Greenwave Circularity raises $31.5M financing from OeEB of Austria

Greenwave Circularity, a circular economy venture, has secured $31.5 million in financing from OeEB, the Development Bank of Austria. The investment aims to promote and scale circularity-led solutions utilizing leading European technologies. This financing will help create formal jobs and improve scrap value chains.

Greenwave Circularity operates a fully integrated, closed-loop circular plastic recycling facility in Odisha. Once completed, the plant will transform post-consumer PET bottle scrap into food-grade recycled resin, flakes, pellets, and preforms for use in the FMCG industry. The facility will be powered by rooftop solar and feature a zero-liquid-discharge effluent treatment system. It has been designed to achieve LEED GOLD green-building certification.

OeEB, Austria's Development Bank, has invested in Greenwave Circularity as part of its commitment to sustainable private sector development and circular economy solutions in emerging markets. This project is expected to generate around 1,000 direct and indirect formal jobs.

Founded in 2024 with headquarters in Meerut, Greenwave Circularity is a joint venture between Moon Beverage, a Coca-Cola franchise bottler, Jainarain Fabtech Ltd., and CEO Devang Kumar. The venture leverages Moon Beverage's existing offtake relationships and Jainarain Fabtech's sourcing network for post-consumer PET bottles to establish a vertically integrated supply chain for food-grade recycled PET.

CEO Devang Kumar expressed that the financing marks a significant milestone in the company's journey to scale circular economy solutions across industries. OeEB's investment enhances the company's credibility, enabling it to accelerate innovation, expand its reach, and deliver measurable impact.

The investment coincides with a pivotal time for India-EU economic cooperation, following the strengthening of the India-EU Free Trade Agreement. This cooperation is spurring cross-border investments into high-impact Indian ventures. With India's Extended Producer Responsibility (EPR) rules pushing packaging companies towards higher recycled content mandates, the financing indicates a growing demand for food-grade plastic polymers.

Ilka Vogel, Vice President of Investment Finance at OeEB, stated that the investment reflects OeEB's dedication to supporting sustainable private sector development and advancing circular economy solutions in emerging markets. India is a key region of focus for OeEB, and they are pleased to partner with a company that offers strong growth potential and meaningful environmental benefits. This investment also underscores the deepening economic collaboration between Europe and India.