Rainmatter backs PolyCycl to scale its mature chemical recycling technology, enabling circularity and industrial reuse of hard-to-recycle plastic waste.
Rainmatter, the climate- and sustainability-focused investment arm backed by Zerodha, has made a Series A investment in PolyCycl, a Chandigarh-based deep-tech startup pioneering chemical recycling technologies for waste plastics. The funding marks a significant milestone for PolyCycl as it advances the next phase of its technology deployment, aimed at enabling true plastic-to-plastic circularity, particularly for plastic waste streams that are traditionally difficult or uneconomical to recycle through mechanical processes.
PolyCycl has spent more than ten years developing its proprietary, fully continuous chemical recycling platform. The technology is designed to process low-value, contaminated, or multi-layer plastic waste—such as single-use polythene carry bags—into liquid hydrocarbon oils. These oils serve as an intermediate feedstock and are produced using a patented, cost-efficient conversion process that emphasizes operational stability and scalability. Unlike intermittent or batch-based solutions, PolyCycl’s platform is engineered for industrial-grade, continuous operations, a critical requirement for integration into large petrochemical value chains.
Following conversion, the output oils are further treated through PolyCycl’s in-house purification and upgrading system. This step ensures that the final products meet stringent quality specifications required by petrochemical and oil & gas companies. The refined outputs can then be used as feedstock for manufacturing a range of low-carbon materials, including new, food-grade virgin plastics. By enabling the production of high-quality plastics from waste inputs, PolyCycl’s approach directly addresses one of the most persistent challenges in the global plastics economy: closing the loop for hard-to-recycle plastic waste.
The investment from Rainmatter forms part of PolyCycl’s broader, carefully managed capitalisation strategy. The company has followed a fiscally disciplined approach, relying initially on founder capital and selectively partnering with strategic investors aligned with its long-term technology vision. This latest funding round comes after the successful launch of PolyCycl’s Generation VI technology platform in 2025. The platform has undergone extended continuous operation runs and product pre-qualification by major petrochemical companies, demonstrating its robustness and commercial relevance.
With these validations, PolyCycl’s technology has reached Technology Readiness Level (TRL) 7, indicating system-level prototype demonstration in an operational environment. This level of maturity positions the company well for scaled commercial deployments and international expansion, either through project development or technology licensing models.
Commenting on the investment, Amit Tandon, Founder and CEO of PolyCycl, emphasized the inherently complex nature of chemical recycling. He noted that the company’s primary focus has been on building a technology platform capable of operating reliably at industrial scale while seamlessly integrating into circular petrochemical supply chains. According to him, Rainmatter’s backing will help PolyCycl transition from proven technical maturity to broader, real-world deployment.
Nithin Kamath, Founder of Zerodha and Rainmatter, highlighted the long-term philosophy guiding Rainmatter’s investments. He pointed out that plastic waste and end-of-life management remain under-addressed challenges and require more teams working on durable, systemic solutions. He expressed optimism about PolyCycl’s attempt to tackle this issue through deep technology innovation.
Abhinav Singh Negi from Rainmatter added that the firm actively seeks to support complex, engineering-led technologies that take time to develop but have the potential to transform entire industries. He underscored that PolyCycl’s depth of engineering, long-term intent, and licensing potential—both in India and globally—made it a strong fit for Rainmatter’s investment thesis.
Going forward, PolyCycl plans to deploy the new capital to accelerate commercial projects with industrial partners, strengthen its engineering and operational teams, and build execution capabilities for scale-up. The funding will also be used to deepen collaborations with petrochemical producers and downstream manufacturers, supporting long-term growth and the expansion of credible plastic circularity solutions worldwide.
