Pernod Ricard India Foundation (PRIF) has renewed its partnership with the NSRCEL, the innovation and entrepreneurship incubator of IIM Bangalore, to continue supporting startups and promoting entrepreneurship in the circular economy domain.

The collaboration, which began with the launch of the Circular Economy Incubator Project in April 2023, has supported nine startups. The project’s cohort includes startups such as Gud Gum, CarbonCraft, Sunbird Straws, Mini Mines, Refillable, Green Banana, Malba Project, Angirus, and, Revy Environmental.

These ventures are actively implementing sustainable business practices and circular economy principles, focusing on sustainable products and services, tech-enabled end-to-end collection solutions, alternate construction and recycling and waste management.

Over the past year, this cohort has collectively reduced carbon emissions by 0.36 KT, created over 867 livelihoods, and raised ₹12 crore in funding.

“We are pleased to renew our partnership with IIM Bangalore-NSRCEL. This collaboration empowers visionary entrepreneurs who are pioneering waste reduction and resource optimization. Together, we are forging a path towards a more sustainable and resource-efficient future, dedicated to creating enduring positive impacts on society and the environment,” said Gagandeep Singh Sethi, Senior VP Integrated Operation Pernod Ricard India and Director Pernod Ricard India Foundation.

PRIF is a non-profit organisation and a wholly owned subsidiary of Pernod Ricard India Private Limited (PRIPL) which has worked across different sectors in water, healthcare, education, environment, and livelihoods.

According to PRIF, its programs are strongly aligned to UN Sustainable Development Goals and situated around national indicators and targets laid by NITI Aayog SDG index. 

According to Pernod Ricard, the MOU signing ceremony was hosted at the Pernod Ricard India Headquarters in Gurugram and marked by the event, “Responsib’ All day,” a month-long initiative by Pernod Ricard aimed at raising awareness about Sustainability among its stakeholders.

Anand Sri Ganesh, CEO - NSRCEL, IIM Bangalore, said, “This collaboration has enabled us to provide critical support to startups that are making significant strides in the circular economy. As we look ahead, we are committed to scaling our efforts, with a goal to incubate 75 startups by 2026.”

“These ventures will not only drive innovation but also create meaningful impact by addressing some of the most pressing environmental challenges. Together with Pernod Ricard India, we are fostering a thriving ecosystem where sustainable and socially responsible businesses can flourish,” he added.

In 2023, NSRCEL incubated over 30 startups focusing on Circular Economy and Climate Resilient Agriculture, expanding beyond conventional practices to bioplastics, plastics-free packaging, and Climate Smart Agriculture.

(Inputs from bl intern Vidushi Nautiyal)