RecommerceX, a chemical recycling and sustainability startup, has raised $3.6 million in seed funding led by Accel and Kae Capital.
The fresh capital will be used to build its team, upgrade the technology platform and invest in research and development (R&D) as it seeks to scale operations domestically and globally.
RecommerceX, founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, processes industrial waste to recover critical materials and by-products, reducing dependence on raw materials and aiding in the decarbonisation of supply chains.
The company located in Noida primarily caters to medium-sized manufacturing organizations and engineering, procurement, and construction (EPC) firms as its clientele. It employs material recovery technology that aids in the decarbonization of supply chains thereby reducing the dependence on raw materials. It is operating across plastics, metals, and e-waste categories.
“We are building a brand in this space, aiming to be the go-to entity that can procure waste, segregate it, recover valuable components chemically, and supply the recycled output for use as raw materials. We started with India because our head office is here, but we will definitely expand to other geographies, including the UAE and the USA, over the next year,” said Shobhit Goel.
“In a year, we will be doing almost 10x from here. We target to do around 10,000 metric tonnes in terms of volume per month, which would make us a Rs 300-400 crore company,” he said.
Commenting on the investment, Prayank Swaroop, partner at Accel, said, “Driven by factors like 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.”
“Their innovative technology and commitment to transparency are set to revolutionise how industries approach waste recovery, making RecommerceX a critical player in the global shift towards more responsible resource management,” said Abhishek Srivastava, General Partner at Kae Capital.
