Recove, a B2B plastic recycling startup, has raised INR 5.3 crore in a pre-seed funding round led by Momentum Capital.
The round also included investments from well-known industry leaders and angel investors like Ganesh Natarajan (ex-CEO of Aptech & Zensar), Ashish Goel (co-founder of Urban Ladder), Chaitanya Kejriwal, and Shruti Deorah.
With this funding, Recove plans to expand its recycling marketplace across India, set up pre-processing hubs, and grow its network of recycling partners.
“This was our first round of fundraising, a pre-seed round. The capital was raised for three key purposes: first, investment in critical pre-processing infrastructure in Bangalore and other states; second, working capital to buy recyclable waste in smaller quantities across regions, aggregate it, and supply it to recyclers; and third, general corporate purposes,” Viral Chhajer, co-founder of Recove.
“We could be at a Rs 20 crore run rate by the end of the year. We’re operationally profitable, generating healthy margins, and that’s perhaps what made us attractive to a fund like Momentum,” he added.
“We see an 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,” Ankur Shrivastava, managing partner at Momentum Capital, said.
Recove was founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah. The company is based in Bangalore.
Recove is building a tech-driven B2B marketplace for plastic recyclables. It connects waste suppliers with recyclers using digital supply chains and also handles in-house pre-processing.
This helps recyclers get steady, high-quality raw materials and gives better earnings to waste suppliers. In just one year, Recove has already helped more than 30 recycling companies across India with their procurement needs.
Read more- Datavant Buys Israel’s DigitalOwl for over $200 million
