Success Story & Business Model of the Innovative Padcare Company
Padcare - About Padcare and How It Works?
Health-related products are making a great impact in today’s world. The new innovation in the medical and health sector has been seen making innovative changes that have brought a huge relief to both patients and as well as doctors. Research and development have got a crucial role to play in such innovative products so that people could lead a much easier life. Several companies are evolving with new medical and healthcare tech products and these products could make a huge impact not only in India but globally.
Similarly, one of the companies that was seen in the famous show, Shark Tank India was Padcare. Padcare is a research and product development company that rolled out its eco-friendly menstrual hygiene disposal product. The product was not like any other regular product because the intention was to bring an eco-friendly yet innovative product to solve menstrual problems during the menstruation period among women.
Padcare - Name, Logo, and Its Meaning
As the name of the company suggests that they are primarily into manufacturing eco-friendly sanitary pads but they are far more than that. The name of the company is the environment-friendly work that they are doing with used sanitary pads and napkins. A strange yet a true fact that the representative had stated in the second season of Shark Tank India was very much true because sanitary napkins do not have proper disposal, especially in rural areas.
The name, Padcare, is slowly starting to grow among Indians as a great company that is taking a great initiative to solve a crucial problem. Ajinkya Dhariya, founder and CEO of Padcare brilliantly explained the problems that the world is still facing when it comes to the proper disposal of sanitary pads and napkins. Padcare, have rolled out sanitary products like its innovative Padcare Bin that can store hazardous waste for at least 30 days.
The company may not have a tagline right now but when the founder of the company, Ajinkya Dhariya spoke about his company and his company products then he said that he wanted to change the perception of sanitary pads. He wanted people to speak freely about such kind of problems so that women do not have to face the risk of infection and other hazardous diseases.
Padcare’s logo is designed brilliantly with a deep meaning in it. The logo of the company suggests that there is nothing to be ashamed of about such natural phenomena. But, it is important to take care such kinds of things. The logo is seen to have a red ‘S’ like shaped red that represents the menstrual period in women. On top of the red ‘S-shaped image, there is a blue water-like image that suggests the company’s innovative product.
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Padcare - Founders and Team
Padcare has got a brilliant mind, a great leader, and a great entrepreneur, Ajinkya Dhariya is the founder and CEO of Padcare. Ajinkya is from Pune and has worked as an engineer. The young mind from Pune has brought out a serious issue and solved the problem creatively. According to Ajinkya mindset, he says that people need to take it positively about the menstruation problem in our society.
Kanchi Baldwa and Jeenal Shah are the two most important team members in Padcare. Both play the role of marketing lead and regulatory and EHS lead respectively. The team of Padcare involves several experts and researchers continuously researching and developing innovative ways to recycle unrecyclable product, such as Sanitary Pads and other materials.
Aasawari is CSR and partnership lead, Shriniwas is the Engineering lead, Amit is the Operations lead, and Kanchi as the Marketing lead are the core team of Padcare along with others.
Not much details has been shared about the core team members of the company. However, it can be still imagined that without the helping hand with experts and professionals in their respective fields, companies like Padcare which is the world’s first sanitary napkin recycling technology.
Padcare - Startup Story
It was in the year 1993 when menstrual pads came in India and since then little developments was seen in the product. There was no way for its proper disposal and each pad takes around 500 years to become decomposed. This is where Padcare came in to support both women and the ragpickers picking up the hazardous waste and also saving the environment. This was the ultimate story that a startup like Padcare had.
Ajinkya, soon after he graduated wanted to do something for the fact that women still do not have a proper disposable way for their sanitary pads and napkins. This is why Padcare took ‘Care’ of such a problem by rolling in its three components. They are the Padcare Bin, Padcare X, and Padcare Vend.
With its headquarters based in Pune, Maharashtra the company is making steady yet effective growth with its innovative products. People have started getting the company’s recognition as currently it is the only company in the world to bring such innovative products for the proper disposal of sanitary pads.
Padcare - Mission and Vision
Padcare was founded back in the year 2018 with its head office in Pune, Maharashtra. The company had its mission as ‘Change the way people experienced hygiene in everyday life. We aim to accomplish this by exercising a sustainable, innovative, and product-driven approach.’ It seems fair to say that the company is working up to its mission statement and each day they are approaching impressive numbers. Mahindra and Mahindra Chairman Anand Mahindra and Infosys Foundation Chairperson, Sudha Murthy have acknowledged Padcare.
