Who is the Founder of Econiture?
Ashish Modak, Bhushan Boob, Madhur Rathi & Roshan Pidiyar are the founders of Econiture. They are from Maharashtra. They are childhood friends. Plastic has become a threat to the environment nowadays.
Econiture Before Shark Tank India?
In Bangalore, he attended a waste management conference. At the conference, he came to know about Waste Management Inc., which is a Fortune 500 company. He was very inspired by the idea of earning money through waste management. He wanted to start his own waste management company.
At first, he couldn’t start his own venture due to a lack of capital. So instead, he started working for a waste management company based in Ahmedabad.
He later started his own company and invited his 3 childhood friends to join his venture. They had faith in Madhur and without any hesitation, they joined the company. That’s how Econiture was formed.
The plastic waste generated each year is so massive, that it can cover the entire earth 4 times. To solve this plastic waste problem, Econiture was formed. It takes the plastic waste and turns it into unique, durable furniture. It’s basically eco-friendly furniture.
All the furniture is 100% made of plastic waste. That’s how they are reducing the plastic waste problem. Till now, they have converted 20,000+ kg of plastic waste to Econiture furniture.
How to get Econiture?
They are selling their products on Amazon and their own personal website. Till now, they’ve sold 1800 products. They want to make this brand a global one and reduce plastic waste as much as possible.
How much money did they ask for Econiture?
They came to Shark Tank India seeking ₹50 Lakhs for 8% equity in the company. Which gives the company a valuation of ₹6.25 Crores.
Econiture was formed in 2017. They researched a lot in the market. But they couldn’t find any company that is making products with 100% waste. They wanted to become a company that is using 100% waste in making the products.
2nd thing was, they wanted to make something big. So, a lot of waste can be used while making that particular product. And furniture felt like a perfect fit.
For example, to make a 34-kg furniture, 40 kg of waste is used. So, the world is seeing 40 kg less waste.
How do they make the furniture?
They use a granular machine. They dump the plastic products into that machine. They make small pieces of the products. After that, they make tall bars. After that, they use the drill and screw to shape the required furniture.
Their product pricing is ₹15000 for a bench, ₹18000 for a beach chair.
What are the Annual Sales of Econiture?
|2021 – 2022
Projected annual sales from this year is ₹1.6 Crore.
Unit Economics for Furniture Business
Unit Economics for Waste Management Business
|₹15 per kg
They have two parts in the business. They make furniture. But at the same time, they segregate the waste and provide them to recyclers.
Which shark gave Econiture an offer?
Aman Gupta was out because he thought there would be more logistics issues in the business.
Namita Thapar was out because she didn’t have any expertise in this business.
Peyush Bansal was out because he thought there would be issues in scaling this business. But he wanted to place this furniture in his Lenskart stores. He wanted to help the environment as well.
Anupam Mittal was out because he thought there’d be difficulty scaling the business.
Amit Jain was out because at the moment the business is small.
|Ashish Modak, Bhushan Boob, Madhur Rathi & Roshan Pidiyar
|₹50 Lakhs for 8%
|Company Net Worth
What deal did Econiture get in Shark Tank India?
I really liked the founders but they didn’t get any deals in Shark Tank, which was unfortunate.