Kolkata-based biodegradable plastics startup Bhavisya Plast, secured a remarkable deal on Shark Tank India. She had no idea that she would change the balance of power when a young woman from Kolkata entered the Shark Tank India set. When Pallavi Luharuka, the founder of Bhavisya Plast, arrived to present her biodegradable plastic, the sharks engaged in a full-scale bidding war to become her partner. Pallavi was more than just a pitcher by the end of the episode; she was the actual shark in the tank.
Pallavi’s startup, Bhavisya Plast, uses agricultural waste to make environmentally friendly bioplastic. The material has potential for use in a variety of sectors and is resistant to heat and water. She also sells environmentally friendly paints and lubricants.
When Pallavi disclosed that the invention was a happy accident, found while working on a project with Jadavpur University to turn leftover rice into ethanol, the panel was captivated. Her innovative plastic now uses the same trash as its source material. Anupam Mittal and Namita Thapar were clearly in awe. Namita acknowledged the promise but urged scalability, saying, “Good step, but a tiny start.”
Pallavi valued her pre-money firm at Rs 30 crore and requested Rs 50 lakh in exchange for 1.5% equity. She mentioned her current collaborations with Berger Paints and Maruti Suzuki and emphasized how her products might be used for purposes other than plastic, providing affordable substitutes for conventional paints and emulsions. Anupam was blown away. This only occurs once every fifty years. He compared her creation to innovations like the telegraph and computer chips, saying, “This is not some run-of-the-mill innovation.”
Pallavi Luharuka further informed the panel that the company has submitted a PCT in 140 countries and an Indian patent for its concept. After that, she showed the sharks examples of her products, and they were astounded by her self-assurance, clarity, and presentation abilities.
Namita asked the sharks to give Pallavi some breathing room as they started to spar. She said, “Give her time to think,” as the business owner left for a moment. However, there was no simmering tension. While Anupam and newcomer Chirag Nakrani argued about who might provide greater mentoring, Aman Gupta cautioned her not to pay attention to the others. “I own four factories,” Chirag said. “I’ll give you Rs 1 crore, double what you’re asking for,” Anupam said.
It was “earth-shattering,” according to Namita. Aman questioned why she wasn’t already being pursued by investors. They were, Pallavi said coolly. She had actually turned down a buyout offer of Rs 10 crore. She informed them that she was building a company valued Rs 1000 crore.
Aman finally gave her what she had requested. Anupam, Chirag, and Namita all did, but at first, Namita wouldn’t work with the others. However, Pallavi was unambiguous in her desire for a four-shark relationship. Namita consented after being persuaded. The last agreement? Pallavi received four times the initial investment of Rs 2 crore for 10% equity.
