- Founders: Nitin Uttam Khope, Binal Maulik Shah & Prasad Harish Phadke
- Business: Biotraps for mosquitoes
- Ask: ₹50 lakhs for 2%equity
- Valuation/ Networth: ₹25 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 18
ECO BIOTRAPS Shark Tank India Pitch:
ECO BIOTRAPS is an Indian startup which appeared on Shark Tank India Season 3 Episode 18. They sought an investment of ₹50 lakhs for 2% of the business, valuing the company at ₹25 Crores. The founders shared that around 10 lakh people die every year due to diseases spread by mosquitoes. To resolve this issue, the founders created ECO BIOTRAPS. ECO BIOTRAPS is a sustainable way to stop breeding in mosquitoes. All you need to do is add water to their product and leave it outside your house or office. They added that their product is science-based and approved by scientists.
ECO BIOTRAPS have tested the product in Dharavi slums and have noticed a positive impact. They have also installed this in hotels, restaurants & hospitals. They have also placed their product at the Shark Tank India set and claimed that it was the world’s first set which was mosquito-free. In the pitch, the founders shared that they have impacted over 9 lakh lives so far since their launch in June 2022. One Biotrap covers a 400 square foot area. The company has been granted a patent for their product which is valid in 50 countries.
ECO BIOTRAPS Financials & Revenue during Shark Tank India:
ECO BIOTRAPS closed the last financial year with revenue of ₹84 lakhs. Further, Their gross profit is at 25%, and net profit is at 4%. In June 2022, they raised their first round where they raised ₹1.25 Crores at a ₹15 Crore valuation. Also, They are projecting to close FY23-24 with ₹6 Crores in revenue. The founders added that they already have orders booked for ₹3 Crores till October this year.
ECO BIOTRAPS Shark Tank India Negotiations & Funding:
Aman couldn’t figure out why he should be an investor in this business as he felt like this was not yet investable, but he committed that he would fund this from his corporation as CSR (Corporate Social Responsibility). Namita goes out because she didn’t agree with the value proposition of their hero product. Anupam goes out because he didn’t see this as a long-term solution. Amit goes out because he felt like despite the patent, this product wasn’t defensible.
Even though Vineeta agreed with other sharks, she liked how passionate the entrepreneurs are, and she felt like this was a big problem that would have a big impact. With that, she offered ₹50 lakhs for 10% of the company. The founders countered Vineeta with a ₹15 Crore valuation which she declined so ECO BIOTRAPS walked out of Shark Tank without a deal.
Who are the founders of ECO BIOTRAPS?
Nitin Uttam Khope, Binal Maulik Shah & Prasad Harish Phadke founded ECO BIOTRAPS. Binal is from Ahmedabad, Nitin is from Thane & Prasad is from Pune.
How is ECO BIOTRAPS doing after Shark Tank India?
Our research into ECO BIOTRAPS revealed that despite not getting a deal on Shark Tank India, the show had a positive impact on the company. This gave them nationwide recognition and validation. The founder appeared on Editorji for an interview where he shared that they would be in Malaysia, Nepal, and Zambia by the end of 2024. He added that they are now also available through Amazon, which upon our search, we were not able to find their products.
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Source: Instagram @ecobiotraps
Here are other companies from Season 3 Episode 18: