Ecoil’s Waste-to-Energy Innovation Gains Recognition on Shark Tank India

Ecoil is a Rajasthan-based eco-friendly startup that has found an innovative way to tackle food waste—by transforming used cooking oil into biodiesel. The company’s mission is simple yet impactful:

• Reduce oil adulteration in food
• Convert waste oil into a clean energy source
• Encourage a sustainable waste-to-energy business model

The startup collects used cooking oil from restaurants, hotels, and food establishments, offering the highest price for waste oil recycling. This ensures proper disposal while contributing to a cleaner environment.

Founded by Sushil Vaishnav and Kirti Vaishnav, Ecoil’s journey began in Rajasthan, where they noticed a staggering amount of discarded oil being resold or improperly disposed of. With backgrounds in supply chain management and blockchain technology, they saw an opportunity to introduce a structured and transparent system for handling used cooking oil.

In November 2019, they launched Ecoil in Jaipur, and within a few years, their concept gained significant traction.

Click here to visit their website: Ecoil 

Related: Hearing a queer founders pitch Namita Thappar applauds his courage & shares “I did a podcast on LGBTQ community & got badly trolled”

Ecoil’s business has been growing rapidly, with impressive environmental and financial milestones:

Environmental Impact

• 6 crore kg CO2 emissions saved
• 75 lakh liters of waste oil collected
• Reduction in oil adulteration, leading to healthier food consumption

Ecoil’s Revenue Growth Over the Years

• FY19-20: 2 Cr
• FY20-21: 2.5 Cr
• FY21-22: 3.5 Cr
• FY22-23: 8 Cr
• FY23-24: 17 Cr
• FY24-25 (till Nov): 16 Cr
• Projected FY24-25: 30 Cr

Ecoil’s Equity Split

• Kriti: 60.5%
• Sushil: 15.29%
• ESOPs: 10%
• AIC Banasthali: 1.37%
• Angels: 3.77%
• Shell India: 4.9%
• Others: 4.17%

With a steady rise in revenue, Ecoil has positioned itself as a pioneering force in India’s waste-to-energy sector.

To scale operations and expand its reach, the founders stepped into Shark Tank India, seeking ₹1 crore for 2.5% equity. They presented their business model, impact, and future vision to the sharks, hoping to secure funding and mentorship.

The sharks were impressed by the vision behind Ecoil but had some concerns about its scalability, competition, and supply chain management.

Ritesh appreciated Ecoil’s focus on sustainability and saw potential in the waste-to-energy industry. However, he had questions about supply consistency and government regulations. “This is a great initiative, but how do you ensure a steady supply of waste oil?”

Kirti responded that Ecoil has built a strong network of suppliers and follows a transparent procurement process to ensure reliability.

Chirag was intrigued but wanted to know how the company would handle large-scale operations. “Scaling a business like this requires a strong logistics network. How will you manage that?”

Sushil explained that they have set up collection centers across major cities and are partnering with logistics providers to optimize transportation.

Some sharks appreciated the social impact of the business but chose not to invest due to concerns about:

• Market saturation
• Profitability in the long run
• Regulatory hurdles in waste management

However, Ecoil’s commitment to sustainability and growing revenue numbers caught the attention of Ritesh and Chirag.

After a round of negotiations, Ecoil secured a deal with Ritesh Agarwal and Chirag Nakrani:

• ₹50 lakh for 1% equity
• 6% advisory equity
• ₹50 lakh debt at 9% interest for 3 years

This valued the company at ₹50 crore.

The founders were thrilled to bring seasoned investors on board, not just for funding but for guidance in scaling their operations effectively.

1. Social Impact Businesses Need Strong Revenue Models: While sustainability is a great selling point, investors want to see profitability and scalability. Ecoil’s revenue growth made it more appealing despite initial concerns.
2. Transparency in Operations Is Key: Ecoil’s supply chain transparency and structured oil collection system reassured the sharks that the company had a solid foundation.
3. Investment Isn’t Just About Money, It’s About Mentorship: With Ritesh and Chirag on board, Ecoil gained access to expert guidance on scaling operations, logistics, and financial planning.

With fresh capital and strategic mentorship, the founders plan to:

• Expand oil collection centers to more cities
• Enhance processing capacity to meet rising demand
• Strengthen partnerships with restaurants and food chains
• Explore new applications of biodiesel for wider adoption

Ecoil’s journey on Shark Tank India proved that sustainable businesses can be profitable with the right execution. With the right mix of strategy, innovation, and financial discipline, they aim to lead India’s waste-to-energy revolution.