Recove raises Rs 5.3 Cr in pre-seed round led by Momentum Capital

B2B plastic recycling startup Recove has raised Rs 5.3 crore in a pre-seed funding round led by Momentum Capital.

The round also saw participation from industry veterans and angels including Ganesh Natarajan (ex-CEO, Aptech & Zensar), Ashish Goel (co-founder, Urban Ladder), Chaitanya Kejriwal, and Shruti Deorah.

The funds will help Recove grow its marketplace across India, establish pre-processing hubs, and broaden its recycling partner network.

"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.

About Recove 

Founded in 2024 by Viral Chhajer, Nirja Bhatt and Sharan Subaiah, the Bangalore-based Recove is creating a tech-enabled B2B marketplace for plastic recyclables, linking waste suppliers with recyclers through digital supply chains and in-house pre-processing.

Advertisment

This ensures consistent, high-quality raw materials for recyclers and better returns for waste generators. In just a year, it has supported procurement for 30+ recycling companies across India.

Want to go deeper into the world of startups and entrepreneurship? Check out these categories on VIESTORIES:

Latest Business and Startup News: Discover Funding Trends and Stories Shaping Indian Startups.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.