About Ricron Panels
Ricron Panels utilises proprietary technology to convert low-value multilayer plastics (MLPs), which cannot be conventionally recycled, into high-quality fully recyclable products such as panels and roofing sheets for the building materials industry.
These products find application in roofing, furniture, portable toilets, partitions, flooring, shuttering, etc., across sectors such as industrial, housing, furnishing, and civil construction—while generating overall savings of 25% – 35% in a given project.
This innovative technology diverts tons of plastic waste from landfills and oceans, mitigates carbon emissions, and reduces water misuse within the timber industry, significantly closing the loop on ubiquitous MLP waste. For instance, in 2022, Nestlé India commissioned Ricron Panels to convert MLP waste generated by KitKat wrappers into campus benches. Elsewhere, the startup’s innovation has been used to build schools.
Ricron Panels has been prominently featured in Marico Innovation Foundation’s marquee report in 2023, titled “Innovation in Plastics – The Potential and Possibilities”.
Ricron Panels at MIF’s Scale-Up
Since its induction in 2022 into MIF’s no-equity accelerator, Ricron Panels has been receiving bespoke and in-depth support from Scale-Up mentors in various mission-critical areas.
Marico’s Head of Operations Excellence and Sustainability, Bipin Odhekar, and Head of Manufacturing (Commercial), Sagar Kakkad, assisted Ricron Panels in crafting, evaluating, and signing a multi-crore collection & recycling deal with a large FMCG major, which will see the startup processing several thousand tonnes of MLP waste over seven years. In the human resources domain, Ricron Panels has been able to streamline hiring practices, under the able guidance of Marico’s Country HR Manager, Chris Phillip, who also facilitated connections with recruitment agencies and vetted candidates for key roles. Marico’s Manager of Operations Excellence, Ravinder Pal Singh, is guiding Ricron Panels on standard operating procedures as the company strives to set up a new factory unit from scratch.
Founder of Value Quest Capital Paresh Thakkar—who is among the strategic advisors working with Ricron Panels at Scale-Up—is guiding the startup on financial management and facilitates introductions with family offices, among other potential investors. Additionally, a team of veteran industry leaders including Marico’s Chairman Harsh Mariwala and Director at JSW steel Jayant Acharya, have mentored the founders of Ricron Panels.
As of April 2024, Ricron Panels continues to be a part of Scale-Up.
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