BENGALURU: Bengaluru-based deep-tech company PolyCycl has received a Series A investment from Rainmatter, the climate and sustainability-focused investment arm of Zerodha. While the company did not disclose the amount, it said that the funding will support the next phase of deployment of PolyCycl’s chemical recycling technology for hard-to-recycle plastics.
PolyCycl has developed a fully continuous chemical recycling platform that converts low-grade waste plastics, including single-use polyethene bags, into liquid hydrocarbon oils. These outputs are refined using the company’s proprietary purification system and supplied to petrochemical and oil and gas companies. The oils are then used as feedstock for producing low-carbon materials, including new food-grade virgin plastics.
The company's founder and CEO, Amit Tandon said on Tuesday that for every one tonne of plastic recycled, 600-820 kg of hydrocarbon oils can be generated.
The company said its technology has been developed over more than a decade of sustained research and development. PolyCycl’s Generation VI platform was launched in 2025 and has since been validated through extended continuous operations and product pre-qualification by petrochemical majors. The platform has reached Technology Readiness Level 7.
Tandon said the company is looking for deployment from 2026 and has started to generate small revenue from the sale of hydrocarbon oils.
Rainmatter’s investment is part of PolyCycl’s ongoing capitalisation journey and follows a selective and disciplined approach to deep-tech development. The funding will be used to fast-track commercial deployments with industrial partners, strengthen engineering and operational capabilities, and build execution teams to support scale-up and long-term licensing in domestic and international markets.
Tandon said, “Chemical recycling is deep-tech by nature. Our focus has been on building technology that can operate reliably at an industrial scale and integrate into circular petrochemical chains. Rainmatter’s investment strengthens our ability to move from technical maturity to wider deployment.”
Nithin Kamath, Founder at Zerodha and Rainmatter, said, “One of the things we have constantly been chasing through Rainmatter is long-term solutions to problems we see around us. Plastics and the end-of-life process around plastics need more teams working on them. PolyCycl is attempting to fix this plastic problem. We are excited to back them.”
PolyCycl said its technology is designed to work with real-world post-consumer waste streams and to complement existing mechanical recycling and manufacturing infrastructure.