The 2 founders of Kavi – The Poetry Undertaking pitched their enterprise on the newest episode of Shark Tank India. Opposite to what their model identify would possibly indicate, they produce upcycled glassware, constructed from discarded alcohol bottles of manufacturers equivalent to Previous Monk and Bombay Sapphire, amongst others. They mentioned that it takes 4000 years for a glass bottle to degrade, and that it’s their mission to upcycle each one in all them and remodel them into homeware. They requested for Rs 60 lakh for 1.5% fairness, valuing their firm at Rs 40 crore. They backed up their ask by telling the panel of ‘sharks’ that the corporate is projecting income of Rs 6 crore this yr.
The founders was journalists, who began the enterprise with simply Rs 10,000. They utilised their community and located their method inside artwork exhibitions. They defined that the identify comes from an earlier model of the model, which utilised poetry as nicely. However as a result of that didn’t take off, the founders pivoted. The identify, nonetheless, remained. Anupam Mittal suggested them to do away with it, as a result of it doesn’t talk what they’re attempting to do. He was additionally curious to know why they’re elevating funding within the first place, as a result of they’re already making big income and working easily. The founders informed him that they intend to go worldwide, the place the marketplace for sustainable gifting gadgets is bigger.
Additionally learn – Shark Tank India founders accused of copying Tesla brand, Anupam Mittal unleashes tirade: ‘Kya bakwas kar rahe ho, what the hell are you pitching?’
They mentioned that they just lately obtained an enquiry from abroad that’s a lot bigger than any order that they’ve ever delivered. It made them realise how big the market may very well be internationally, the place sustainability is definitely a mission assertion for a lot of firms. However Peyush Bansal had a query. “These bottles are used for different substances, however wouldn’t these manufacturers thoughts it when individuals use them to drink milk?” One of many founders, Madhuri, informed Peyush that huge liquor manufacturers are literally partnering with them and supporting their trigger.
By their enterprise, she revealed that rag pickers stand to earn over 4 instances their regular salaries. They presently have a community of 200 rag pickers, and have their very own manufacturing unit as nicely. However regardless of their success, the ‘sharks’ all felt that they don’t really want funding. Anupam expressed concern about getting an exit. Namita Thapar, however, mentioned that they need to slim down their long-term imaginative and prescient and return with a greater plan. Ritesh Agarwal was so impressed by the merchandise that he instantly positioned an order for 100 models to make use of in his accommodations, however he didn’t make investments. The founders left empty-handed and disheartened.
