Shark Tank India’s recent episode was exiting and beyond expectation with amazed judges, who were caught in a fierce bidding war over sanitary pad disposal startup Padcare. Founder Ajinkya Dhariya led his company to a dramatic increase and the revenue was up by ten times in a period of just 15 months. The annual revenue skyrocketed from Rs 1 crore to Rs 10 crore. The startup has also secured orders worth Rs 22 crore for the next year. This indicates strong market demand and profitability.
The judges were highly impressed with the entrepreneurial skills of Dhariya. Judge Aman Gupta called him the “Padman of 2022.” Another judge Vinita appreciated his disruptive innovation.
Dhariya initially sought Rs 50 lakh for a 2% equity stake at a Rs 25 crore valuation. Judge Piyush Bansal surprisingly offered him a blank cheque. This shows he has strong belief in the potential of Padcare. However, following intense negotiations Dhariya secured a deal with four judges. He secured Rs 1 crore for a 4% stake from Anupam Mittal. He also secured additional Rs 50 lakh for another 2% equity. Vinita and Namita teamed up and offered him Rs 25 lakh for a 1% stake and a Rs 25 lakh interest-free loan respectively.
Padcare offers solution for sanitary pad disposal. The process is unique. It installs special bins in corporate restrooms to collect the pads. The pads thereafter are processed. Pulp and plastic are separated for industrial reuse. The unique innovative approach was appreciated by the judges.
Dhariya earlier had earned a spot on Forbes India’s 30 Under 30 list in the Clean Energy & Climate Change category due to his invention of world’s first sanitary pad recycling technology.
