India’s recycling industry is projected to reach $18 billion (Rs 1.7 lakh crore) by 2030 as per a Crisil 2025 report, driven by rising plastic consumption and growing environmental awareness (need attribution here). In this rapidly expanding sector, few stories are as remarkable as that of Rajat Agarwal, the billionaire founder of Gravita India.
Once bankrupt and homeless, Agarwal built a ₹12,000 crore recycling empire from scratch. In a candid interview with Navan Jaiswal, he shared his extraordinary journey from financial ruin to becoming one of India’s leading figures in sustainability.
Gravita India, a global player in metal recycling, went public in 2010. The company raised ₹45 crore through its IPO by issuing shares at ₹125 each. What began as a modest venture has since grown into a dominant force in the recycling industry.
Turning Garbage into Gold
In a plain white shirt, stepping out of his Mercedes Maybach, Agarwal shared, “We make garbage into gold…We convert recycled materials into valuable products from car batteries, aluminium, plastic, rubber, and lithium-ion.” With exports to over 100 countries, Agarwal’s Gravita India reported a market cap of Rs 13,521 crore in 2025.
A first-generation entrepreneur, Agarwal’s journey started with a dream. Based in Jaipur, his father was a doctor, but he pursued Mechanical Engineering. Crediting education for his business skills, Agarwal emphasised the need for analytical skills.
‘The toughest days of my life were when we went bankrupt’: Agarwal opens up
Speaking to Jaiswal, the Gravita India founder revealed, “We had to sell our house…those were the toughest times.”
Before going global and establishing their first overseas recycling plant in Sri Lanka, Rajat Agarwal officially went bankrupt. Putting his all into 1994 to start Gravita, the dream seemed far from distant at the time. He filed for bankruptcy when the Indian government slashed import duties on lead chemicals, making them cheaper.
This sudden shift in geopolitical and economic policy forced him to shut down his second liquid lead recycling unit. Not only did he sell his house, but he also sold off the factory to pay off debts. However, the fire in the belly was still alive.
The financial collapse was not stronger than his goals. Agarwal returned to work and spent time in Singapore recovering the lost capital. It not only fueled a string of international connections but also laid the foundation stone for operations in Ethiopia in 2005. And only 5 years later, Gravita India was officially listed on the Bombay Stock Exchange (BSE) and the National Stock Exchange (NSE).
‘No other option’ – What kept Agarwal going
Agarwal’s belief is, “There is no other option but making a comeback.” He didn’t see his financial situation as a setback then, but an opportunity to move forward in a new way. He took this opportunity to analyse the mistakes he made and work on them. “It is a common mistake, but I misjudged some people. When you bring the wrong people along with you and keep them along with your journey, that’s a very big mistake,” he said.
Much like many first-generation billionaires who started with a motive to beat all odds and come out shining, Agarwal still remembers the day he became homeless. But today, he is responsible for over 15000 people, and that’s what keeps him going.
Agarwal on maintaining work-life balance
Agarwal also advocates for maintaining work-life balance. Unlike many tycoons who prioritise hustle culture over anything – be it Google’s Sundar Pichai or Tesla’s Elon Musk, Agarwal believed, “If that [work-life balance] wasn’t here, I wouldn’t have reached this point.”
However, he is also a strong believer that one is governed by the clock, cannot move past the first two steps.’ Initially, he revealed that he worked nearly 16-18 hours a day, but as he moved ahead with a team to delegate tasks, he repivoted to strike a balance.