RecommerceX, a startup focusing on recycling industrial waste, has secured $3.6 Mn in seed funding to enhance its technology and expand operations.
The company aims to revolutionize the recycling industry by setting new standards and providing traceable, tax-compliant recovered materials.
With a focus on plastics, metals, and e-waste, RecommerceX targets medium to large manufacturers, offering them a transparent and compliant supply chain for recycled materials.
Inc42 Daily Brief
Stay Ahead With Daily News & Analysis on India’s Tech & Startup Economy
Chemical recycling and sustainability startup RecommerceX has raised $3.6 Mn (INR 30.23 Cr) in a seed funding round co-led by Accel and Kae Capital.
The company plans to use the fresh funds for hiring, develop its technology platform, invest in R&D for advanced material recovery and scale up its business operations in India and across multiple geographies.
Founded by Shobhit Goel, Mohit Gulyani and Ajay Gupta in February this year, RecommerceX works in processing industrial waste to recover critical materials and useful by-products that serve as raw materials for its customers.
“Our vision is to set new standards and grades in the recycling industry, a space that has long been dominated by non-compliant and localised players. With our advanced R&D capabilities and material recovery technology, we can provide our customers with high-quality, traceable, and tax-compliant recovered materials,” Goel said.
The startup operates across various categories, including plastics, metals, and e-waste. It aims to become a trusted brand by establishing standards and grades, leveraging its R&D and material recovery technology to process and supply high-quality materials to its customers.
Prayank Swaroop, partner at Accel, said, “We see RecommerceX being a close and long-term partner for brands and industrial manufacturers worldwide, as the move towards circular economies accelerates.”
RecommerceX’s target customers include medium to large manufacturing and EPC companies, who will benefit from its transparent and compliant supply chain.
RecommerceX’s entry into the industrial waste recycling sector comes as India grapples with a growing e-waste crisis.
The startup operates in a market that includes Attero, which processes 144,000 metric tonnes of e-waste annually at its Roorkee plant. Others include Duro Green, which specialises in wet waste management solutions, and Recykal, a cloud-based waste management startup that recently secured INR 110 Cr in funding.
The Indian government has introduced initiatives like the Battery Waste Management Rules, 2022, mandating extended producer responsibility for battery manufacturers and importers. These regulations are expected to boost the recycling sector.
As per Mordor Intelligence, India’s waste management market is projected to grow to $17.30 Bn by 2029, indicating significant opportunities for startups like RecommerceX.
Note: We at Inc42 take our ethics very seriously. More information about it can be found here.