She started a craft company with her friend in 1992. The name of that company is Industry Craft Foundation. This has become a giant company now but she left the company way back.
Then she started the Srishti School of Art Design & Technology in 1996. She’s been teaching for a long time and it was time she started something on her own again and that’s how the journey of Daily Dump began.
Arjun Dev is the co-founder of the company. He’s been in the tech industry for a while. He used to manage delivery for a cybersecurity company.
She realized something we often overlook in our house. We all have a recycling bin in our kitchen. In that recycling bin, we dump all the food products that we won’t use.
But Poonam saw treasure in this recycling bin. She said we can actually use this waste and make something valuable.
Daily Dump basically makes composters. They have a wide range of products under the umbrella. Her patented product Terrabite has made composting so easy that it will blow your mind.
How do you use composters?
Basically, you take the waste and put that into a composter, you mix the magic powder. And you keep doing it. After 30 days of doing this, you’ll get free compost.
She gave the products very unique name. One of the products is called Khamba, another one is called Gobble, Gobble Senior, and Gobble Junior.
She started the business in 2006. To date, 80,000 families are using this composter. She wants every family to have one composter in the house. She wants to make this composter an everyday household thing.
She came to Shark Tank seeking ₹80 Lakhs for 4% equity in the business.
They currently have 2 types of composters for selling in the market.
- Community Composters – Used by Housing Societies – These are sold by offline channels
- Home Composter – Used by individual families – These are sold through online channels
Aman Gupta had a concern regarding the product. He asked whether this product would create any bad odor or not. But Poonam assured him that odor is one problem that no one has to deal with if they have this in their house.
To tackle this question Poonam also showed them the book and the films they produce in order to educate people who are worried about the smell.
Anupam Mittal also asked a valid question. He questioned what’s the problem if wet waste goes into the land in the first place. But Poonam answered that very smartly. He said, wet waste creates a lot of methane. So, the land filled with waste actually has tons of methane in that.
|Fiscal Year||Annual Sales|
|2019 – 2020||₹4.3 Crores|
|2021 – 2022||₹3.75 Crores|
The price of Terrabite is 20,000. Khamba is 3000. And the magic powder ranges from 200 – 500.
Anupam Mittal was out because he thought the price of the products was too high and people wouldn’t buy these products with this price point and scaling this business will be difficult.
Peyush Bansal advised Poonam to lower the price of the products. And making the magic powder more expensive. If people buy more composters then in the end they will buy magic powder automatically.
But if the main product is expensive itself, then people won’t buy that let alone magic powder.
Arjun holds 30%, Poonam holds 65% and the remaining 5% goes to the employees.
With all the sales, they are breaking even and not making any profit. But the gross margin is 45%. So, they can make a profit if they can scale and make it big in the future.
Terrabite is the winning product.
Peyush Bansal was out because he thought only Poonam was working on this product and they lacked a good team. So, until that team was formed, Peyush Bansal couldn’t see himself giving any offer.
Vineeta Singh was out because she thought there wasn’t much stability in the business and the business had to prove a lot before she could make any offer.
Though Aman Gupta was very impressed with the entrepreneur, he was out and didn’t give any offer.
Namita Thapar gave an offer. She offered ₹30 Lakhs for 5% of the company. And ₹50 Lakhs debt at 10% interest rate. Which gives the company a valuation of ₹6 Crores.
|Namita Thapar – ₹30 Lakhs for 5% & ₹50 Lakhs debt at 10% interest|
They gave a counteroffer of ₹30 Lakhs for 3% and ₹50 Lakhs debt at 10%.
Namita gave another counteroffer of ₹30 Lakhs for 4% and ₹50 Lakhs debt at 10%. Which gives the company a valuation of ₹7.5 Crores.
|Company Name||Daily Dump|
|Founders||Poonam Bir Kasturi & Arjun Dev|
|Asked Amount||₹80 Lakhs for 4%|
|Final Deal||₹30 Lakhs for 4% and ₹50 Lakhs debt at 10% Interest|
|Company Net Worth||₹7.5 Crores|
|Company Status||In Business|
Poonam took the offer and that’s how another deal was closed.