Recur Club, a platform for revenue exchange, has introduced a sustainable finance programme to invest $10 million in startups dedicated to creating a greener and more sustainable future.
The programme’s objective is to support startups positively impacting the environmental sector. Selected companies will receive growth capital without diluting their equity, enabling them to scale their operations, accelerate product development, and expand their market reach, as stated in a company announcement.
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“We believe in the power of startups and entrepreneurs to tackle the urgent environmental challenges we face globally. Through our fund, we aim to provide essential financial support and valuable resources to drive meaningful change in India’s sustainability landscape,” said Eklavya Gupta, Co-founder, and CEO of Recur Club.
Previously, it has provided funding to sectors such as clean energy, waste management, water conservation, sustainable agriculture, the circular economy, and green transportation. Among the companies that Recur has supported are Battery Smart, Prespl, WeVois, and Clairco, all operating within sustainable development.
“The availability of quick access to working capital is vital for the smooth functioning of any industry. The fund is a positive step towards empowering businesses in this field with non-dilutive capital that aligns with their revenue growth, said Pulkit Khurana, Co-Founder of Battery Smart.
According to the company, achieving India’s net-zero emissions target by 2070 will require a budget of over $10 trillion. The recognition of the critical role of green finance is growing nationwide in response to this challenge.
Moreover, the Indian government has also taken measures to promote green financing, including allowing “green deposits” for banks and non-banking financial companies, as well as permitting 100 per cent annual Foreign Direct Investment (FDI) for renewable energy projects.