Hyderabad: Hyderabad-based tech-based recycling and waste management startup Banyan Nation has been recognised as a Technology Pioneer of 2021 by World Economic Forum. Founded by Mani Vajipeyajula and Rajkiran Madangopal, the startup aims to disrupt the recycling value chain via technology solutions that encourage source segregation.
The company uses two kinds of technology to solve the problem of plastic pollution – one is providing mobile technology to integrate informal recyclers into the supply chain and second is using technology to eliminate contaminants from discarded plastics and produce virgin-like recycled plastic. Last year itself, the company helped leading FMCG firms make 100 million shampoo and lotion bottles using their recycled plastic. By 2030, the company aims to replace 100,000 tonnes of virgin polymers annually with recycled plastics.
Banyan Nation and Kolkata-based Videonetics Technology are the only two Indian companies to be featured in this list by WEF. In 2018, the company had become the first Indian firm to win the People’s Choice Award for Circular Economy Entrepreneur as part of the Circulars Awards at WEF held at Davos.
According to information on WEF website, the Technology Pioneers of 2021 brings together 100 early to growth-stage companies from around the world that are pioneering new technologies and innovations. “By joining this community, Technology Pioneers begin a two-year journey where they are part of the World Economic Forum’s initiatives, activities and events, bringing their cutting-edge insight and fresh thinking to critical global discussions. These companies are an integral part of the Forum’s Global Innovators community, which is an invitation-only group of the world’s most promising startups and scale-ups that are at the forefront of technological and business model innovation,” the forum’s website said.
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