Twelve start-ups, part of the Marico Innovation Foundation (MIF), have successfully converted innovative plastic waste management solutions into new business models, saving 124,360 tons of Carbon Dioxide emissions in the last 12 months. These startups are part of MIF's plastics portfolio, which was featured in the 'Innovation in Plastics: The Potential and Possibilities' playbook in January 2023. India's plastic consumption growth has been alarming, with plastic waste output doubling during this period. Despite generating 3.4 million tonnes of plastic waste annually, only 30% is recycled.
MIF-supported startups have made significant strides in developing innovative solutions to address the challenge of plastic waste. For example, Ibanss and Dharaksha have effectively managed 60 tons of agricultural waste using biocraft innovation technology and mycelium, while others like Ishitva, Ibanss, Ricron, Padcare, Bintix, Dharaksha, and Angirus have collectively saved 124,360 tons of CO2 emissions. Other startups in the portfolio include Padcare, which has recycled 37 tons of sanitary pads, Ishitva Robotics' AI-based sorting machine, Ricron Panels and Angirus, and Bintix, which focuses on household waste management.
Harsh Mariwala, Founder of the Marico Innovation Foundation, believes that MIF's commitment to innovation can be a game-changer for India as it moves forward in addressing the plastics problem. Amit Chandra, Honorary Chairperson of the Governing Council of the Marico Innovation Foundation, added that MIF's Plastics Program has supported innovative solutions poised to revolutionize the waste management sector. SuranjanaGhosh, Head of the Marico Innovation Foundation, highlighted MIF's instrumental role in nurturing innovators in the plastic waste management sector, noting that their interventions have led to multi-crore deal orders and other value-driven initiatives for entrepreneurs.