Recycling and Circular Economy

What Recycling and Circular Economy does

Race Eco Chain Ltd operates an AI-enabled, blockchain-traceable waste management and recycling platform headquartered in Noida, India, focused on Extended Producer Responsibility (EPR) compliance for plastic packaging. The company aggregates plastic waste from a pan-India network of 500+ suppliers through its RACE App and Digital Partner Management System (DPMS), using AI-assisted supplier auditing and material segregation combined with blockchain records to deliver audit-grade traceability to brand owners. Its customer base spans FMCG, pharmaceutical, building materials, energy, apparel, and quick-commerce enterprises, including HUL, ITC, Saint-Gobain, Sun Pharma, Mankind Pharma, NTPC, Varun Beverages, PepsiCo, Page Industries, and Zepto.

The company holds GRS, SMETA, and SEBI BRSR certifications and operates GRS-certified processing mills, providing downstream traceability and quality control for recycled feedstock. Its RESTORE brand markets recycled products and has expanded to a second production facility, capturing additional value beyond collection. Complementary ventures include a joint venture with Green Tech Energy Solution in clean energy and a proposed demerger of the Biomass and Restore Bag divisions into separate entities.

Race Eco Chain generates revenue primarily through EPR compliance contracts and waste-management service fees paid by brand owners obligated under India's plastic packaging regulations, supplemented by recycled-product sales under the RESTORE brand. The company listed on the NSE on May 9, 2023, and in FY26 reported revenue of Rs 618.75 crore with net profit of Rs 6.76 crore, representing 11.47% and 73.78% YoY growth respectively, with FY25 plastic waste collection volume of 95,000+ MT up 66% YoY.

Name

Recycling and Circular Economy

Legal name

Race Eco Chain Ltd

Website

https://raceecochain.com

Company type

Public

Founded year

2009

Operating status

Operating

Headcount range

11–50 employees

Short description

Race Eco Chain Ltd operates an AI-enabled, blockchain-traceable plastic waste management and EPR compliance platform in India, aggregating 500+ suppliers and serving enterprise brand owners across FMCG, pharma, building materials, energy, apparel, and quick-commerce.

Ownership category

akta.pro rank

Product category

Plastic Waste Management Services

NAICS

Waste Collection (56211), Recyclable Material Merchant Wholesalers (42393), Waste Treatment and Disposal (5622), Hazardous Waste Treatment and Disposal (562211)

SIC

Refuse Systems (4953), Hazardous Waste Management (4955)

akta.pro primary industry

Scrap Collection, Brokerage & Trading (Dealers, Aggregators, Exporters) (EUAIAJAH)

akta.pro secondary industry

Circular Economy & Waste/Materials Reporting (Zero waste, packaging) (EUAHAJAL)

Keywords

• Plastic waste management
• Circular economy services
• Biomass briquette manufacturing
• EPR compliance services
• Recycled PET products

Headquarters

HQ city

Noida

HQ country

India

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Waste Management & Plastic Recycling: Collection and supply of recyclable waste (PET bottles, non-PET plastics, wastepaper, metal waste) to recyclers. Revenue generated from volume-based sale of aggregated waste materials across India. Key waste streams include PET plastic bottles (~100,000 MT per annum), LD/HD/PP plastics, and wastepaper.
2. Biomass Briquettes: Manufacturing and supply of biomass briquettes (mustard, sawdust, groundnut) as sustainable fuel for Indian industries, positioning as cost-effective renewable energy alternative.
3. RESTORE Recycled Products: Manufacturing and sale of recycled PET fabric bags and soft home furnishings under the RESTORE brand. Products include R-PET fabric with GRS and SMETA certification. Revenue from sale of finished recycled plastic products to brands and consumers.
4. EPR Certificate Assistance for Brands: Extended Producer Responsibility services for brand owners, including waste auditing, EPR compliance support, traceability implementation, and ESG chain management. Revenue derived from service fees charged to brands for compliance assistance.

Go-to-market motion3 records

Distribution channels5 records

Marketing channels7 records

Core offering

Race Eco Chain Ltd (RACE) operates an AI and blockchain-enabled waste management platform connecting waste suppliers with industrial recyclers across India. The company fundamentally collects, aggregates, and supplies plastic waste (PET bottles, non-PET plastics, wastepaper, metal waste) to industrial recyclers, manufactures biomass briquettes (mustard, sawdust, groundnut), produces recycled PET fabric products under the RESTORE brand, and provides Extended Producer Responsibility (EPR) compliance services to brand owners. The RACE App serves as a digital marketplace enabling transparent transactions and end-to-end traceability.

