Greenwave Circularity raises $31.5M financing from OeEB of Austria

Greenwave Circularity, a circular economy venture, has secured financing of $31.5 million from OeEB, the Development Bank of Austria.

The investment will be used to accelerate adoption of innovative circularity-led solutions driven by the leading European technologies while creating formal jobs and upliftment of the scrap value chains.

Greenwave has a fully integrated and closed-loop circular plastic recycling facility in Odisha. Once operational, the facility will convert post-consumer PET bottle scrap into food-grade recycled resin (rPET), flakes, pellets and preforms for the FMCG industry. The plant is designed to run on rooftop solar power and a zero-liquid-discharge effluent treatment system and is targeting LEED GOLD green-building certification; OeEB estimates the project will create approximately 1000 plus direct and indirect formal jobs.

Founded in 2024 with headquarters in Meerut, Greenwave Circularity is a joint venture between Moon Beverage, a franchise bottler of Coca-Cola, Jainarain Fabtech Ltd., and Founder & CEO Devang Kumar. This venture combines Moon Beverage’s offtake relationships and Jainarain Fabtech’s sourcing network for post-consumer PET bottles to build a vertically integrated supply chain for food-grade recycled PET (rPET).

Greenwave Circularity Founder & CEO Devang Kumar said, “This long-term financing marks a significant milestone in our journey to scale circular economy solutions across industries. Partnering with OeEB builds credibility and strengthens our ability to accelerate innovation, expand our reach, and deliver measurable impact.”

The statement noted that this investment comes at a pivotal time for India-EU economic cooperation, building on the recently strengthened India-EU Free Trade Agreement. These developments are catalysing cross-border investments into high-impact Indian ventures.

As India’s Extended Producer Responsibility (EPR) rules push packaging companies toward higher mandated shares of recycled content, the financing indicates a shift expected to underpin sustained demand for food-grade plastic polymers.

Ilka Vogel, VP Investment Finance, OeEB, added, “Our investment in Greenwave Circularity reflects OeEB’s commitment to supporting sustainable private sector development and advancing circular economy solutions in emerging markets. India represents a key geography for us, and we are pleased to partner with a company that combines strong growth potential with meaningful environmental impact. This transaction also reinforces the deepening economic collaboration between Europe and India”.

Intellecap's Investment Banking Group was the exclusive financial advisor to Greenwave Circularity on the transaction.