In what could be a massive turning point for India’s recycling industry, Recove, a tech-driven plastics recycling startup, has raised Rs 5.3 crore from Momentum Capital to transform the country’s fragmented recycling ecosystem. Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, the startup is building India’s first tech-enabled B2B marketplace for plastic recyclables, promising a reliable, high-quality supply of inputs for recyclers while creating massive environmental and economic impact.
The funding is set to accelerate Recove’s nationwide expansion, improve pre-processing infrastructure, and strengthen technology-driven supply chains—essential components in India’s journey toward a fully circular economy.
Why Recove Is Creating a Buzz
Recove isn’t just another recycling startup. The company has developed a tech-driven marketplace that ensures recyclers get high-quality, contamination-free plastic consistently. This approach tackles the two biggest problems in India’s recycling sector:
- Unreliable supply chains that disrupt operations for recyclers.
- Low-quality inputs that make recycling inefficient and costly.
By addressing these challenges, Recove aims to increase recycling rates, reduce plastic waste, and unlock billions in lost material value—all while creating tangible environmental benefits.
Founders With a Bold Vision
Viral Chhajer, CEO & Co-Founder of Recove, described the funding as a critical step in reshaping India’s recycling industry. He 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 enable us to expand operations and build critical pre-processing infrastructure. Our mission is to raise recycling rates, unlock billions in lost material value, and deliver measurable economic and environmental impact for the country.”
Chhajer and his team bring a unique blend of strategic, operational, and cleantech expertise, making them well-positioned to tackle one of India’s largest environmental challenges.
Momentum Capital Sees Huge Opportunity
Ankur Shrivastava, Managing Partner at Momentum Capital, said, “We see a massive, underfunded opportunity in waste recycling, and Recove is leading the shift toward a circular economy. India’s growing municipal solid waste problem, combined with government recycling mandates, creates the perfect landscape for this startup. The strength of Recove’s founding team and their sound business approach convinced us to back them.”
Momentum Capital’s investment is not just about money—it’s a strategic partnership that will help Recove scale rapidly, optimize operations, and attract additional stakeholders into its growing ecosystem.
The Bigger Picture: India’s Recycling Crisis
India generates millions of tonnes of plastic waste annually, yet a significant portion goes unrecycled due to fragmented supply chains and low-quality collection. Contamination and inefficient processing make recycling expensive and unreliable, leaving tons of material wasted.
Recove’s tech-enabled B2B marketplace addresses these issues head-on by providing:
- Reliable streams of recyclable plastics to recyclers.
- Pre-processed, high-quality inputs to reduce contamination and improve recycling efficiency.
- Technology tools for supply chain management, demand forecasting, and inventory control.
The potential impact is enormous: better recycling rates, reduced plastic pollution, and billions of rupees in untapped material value unlocked for businesses.
How Recove Plans to Scale
With the new funding, Recove is set to expand its operations across India, starting with key metro and tier-2 cities. The company is investing in:
- Pre-processing infrastructure to standardize the quality of recycled plastics.
- AI-driven supply chain management tools to predict demand, reduce waste, and optimize deliveries.
- Partnerships with municipal corporations, waste collectors, and private recyclers to create a cohesive, efficient ecosystem.
By combining technology, infrastructure, and strategic partnerships, Recove aims to create a scalable, sustainable, and profitable recycling model that could serve as a benchmark for other countries facing similar challenges.
Why Investors Are Excited
Momentum Capital’s backing highlights strong investor confidence in Recove’s potential. The funding not only provides capital to scale operations but also sends a signal to the market that recycling tech in India is a serious investment opportunity.
Experts believe that with rising awareness around sustainability, government mandates for waste management, and the increasing economic value of recyclables, startups like Recove are poised for explosive growth in the coming years.
Recove’s recent Rs 5.3 crore funding is more than just a financial boost—it represents a potential turning point in India’s recycling landscape. With Binny Bansal-backed Momentum Capital supporting them, the startup is well-positioned to revolutionize plastic recycling, unlock billions in lost value, and drive measurable environmental impact.
As India grapples with growing plastic waste, Recove’s tech-driven marketplace and pre-processing solutions could be the innovation that finally transforms a broken system into a sustainable, circular economy.
For investors, environmentalists, and industry watchers, Recove’s journey is one to follow closely—it promises to reshape recycling in India and create a model that could inspire similar efforts globally.
