RecommerceX raises $3.6 mn from Accel, Kae Capital, to scale recycling
[bs_credit]
 "RecommerceX")
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 allow the company to build its team, refine its proprietary technology, and invest in research and development (R&D) as it seeks to scale operations domestically and globally, according to a company press release.
The company, founded earlier this year by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, 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 while helping to decarbonise industrial supply chains.
The scrap metal market is set to experience significant growth, with the global metal recycling market expected to reach $386 billion by 2030. However, the market remains largely unorganised, posing challenges for manufacturers in waste disposal, resulting in large amounts of scrap metal ending up in landfills instead of being recycled.
Customers also struggle with sourcing high-purity recovered materials. RecommerceX seeks to differentiate itself by offering high-quality, tax-compliant recycled materials, addressing the inefficiencies that lead to much industrial waste ending up in landfills, stated the press release.
“Driven by factors such as rising consumer eco-consciousness and the need to reduce industrial dependency on raw materials, supply chain decarbonisation, traceability, and innovation have become top priorities for businesses,” said Prayank Swaroop, partner, Accel.
RecommerceX’s target customers include medium to large 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 localised players,” said Shobhit Goel, chief executive officer, RecommerceX.
First Published: Sep 05 2024 | 2:35 PM IST