The vision of the company, on the other hand, states, ‘Creating sustainable societies by enhancing hygiene standards’. The vision of Padcare is as simple as its purpose of its innovative products. The company thinks that they can change the low standard hygiene to the best standard so that women and be free from fatal diseases due to menstruation.
Padcare - Business Model and Revenue Model
Padcare introduced its UVSATHI during the pandemic period which was a UV technology to fight the coronavirus. During that time, the company was in huge demand from different parts of the world for that particular product. The company had tied up with schools, hospitals, and many such organizations to introduce its product in the market. Now, with more products coming up from the company, Padcare is doing great business with each of them. Demand for every product is rising each day and its UVSATHI was used in the Indian Air Force as well.
When talking about Padcare’s revenue model then it was impressive too. Padcare got the support from government and as well as from companies like TATA Trust and the Infosys Foundation. The founder of the company, Ajinkya had asked the government for INR 2.5 crore grant for his dream project. However, the company earns 80% from the sale of its innovative Padcare Bins and the remaining from Padcare X services. The company had a sale of INR 1.05 crores in financial year 2021-22.
Padcare - Funding and Investors
As mentioned earlier, the company asked a grant for INR 2.5 crores for its project. Apart from that, the company had represented itself in the second season of Shark Tank India where it impressed the investors. When it comes to funding, Padcare had closed its funding at a whopping amount of INR 5 crore during its seed funding round that was led by Social Alpha from Lavni Ventures, 3i partners, Rainmatter, and Spectrum Impact.
These are the same companies that are the significant investors of Padcare. Also, when the company impressed the ‘Sharks’ in Shark Tank India season 2, Padcare had asked for INR 50 lacs in exchange for 2% equity. However, the offer turned and the final offer from the angel investors was INR 1 crore in exchange for 4% equity of the company at a valuation of INR 25 crore.
Padcare - Revenue and Growth
Revenues earned by the company is majorly from the sale of its Padcare Bins which made a great demand. However, its other products like Padcare X and UVSATHI also were the reasons that made a great impact on earning revenues. The revenue of Padcare is around $7.6 million and in the financial year 2021-2022 the startup had made a sale of INR 1.05 crore.
The growth of the company has been fine so far. They are making steady yet an effective growth not just when it comes to earning revenues but from its research and development factor as well. According to the official website of the company, Padcare has installed more than 5500 Padcare Bins and has saved around 1800 Mn Ltr landfill. The numbers suggest that they are making huge growth each day and working according to their mission and vision statement.
Padcare - Awards and Recognitions
Padcare has made the following achievements in its close to 5-year-old career:
- FICCI-ISC Award 2020
- Forbes 30 Under 30
- Toilet Board Coalition 2019
- Total Social Enterprise Challenge 2020
- National Bio Entrepreneurship Competition 2019
- Mahatma Gandhi International Sanitation Convention 2018
- Loksatta Tarun Tejankit Award
- Yash Entrepreneurs Program
- NASSCOM’s Innovative Startup Award 2019
The above list contains both awards and recognitions of Padcare.
Padcare Competitors
Padcare is the world’s first company to introduce innovative products for the proper disposal of sanitary pads and napkins. However, the possible competitors of the company are:
- Clensta
- Ecogarb
- Equus Enterprises LLP
Padcare Challenges Faced
Every company had to face challenges during its initial stages and a similar was the case for Padcare as well. The problem was huge but there was no way for a solution because financial problems were bit of a problem at the initial stages. However, when the company gained a whopping amount during its seed funding round from its investors, the company was back to business and is currently doing good.
Building a strong team is another issue that is faced by the majority of startup businesses. A helping hand and a team of support are what the company needs during its initial stages. Good teamwork will lead the way to the success of the company and with Padcare’s strong core team members, the company has made significant development.
Padcare Future Plans
Padcare is looking solid with its range of innovative products. Each of these products are bringing huge sales not just in India but from countries worldwide as well. Just like any other company, Padcare may expand its product reach to most parts of the country and as well as worldwide. Their mission is to do that so that every woman during their menstruation period gets a proper way to dispose their sanitary pads and sanitary napkins.