Lucro Plastecycle | Recycled Plastic Granules & Packaging

Lucro Plastecycle | Recycled Plastic Granules & Packaging

Waste Recovery

Sustainable Development Goals

SDG 12 – Responsible Consumption and Production, SDG 14 – Life Below Water

Company Overview

Lucro Plastecycle Private Limited is a Mumbai-based waste management, recycling and product manufacturing company. It focuses on post-consumer flexible plastic packaging. Waste is collected from waste pickers, NGOs, aggregators and brands, then processed into recycled polypropylene, high-density polyethylene and low-density polyethylene granules.

The company also makes finished products from recycled material. These include flexible packaging such as shrink wrap and films, protective covers, and compostable carry bags certified by the Central Pollution Control Board.

Lucro was founded by Saumil Desai and Ujwal Desai, who serves as Managing Director. Its recycling process is branded Plast-E-Cycle. The company was reported as founded in 2012, and the current legal entity was incorporated in Mumbai in August 2019.

Circulate Capital made its first investment in March 2020, and Lucro became the first Indian company funded by the Circulate Capital Ocean Fund. In February 2021, Lucro and Dow signed a memorandum of understanding to co-develop a post-consumer recycled polyethylene film solution. Circulate Capital made a follow-on investment in July 2022, and by then Lucro had grown its waste processing capacity more than tenfold.

In March 2025, the board of Hindustan Unilever approved the acquisition of a 14.3% stake in the company. Lucro is reported to be the first company in India to earn Ocean Bound Plastic certification for flexible plastic recycling.

Why These SDGs Matter

SDG 12 applies because Lucro's core activity is converting used plastic packaging into raw material and finished goods. Diverting flexible plastic from disposal and returning it to manufacturing reduces dependence on virgin plastic. It also gives packaging users a route to meet recycled-content targets.

The company's collection network, its deposit return system and its awareness programmes all support more responsible consumption and disposal at the community level.

SDG 14 applies because plastic waste that is poorly collected can leak into rivers and oceans. Lucro's Ocean Bound Plastic certification for flexible plastic recycling connects its collection and processing work to the prevention of marine plastic pollution. Its principal financial backer, the Circulate Capital Ocean Fund, was created to reduce ocean plastic through recycling infrastructure. Lucro was its first Indian portfolio company.

Products & Services
  • Recycled PP, HDPE and LDPE granules (post-consumer resin)
  • Customized compounded granules for manufacturers
  • Flexible packaging such as shrink wrap and films
  • Protective covers made from recycled plastic
  • CPCB-certified compostable carry bags
  • Post-consumer plastic waste collection through collection centres
  • Deposit return system for plastic waste in Baramati
Business Challenges Solved
  • Difficulty recycling low-value flexible and film plastic packaging
  • Limited supply of post-consumer recycled resin for packaging
  • Proving the origin and recycled content of plastic materials
  • Odour and contamination in recycled plastic granules
  • Reliance on virgin plastic for shrink wrap and protective packaging
  • Collecting plastic waste from dispersed informal sources
  • Plastic waste leaking into oceans and waterways
Approach & Methodology

Lucro operates an integrated model that covers the plastic waste supply chain from collection to finished product. Waste is sourced from waste pickers, NGOs, aggregators and brands. Collection centres were opened across India to increase the volume of material it can process.

Collected material is processed using the company's trademarked Plast-E-Cycle technology. This converts heavily soiled flexible plastic into recycled granules. Company-reported methods include de-inking, dry washing and de-odorising to remove dirt and smell from the recycled material.

The granules are used in two ways. Some are remanufactured into Lucro's own products, such as films, shrink wrap and protective covers. The rest are supplied as commodities to other manufacturers. The company can produce customized single-compounded granules and end products from this waste.

Lucro reports using its own software, called Satma CE, together with QR codes on bales to track material through processing. Traceability of this kind helps brands document recycled content.

Community and behaviour programmes complement the industrial process. Lucro runs information, education and communication initiatives to promote plastic collection. It also operates a deposit return system in Baramati that returns value to people who bring plastic waste back.

