Recove raises Rs 5.3 crore to transform India’s plastics recycling supply chain

Recove, a B2B startup reimagining India’s plastics recycling supply chain, has raised 5.3 crore funding in its first external fundraise led by US-based venture capital firm Momentum Capital alongside co-investors Ganesh Natarajan (ex-CEO, Aptech & Zensar), Ashish Goel (co-founder, Urban Ladder), Chaitanya Kejriwal, and Shruti Deorah.

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Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is building what it calls India’s first tech-driven B2B marketplace for plastic recyclables, designed to provide recyclers with reliable, high-quality inputs through technology-enabled supply chains and pre-processing infrastructure.

The startup will use the funding to accelerate its expansion across India, helping scale its marketplace and build critical infrastructure to ensure reliable, high-quality inputs for recyclers.

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, said  "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."