such as HDPE and PP.
The investment comes as companies face increasing pressure to incorporate recycled material into packaging and build more circular supply chains. For recyclers, this creates an opportunity to move beyond collection and processing of scrap into higher-value materials that can be supplied directly back into manufacturing.
Greenwave said the facility will use European recycling technologies and is expected to help formalise parts of India’s fragmented scrap-collection ecosystem by creating more structured linkages with waste collectors and scrap suppliers. The company expects this to improve the value captured across the scrap value chain while creating formal employment.
“This long-term financing marks a significant milestone in our journey to scale circular economy solutions across industries. Partnering with OeEB builds credibility and strengthens our ability to accelerate innovation, expand our reach, and deliver measurable impact,” said Devang Kumar, founder and CEO, Greenwave Circularity.
The company is also looking beyond India in the medium term. It plans to evaluate expansion into select emerging markets where recycled-content mandates for plastic packaging are expected to be introduced or strengthened.
Kumar said the company’s immediate focus remains building its recycling platform in India, while overseas expansion would follow in markets with similar regulatory requirements and demand for recycled packaging materials.