Ecoil was founded by Sushil Vaishnav and Kirti Vaishnav, a married couple from Rajasthan with backgrounds in supply chain management and blockchain technology.
Sushil Vaishnav: Focuses on operational efficiency and scaling the business.
Kirti Vaishnav: Manages partnerships and ensures transparency in procurement processes.
The founders launched Ecoil in November 2019 in Jaipur to tackle improper disposal of used cooking oil and its harmful environmental impacts.
Brand Overview
Ecoil is a sustainable biofuel company that converts used cooking oil into biodiesel, offering a waste-to-energy solution.
Mission: Reduce oil adulteration, lower CO2 emissions, and promote clean energy.
Collection Process: Ecoil collects waste oil from restaurants, hotels, and food establishments, offering competitive prices to ensure proper recycling.
Impact: Prevents improper disposal of waste oil while contributing to cleaner energy alternatives for industries like aviation.
Shark Tank India Appearance & Ask
Original Ask: ₹1 crore for 1.25% equity, valuing the company at ₹80 crore.
Pitch Highlights: The founders showcased their business model and financial growth, highlighting their projected revenue of ₹26 crore for FY24–25 and partnerships with Shell India (4% equity holder).
Season and Episode Air Date
Season: 04
Episode: 51
Episode Air Date: Monday, 17 March 2025
Product Overview
Ecoil’s biodiesel is derived from waste cooking oil and offers the following features:
Raw Material: Utilizes waste cooking oil, palm oil, and meat tallow as inputs.
Applications: Aviation fuel, industrial energy solutions, and automotive biodiesel.
Environmental Impact: Fully biodegradable and reduces CO2 emissions by up to 6 crore kg annually.
Investor Reactions
Ritesh Agarwal & Chirag Nakrani: Saw potential in the waste-to-energy model and supported the business with funding and advisory equity.
Aman Gupta & Namita Thapar: Opted out due to concerns about market saturation and airlines preferring carbon offsets over biofuels.
Anupam Mittal: Acknowledged Ecoil’s potential but described it as a “sandwiched business” facing pricing pressure from larger players.
Customer Engagement Philosophy
Ecoil focuses on building long-term B2B relationships by emphasizing:
Transparency: Uses blockchain technology to track procurement processes.
Education: Conducts workshops on sustainable practices for partner restaurants and hotels.
Incentives: Offers competitive pricing for waste oil collection to encourage participation.
Product Highlights
Sustainability Impact: Prevents improper disposal of waste oil while reducing environmental pollution.
Cost Efficiency: Uses affordable raw materials like waste cooking oil priced at ₹20/kg compared to traditional inputs like corn starch (₹100–150/kg).
Scalability Potential: Partnerships with major corporations like Shell India validate its business model.
Future Vision
Scale Operations: Expand collection centers across Tier 1/2 cities by FY26 to meet the growing demand for biofuels in the aviation and industrial sectors.
Global Expansion: Target international markets like Southeast Asia and Europe by FY28 through partnerships with logistics providers and government incentives for green energy adoption.
R&D Innovations: Develop advanced biofuel solutions tailored for aviation-specific requirements by FY30.
Deal Finalized or Not
Yes, Ecoil secured a deal with Ritesh Agarwal and Chirag Nakrani after negotiations:
₹50 lakh for 1% equity.
0.6% advisory equity.
₹50 lakh debt at 9% interest for three years, valuing the company at ₹50 crore.
ECOIL Shark Tank India Review Website Data
Category
Details
Website Information
Website: ECOIL
Built on JavaScript libraries: Goober, core-js 3.37.0, Slick, jQuery 3.6.3, DataTables
Validated Model: Shell India (4% equity holder) partnership confirms scalability
Challenges & Mitigation Strategies
Market Saturation: Diversify applications into aviation fuel & industrial lubricants
Regulatory Hurdles: Work with government agencies to align with sustainability mandates
Supply Chain Consistency: Expand supplier network via incentives for small restaurants
Reasons Why Ecoil Can Be Successful
Government mandates for airlines to use biofuels increase demand
Proven scalability through Shell India partnership
Competitive pricing against traditional fuel sources
Future Business Roadmap
Expand across Tier 1/2 cities by FY26 & achieve ₹50 crore ARR
Enter Southeast Asian markets by FY28, targeting international airline partnerships
Develop proprietary aviation-grade biofuels by FY30 & aim for ₹200 crore valuation
Valuation Growth Roadmap
Short-Term (2025): Increase valuation to ₹100 crore by scaling operations
Mid-Term (2027): Raise Series A funding after ₹50 crore ARR through global expansion
Long-Term (2030): Aim for ₹500 crore valuation via aviation biofuels leadership
ECOIL Shark Tank India Business Plan
Business Potential in India
Market Size: The global biodiesel market is projected to grow to USD 141.2 billion by 2030 at a 7.4% CAGR, while India’s biofuel market is expected to reach ₹50,000 crore by 2030, driven by government mandates and sustainability goals.
