Table of Contents
Shark Tank Econiture
|Founders||Ashish Modak, Bhushan Boob, Madhur Rathi, Roshan Pidiyar|
|Ask||50 lakhs for 8% equity.|
Ashish Modak, Bhusan Boob, Madhur Rathi and Roshan Pidiyar are the founders of Econiture. They are from Maharashtra.
They are childhood friends. Its all started with Madhur. Madhur completed his engineering from Nagpur college. He did his MBA from Wellington College, Bangalore. There he attended a waste management conference and got inspired by a company of the US named Waste Management Inc. which makes money from recycling waste.
About the company Econiture
Plastic is considered as a great innovation but nowadays usage of plastics is becoming a warning for our ecosystem. The plastic which is used worldwide can be used to wrap the earth four times. So, in order to solve this problem they have introduced Econiture, which makes furniture from recycled plastic. Their furniture are Strong, Unique and Durable. It is made up of 100% plastic waste. It will also help in the reduction of meta-mining and deforestation. They have converted 20000+ kg plastic waste to Econiture furniture. They are available on their own website and marketplaces like Amazon, the wooden sheet etc. They have delivered 1800 products to 1200 customers around 25 India states. Their vision is to make Econiture, a global sustainable brand. They started their company in the year 2017.
Their process is like they make granules from plastic and converting them into grinding. And from this grinding, they used to make timber and from timber finally furniture.
Ask by the Owners Econiture
Pitchers asked for 50 lakhs rupees in exchange for 8% equity.
Econiture Sales And Revenue
A bench which was on the stage costs around Rs.15000.Beach chair is around Rs.18000. The avg. manufacturing costs for these products is around 5000 rupees. The shipping cost is on avg. is 3000 rupees. In FY21-22 the sales was 1.3 cr. rupees. They made 18 lakhs from this furniture business and rest is from the waste management business which they started first. The gross margin for furniture store is 65% and waste management is 26%. Last month they made a sales of 2.5 lakhs rupees and for current month the sales is 4.8 lakhs rupees from the furniture business and from the waste management business they have made 7 lakhs rupees last month and 8 lakhs rupees this month. Their projected sales from these two business are 1.6 crore rupees.
Talking about unit economics for the furniture business, the 15000 rupees bench is priced as 17500 rupees on Amazon.GST is of 2700 rupees, COGS is 4500 rupees, the logistic cost is around Rs.3500, the marketing cost is around 2500 rupees and the remaining margin is 1800 rupees.
For the Waste management business, the sales is Rs.15/kg, in which the purchase cost is Rs.8/kg, the collection is Rs.1/kg, Segregation is Rs. 5.5/kg and the remaining margin is Rs.0.5/kg.
Kyari Shark Tank
Offers and counter offers
All the sharks raised the issues of scaling the business. So, no sharks were interested in the deal.
Econiture Final Deal
No deal was finalized with the pitchers.