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Rainmatter by Zerodha Backs PolyCycl’s Push for Plastic Circularity
Rainmatter, the climate and sustainability-focused investment arm of Zerodha, has made a Series A investment in PolyCycl, a Chandigarh-based deep-tech company pioneering chemical recycling technology for hard-to-recycle waste plastics. The funding will support PolyCycl’s next phase of deployment, aimed at enabling true plastic-to-plastic circularity at industrial scale.
The investment comes at a time when global pressure is mounting to address plastic waste beyond traditional mechanical recycling, which struggles with contaminated and low-grade plastics such as single-use polythene bags.
Turning Waste Plastics Into Circular Feedstock
Developed over more than a decade of sustained research and development, PolyCycl’s fully continuous chemical recycling platform converts low-grade waste plastics into liquid hydrocarbon oils through a patented, cost-effective process. These oils are then refined using the company’s proprietary purification system and supplied to petrochemical and oil & gas companies.
The refined outputs are used as feedstock to manufacture a range of low-carbon materials, including new, food-grade virgin plastics—effectively closing the loop in the plastics value chain.
Technology Ready for Scale
Rainmatter’s backing follows PolyCycl’s launch of its Generation VI technology platform in 2025, which has been validated through extended continuous operations and pre-qualified by major petrochemical companies. The platform has reached Technology Readiness Level (TRL) 7, indicating proven performance in operational environments and readiness for scalable deployment.
Amit Tandon, Founder and CEO of PolyCycl, said the focus has always been on engineering reliability. “Chemical recycling is deep-tech by nature. Our priority has been building technology that operates consistently at industrial scale and integrates into circular petrochemical systems. Rainmatter’s investment helps us move from technical maturity to wider deployment.”
A Long-Term Climate Bet
Rainmatter founder Nithin Kamath said the investment reflects the firm’s philosophy of backing long-term solutions to structural problems. “Plastics and end-of-life processes around plastics need more teams working on them. PolyCycl is attempting to fix this plastics problem, and we’re excited to back them,” he said.
Abhinav Singh Negi from Rainmatter highlighted PolyCycl’s depth of engineering and long-term intent as key factors behind the investment, noting its potential for both domestic and international licensing.
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Accelerating Commercial Deployment
PolyCycl plans to use the funding to fast-track commercial deployments with industrial partners, strengthen engineering and operations teams, and support scale-up across India and global markets. The company also aims to deepen engagement with petrochemical and downstream manufacturing partners to expand adoption of its technology.
Building a Credible Circular Economy
By addressing plastics that mechanical recycling cannot handle, PolyCycl’s platform complements existing recycling infrastructure while offering a scalable, capital-efficient solution. With Rainmatter’s backing, the company is positioning itself at the intersection of deep engineering, climate action and circular economy, offering a pathway to reduce plastic waste and dependence on fossil-based virgin materials at scale.
