What Happened to ScrapUncle After Shark Tank India?

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What is ScrapUncle?

ScrapUncle is an online platform where people can sell their scrap products. It has its own website and application.

ScrapUncle has many trained agents. They are verified by the platform. So, there’s no issue of security.

The verified agents will come to your house and weigh all the scrap materials accurately. After that, they will give you the best value for those scrap materials.

After collecting the scrap materials, they will be sent to the recycling process. You can do this for your house, company, or organization.

Who is the Founder of ScrapUncle?

Mukul Chhabra is the founder of ScrapUncle. He is from Delhi. Mukul wants to make ScrapUncle the biggest online recycling company.

Previously he had a startup in the drone industry. He has a relative in the recycling industry who has a junkyard. He used to visit that place from time to time. There he got some insights on how this industry works. Later he wanted to make a startup on this.

First, Mukul onboarded all the local scrap collectors. Later the business got big in the pandemic time when everyone wanted to declutter their house and earn some extra money.

Previously a scrap dealer used to make ₹30,000 ~ ₹35,000. But after working with ScrapUncle, they now make anywhere between ₹60,000 ~ ₹70,000 per month.

ScrapUncle Before Shark Tank India?

Mukul started the company in August 2020. Till now, ScrapUncle has completed 22,000+ pickups from Delhi in 2 years. 14 Lakhs+ kg of scrap materials have been sent to recycle.

How much did he ask for on the pitch?

Mukul Chhabra came to Shark Tank India seeking ₹60 Lakhs for 3% equity in the company. Which gives the company a valuation of ₹20 Crores.

How much money did he raise for ScrapUncle?

Currently, it’s a bootstrapped company. Mukul got a grant from Columbia University. The grant was about ₹23 Lakhs.

How to get ScrapUncle?

You can use the ScrapUncle website or their mobile application. It has 50k downloads.

Unit Economics of ScrapUncle

Total Sales₹27.5 Lakhs
Collection Partners₹5.5 Lakhs
Customers₹15 Lakhs
Marketing₹1.25 Lakhs
Salary₹3.25 Lakhs
Collection Centers₹1.5 Lakh
Other Expenses₹1 Lakh

The customer acquisition cost is ₹110. Retention rate is 40 ~ 50%.

What are the Annual Sales of ScrapUncle?

The monthly sales are ₹27.5 Lakhs.

Fiscal YearAnnual Sales
2020 – 2021₹35 Lakhs
2021 – 2022₹1.48 Crores
2022 – 2023₹6 Crores

Which shark gave ScrapUncle an offer?

Aman Gupta was impressed with the entrepreneur. But he didn’t offer any deal. He thought there were too many things to be done to make this successful in the future.

Vineeta Singh was impressed with the entrepreneur. She offered ₹30 Lakhs for 5% and ₹30 Lakhs debt at 12% interest.

Namita Thapar was out. She couldn’t find any way to add value to the business.

Amit Jain offered him ₹60 Lakhs for 10%.

Anupam Mittal offered him ₹60 Lakhs for 8%.

Offer 1Offer 2Offer 3
Vineeta Singh – ₹30 Lakhs for 5% & ₹30 Lakhs debt at 12% interestAnupam Mittal – ₹60 Lakhs for 8%Amit Jain – ₹60 Lakhs for 10%

What deal did ScrapUncle get in Shark Tank India?

ScrapUncle got a deal from Amit Jain. The deal was ₹60 Lakhs for 5%.

Company NameScrapUncle
FounderMukul Chhabra
Asked Amount₹60 Lakhs for 3%
Final Deal₹60 Lakhs for 5%
SharkAmit Jain
Company Net Worth₹12 Crores
Company Websitescrapuncle.com
Company StatusIn Business

What is the net worth of ScrapUncle?

After the Shark Tank India deal, the net worth of ScrapUncle is ₹12 Crores.

Is ScrapUncle still in Business?

Yes, ScrapUncle is still doing business and collecting scrap materials.

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