Carragreen – A Box That Turns Into Eco-Friendly Plates!4 weeks ago Nethrikaa Greeshma
Surabhi Shah and her mother-in-law Chetna Shah are the co-founders of Carragreen. This is an Indore-based eco-friendly startup that specializes in biodegradable stationery and packaging solutions. While there are several eco-friendly brands making sustainable products, Surabhi believes there are very few that provide eco-friendly packaging solutions, thus, Surbhi started this business two years ago. Surbhi is an engineer by profession and she has worked in her family business as an intern for 2 years where she helped to set up a printing unit and observed that a lot of cardboard is wasted and sent for recycling. The other co-founder Chetna belongs to a bakery background so she knew how attractive the boxes should be.
Incubated at IIM-Bangalore, Carragreen was also among the top 100 women-led startups out of 6,000 selected for a course by NSRCEL (Nadathur S Raghavan Centre for Entrepreneurial Learning). They have received a grant of Rs 8 Lakh from IIM Bangalore where Surabhi invested the entire amount in this startup. The cost price of each box is Rs.11.5 and the selling price is Rs. 15 respectively. It’s their dream that Carrabox is used for every food delivery.
They have 5 big customers of which Haldirams is one of their biggest customers. Bhel and Soanpapdi of Haldiram contain spoons of Carragreen. Now moving towards the next big client in Balaji Snacks. So, overall they sell 4 to 5 lakh spoons monthly. Through this, they clock Rs 80,000 to Rs 90,000 respectively. Recently, they are also trying to tie up with Zomato and Swiggy and the process for the same is going on.
To fulfill the dream, Team Carragreen has asked for Rs 50 Lakhs for 10 % equity. Ashneer Grover and Namita Thapar exited themselves as they couldn’t relate to the product while Anupam and Peyush together made them an offer of Rs 50 lakhs for equity of 25% and as a counteroffer, Carragreen offered them a stake of 12% at the same. However, the deal was finalized for ₹50 Lakhs for 20% Equity. Let’s wish the bright women entrepreneurs the best of luck to fulfill their dreams!