Zerodha’s investment arm Rainmatter has led a ₹30 crore ($3.2 million) funding round in Pune-based Minimac Systems, a company that builds lubricant recycling and circularity infrastructure for industrial operators. Minimac plans to channel the fresh capital toward research and development in miniaturised fluid treatment, fleet automation, and fluid analytics, while also deepening its doorstep services footprint. The investment comes at a time when India’s regulatory environment is beginning to require more responsible management of used industrial oil.
The Hidden Cost of Industrial Lubricants
India is the world’s third largest lubricant market and consumes more than five million tonnes of lubricants and greases every year. More than sixty percent of the country’s base oil requirement is imported, with an annual import bill exceeding $2.7 billion. After use, an estimated eighty five percent of this oil is improperly disposed, and a single litre of used oil can contaminate one million litres of fresh water.
A Circularity Model Built for the Plant Floor
Minimac was founded in 2012 by IIM Indore alumnus Anshuman Agrawal and has spent over a decade developing industrial grade lubricant recovery technology that operates at customer sites. Its model covers in service reconditioning, drained oil reclamation, and the eventual re refining of used oil into high quality base oil. Offerings include Recycling on Wheels mobile units and a Lubricant as a Service model that charges customers for managed lubrication outcomes.
Deployment and Customer Base
Minimac has deployed more than 2,500 miniaturised fluid treatment systems with a combined installed processing capacity of over three lakh litres per minute. The company has worked across more than 2,200 industrial assets and kept over fourteen million litres of lubricant in productive use across India and international markets. Its customers include NTPC, Adani Power, JSW Steel, Tata Steel, Indian Oil, Bharat Petroleum, Hindustan Petroleum, Reliance Industries, Shell and ExxonMobil.
Funding and Expansion Plans
The ₹30 crore investment will support research and development of miniaturised fluid treatment infrastructure, fleet automation, and fluid analytics. Some of the funds will also be used to deepen recycling technology and expand Minimac’s doorstep services footprint across India. Founder Anshuman Agrawal said the capital allows the company to bring advanced restoration and circularity infrastructure within reach of many more industrial plants.
Regulatory Shift and Climate Goals
India’s Extended Producer Responsibility rules for used oil now require a progressively rising share of base oil feedstock to come from recycled sources, moving from ten percent today to fifty percent by 2030. This creates a legal obligation for industries to close the loop, even though the existing re refining sector remains fragmented and underutilised. Minimac has stated an ambition to help abate 860 gigagrams of carbon dioxide equivalent emissions by 2034 while reducing import dependence and hazardous waste.
Why Rainmatter Backed Minimac
Rainmatter sees Minimac as a profitable and patient business that reduces import dependence, cuts hazardous waste, and extends the life of industrial capital equipment while paying for itself through avoided downtime. The company was bootstrapped from Pune and built project by project before this institutional round. Its decarbonisation impact is expected to show up on maintenance ledgers and sustainability reports alike.
Minimac’s funding round reflects growing investor interest in industrial sustainability models that combine environmental benefit with operational cost reduction. By keeping lubricants in productive use and reducing reliance on imported base oil, the company addresses a major waste stream while supporting manufacturing reliability. As compliance requirements tighten and industrial lubricant demand keeps rising, the startup is well placed to expand its circularity infrastructure across India.