Plastic recycler Greenwave Circularity raises $31.5 M from European investors

Khorda, Odisha-based Greenwave Circularity has raised USD 31.5 M in a long-term financing round from the Development Bank of Austria, with backing from the European Union’s European Fund for Sustainable Development Plus.Founded in 2024, Greenwave Circularity is a recycler and sustainable packaging firm.It plans to use the new funds to build greenfield plastic recycling capacity in India, specifically to process post-consumer plastic waste into food-grade recycled PET resin, flakes, pellets, and preforms. Additionally, the company intends to develop recycling capacity for high-density polyethylene (HDPE) and polypropylene (PP) while evaluating expansion into emerging markets.