RecommerceX, an Indian startup focused on chemical recycling and sustainability, has raised $3.6 million. Image: Linkedin
RecommerceX, an Indian startup focused on chemical recycling and sustainability, has raised $3.6 million in seed funding led by Accel and Kae Capital. The fresh capital will enable the company to build its team, refine its proprietary technology, and invest in research and development (R&D) as it looks to scale its operations domestically and internationally, according to a press release from the company.
Founded earlier this year by Shobhit Goel, Mohit Gulyani and Ajay Gupta, RecommerceX aims to disrupt the fragmented global recycling market. RecommerceX focuses on recovering valuable materials such as metals, plastics and e-waste, reducing reliance on raw materials and helping to decarbonise industrial supply chains.
The scrap metal market is projected to experience significant growth, with the global metal recycling market expected to reach $386 billion by 2030. However, the market remains largely unorganized, posing challenges for manufacturers in waste disposal, resulting in large quantities of scrap metal ending up in landfills rather than being recycled.
Customers also struggle to source high-purity reclaimed materials. RecommerceX seeks to differentiate itself by offering high-quality recycled materials that meet tax regulations, thereby addressing the inefficiencies that cause much industrial waste to end up in landfills, according to the press release.
“Driven by factors such as growing consumer eco-consciousness and the need to reduce industrial dependence on raw materials, supply chain decarbonization, traceability and innovation have become top priorities for businesses,” said Prayank Swaroop, Partner at Accel.
RecommerceX’s target customers include mid- to large-sized manufacturing and EPC companies.
“Our vision is to set new standards and grades in the recycling industry, a space that has long been dominated by non-compliant and localized players,” said Shobhit Goel, CEO of RecommerceX.
First published: September 5, 2024 | 14:35 IS
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