Varun Raheja and his mom manufacture solar heaters capable of drying a wide variety of fruits, vegetables, and flowers that would otherwise be thrown away.
They manufacture and sell dried fruits and vegetables in addition to their machines. But just 10% of their income comes from the food.
The founder of Raheja Solar Food Processing Pvt Ltd, claims that the current value of the global market for dried produce is $70 billion.
The company has built 1,600 solar dryers to date, with prices ranging from Rs 10,000 for home use to Rs 5 lakh for mid-sized models.
They collaborate with the Tata Group and the Reliance Foundation to help struggling farmers who lose money each year as a result of food waste.
To purchase dried produce from the farmers, the company has established two collecting centers, one in Vijayawada and one in Indore.
They valued their company at Rs 50 crore and requested Rs 50 lakh in exchange for 1% stake.
Vineeta, Peyush & Kunal planned a split which ensures that their older investors would not lose out on the Rs 40 crore valuation.
The founders finally agreed to Rs 1.75 crore in exchange for 7%. The agreement was then finalized.