Greenwave Circularity, a company engaged in the circular economy, has secured $31.5 million in funding from OeEB, the Austrian Development Bank.
These funds will be used to accelerate the implementation of innovative solutions based on circularity principles and utilizing advanced European technologies, as well as to create official jobs and increase the value of secondary raw material chains.
Greenwave operates a fully integrated closed-loop plastic recycling facility in Odisha. After launch, this facility will transform post-consumer PET bottle waste into food-grade recycled resin (rPET), flakes, granules, and preforms for the fast-moving consumer goods industry. The plant is designed to run on rooftop solar energy and zero-discharge wastewater treatment systems, and it aims to achieve LEED GOLD certification for green buildings. According to OeEB, the project will create over 1000 direct and indirect formal jobs.
Greenwave Circularity was founded in 2024 with its headquarters in Meerut. It is a joint venture between Moon Beverage, a Coca-Cola franchised producer, Jainarain Fabtech Ltd., and founder and CEO Devang Kumar. This enterprise combines the sales relationship of Moon Beverage and the procurement network of Jainarain Fabtech for post-consumer PET bottle waste to create a vertically integrated supply chain for food-grade rPET.
The founder and CEO of Greenwave Circularity, Devang Kumar, stated: 'This long-term financing marks an important milestone in our pursuit of scaling circular economy solutions across various industries. The partnership with OeEB enhances credibility and strengthens our ability to accelerate innovation, expand reach, and deliver measurable impact.'
The statement noted that this investment occurs at a critical juncture for economic cooperation between India and the EU, building upon the recently strengthened Free Trade Agreement between India and the EU. These developments stimulate cross-border investments in high-efficiency Indian enterprises.
As India's Extended Producer Responsibility (EPR) regulations push packaging manufacturers to increase the mandated share of recycled content, this funding signals an expected shift that should support sustained demand for food-grade polymers.
Ilka Vogel, Vice President of Investment Finance at OeEB, added: 'Our investment in Greenwave Circularity reflects OeEB's commitment to supporting private sector sustainable development and promoting circular economy solutions in emerging markets. India is a key region for us, and we are pleased to partner with a company that combines strong growth potential with significant environmental impact. This deal also strengthens deepening economic cooperation between Europe and India.'