RecommerceX, a chemical recycling and sustainability startup, has secured $3.6 million in seed funding led by venture capital firms Accel and Kae Capital.
The company plans to use the funds to grow its team, enhance its technology platform, invest in research and development for advanced material recovery, and scale its operations in India and international markets.
Founder and CEO Shobhit Goel highlighted that this sector is highly unorganized, with no significant players managing these categories.
“We are building a brand in this space, aiming to be the go-to entity that can procure waste, segregate it, recover valuable components chemically, and supply the recycled output for use as raw materials,” Goel said.
Founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, the startup focuses on processing industrial waste to recover valuable materials and by-products. These materials are then used as raw inputs by its customers. The company handles waste from multiple categories, including plastics, metals, and electronics.
“We started with India because our head office is here, but we will definitely expand to other geographies, including the UAE and the USA, over the next year,” said Goel.
The Noida-based startup primarily serves medium to large manufacturing companies and engineering, procurement, and construction (EPC) firms.
The company is currently processing around 1,000 tonnes of waste per month. “In a year, we will be doing almost 10x from here. We target to do around 10,000 metric tonnes in terms of volume per month, which would make us a Rs 300-400 crore company,” he said.
Commenting on the investment, Prayank Swaroop, partner at Accel, said, “Driven by factors like rising consumer eco-consciousness and the need to reduce industrial dependency on raw materials, supply chain decarbonization, traceability, and innovation have become top priorities for businesses.”
“Their innovative technology and commitment to transparency are set to revolutionize how industries approach waste recovery, making RecommerceX a critical player in the global shift towards more responsible resource management,” said Abhishek Srivastava, general partner at Kae Capital.
