Bhavisya Plast: Transforming Bioplastic Innovation in India

Bhavisya Plast entered the Shark Tank India stage when a young entrepreneur from Kolkata, Pallavi Luharuka, transformed the competition dynamics. She pitched her groundbreaking biodegradable plastic, prompting an intense bidding war amongst the sharks. By the end of her presentation, Pallavi emerged as a leading figure in the tank.

Introduction to Bhavisya Plast

The company, Bhavisya Plast, specialises in producing eco-friendly bioplastic derived from agricultural waste. This innovative material is designed to withstand heat and moisture, showcasing its potential across various sectors. Pallavi’s product range also includes sustainable lubricants and eco-friendly paints.

The Inspiration Behind the Innovation

The panel’s curiosity peaked when Pallavi shared her backstory — a fortunate accident that unfolded during a collaboration with Jadavpur University, which aimed to convert discarded rice into ethanol. This same agricultural waste now acts as the core component for her patented bioplastic. Namita Thapar and Anupam Mittal were visibly impressed. Namita acknowledged the innovation’s promise while urging Pallavi to consider scaling it further.

Pallavi’s Bold Pitch

Pallavi sought Rs 50 lakh for a 1.5% stake, estimating her business’s pre-money valuation at Rs 30 crore. She proudly presented existing collaborations with Maruti Suzuki and Berger Paints, emphasising that her product line could extend beyond plastics, providing economical alternatives to conventional emulsions and paints. Anupam expressed his astonishment, highlighting that such innovations come once in a lifetime and should be likened to historical breakthroughs like the telegraph and computer chips.

The Sharks Battle for Partnership

As the sharks vied for partnership, Namita reminded them to grant Pallavi some space to think. “Let her breathe,” she suggested, allowing the entrepreneur a moment of respite. However, the stakes remained high. Aman Gupta advised her to focus rather than be swayed by the competition, while newcomer Chirag Nakrani clashed with Anupam, each striving to prove why they would be the best mentor. Chirag boasted, “I have four factories,” but Anupam confidently countered with an offer of Rs 1 crore, which was double Pallavi’s original request.

Pallavi’s Confidence and Vision

Namita referred to the innovation as “earth-shattering,” questioning why other investors had not yet pursued her. In a calm manner, Pallavi stated that they actually had. She had declined a Rs 10 crore acquisition offer, expressing her ambition to establish a Rs 1000 crore enterprise.

The Final Deal

Ultimately, Aman matched Pallavi’s request, as did Anupam, Chirag, and Namita — although, initially, Namita was hesitant to collaborate with the others. Pallavi, however, was firm in her desire for a partnership involving all four sharks. After some discussion, Namita consented. The concluding agreement was for Rs 2 crore in exchange for a 10% equity stake, quadrupling the investment Pallavi originally sought.