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ANDE and IKEA Foundation Announce Second Round of Grants to Unlock Financing for Waste and Circularity Ventures in India

New grantees will pilot innovative financing mechanisms to help small and growing businesses scale climate solutions.

Washington, DC – October 6  — The Aspen Network of Development Entrepreneurs (ANDE), in partnership with the IKEA Foundation, today announced the second round of grantees for the Waste & Circularity Investment Innovation Fund (IIF). The initiative aims to increase access to finance for small and growing businesses (SGBs) operating in the waste management and circular economy sectors in India.

Launched in 2024, the IIF is part of ANDE’s broader effort to strengthen green entrepreneurial ecosystems in these two countries—home to a combined market opportunity valued at over $877 billion in the waste and circularity sector. Despite the potential, the sector remains underfunded, with limited investor confidence, a shortage of investment-ready enterprises, and insufficient policy support.

“The waste and circularity sector offers enormous potential for climate impact and quality job creation, but financing remains the single biggest barrier,” said [ANDE Spokesperson Name, Title]. “Through the IIF, we are enabling entrepreneur support organizations to create targeted, investor-informed interventions that can catalyze the flow of capital into these critical sectors.”

Round 2 Grantees

Climake – Climate Asset Finance Readiness Program
Climake will launch a readiness program designed for two key groups in the circular economy:

  • Product manufacturers—such as waste sorting machine providers—who need customer-side asset finance to make their equipment affordable and accessible.
  • Asset users—such as recyclers and biomining firms—who need enterprise-side asset finance to purchase essential machinery.

The program will build the financial and operational capacity of SGBs while cultivating a curated network of asset finance lenders. It aims to improve lender understanding of the sector and catalyze real-time financing opportunities, with the long-term vision of evolving into a scalable asset finance platform tailored to circular economy ventures.

Villgro – Scaling Waste Management & Circularity SGBs through Blended Finance
 Villgro will run an 18-month program to help at least eight SGBs, already piloting innovative waste and circularity solutions with government partners, transition from early-stage pilots to scalable, investment-ready ventures. The program combines:

  • Tailored acceleration support to strengthen operational and financial models.
  • Innovative finance interventions, including a First Loss Default Guarantee pilot to unlock debt capital.
  • Curated matchmaking to connect enterprises with aligned public and private sector stakeholders.

By leveraging government adoption pathways, Villgro aims to create a more enabling environment for circularity-focused innovations and demonstrate the catalytic role of blended finance in scaling early-stage impact ventures.

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About the Waste & Circularity Investment Innovation Fund
The IIF empowers entrepreneur support organizations (ESOs) to design and implement technical assistance activities in consultation with investors, with the goal of increasing the pipeline of investment-ready enterprises in the waste and circularity sector. Selected ESOs develop interventions likely to lead to more capital deployed in waste and circularity businesses, addressing barriers such as business readiness, investor engagement, and financing model innovation.

About ANDE
The Aspen Network of Development Entrepreneurs (ANDE) is a global network of organizations that propel entrepreneurship in emerging markets. ANDE members provide critical financing, training, and business support services to small and growing businesses, which create jobs, stimulate long-term economic growth, and produce environmental and social benefits. Learn more at andeglobal.org.

About the IKEA Foundation
 The IKEA Foundation is an independent philanthropic organization that works to create brighter lives on a liveable planet through grant making and strategic partnerships. Learn more at ikeafoundation.org.

Contact: Ben Berliner
The Aspen Institute
Ben.Berliner@aspeninstitute.org