Indian Startups Focussing On Plastic Waste Solutions To Receive HUL Grants
On Tuesday, Hindustan Unilever Limited (HUL) made an announcement for the launch of a programme that will offer grants and mentorship to Indian tech startups pursuing plastic waste management and the circularity field
Hindustan Unilever Limited (HUL) announces a programme that will offer grants and mentorship to Indian tech startups pursuing plastic waste management and the circularity field.
The joint initiative between Unilever, the UK’s Foreign, Commonwealth and Development Office (FCDO), and EY, in collaboration with Social Alpha, is called the ‘Transform Plastics Challenge'.
This initiative will see five Indian start-ups receiving about ₹1.6 Cr each through grant funding and equity investments. Additionally, they would also receive mentorship and support for scaling their business.
The challenge will figure out the startups which would be working on developing technology solutions for processing plastic waste, economically viable reuse, or refill models. Material or substrate level innovations creating startups that would make packaging recyclable or compostable would also be targeted.
In a public statement, Deepak Subramanian, Executive Director, Home Care, HUL and General Manager, Home Care South Asia said, “True to the spirit of Transform, we intend to help accelerate Indian start-ups in building and scaling solutions that have the potential to be adopted at a global scale. We are excited to work with Social Alpha to help empower the next generation of start-ups that will pave the path to a waste-free world."
HUL has been outspoken about its commitments of collection and processing of more plastic than it sells. It also plans to use 100% reusable, recyclable or compostable plastic packaging by 2025.