E-waste is the most recent kind of waste the world needs to worry about. This type includes computers, cell phones, white goods like ACs, refrigerators, and other kinds of electronic goods. India is the fifth largest producer of e-waste in the world and alone added 2 million tonnes of e-waste in 2017.
Achitra Borgohain struggles to get rid of e-wastes that led to his start-up BINBAG which provides end-to-end e-waste management services for corporate, SMEs and households. Achitra left a well-paying job to set up his company that has a current turnover of Rs 1.15 crore and eyeing to cross Rs 3 crore in 2018-19.
He has done his production engineering degree from Lukhdhirji Engineering College (Saurashtra University) and an MBA degree from B.K. School of Business Management (Gujarat University). He enrolled for an incubation programme at IIM, Bangalore, and started Binbag in June 2014. He got the idea of BINBAG when he went out with a bag full of e-waste to find a bin to dump it.
“I didn’t want to dump my e-waste on the roadside. I called a few recyclers looking up the internet, but most said the minimum quantity they would pick up was 200 to 300 kilos”, said the founder and CEO.
The company was in trouble as they ran out of funds after 18 months. The four employees left the company leaving Achitra all alone to rework on the business model.
“It is a huge cost to pick up e-waste, segregate and send it to recyclers. We could hardly make any profit,” he says. The payment from the recyclers could hardly cover their expenses. Fortunately he ran into Krishnan Chandra Bhushan who invested in the company and took the position of co-founder and head of sales. He brought in some money and acquired stakes in the private limited firm shooting up the total investment to around Rs 25 lakh. Now they eyed the coorporates and hospital chains that became the game-changer. After only collaborating with small recyclers, kabadiwalas and connecting through Whatsapp, this was a big step. Now BINBAG’s clients comprise 30% large corporates, 50% SMEs, and households make up 20%. The company is going though the process of setting up its own recycling plant in Guwahati, Assam.