Page 37 - Plastics News September 2024
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COMPANY NEWS
RecommerceX, a chemical recycling and sus- geographies, including theUAE and the USA,
tainability startup, has raised $3.6 million in seed over the next year,” said Goel.The Noida-based
funding round led by venture capital firm Ac- startup targets medium to large manufacturing
cel and Kae Capital. The funds will be used for companies and engineering, procurement, and-
expanding the team, developing its technology construction (EPC) firms as its primary custom-
platform, investing in R&D for advanced mate- ers.The company is currently processing around
rial recovery, and scaling business operations in 1,000 tonnes of waste per month. “In a year,
India and other international markets. According we will be doing almost 10xfrom here. We tar-
to founder and chief executive Shobhit Goel, this get to do around 10,000 metric tonnes in terms
space is highly unorganised, with no major play- of volume per month, which would make us a
ers managing these categories. Rs 300-400 crore company,” he said.Comment-
ing on the investment, Prayank Swaroop, part-
"We are building a brand in this space, aiming to ner at Accel, said, “Driven by factors like rising
be the go-to entity that can procure waste, seg- consumer eco-consciousness and the need to
regate it, recover valuablecomponents chemi- reduce industrial dependency on raw materi-
cally, and supply the recycled output for use as als, supply chain decarbonisation,traceability,
raw materials,” Goel told ET in an interaction. and innovation have become top priorities for
Founded in 2024 by Shobhit Goel, Mohit Gulyani, businesses.”“Their innovative technology and
and Ajay Gupta, the startup focuses on process- commitment to transparency are set to revolu-
ing industrial waste toextract valuable materials tionise how industries approach wasterecovery,
and by-products that can be used as raw mate- making RecommerceX a critical player in the
rials by its customers. It operates in multiplecat- global shift towards more responsible resource
egories, including plastics, metals, and electronic management,” saidAbhishek Srivastava, general
waste. partner at Kae Capital.
“We started with India because our head office Source – The Economic Times
is here, but we will definitely expand to other
PET bottle-to-bottle recycling to mitigate
effects of climate change
he Indian PET recycler Ganesha Ecopet by 2026.
ramps up its PET bottle-to-bottle recy-
Tcling capacities with two Starlinger recy- The two new Starlinger recoSTAR PET 165 HC
cling lines to a total of 42,000 tons per year. iV+ recycling lines are set up at the recycling
facility of Ganesha Ecopet Private Ltd. in Wa-
It aims to recycle 25% of India’s PET bottle waste rangal, Telangana State. The company, a sub-
PLASTICS NEWSASTICS NEWS
September 2024
September 2024 PL 37 39
