Delhi-based eco-friendly startup Ecoil, appeared on Shark Tank India Season 4, Episode 51.
The company, founded by Sushil Vaishnav and Kirti Vaishnav, promotes a sustainable waste-to-energy business model by collecting and recycling used food oil into biodiesel.
During their pitch, the founders sought an investment of ₹1 crore for 1.25% equity, valuing the company at ₹80 crore.
Sushil and Kirti Vaishnav, who met and married in Rajasthan, were struck by the large-scale waste oil production in the food industry.
After gaining experience in supply chains and blockchain, they returned to Jaipur in November 2019 and launched Ecoil.
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Ecoil specializes in collecting burnt cooking oil and fats from eateries, offering the highest purchase price. The collected oil is then processed into biodiesel.
The company provides a range of services to help manufacturers efficiently manage their waste oils and fats.
To minimize waste-related challenges, Ecoil offers customized solutions tailored to the needs of food industries and fast food outlets.
With its structured approach and competitive pricing, Ecoil stands out as an ideal choice for selling used cooking
The founders revealed that they have gathered 75 lakh liters of waste oil, leading to a reduction of 1.6 crore kg in CO2 emissions.
Recognizing the potential of this initiative, Ritesh Agarwal and Chirag Nakrani invested ₹50 lakh for 1% equity, along with 0.6% advisory equity, and provided ₹50 lakh in debt at 9% interest for three years.
This deal set Ecoil’s valuation at ₹50 crore.
With this investment, Ecoil plans to enhance its operations, expand its reach, and contribute to India’s sustainable energy transition.