Product overview

Race Eco Chain Ltd (RACE) operates as a multi-segment platform company focused on plastic waste management and circular economy. The core offering consists of three business verticals: Waste Management (plastic waste collection and supply chain), Biomass Briquettes (sustainable fuel products), and Recycled Products. The company differentiates through its digital RACE App platform, which enables AI-powered waste marketplace transactions connecting buyers and sellers. The RESTORE sub-brand offers recycled PET fabric products. Additional services include EPR Certificate Assistance for brands, Recycler Services, Waste Supplier Services, and Supply Chain Management. The DPMS system provides supplier auditing and traceability capabilities. All offerings are unified by the company's AI and blockchain technology infrastructure enabling end-to-end supply chain visibility.

Differentiator

Problem solved

Functional benefit

Brands

• RESTORE: Sub-brand launched in October 2020 under Race Eco Chain Ltd, focused on manufacturing Recycled PET Fabric bags and soft home furnishings. The brand carries GRS (Global Recycle Standard) and SMETA certification. Initially started with 20 sewing machines and 36 workers; expanded to 90 workers, 70 sewing machines, and a second factory by 2024. Target: worldwide consumers seeking sustainable products.

Products and services

• RACE App AI-enabled mobile application serving as a digital marketplace that connects waste suppliers (sellers) and recyclers (buyers) for seamless waste management transactions. Provides real-time pricing, scheduling, quality assurance, tracking, and 24/7 helpline support for individual and small business participants.
• Waste Management Services Plastic waste collection, aggregation, and supply chain management service involving PET bottles, non-PET plastics (LD/HD/PP), wastepaper, metal waste, e-waste, and battery waste. Operates through a 500+ pan-India supplier network with district-level collection centers, supplying aggregated waste to industrial recyclers.
• Biomass Briquettes Manufacturing and supply of biomass briquettes (mustard, sawdust, groundnut briquettes) as a cost-effective sustainable industrial fuel alternative. Customers include power generation (NTPC), pharmaceuticals (Sun Pharma), FMCG (PepsiCo, HUL), textiles (Page Industries, VRS Foods), and manufacturing companies.
• RESTORE Recycled PET Products Recycled PET fabric bags and soft home furnishings manufactured under the RESTORE brand with GRS (Global Recycle Standard) and SMETA certification. Manufactured at GRS-certified spinning and weaving mills with 100,000 units produced in 2024. Sold through company showrooms and B2B partnerships targeting worldwide consumers seeking sustainable products.
• EPR Certificate Assistance for Brands Extended Producer Responsibility certification assistance service for brand owners and PIBOs (Producers/Importers/Brand Owners) requiring compliance with India's Plastic Waste Management Rules. Includes waste auditing, EPR compliance support, traceability implementation, ESG chain management, and SEBI BRSR reporting support.
• Recycler Services Service offering for industrial recyclers providing AI-enabled procurement of quality waste materials from waste suppliers with quality assurance, tonnage fulfillment, consistency, and dedicated district-level collection centers. Includes access to rated and audited supplier network.
• Waste Supplier Services Service offering for waste suppliers (small to large scale scrap dealers) enabling them to sell waste to recyclers through the RACE App with traceability, certification assistance, ESG training, capacity enhancement, and community engagement programs like the ASSET program for children's education.
• Supply Chain Management End-to-end supply chain management service including pan India network access, 3PL partnerships, warehousing, sorting, segregation, and washing capabilities for premium r-PET bale products serving the B2B bottle-to-bottle market.

Quantifiable outcome

• 95,000+ MT of plastic waste collected in FY25 with 66% year-on-year growth
• +4 more outcomes

Named customers16 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability3 records

Feature4 records

Partnerships

Five partnerships are on record, tiered core and minor.

