"PRIF and IIM Bangalore-NSRCEL Sign MoU to Boost Circular Economy Startups"

Pernod Ricard India Foundation (PRIF) has renewed its partnership with 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 Gud Gum, CarbonCraft, Sunbird Straws, Mini Mines, Refillable, Green Banana, Malba Project, Angirus, and Revy Environmental. These ventures implement sustainable business practices and circular economy principles, focusing on sustainable products and services, tech-enabled end-to-end collection solutions, and 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. Gagandeep Singh Sethi, Senior VP Integrated Operation at Pernod Ricard India and Director of Pernod Ricard India Foundation, expressed satisfaction with the renewed partnership. “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,” he said.

PRIF is a non-profit organization and a wholly owned subsidiary of Pernod Ricard India Private Limited (PRIPL), working across sectors such as water, healthcare, education, environment, and livelihoods. Its programs align with the UN Sustainable Development Goals and the national indicators and targets set by the NITI Aayog SDG index.

The MoU signing ceremony took place at the Pernod Ricard India Headquarters in Gurugram, coinciding with "Responsib’ All day," a month-long initiative by Pernod Ricard aimed at raising awareness about sustainability among its stakeholders.

Anand Sri Ganesh, CEO of NSRCEL, IIM Bangalore, highlighted the impact of the collaboration. “This partnership has enabled us to provide critical support to startups 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,” he said. “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 include bioplastics, plastics-free packaging, and Climate Smart Agriculture.

HBL