Greenwave Circularity Raises USD 31.5 Mn from Austria’s OeEB
Greenwave Circularity raises USD 31.5 Million from Austria’s OeEB to build a closed-loop PET recycling plant in Odisha.
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Greenwave Circularity has secured USD 31.5 million (about INR 300 crore) in financing from OeEB, the Development Bank of Austria, to build a closed-loop PET recycling facility in Odisha. The loan is de-risked and guaranteed by the European Union Fund for Sustainable Development (EFSD+) under its Transforming Global Value Chains programme, and is the first OeEB real-sector project implemented under an EFSD+ guarantee.
Once operational, the plant will convert post-consumer PET bottle scrap into food-grade recycled resin (rPET), flakes, pellets and preforms for the FMCG industry. It will run on rooftop solar power with a zero-liquid-discharge effluent treatment system and is targeting LEED Gold green-building certification. OeEB estimates the project will create over 1,000 direct and indirect formal jobs, with an estimated 79% reduction in greenhouse gas emissions compared to virgin PET.
Greenwave was set up in 2024 as a joint venture between Moon Beverage Limited, a Coca-Cola franchise bottler, Jainarain Fabtech Ltd. and founder-CEO Devang Kumar. The structure combines Moon Beverage’s offtake relationships with Jainarain Fabtech’s sourcing network for post-consumer PET bottles, creating an integrated supply chain from bottle collection to food-grade resin production.
The financing was signed in March 2026 and comes amid strengthened India-EU economic ties following the India-EU Free Trade Agreement. It also aligns with India’s Extended Producer Responsibility rules, which require packaging companies to use a higher mandated share of recycled content, a shift expected to sustain demand for food-grade plastic polymers.
Intellecap’s Investment Banking Group acted as exclusive financial advisor to Greenwave on the transaction.
“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 and expand our reach,” said Devang Kumar, Founder and CEO, Greenwave Circularity.
Greenwave Circularity has secured USD 31.5 million (about INR 300 crore) in financing from OeEB, the Development Bank of Austria, to build a closed-loop PET recycling facility in Odisha. The loan is de-risked and guaranteed by the European Union Fund for Sustainable Development (EFSD+) under its Transforming Global Value Chains programme, and is the first OeEB real-sector project implemented under an EFSD+ guarantee.
Once operational, the plant will convert post-consumer PET bottle scrap into food-grade recycled resin (rPET), flakes, pellets and preforms for the FMCG industry. It will run on rooftop solar power with a zero-liquid-discharge effluent treatment system and is targeting LEED Gold green-building certification. OeEB estimates the project will create over 1,000 direct and indirect formal jobs, with an estimated 79% reduction in greenhouse gas emissions compared to virgin PET.
Greenwave was set up in 2024 as a joint venture between Moon Beverage Limited, a Coca-Cola franchise bottler, Jainarain Fabtech Ltd. and founder-CEO Devang Kumar. The structure combines Moon Beverage’s offtake relationships with Jainarain Fabtech’s sourcing network for post-consumer PET bottles, creating an integrated supply chain from bottle collection to food-grade resin production.
Entrepreneur Staff • Editor
Entrepreneur Staff
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