PMMAI earned recognition as an industry association of national status representing the interest of Plastics Machinery manufacturing sector of our country with the Department of Heavy Industries, Ministry of Commerce, Ministry of Finance & Revenue, Department of Chemicals & Petrochemicals.
Plastic recycling start-up Banyan Nation taps global funding worth US $800,000
Hyderabad-based plastic recycling start-up, Banyan Nation, which is set out to become a formal player in this largely informal industry through product quality and work-ethic differentiation, has raised US$800,000 in growth funding helped by investment firm KKR Global among other agencies.
After operating a 100 ton a month capacity recycling plant for two years, Banyan Nation promoters have now set up an all new 300 ton capacity plant with automation and backed by a technology platform, using a part of these funds. "Currently we sell the plastic granules to 20 local customers. We are approaching the auto and FMCG companies requesting them to substitute the virgin plastic with our recycled plastic at least in some products to support the cause of environment sustainability," Mani Vajipey, co-founder and chief executive officer of Banyan Nation said on Tuesday.
After operating a 100 ton a month capacity recycling plant for two years, Banyan Nation promoters have now set up an all new 300 ton capacity plant with automation and backed by a technology platform, using a part of these funds. "Currently we sell the plastic granules to 20 local customers. We are approaching the auto and FMCG companies requesting them to substitute the virgin plastic with our recycled plastic at least in some products to support the cause of environment sustainability," Mani Vajipey, co-founder and chief executive officer of Banyan Nation said on Tuesday.
SaNew York-based Artha Capital has committed the funds to the company. "The consequences of our collective inaction seem negligible now, but over time will be devastating to the environment. We must each do our bit to stem the tide. Banyan, by laying the foundation for a formal recycling system, is doing just that," Jaideep Khanna, co-founder, president and managing partner of Artha Capital said.
Commenting on the start-up's chosen activity, Sanjay Nayar, CEO of KKR India said Banyan's aim in addressing challenges facing India's recycling industry by offering an alternative for household customers, suppliers, workers, processors and buyers is consistent with Prime Minister Modi's Smart Cities effort.