Hyderabad-based plastic recycling startup Banyan Nation has become the first Indian firm to be shortlisted for The Circular Economy awards at the World Economic Forum to be held at Davos in January.
Founded in 2013 by Mani Vajipey and Raj Madangopal as a plastic recycling startup, Banyan Nation is a pioneer in leveraging data intelligence to integrate thousands of last mile informal waste collectors and large bulk waste generators into its supply chain.
The company developed a proprietary plastic cleaning technology that converts collected plastic waste into near virgin quality recycled granules (Better Plastic™) that global brands can use to make mainstream products and packaging.
“It is our mission to help brands sustainably Make In India by replacing the use of virgin plastic with recycled plastic that is comparable in quality and performance. The recognition at the World Economic Forum is a testament to the strength of innovations such as ours coming out of India. Within the next decade, almost all mainstream plastic products including food grade packaging will contain recycled materials. We see Banyan at the forefront of this paradigm shift,” Mani Vajipey, Cofounder & CEO, Banyan Nation said.
Banyan Nation initially mapped out waste collectors across Hyderabad through a mobile app and was engaged in segregating and recycling plastic.
It also signed MoU with the Telangana government to support it in developing a standard operating procedure for government-generated e-waste where the government will use Banyan Nation’s IoT-enabled dashboard for waste management.
This is Banyan Nation’s second partnership with the Telangana government after it tied up with the state government for efficiency in waste management.
In June 2016, it also won the Intel & DST Innovate for India Challenge 2.0, for which it created a zero-waste platform to streamline and automate urban recycling operations at all stages.
Banyan helps brands sustainably Make in India by using more recycled plastic instead of virgin plastic.
In march 2016, Banyan Nation raised $800,000 from Artha Capital as a part of the social enterprise technical assistance project run by the global PE firm KKR and Shujog – the not-for profit-initiative by Impact Investment Exchange (IIX).
The Circulars, an initiative of the World Economic Forum, is the world’s premier circular economy award programme. The award offers recognition to individuals and organizations across the globe that are making notable contributions to the circular economy in the private sector, public sector and society. The annual awards are hosted at the World Economic Forum’s Annual Meeting in Davos. You can vote for Banyan Nation for the awards here.