Mumbai, April 08, 2024: ReCircle, a leading resource recovery clean-tech innovator, announced today that it is among the five Indian Businesses for Impact that have received the DBS Foundation Grant Award in the latest instalment.
From a record ~2000 grant applications received across DBS’ core markets, the final grantees were evaluated based on stringent criteria, including their ability to create social and environmental impact, innovate and on the overall sustainability and scalability of their organisations. The five Indian BFIs were among the 24 finalists for the DBS Foundation grant from across Asia. The winning BFIs will receive holistic support to scale both their business and the impact generated through grant funding totalling SGD 3.7 million for all the grantees; along with additional support such as customised banking services and capacity-building, along with access to business prospects.
The businesses awarded, including ReCircle, are working at the nexus of economic, environmental, and social impact, and their innovative solutions are a pathway to a more inclusive, low-carbon future. ReCircle is championing a traceable supply chain for waste pickers and the funds will be utilised towards fostering inclusion across underprivileged and marginalised communities in India.
The grant will be used to enhance ReCircle’s ethical and inclusive circular economy mission, and will be used to upgrade its traceability platform, ClimaOne, diverting 400T of waste from landfills and oceans, while improving the lives and livelihoods of waste pickers. ReCircle will receive support to scale both its business and the impact generated; along with additional support such as customised banking services and capacity-building, along with access to business prospects.
“The DBS Foundation Grant Award is not just a recognition for ReCircle but a beacon of belief in our mission to tread lighter on the planet and uplift those who help us achieve this goal. The grant from DBS Foundation will enhance our ClimaOne platform, further our waste diversion efforts, and, most importantly, improve the lives and livelihoods of our Safai Saathis (informal waste workers). We are committed to drive meaningful change across the waste value chain, and we thank DBS Foundation for believing in our sustainable and profitable track record over the years, as well as our vision to drive environmental and social impact”, said Rahul Nainani, CEO & Co-Founder, ReCircle.
Over the years, ReCircle has improved urban waste systems by working directly and indirectly with informal waste workers, impacting lives and providing access to financial literacy, education and training opportunities to over 400 Safai Saathis (informal waste workers). The grant fuels ReCircle’s vision of transforming waste into a valuable resource and bringing dignity to the work of waste pickers, who are, often, overlooked in the value chain.
“In moments like these, I am reminded of the power of creating lasting change through collective action and building a circular future. This achievement fuels our ambitious growth strategy of expanding our network of collectors and waste pickers and continuing to build strategies to reach the last-mile of the value chain ensuring dignity and equity for informal waste workers”, said Gurashish Singh Sahni — Co-Founder & COO, ReCircle.
