25 September, 2025: Recove, a B2B startup reimagining India’s plastics recycling supply chain, has raised 5.3 crore funding in its first external fundraise led by US-based venture capital firm Momentum Capital alongside co-investors Ganesh Natarajan (ex-CEO, Aptech & Zensar), Ashish Goel (co-founder, Urban Ladder), Chaitanya Kejriwal, and Shruti Deorah.
Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is building India’s first tech-driven B2B marketplace for plastic recyclables, designed to provide recyclers with reliable, high-quality inputs through technology-enabled supply chains and pre-processing infrastructure.
The funding will accelerate Recove’s expansion across India, helping scale its marketplace and build critical infrastructure to ensure reliable, high-quality inputs for recyclers. The company plans to unlock billions in lost material value, raise India’s recycling rates, and power the transition to a circular economy.
Commenting on the milestone, Viral Chhajer, CEO & Co-Founder of Recove, said, “Partnering with Momentum Capital marks a pivotal moment for Recove as we work to transform India’s recycling industry and accelerate India’s transition to a fully circular economy. This investment will accelerate our expansion and enable us to invest in key pre-processing infrastructure across the recycling supply chain, starting with plastics. Our mission is not only to raise recycling rates, but to unlock billions in lost material value, delivering measurable economic gains for our customers and meaningful environmental impact for the country.”
India generates municipal solid waste at an unprecedented rate due to urbanisation, rising incomes, and population growth. Although 40% of all solid waste is recyclable, less than 15% is effectively processed today. Recove is addressing this gap by building a B2B marketplace that connects plastic waste suppliers with recycling companies, ensuring reliable and high-quality raw materials for recyclers.
Ankur Shrivastava, Managing Partner at Momentum Capital, said “We see a massive, underfunded 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. We are incredibly impressed by their sound approach and the strength of their founding team, which brings a wealth of strategic, financial, and operational expertise in the cleantech space.”
By combining technology with its own pre-processing hubs, Recove is making the recycling supply chain more transparent, efficient, and scalable. Over the past year, the company has already streamlined procurement for 30+ plastic recycling companies across the country.