B2B raw material procurement start-up Recove said that it has raised Rs 5.3 crore in a pre-seed funding round led by US-based venture capital firm Momentum Capital. The fresh capital will be deployed to accelerate Recove’s expansion across India, enhance its marketplace, and build critical pre-processing infrastructure aimed at ensuring reliable, high-quality inputs for recyclers.
The round also saw participation from notable industry leaders including Ganesh Natarajan (former CEO, Aptech & Zensar), Ashish Goel (co-founder, Urban Ladder), Chaitanya Kejriwal and Shruti Deorah.
Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is creating a tech-enabled B2B marketplace for plastic recyclables. The platform focuses on delivering dependable and quality materials to recyclers through robust supply chains and technology-driven infrastructure.
Viral Chhajer, CEO & Co-Founder of Recove, said, “Partnering with Momentum Capital marks a pivotal moment for Recove as we work to transform India’s recycling industry and accelerate India’s transition to a fully circular economy. This investment will accelerate our expansion and enable us to invest in key pre-processing infrastructure across the recycling supply chain, starting with plastics. Our mission is not only to raise recycling rates, but to unlock billions in lost material value, delivering measurable economic gains for our customers and meaningful environmental impact for the country.”
Ankur Shrivastava, Managing Partner at Momentum Capital, added, “We see a massive, underfunded opportunity in waste recycling, and Recove is at the forefront of this crucial shift towards establishing a circular economy. India’s rapidly growing municipal solid waste problem, combined with a strong push for recycling mandates, creates the perfect landscape for Recove. We are incredibly impressed by their sound approach and the strength of their founding team, which brings a wealth of strategic, financial, and operational expertise in the cleantech space.”
In its first year of operations, Recove claims to have facilitated streamlined procurement for over 30 recycling companies nationwide, positioning itself as a key enabler of a more efficient and dependable plastics recycling ecosystem in India.
Plastic pollution is a mayhem in India. The report titled ‘The National Circular Economy Roadmap for Reducing Plastic Waste in India’ said that India currently recycles only 8 percent of its plastic waste which could just marginally go up to 11 percent by 2035.
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