India-based deeptech firm PolyCycl has secured a Series A funding round led by Rainmatter, the climate-focused investment arm of financial services company Zerodha. The investment will accelerate the commercialization of PolyCycl’s advanced chemical recycling technology, which targets the growing challenge of plastic waste. The funding amount was not disclosed.
Strategic Deployment for Commercial Growth
PolyCycl plans to deploy the new capital to launch commercial-scale projects in collaboration with key industrial partners. A significant focus will be on strengthening engineering and operational capabilities, a critical step in supporting the company’s long-term strategy for domestic and international technology licensing.
Addressing India’s Plastic Waste Dilemma
The investment comes at a time when India is grappling with the generation of nearly 9.3 million tonnes of plastic waste annually. A large share of this waste consists of low-value, multi-layered plastics such as food wrappers and sachets, materials that are notoriously difficult to recycle. Conventional mechanical recycling methods remain largely ineffective for these waste streams, with recycling rates estimated at well below one percent.
A Technological Breakthrough in Chemical Recycling
Founded in 2016 by Amit Tandon, PolyCycl is a Chandigarh-based deeptech company that has developed a patented, fully continuous chemical recycling process designed to handle contaminated and low-grade plastics. The technology converts these materials into hydrocarbon oils that can be reused as feedstock for new products, creating a circular pathway for plastics that would otherwise be landfilled or incinerated.
The company’s proprietary purification system further refines these oils, enabling petrochemical manufacturers to produce a range of low-carbon materials, including new, food-grade virgin plastics. Each module of PolyCycl’s system is designed to process up to 100 tonnes of plastic waste per day, marking a meaningful step toward industrial-scale waste management.
PolyCycl has confirmed that its technology has reached Technology Readiness Level 7 (TRL 7), indicating validation through extended industrial operations. This milestone underscores the platform’s technical maturity and readiness for broader commercial deployment. Prior to this round, the company followed a fiscally disciplined approach, largely supported by founder capital.
Investor Confidence in a Circular Future
Rainmatter’s participation reflects growing investor confidence in deeptech solutions addressing complex environmental challenges. Nithin Kamath, founder of Zerodha and Rainmatter, has consistently emphasized the need for long-term, system-level solutions to the plastics crisis, positioning chemical recycling as a critical enabler of a circular economy.
Amit Tandon noted that the Series A investment strengthens PolyCycl’s ability to move from technical maturity to scaled deployment. He highlighted the inherently deeptech nature of chemical recycling and the company’s focus on building reliable, industrial-grade systems. The partnership brings together PolyCycl’s engineering-first approach with Rainmatter’s focus on intentional, impact-driven capital.
This Series A milestone positions PolyCycl to scale its proven technology and play a more significant role in addressing plastic pollution. By enabling a circular economy for hard-to-recycle plastics, the collaboration with Rainmatter places the company as a potential key player in the broader sustainability transition, offering a practical, long-term solution to one of the world’s most persistent environmental challenges.