Mumbai, February 29, 2024: Twelve start-ups have converted innovative plastic waste management solutions into new business models, saving a whopping 124,360 tons of Carbon Dioxide emissions collectively in the last 12 months. These startups are part of the Marico Innovation Foundation (MIF)’s plastics portfolio that were featured in the ‘Innovation in Plastics: The Potential and Possibilities’ playbook, in January 2023. MIF released this and other data points at the Plastics Program Roundup 2023-24, a day-long event recently. This stock-taking reviewed the impact of MIF’s focused intervention in the plastic waste management value chain providing opportunities to innovators to address the plastics problem.
According to the MIF’s playbook, India's plastic consumption growth has been alarming, increasing from 14 million tonnes in 2016-17 to 20 million tonnes in 2019-20. During the same period, the plastic waste output also doubled. What is more disturbing is that despite generating 3.4 million tonnes of plastic waste annually, India only recycles 30%.
In this context, MIF-supported startups have made significant strides in developing innovative solutions to address the challenge of plastic waste. For instance, Ibanss and Dharaksha have effectively managed 60 tons of agricultural waste using biocraft innovation technology and mycelium respectively. Other startups, including Ishitva, Ibanss, Ricron, Padcare, Bintix, Dharaksha, and Angirus have collectively saved 124,360 tons of CO2 emissions, validating MIF's focus on innovations that create social, economic, and environmental impact.
Similarly, Padcare has recycled 37 tons of sanitary pads, preserving 74,000 km of landfill area. Ishitva Robotics' AI-based sorting machine has sorted 100,000 tons of plastic waste, significantly impacting energy conservation by saving 265,000 tons of oil barrels. Innovators like Ricron Panels and Angirus have recycled 1,338 tons of plastic waste through innovative construction products. Bintix, which focuses on household waste management, has collected 360 tons of plastic waste, contributing to biodiversity conservation and waste reduction while preserving 8,300 trees.
Speaking on the occasion, Harsh Mariwala, Founder, Marico Innovation Foundation, said, "MIF is at the forefront of the innovation journey in plastic waste management. Our commitment to innovation is what drives us to identify and address challenges for the short, mid, and long term. This initiative can be a game-changer for India as we move ahead in addressing the plastics problem. In fact, I believe that by providing a nurturing environment that goes beyond capital, we can build a prototype for plastic waste management for the rest of the world to deploy.”
Amit Chandra, Honorary Chairperson of the Governing Council of Marico Innovation Foundation, added, "Our Plastics Program has supported innovative solutions poised to revolutionize the waste management sector. As consumerism continues to surge, there is immense scope for innovations to address challenges across the value chain.” He added, “MIF is proud to support the journey of disruptive innovators and contribute to ecosystem building for sustainable innovations.”
Suranjana Ghosh, Head of Marico Innovation Foundation, highlighted MIF's instrumental role in nurturing innovators in the plastic waste management sector. “Since the launch of the playbook, MIF has taken the lead in following its recommendations, prioritizing the support, and nurturing of startups. This commitment has led to significant strides, with our interventions resulting in multi-crore deal orders alongside other value-driven initiatives for entrepreneurs. These endeavors underscore our dedication to driving tangible outcomes and fostering a thriving ecosystem for sustainable innovation,” she remarked.
Marico Innovation Foundation is a philanthropic institution committed to fostering India’s innovation landscape, and technologies which can create large-scale impact for millions of people.
MIF’s mission is to identify innovations with the potential to create long-lasting socio-economic and environmental impact in India and provide them with comprehensive support to increase their visibility, opportunities and probability of success.
