In a significant boost for India’s green tech ecosystem, Recove, a Bengaluru-based B2B startup, has secured ₹5.3 crore in its first external funding round. The pre-seed investment was led by US-based Momentum Capital, with participation from a notable group of angel investors including Ganesh Natarajan (ex-CEO, Aptech & Zensar), Ashish Goel (Urban Ladder co-founder), Chaitanya Kejriwal, and Shruti Deorah.
Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is tackling one of India’s most pressing environmental challenges—plastic waste—through a technology-driven marketplace that brings transparency and efficiency to the recycling supply chain.
This funding round marks an important milestone for the circular economy movement in India, demonstrating growing investor confidence in sustainable business models that combine environmental impact with commercial viability.
The Problem: India’s Plastic Recycling Crisis
India generates enormous volumes of plastic waste, with only <15% being effectively recycled despite nearly 40% of solid waste being recyclable. The traditional recycling ecosystem suffers from:
- Fragmented supply chains with multiple intermediaries
- Inconsistent quality of recycled materials
- Lack of transparency in sourcing and processing
- Inefficient matching between waste suppliers and recyclers
Recove’s Solution: A Tech-Enabled B2B Marketplace
Recove addresses these challenges through a sophisticated platform that:
- Connects plastic waste suppliers directly with recyclers
- Ensures pre-processed, high-quality inputs through standardized quality checks
- Provides transparent tracking across the entire supply chain
- Optimizes logistics and delivery for maximum efficiency
Traction and Growth Metrics
In just one year of operations, Recove has demonstrated impressive traction:
- 30+ recyclers onboarded nationwide
- Streamlined procurement processes established
- Eyeing ₹20 crore run rate by year-end
- Path to operational profitability clearly defined
Investor Confidence and Strategic Backing
The funding round attracted high-quality investors who bring more than just capital:
Momentum Capital’s Ankur Shrivastava highlighted the “massive opportunity in India’s waste-to-wealth shift,” while the participation of seasoned entrepreneurs like Ashish Goel and industry veterans like Ganesh Natarajan provides Recove with valuable mentorship and network access.
Fund Utilization and Future Roadmap
The ₹5.3 crore investment will be deployed toward:
- Scaling the platform across India
- Building pre-processing hubs for quality standardization
- Expanding the supplier-recycler network
- Enhancing technology capabilities for better matching and tracking
The Bigger Picture: B2B Green Tech’s Rising Momentum
Recove’s funding represents a broader trend of investors backing B2B sustainability solutions that offer:
- Scalable business models with clear revenue streams
- Measurable environmental impact
- Technology-driven efficiency gains
- Alignment with India’s circular economy goals
Industry Impact and Environmental Significance
As CEO Viral Chhajer stated, Recove aims to “transform recycling into a scalable force for sustainability.” The startup’s approach could significantly impact:
- Reducing plastic pollution through systematic recycling
- Creating economic value from waste materials
- Formalizing the informal recycling sector
- Supporting India’s sustainability commitments
Conclusion: Pioneering the Waste-to-Wealth Revolution
Recove’s successful pre-seed round validates the enormous potential in addressing environmental challenges through innovative business models. As India moves toward its sustainability goals, tech-enabled platforms like Recove are positioned to play a crucial role in building the infrastructure for a circular economy.
The combination of strong founding team, clear business model, measurable traction, and strategic investor backing suggests Recove is well-positioned to become a leader in India’s waste management sector. This investment not only fuels Recove’s growth but also signals growing maturity in India’s green tech investment landscape.