In a recent episode of Shark Tank India Season 3, WithOut, a forward-thinking startup founded by Anish Malpani, captured the spotlight with its innovative solution to address the pressing plastic waste crisis.
Malpani introduced his company’s ingenious method of transforming multi-layer plastic (MLP) waste into high-quality, durable, and recyclable sunglasses, garnering significant interest from the show’s esteemed investors.
Anish Malpani’s journey to establishing WithOut in December 2019 is marked by a profound personal and professional transformation. Transitioning from a thriving career in New York to grappling with depression, Malpani’s quest for purpose ultimately led him to champion environmental sustainability and social impact.
With a dual mission of improving the lives of waste pickers and addressing the recycling challenges associated with MLP waste, which poses complexities due to its composite materials, WithOut was born.
The startup’s decision to debut with sunglasses as its flagship product was strategic, driven by market demand, profitability considerations, and the team’s unwavering enthusiasm. WithOut’s transition from concept to market-ready product was propelled by intensive research and development endeavors, including invaluable contributions from a PhD in electrochemistry.
WithOut’s aspirations extend beyond eco-friendly eyewear production. The company sets its sights on recycling 20,000 tons of plastic waste daily by 2030, underscoring its dedication to environmental conservation and the socioeconomic upliftment of waste pickers. This ambitious vision took center stage during WithOut’s compelling pitch on Shark Tank India, as it sought funding to scale its operations.
Initially seeking an investment of Rs 75 lakhs in exchange for a 1% equity stake, valuing the company at Rs 75 crore, WithOut’s pitch culminated in a successful investment deal. Sharks Ronnie Screwvala and Peyush Bansal extended an offer of Rs 75 lakhs for 3% equity, valuing the company at Rs 25 crore.
However, the final agreement entailed a combination of equity and debt, marking a pivotal moment in WithOut’s journey towards realizing its transformative vision.