Recove, a B2B plastic recycling startup, has raised Rs 5.3 crore in a pre-seed funding round led by Momentum Capital. The round also saw participation from individual investors Ganesh Natarajan, Ashish Goel, Chaitanya Kejriwal, and Shruti Deorah. Founded in 2024 by Viral Chhajer, Nirja Bhatt, and Sharan Subaiah, Recove is building a marketplace for plastic recyclables.
The platform aims to provide recyclers with inputs through technology-enabled supply chains and pre-processing infrastructure. The startup plans to use the fresh funds to drive its expansion across India. It will focus on scaling its marketplace and building critical infrastructure.
Viral Chhajer, co-founder of Recove, said, “This funding will help us expand our marketplace across India and establish pre-processing hubs. We aim to grow our network of recycling partners and create a more efficient plastics recycling ecosystem.”
In its first year of operations, Recove has streamlined procurement for over 30 recycling companies nationwide. The company strives to build a reliable and efficient supply chain for the plastic recycling industry.
The investment in Recove highlights the growing investor interest in sustainability-focused ventures.
Momentum Capital supports plastic recycling growth
Startups addressing critical environmental issues like plastic waste management are attracting significant funding.
Momentum Capital’s involvement underscores the potential of Recove’s business model and its impact on the recycling industry. The funding will support the startup in ramping up its operations, enhancing technology, and scaling its impact across various industries reliant on plastic use. Sukkhi Online, a Mumbai-based jewelry e-commerce company, has raised an undisclosed amount in debt funding from VentureSoul Partners.
The company plans to use the capital to scale operations, expand its design collections, and enhance its retail presence. Founded in 2012 by Bhavesh Navlakha, Sukkhi has expanded to four exclusive brand outlets. The company has a significant presence across e-commerce channels, which now account for a major share of its revenue.
Bhavesh Navlakha, co-founder of Sukkhi, said, “This strategic capital allows us to scale operations, expand our design collections, and enhance our retail presence as well.”
Sukkhi’s range includes ethnic and contemporary designs in bangles, earrings, necklaces, rings, and more. The company aims to cater to the growing demand for fashionable and affordable jewelry in India. The funding from VentureSoul Partners will help Sukkhi strengthen its position in the competitive online jewelry market.
The company plans to invest in marketing, technology, and expanding its product offerings to attract more customers.
