New Delhi, Sept. 10 -- Greenwave Circularity, a Moon Beverages-backed recycling and sustainable packaging company, has raised $31.5 million (about Rs.300 crore) in financing from OeEB, the Development Bank of Austria, its founder and chief executive Devang Kumar told Mint.

The company plans to use the funding to develop its integrated plastic recycling facility in Odisha. Once operational, the Odisha plant will recycle used PET bottles into food-grade recycled plastic that can be used to make new packaging for food and beverage companies.

Greenwave was set up in 2024 as a joint venture between Moon Beverages Ltd, a Coca-Cola franchise bottler, and Jainarain Fabtech Ltd, a manufacturer of recycled polyester (PET) fibres and flakes.

The ...