Market Position

Lucro operates in the Indian market for post-consumer recycled plastics, concentrating on flexible packaging waste. Its main customers are manufacturers and consumer goods companies that buy recycled granules or recycled-content packaging.

Reported buyers include large fast-moving consumer goods and chemical companies. Hindustan Unilever's minority stake and Dow's co-development agreement suggest that both a brand owner and a materials producer have engaged with the company directly.

Reports based on VCCEdge data put net sales at ₹84.8 crore in FY2023-24, up 57% year on year. Net profit rose to ₹6.6 crore, about triple the previous year. Its differentiation rests on an integrated collection-to-product model and on producing customized compounded granules from waste that many recyclers do not process.

Procurement Considerations
  • Request grade specifications for each granule type (PP, HDPE, LDPE) and confirm fit with your application
  • Verify recycled-content documentation and the traceability records that accompany each batch
  • Confirm current certifications, including Ocean Bound Plastic and CPCB compostable approvals, against certificate copies
  • Ask about food-contact or regulatory suitability if the material is used in consumer packaging
  • Test sample lots for odour, colour and mechanical performance before committing to volume
  • Confirm supply capacity, lead times and the location of the dispatching facility
  • Compare lifecycle cost against virgin resin, including any recycled-content compliance benefits
Funding, Recognition & Ecosystem
  • Circulate Capital Ocean Fund: initial investment in March 2020, the fund’s first Indian portfolio company
  • Circulate Capital: follow-on investment announced in July 2022
  • Dow: memorandum of understanding in February 2021 to co-develop a post-consumer recycled polyethylene film solution
  • Hindustan Unilever Limited: board approval in March 2025 to acquire a 14.3% stake
  • Unreasonable Group: listed as a venture in its portfolio
  • PLEASE Project: Plast-E-Cycle featured in the project’s initiative pages
Natnavi Analysis

Lucro Plastecycle addresses one of the harder segments of plastic recycling in India, post-consumer flexible packaging such as films and wrappers. This material is light, often contaminated and frequently multilayered, so it is commonly left out of conventional recycling streams. A working chain from collection to granule is therefore relevant to brands with recycled-content commitments.

The company's significance is reflected in its investor base. Circulate Capital, Dow and Hindustan Unilever have each backed or partnered with it. The Hindustan Unilever stake links recycled flexible plastic supply directly to a major packaged goods buyer. The reported rise in net sales to ₹84.8 crore in FY2023-24 points to commercial traction.

Its strengths include an integrated model across collection, processing and manufacturing, and a stated emphasis on traceability. Its sustainability contribution is the diversion of plastic waste into reusable resin and packaging.

Buyers should note that the properties of recycled resin depend on feedstock and processing, so grade specifications and application fit deserve testing. Capacity expansion plans, including the earlier goal of tripling capacity, will influence how well supply keeps pace with demand from packaging users.

Sources & References
Website
Founded: 2012
Company Stage: Growth-Stage Company
Headquarters
Mumbai, Maharashtra, India
Geographic Presence
Lucro is headquartered in Mumbai, Maharashtra, and has operations in Gujarat, including activity in Santrampur. It holds active tax registrations in six Indian states. Collection centres were opened across the country by 2022, and a deposit return system operates in Baramati, Maharashtra. Recycled granules and products are supplied to manufacturers across India.
Solution Type
Manufacturer
Sustainability Outcomes
Circular Economy, Resource Efficiency, Supply Chain Transparency & Traceability, Waste Reduction
Industries Served
Chemicals & Materials, Manufacturing, Retail & Consumer Goods
Last Reviewed: September 28, 2026

Related Companies

Trending now

Indian Carbon Credit Trading Scheme
What is the Carbon Credit Trading Scheme and How It’s Shaping India’s Carbon Market
Marketing AI Prompts
The 7 Step AI Marketing Audit Framework for Sustainable Businesses
greenwashing
Why False Sustainability Claims “Greenwashing” Are Becoming a Business Risk
How to Generate Carbon Credits From Agriculture and Sell Them Internationally
How to Generate Carbon Credits From Agriculture and Sell Them Internationally

Sign In

Forgot password?

Register

Reset Password

Please enter your username or email address, you will receive a link to create a new password via email.