• Ganesha Recycling Chain Private LimitedcoreStrategic or Co-development Partner · 17 July 2026Race Eco Chain Limited maintains 51% controlling stake in Ganesha Recycling Chain Private Limited through rights issue investment of Rs 1.17 crore (1,17,300 equity shares). Transaction conducted at arm's length with cash consideration. Ganesha Recycling Chain is a recycling-focused subsidiary of Race Eco Chain.
• Green Eco Chain Pvt LtdcoreStrategic or Co-development PartnerJoint venture between RACE Joint Ventures and Green Tech Energy Solution (established 2021) to strengthen presence in biomass and renewable energy sector. Objective is to increase production capacity through continuous investment in advanced plant and machinery for manufacturing briquettes, pellets, and agricultural waste-based fuels while maintaining quality and sustainability standards. Joint focus on supply chain management, long-term business growth, and environmentally responsible energy solutions.
• Kiranakart Technologies Pvt. Ltd. (Zepto)coreGTM or Marketing PartnerAgreement with Kiranakart Technologies Pvt. Ltd. (operating as Zepto) for procurement of post-consumer waste PET bottles. RACE supplies Zepto's PET bottle waste for recycling, supporting Zepto's sustainability commitments while providing RACE with a consistent source of post-consumer plastic waste.
• GEM Enviro Management LimitedminorStrategic or Co-development PartnerGEM Enviro is mentioned as a Producer Responsibility Organization partner in the Indian beverage industry's waste management ecosystem. GEM focused on Environmental Product Responsibility (EPR) services specifically designed for leading users of plastics in India. GEM has connections with RACE through shared directors (Mr. Anil Kumar Behl, Non-Executive Director at RACE, also serves at GEM Enviro Management Limited).
• Green Tech Energy SolutioncoreStrategic or Co-development PartnerStrategic partnership with Green Tech Energy Solution to form Green Eco Chain Pvt Ltd, focused on promoting sustainable and eco-friendly energy solutions through biomass and renewable energy sector. Combined resources, technical expertise, and operational strength for enhancing manufacturing efficiency and meeting growing demand for biomass fuel products.

Scale indicators10 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• GEM Enviro Management Limited: Indian EPR services provider for plastics and packaging waste; shares a director (Anil Kumar Behl) with Race and operates in the same Producer Responsibility Organization space serving leading plastic-using brands in India.
• Nepra Resource Management Pvt Ltd: Indian waste management company providing collection, segregation, recycling, and EPR services for plastic, paper, and e-waste — directly comparable as a managed EPR and recycling aggregator for enterprise customers.
• Saahas Zero Waste: India-based waste management and recycling company focused on plastic, multi-layer packaging (MLP), and EPR compliance — comparable in offering collection-to-recycling traceability services to enterprise brands.
• Banyan Nation: Indian plastic recycling startup that aggregates post-consumer plastic waste and supplies quality-tested recycled PCR to FMCG brands — a direct competitor in the organized PET/PCR supply chain with enterprise brand customers.
• Hasiru Dala Innovations: Indian social enterprise integrating informal waste pickers into formal waste management supply chains with EPR services — comparable as both a supplier-network aggregator and a brand-side EPR partner in the same unorganized-to-formal transition that Race plays in.
• Lucro Plastcycle Pvt Ltd: Indian recycler specializing in post-consumer and post-industrial plastic recycling with EPR services for brands — comparable in core recycled-plastic feedstock supply and EPR compliance offerings.
• Srichakra Polyplast Pvt Ltd: Indian plastic recycling company producing recycled PET and polyolefin granules for packaging and textile applications — a direct feedstock-level competitor in the same downstream market Race supplies via its GRS-certified mills.

Emerging players

• Carbon Clean Solutions (CarbonClear): Emerging Indian carbon and circular-economy platform serving enterprises with sustainability and offset services; comparable as an adjacent ecosystem player in India's EPR/ESG compliance market where Race also operates.

Broad incumbents

• Waste Management India (Ramky Enviro): Large Indian environmental services company offering integrated waste management, recycling, and EPR solutions across multiple waste streams — a broad incumbent operating in the same end-to-end waste value chain that Race occupies.

Others

• Patagonia (recycled materials division): Global consumer brand using recycled PET and other sustainable materials in apparel — comparable as a downstream buyer of recycled inputs, similar to the demand pool that Race's RESTORE brand targets with r-PET fabric products.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Raceecochainltd
• YouTubeyoutube.com/@raceecochain
• Facebookfacebook.com/Raceeco
• LinkedInlinkedin.com/company/raceecochain
• Instagraminstagram.com/raceecochain

Compliance10 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles8 records

Subsidiaries7 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Recycling and Circular Economy