India, Jan. 20 -- Bengaluru-based deeptech startup PolyCycl has raised INR 26 Cr (about $2.8 Mn) in a Series A round from Zerodha's investment arm Rainmatter to scale its chemical recycling tech stack for plastic waste.

The startup intends to utilise the fresh capital to roll out commercial projects in partnership with industrial partners, strengthen its engineering and operations teams as well as support long-term licensing across domestic and global markets. The funding will also support efforts to deepen engagement with petrochemical and downstream manufacturing partners.

Founded by Amit Tandon in 2016, PolyCycl converts plastic waste into hydrocarbon oils that can be reused by companies to make fresh plastics and other materials. It...