RecommerceX founders-Ajay Gupta, Shobhit Goel, Mohit Gulyani
Founded in 2024 by Shobhit Goel, Mohit Gulyani, and Ajay Gupta, RecommerceX, aims to revolutionise recycling through sustainable material recovery. Through technology and R&D processes, the company transforms waste into high-quality materials.
With the market for metals alone projecting to grow to $386.74 billion by 2030, it has become necessary to include plastics, e-waste and other materials along with metals in the recycling solutions. RecommerceX addresses waste management and material procurement related issues and specialises in reclaiming valuable materials from industrial waste.
The company has developed a supply chain that offers medium to low manufacturers and EPC companies the assurance that their materials are sourced and processed sustainably. Raising the USD 3.6 Mn in seed funding from Accel and Kae Capital will enable RecommerceX to enhance their R&D capabilities, technology platform and expand its operations in India as well as internationally.
Emphasising on the company's vision, Shobhit Goel, Founder and CEO, RecommerceX, said, "Our vision is to set new standards and grades in the recycling industry, a space that has long been dominated by non-compliant and localized players. With our advanced R&D capabilities and material recovery technology, we can provide our customers with high-quality, traceable, and tax-compliant recovered materials."
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 decarbonization, traceability, and innovation have become top priorities for businesses."
He further added, "Shobhit and his team have been visionary in their approach to tackling a crucial white space in this sector. They have implemented industry standards for recycled materials, focused on material innovation, and are building trust through a tech-enabled platform that maintains transparency. We see RecommerceX being a close and long-term partner for brands and industrial manufacturers worldwide, as the move towards circular economies accelerates."
"We are excited to support RecommerceX in their mission to create a more sustainable future, as they address a significant, untapped market. Their innovative technology and commitment to transparency are set to revolutionize 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.
