Bengaluru-based startup Recove has successfully raised ₹53 crore in its first external funding round, marking a significant milestone for the company and India’s growing recycling ecosystem. The funding round was led by US-based Momentum Capital and saw participation from notable industry veterans, including Ganesh Natarajan, Ashish Goel, Chaitanya Kejriwal, and Shruti Deorah. This investment is expected to accelerate Recove’s mission to create a technology-driven marketplace for plastic recyclables and improve the efficiency of plastic waste management across India.
Recove’s Innovative Approach
Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is pioneering a B2B platform that connects businesses generating plastic waste with recyclers in a seamless, tech-enabled ecosystem. Traditionally, plastic waste management in India has been fragmented and inefficient, with recyclers struggling to access consistent, high-quality inputs. Recove addresses this challenge by offering a platform that standardizes plastic collection and pre-processing, ensuring that recyclers receive materials that are ready for efficient recycling. By bridging the gap between waste generators and recyclers, Recove is not only making the process more streamlined but also creating economic opportunities for businesses across the supply chain.
Strategic Plans for Fund Utilization
The capital raised in this funding round will be strategically deployed across several key areas. One primary focus will be the expansion of Recove’s marketplace to more cities, making recycling services accessible to a larger network of businesses and recyclers. Additionally, the startup plans to establish pre-processing hubs, which will prepare plastic waste to meet quality standards, making the recycling process faster and more reliable. Another critical objective is to grow Recove’s partner network, ensuring that more recyclers can join the platform and benefit from a consistent supply of high-quality materials. These strategic initiatives aim to create a more organized, transparent, and efficient recycling ecosystem across India.
Addressing India’s Plastic Waste Challenge
India faces a growing plastic waste problem, with millions of tons of plastic generated each year. Inefficient recycling processes have contributed to environmental pollution and lost economic value. Recove’s innovative platform leverages technology to improve the quality and consistency of recyclable materials while reducing inefficiencies in collection and processing. By providing a structured marketplace, Recove enables businesses to participate in recycling more effectively, supporting the broader goal of a circular economy. Improved recycling not only reduces environmental impact but also generates economic benefits for businesses involved in the supply chain.
Nationwide Expansion Plans
With strong backing from investors and a clear strategic vision, Recove is well-positioned to make a meaningful impact on India’s plastic recycling sector. The startup aims to expand its operations nationwide, enhance the quality of recycled materials, and build a sustainable business model that benefits both recyclers and businesses generating plastic waste. As Recove scales, it contributes to India’s broader sustainability goals, helping reduce plastic pollution and creating a more efficient recycling ecosystem. The company’s journey reflects a growing trend in the startup ecosystem, where technology and innovation are leveraged to solve pressing environmental challenges, demonstrating that sustainability and profitability can go hand in hand.