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In recent decades, the world has witnessed a sudden rise in population and rapid urbanization. This has led to an increase in the water demand and consequently an upsurge in wastewater. Water scarcity, coupled with untreated wastewater, has become a major concern throughout the world. Municipalities are challenged with the task of treating wastewater and meeting domestic, agricultural, and industrial demands. Mismanagement of wastewater results in economic, social and environmental loss. The high concentration of population, lack of sanitation and water security, reduced awareness, and evident pollution have made India a home full of opportunity and innovation in the wastewater management (WWM) business. The paper gives a comprehensive review to understand the wastewater management and business approach. The research uses Total Interpretive Structural Modelling (TISM) to identify, acknowledge, and interpret the major factors for the stakeholders and for future companies who wish to venture into the wastewater management business. The study provides insight into developing a circular economy solution and gives a vivid framework highlighting the relevant factors for a successful WWM business. The study also provides direction to the practitioners who are involved in the WWM industry and helps evaluate their options, prioritizing resource-efficient solutions. [Display omitted] • Develop a strategy for an efficient wastewater management business framework. • Identifying the factors crucial for the success of a wastewater management business. • An integrated multi-attribute interpretive structural decision approach is proposed. • Provides a pragmatic business framework with dependent and driving factors. • Managerial implication & policy insights for implementing the model are discussed. [ABSTRACT FROM AUTHOR]