The Ministry of Social Justice & Empowerment showcased the success of Swarnakaruna Princeton Rubber Industries Private Limited, a Visakhapatnam-based company founded by Scheduled Caste woman entrepreneur Mrs. Swarnalatha Nethipudi. The Venture Capital Fund for Scheduled Castes (VCF-SC) provided ₹5 crore in financial assistance in 2023 through venture capital comprising equity and optionally convertible debentures, which enabled the company to secure additional funding from SIDBI.
The company established an automated rubber recycling plant with an installed production capacity of approximately 6,000 metric tonnes per annum, converting waste tires into high-quality crumb rubber powder ranging from 10 mesh to 40 mesh. The facility has recycled more than 200,000 waste tires to date, addressing environmental challenges while promoting circular economy practices through the production of value-added industrial raw materials.
The enterprise has generated direct employment for 15 people, including 5 Scheduled Caste employees and 10 non-Scheduled Caste employees. It has created assets worth approximately ₹8 crore, achieved a net worth of ₹2.09 crore, generated revenue of ₹4.36 crore, and recorded profits of ₹4.60 crore. The company has developed strong industrial linkages with reputed companies including TVS Sundaram and Hincol, enhancing its market reach and long-term sustainability.
Mrs. Swarnalatha Nethipudi stated that the VCF-SC support enabled the transformation of an environmental challenge into a sustainable business opportunity, contributing to cleaner and greener India through waste conversion into valuable industrial products.