Crucial grants to small waste-management businesses accelerate India’s circular economy push and promise to contribute to its sustainable future
In a significant move towards enhancing sustainable practices in India, the Aspen Network of Development Entrepreneurs (ANDE) has joined forces with the IKEA Foundation to launch a new series of grants aimed at advancing the circular economy. This initiative is designed to support small and growing businesses (SGBs) that are pioneering innovative waste management solutions, addressing the urgent need for sustainable practices and bridging critical financial gaps in the sector.
The Investment Innovation Fund, managed by ANDE, has pinpointed waste management and circular economy as vital areas for India's future. Through this fund, the partnership with the IKEA Foundation aims to dismantle financial barriers that have traditionally hindered the growth of entrepreneurial ventures in this field. By providing strategic funding, the initiative seeks to nurture projects that have the potential to be scaled up, generating lasting impact across the nation.
In India, the grants will support projects that are set to drive transformative change. Upaya Social Ventures, Global Business Inroads (GBI), and rePurpose Global are collaborating to launch an accelerator programme that focusses on increasing capital flows to waste management and circular economy SGBs. This initiative is designed to offer broad-based support, enabling these businesses to grow and secure essential financial investments.
Additionally, the IIM Calcutta Innovation Park will lead a consortium aimed at fast-tracking the development of selected SGBs. This project will focus on securing seed funding from investors and accelerating growth and innovation within the waste management and circular economy sectors in India.
The collaboration between ANDE and the IKEA Foundation is a strategic step towards reinforcing India's efforts to build a robust and sustainable circular economy. By empowering small and growing businesses with the necessary financial support and resources, this initiative is set to pave the way for a more sustainable and economically resilient India.