Nikhil Agarwal
Shreyash Shukla
Dhyey Vayeda
Nayna Madhu
Aman Agasthya
Nalin Das
Goa Institute of Management
Divya Singhal
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Lucro Plast e-Cycle is a pioneering integrated waste management company in India that transforms post-consumer plastic waste into high-quality, flexible packaging solutions. By integrating the entire recycling process—from waste collection to manufacturing—Lucro addresses SDG 9 (Industry, Innovation, and Infrastructure) by fostering sustainable industrialization and reducing environmental harm. Their innovative closed-loop model promotes a circular economy, minimizes reliance on virgin plastics, and empowers local communities, making sustainability both impactful and accessible.
Lucro Plast e-Cycle’s innovation lies in its ability to integrate the entire waste management process, from collection to manufacturing, creating a circular economy for plastics. Established in 2012, the company began as a basic manufacturer of flexible plastic packaging but has since evolved into a leader in recycling post-consumer plastic waste.
The process starts with the collection of plastic waste from urban and rural areas across India. The waste undergoes sorting, cleaning, and granulation, after which it is used to manufacture new, flexible packaging materials. These materials are then supplied to industries, particularly FMCG companies, reducing reliance on virgin plastics and contributing to sustainable supply chains.
Pratibha emphasized the company’s differentiation, stating, “We are an extremely well-integrated waste management company, the only one of its kind in India. Our innovation allows us to seamlessly close the loop on plastic recycling while maintaining quality and affordability.” The focus on creating flexible solutions, as highlighted by Pratibha, has enabled Lucro to stand out in the market and effectively address the challenges of waste management.
The inspiration for Lucro Plast e-Cycle came from the founders’ desire to tackle India’s growing plastic waste crisis. Reflecting on this, Pratibha shared: “We wanted to build a solution that not only addresses the problem of waste but creates value out of it.”
The company’s journey began in 2012, with a mission to address the inefficiencies in waste management. Pratibha noted, “Seeing landfills piling up and knowing this waste could be recycled was our driving force.” This vision was fueled by the realization that India lacked an integrated system capable of managing plastic waste sustainably. By combining innovation with a commitment to societal and environmental impact, Lucro Plast e-Cycle emerged as a pioneering solution.
Lucro Plast e-Cycle has achieved remarkable outcomes in environmental sustainability and community development. The company has collected and processed over 50,000 tons of post-consumer plastic waste, successfully diverting it from landfills and integrating it back into the production cycle. This effort has not only reduced pollution but also significantly cut greenhouse gas emissions, with an estimated reduction of over 57,000 tons of CO₂-equivalent emissions.
By replacing approximately 15,000 tons of virgin plastic with recycled materials, Lucro has contributed to conserving natural resources and promoting a circular economy. Its operations span 30 villages and cities, creating job opportunities for waste-pickers and local communities while fostering social inclusion. These initiatives have empowered individuals and supported livelihoods through fair wages and skill development.
Pratibha, one of the company's leaders, reflected on Lucro’s unique position: "We are an extremely well-integrated waste management company, the only one of its kind in India. This approach allows us to close the loop on plastic recycling effectively."
By setting benchmarks in sustainable waste management, Lucro Plast e-Cycle is driving transformative change across industries and communities. The company’s innovative practices have made a tangible impact, aligning environmental preservation with economic growth and inspiring a shift towards responsible consumption and production.
Lucro's innovative approach has yielded significant business benefits, underpinned by impressive financial growth and strategic partnerships. In the fiscal year 2023-24, the company reported a revenue of approximately ₹88.88 crore, reflecting its robust market presence and operational efficiency.
The integration of waste collection and recycling processes has enabled Lucro to replace approximately 15,000 tons of virgin plastics annually, leading to substantial cost savings and enhanced profitability. This operational efficiency has been instrumental in attracting investments, including a follow-on funding round from Circulate Capital, aimed at tripling Lucro's capacity to meet the growing demand for sustainable products.
By focusing on flexibility and sustainability, Lucro has established partnerships with leading FMCG companies, opening new markets and fostering long-term collaborations. Pratibha emphasized this differentiation: "I would love a focus on the flexible part as well because that's where we really differentiate ourselves." Such collaborations have positioned Lucro as a preferred supplier of recycled packaging solutions in India.
Furthermore, Lucro's commitment to sustainability has attracted purpose-driven employees and investors, fostering a culture of innovation and resilience. The company's alignment with global sustainability trends has been recognized through its selection into programs like Unreasonable Impact Asia Pacific, which supports high-growth entrepreneurs addressing key global challenges.
These strategic initiatives and recognitions have solidified Lucro's position as a leader in the recycling and packaging industry, driving both financial success and environmental impact.
Lucro’s operations have transformed waste management practices, benefiting both society and the environment. The company works closely with local communities and waste-pickers, empowering them through fair wages and skill development. These initiatives have improved livelihoods and integrated informal waste sectors into structured systems.
Environmentally, Lucro has prevented over 50,000 tons of plastic waste from reaching landfills annually, reducing pollution and mitigating the impacts of climate change. Pratibha highlighted the company’s holistic approach: “Our focus on being integrated allows us to create solutions that are good for businesses, society, and the planet.”
By fostering a circular economy, Lucro has demonstrated how innovative business models can contribute to a sustainable future. The company’s efforts have not only addressed the immediate issue of plastic waste but have also created lasting systemic change.
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Established in 2012, Lucro Plastic is India’s only fully integrated waste management company specializing in flexible plastic recycling. The business handles the entire lifecycle of plastic, from collection to manufacturing high-quality recycled products. By adopting cutting-edge technologies and promoting a circular economy, Lucro reduces environmental impact while delivering sustainable packaging solutions. Their commitment to community engagement and innovation positions them as a leader in the fight against plastic waste.
