RecommerceX, a chemical recycling and sustainability start-up, has raised $3.6 million in a seed funding round led by Accel and Kae Capital. The company intends to utilise the seed investment to strengthen its team with top talent, develop its technology platform, invest in R&D for advanced material recovery, and scale its business operations in India and other geographies.
The scrap metal market is expected to grow, with the global metal recycling market projected to increase from $292.86 billion in 2023 to $386.74 billion by 2030, it said in a release. The company aims to set standards in the unorganised scrap metal market
Setting Standards
RecommerceX aims to set new standards and grades in the recycling industry, a space that has long been dominated by non-compliant and localized players, said Shobhit Goel, Founder, CEO, RecommerceX.
“With our advanced R&D capabilities and material recovery technology, we can provide our customers with high-quality, traceable, and tax-compliant recovered materials”, he added
Founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, RecommerceX specializes in processing industrial waste to recover critical materials and useful by-products that serve as raw materials for its customers. It partners with medium to large manufacturing and EPC companies and employs material recovery technology that aids in the decarbonization of supply chains thereby reducing the dependence on raw materials. Currently, RecommerceX operates across various categories, including plastics, metals, and e-waste.