Niche Opportunity: Ecoil targets the waste-to-energy segment, focusing on converting used cooking oil (UCO) into biodiesel, which aligns with India’s National Bio-Energy Mission and the rising demand for sustainable aviation fuel (SAF).
Revenue Validation: Ecoil achieved a projected revenue of ₹26 crore for FY24–25, with partnerships like Shell India (4% equity holder), showcasing scalability and industry validation.
Total Addressable Market (TAM)
TAM: USD 141.2 billion (global biodiesel market by 2030).
Serviceable Market: The Indian UCO-to-biodiesel segment could capture 10% of the domestic biofuel market, creating a ₹5,000 crore opportunity by 2030.
Ideal Target Audience & Demographics
Demographic
Details
Age
30–55 years
Location
Tier 1/2 cities (Delhi, Mumbai, Bengaluru)
Income
₹15–50 lakh/year household income (corporate decision-makers)
Behavior
Sustainability-conscious businesses in aviation, automotive, and hospitality sectors seeking eco-friendly energy solutions.
Marketing Strategy
Problem: Poor SEO performance (279 monthly visitors) and limited visibility in niche markets.
Solutions:
Optimize website SEO with keywords like “biodiesel from used cooking oil” and “sustainable aviation fuel India”.
Collaborate with sustainability influencers to promote Ecoil’s impact on LinkedIn and Instagram.
Publish case studies showcasing reduced CO2 emissions for corporate partners like Shell India.
Establish collection centers in major cities like Mumbai, Delhi, Bengaluru, and Pune to streamline supply chains.
Partner with logistics providers to optimize transportation costs.
Collaborate with international green energy organizations for knowledge-sharing initiatives.
Advantages
First-mover advantage in India’s emerging biofuel sector focused on waste-to-energy conversion.
Cost-effective raw material sourcing ensures competitive pricing against global players.
Validated business model through partnerships with Shell India (4% equity holder).
Challenges & Mitigation Strategies
Challenge
Mitigation Strategy
Market saturation
Diversify applications into aviation fuel and industrial lubricants
Regulatory hurdles
Work closely with government agencies to align with sustainability mandates
Supply chain consistency
Expand supplier network through incentives for small restaurants
Reasons Why Ecoil Can Be Successful
Rising government mandates globally requiring airlines to adopt biofuels create a growing demand for sustainable energy solutions.
Proven scalability through partnerships with Shell India demonstrates industry validation.
Affordable production costs ensure competitiveness against traditional fuel sources.
Future Business Roadmap
Expand operations across Tier 1/2 cities by FY26; achieve ₹50 crore ARR.
Enter Southeast Asian markets by FY28; target partnerships with international airlines adopting biofuels.
Develop proprietary aviation-grade biofuels by FY30; aim for ₹200 crore valuation.
Valuation Growth Roadmap
Short-Term (2025): Boost valuation to ₹100 crore by expanding supply chain operations across India.
Mid-Term (2027): Raise Series A funding after achieving ₹50 crore ARR through global expansion.
Long-Term (2030): Aim for ₹500 crore valuation via leadership in aviation-grade biofuels.
Ecoil’s innovative approach to converting used cooking oil into biodiesel positions it as a leader in India’s emerging biofuel market amidst growing global demand for sustainable energy solutions. With strategic Shark Tank backing from Ritesh Agarwal and Chirag Nakrani, Ecoil is poised to scale operations, expand globally, and redefine the future of green energy while addressing pressing environmental challenges like plastic pollution and CO2 emissions reduction effectively.
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