Mumbai : PolyCycl, an India-based deep-tech company that has developed technology for chemical recycling of waste plastics, has received a Series A investment from Rainmatter, the climate and sustainability-focused investment initiative of Zerodha. The investment supports the next phase of deployment of PolyCycl’s technology platform, focused on enabling plastic-to-plastic circularity for hard-to-recycle plastics.

Developed over more than a decade of sustained R&D, PolyCycl’s fully-continuous chemical recycling technology platform converts low-grade waste plastics such as single-use polythene bags into liquid hydrocarbon oils, using a cost-effective, patented conversion process. These outputs are further refined using the company’s proprietary purification system and supplied to petrochemical and oil & gas companies, where they are used as feedstock for manufacturing a host of low-carbon materials, including new, food-grade virgin plastics.

Rainmatter’s financing forms part of PolyCycl’s ongoing capitalisation journey, which has followed a fiscally disciplined approach to deep-tech development, led by founder capital and selective strategic investments. The investment follows the launch of the company’s Generation VI technology platform in 2025. The platform has been validated through extended continuous operations, product pre-qualification by petchem majors, demonstrating technical maturity at Technology Readiness Level (TRL) 7 and readiness for scalable deployments.

Amit Tandon, Founder & CEO, PolyCycl, said, “Chemical recycling is deep-tech by nature. Our focus has been on building technology that can operate reliably at 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 it. PolyCycl is attempting to fix this plastics problem. We are excited to back them.”

Abhinav Singh Negi, Business and Investments, Rainmatter by Zerodha, said, “We want to back complex technologies that take time to build but have the potential to reshape entire sectors. PolyCycl fits this philosophy through its deep engineering focus and long-term intent. Platforms like this are essential to building credible circularity at scale. The collaboration brings together PolyCycl’s engineering-first approach with Rainmatter’s focus on intentional capital. What stood out for us was the depth of engineering maturity and the potential of the technology for both domestic and international licensing to meaningfully expand recycling of hard-to-recycle plastics.” 

PolyCycl will use the investment to fast-track commercial deployments of its chemical recycling technology with industrial partners, strengthen engineering and operational capabilities, and build execution teams to support scale-up and long-term licensing across domestic and global markets. The funding will also support efforts to deepen engagement with petrochemical and downstream manufacturing partners.