Sunglasses
Recycled Plastic
Season 3 Episode 16
| Brand | Without |
| Company Name | ASHAYA RECYCLERS PRIVATE LIMITED |
| Founders | Anish Kishore Malpani |
| Original Ask | 75 lakhs for 1% equity at the valuation of Rs. 75 crores |
| Deal | 75 lakhs for 3% equity at the valuation of Rs. 25 crores |
About the Product
Without Frames pioneers the future of recycling by transforming “impossible-to-recycle” plastic waste, such as chip packets, into stylish sunglasses and other products. Their innovative approach addresses the global challenge of plastic waste, with less than 1% of it being recycled worldwide. The sunglasses feature polarized lenses with 100% UV protection (UV400), offering essential eye care. Crafted from 100% recycled polyolefin pellets, including additional additives, extracted from various post-consumer multi-layered plastic packaging (MLP), these frames tackle the significant environmental issue of plastic leakage into the oceans. Through intensive research and development in a Pune-based lab over the past two years, they have devised a patented chemo-mechanical extraction process, revitalizing otherwise discarded materials into functional and fashionable accessories, including coasters. This initiative not only reduces landfill and ocean pollution but also creates valuable employment opportunities for waste-pickers, empowering them with dignified work and improved livelihoods.
Founders & their story
- Anish Kishore Malpani
Without, an impact-driven startup founded by Anish, is tackling the challenge of non-recyclable multi-layered plastic (MLP) waste in India. With 38 lakh tonnes of MLP waste generated annually, Anish recognized the urgent need for a sustainable solution. Leaving behind a lucrative job in Dubai, he returned to India with a mission to make a positive societal impact. Utilizing patent-pending technology, Without specializes in separating the various layers of MLP, a feat previously deemed difficult. The extracted materials are repurposed to create innovative products such as sunglasses, marking the world’s first recycled sunglasses crafted from chip packets. These sunglasses are not only high-quality, durable, and lightweight but also fully recyclable.
Operating as an impact-first startup, Without aims to address the significant issue of untreated waste in India, where 50%-80% of waste remains unprocessed. Beginning operations in 2021 from a lab in Pune, the company has plans to expand with the establishment of an MLP recycling plant in the future. Currently, Without has a daily recycling capacity of 5 kgs, with aspirations to increase this to 50-100 kgs per day. The sale of sunglasses made from recycled MLP serves as a proof of concept for their innovative approach.
In terms of funding, Without has made substantial progress, raising 4.9 crores in 2023 at a valuation of 52 crores, with the founder’s initial investment totalling 1.8 crores. Recently, Anish received an investment offer of 1.4 million dollars at a pre-money valuation of 64 crores, reflecting the confidence investors have in Without’s potential. Operating under the brand name “Without,” this startup embodies the ethos of sustainability and social responsibility, aiming to revolutionize waste management practices while creating tangible, eco-friendly products.
About the company
Without by Ashaya are pioneers of the future of recycling with. They specialize in producing plant-based alternative dairy drinks and environmentally conscious products, including sunglasses and other accessories made entirely from recycled plastic. Renowned for their innovative technology, they were the first in the world to craft sunglasses from discarded chip packets. Their product range spans across three categories: sunglasses, eyeglasses, and jewellery, featuring earrings and rings. Emphasizing social impact, they prioritize upskilling and formalizing waste-pickers into their supply chain, providing dignified employment opportunities. This initiative leads to an average income increase of 2x for waste-pickers, coupled with benefits such as health insurance and flexible work hours, ensuring sustainable livelihoods. They actively source waste directly from local waste-picker collectives at premium prices, further augmenting the income of these marginalized communities.
Revenue
During its research and development phase, the startup is evaluating different types of lenses, including polarized, mid-quality, and basic options. These lenses are priced at 2500, 1599, and 1000 units respectively. To support its R&D efforts, the startup has received grants totaling 60 lakhs.
Founders’ Ask
75 lakhs for 1% equity at the valuation of Rs. 75 crores.
Offers:
Aman’s offer: 30 lakhs for 1% equity at the valuation of Rs. 30 crores45 lakhs debt at 10% interest for 2 years.
Ronnie’s offer: 75 lakhs for 3% equity at the valuation of Rs. 25 crores.
Peyush and Ronnie’s offer: 75 lakhs for 3% equity at the valuation of Rs. 25 crores.
Final Deal
Peyush and Ronnie: 75 lakhs for 3% equity at the valuation of Rs. 25 crores.
