Chemical recycling and sustainability-focused RecommerceX are among innovative Indian startups that have recently secured $3.6 million in seed funding. Some distinguished venture capital firms including Accel and Kae Capital drove this funding round. The new funding is expected to position RecommerceX to intensify its operations, advance technology, and employ more people.
Addressing for Sustainable Future
RecommerceX, founded in early 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, intends to boost the fluidity of the worldwide recycling market. The startup targets to minimize the use of raw materials by recycling valuable materials like metals, plastics, and e-waste, which can contribute to the decarbonization of industrial supply chains.
The global metal recycling market is expected to be valued at $386 billion by 2030, however, the market lacks proper structure. This disorganization presents major problems in waste management to manufacturers as’ large quantities of scrap metal find its way to the landfill rather than to the recycling plants. Currently, the market of recycled products is rather fragmented, and RecommerceX wants to change this by providing customers with high-quality products made of tax-compliant recycled materials.
Fund Details
The $3.6 million raised will be effectively employed to assemble a strong team of researchers, enhance the company’s exclusive technology, and fund R&D. They will help to facilitate the expansion of RecommerceX operations in the domestic and international markets. The company intends to diversify to other regions in the next year including UAE and USA. RecommerceX recycles more than 1,000 tonnes of waste per month intending to reach 10,000 tonnes of waste per month shortly. This aggressive plan perfectly fits the company’s strategy to become a key participant in the global recycling market, which can turn the company into Rs 300-400 crore.
Market Challenges
RecommerceX focuses on several critical issues that affect the recycling sector. The startup also undertakes to guarantee traceability and compliance when providing recovered material that meets high purity to the manufacturers sourcing raw materials. This is especially the case since companies across the world are adopting sustainable and low-carbon supply chain practices.
RecommerceX’s Technology
Thermal chemical recycling is used by RecommerceX to extract and get back raw materials from manufacturing waste. RecommerceX collects waste from several sectors such as plastics, metals and electronics, from manufacturing industries. The waste is then sorted through to ensure that various wastes are not mixed so that they are processed differently. The separated waste is treated by RecommerceX through its proprietary chemical processes that produce valuable components. The intended effect of this method is to enable the regeneration of high-quality materials, which may be reused in the manufacturing process.
This makes it possible to track all the recovered material and get a tax compliance certificate. This is important, especially for organizations that require clear records and compliance with the set laws and regulations. The gathered materials are returned to manufacturers, which makes loops closed as well as helps to lower the usage of virgin raw materials and decarbonize supply chains. This new solution not only responds to the current problem of unfair competition within the recycled products market but also works towards sustainable goals in terms of minimizing the generation of waste and promoting the use of recycled materials.
Conclusion
The launch of RecommerceX’s funding round is an important step that puts the company on the map to revolutionize the recycling business. Thus, having Accel and Kae Capital as its investors, the startup is ready to expand its scale, improve its technology, and act as a leader in the recycling market. With the world increasingly embracing sustainable practices, RecommerceX solutions are well-positioned to support this change.
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