Greenwave Circularity, a Moon Beverages-backed recycling and sustainable packaging company, has raised $31.5 million (about ₹300 crore) in financing from OeEB, the Development Bank of Austria. According to reports from Mint, the company's founder and chief executive Devang Kumar confirmed the funding details. The financing is backed by a guarantee from the European Union Fund for Sustainable Development (EFSD+) under its Transforming Global Value Chains (TGVC) programme, which enables European development finance institutions to lend to companies in emerging markets by mitigating investment risks.
The company plans to use the funding to develop its fully integrated and closed-loop circular plastic recycling facility in Odisha. As reported by Mint, once operational, the Odisha plant will convert post-consumer PET bottle scrap into food-grade recycled resin (rPET), flakes, pellets and preforms for the FMCG industry. The plant is designed to run on rooftop solar power and a zero-liquid-discharge effluent treatment system and is targeting LEED GOLD green-building certification. Greenwave was established in 2024 as a joint venture between Moon Beverages Ltd, a Coca-Cola franchise bottler, and Jainarain Fabtech Ltd, a manufacturer of recycled polyester (PET) fibres and flakes.
The investment is expected to create approximately 1000 plus direct and indirect formal jobs according to OeEB estimates. The financing comes as India tightens rules around the use of recycled plastic in packaging. Under the latest Plastic Waste Management Rules, beverage and other rigid plastic packaging will need to contain at least 40% recycled plastic in fiscal year 2027 (FY27), with the requirement set to rise further in subsequent years. This regulatory framework creates significant market opportunities for companies like Greenwave Circularity.
Kumar emphasized that the investment creates modern infrastructure backed by European technology and powered by AI and ML. As reported by Mint, the company has partnered with technologies from Switzerland, the UK, France and Italy. The company expects to commence operations in 2027, with plans to triple capacity within three to four years post-commencement. Kumar noted that the company already has the resources and land allocation for this expansion, while simultaneously exploring other circularity opportunities.
India's circular economy could have a market value of more than $2 trillion by 2050 and create nearly 10 million jobs, according to government estimates. The investment comes at a pivotal time for India-EU economic cooperation, building on the recently strengthened India-EU Free Trade Agreement. As India's Extended Producer Responsibility (EPR) rules push packaging companies toward higher mandated shares of recycled content, the financing indicates a shift expected to underpin sustained demand for food-grade plastic polymers. Intellecap's Investment Banking Group served as the exclusive financial advisor to Greenwave Circularity on the transaction.
