Categories: Shark Tank

Carragreen has raised INR 50 lakhs from Shark Tank India

Startup Carrabox by Carragreen has raised INR 50 lakhs for the equity of 20% from Shark Tank India. Sharks Anupam Mittal CEO and founder of shaadi.com, and Peyush Bansal, CEO of Lenskart, invested in this startup. Chetna Shah and Surbhi Shah found this startup.

Carrabox is a food packaging box that breaks down, flattens, and maybe torn apart to provide a plate and spoon for consuming food. It has a provisional design patent on the notion of a plate and spoon in a box.

The original ask by the startup was INR 50 lakhs for the equity of 10%. Anupam and Peyush countered the offer of 50 lakhs for a 25% stock stake. Chetna and Surabhi vary for another 50 lakhs at 12% equity. For 50 lakhs rupees, Anupam and Peyush counter for 20% equity. Finally, the pitchers agreed with the proposal of Anupam and Peyush, and the deal had done at INR 50 lakhs for the equity of 20%.

About Carragreen

Most home objects are composed of plastic, and when we use them to store hot foods, we ingest microplastic and the food, which can cause serious cancer in humans. Over 200 metric tonnes of plastic is thrown away from spoons, plates, and containers. So, to limit plastic usage, they created Caragreen, a company that makes cardboard boxes based on the philosophy “reuse, reduce, recycle.” This magical box may be transformed into a plate and spoon by cutting through the perforated dots on the box. A Food-grade board has used to construct the box. Their goal is to connect with every meal delivery service. They have five major clients, including Haldiram’s, Balaji Food, and three others. The selling price is Rs 15 while the cost price is roughly 11.5 rupees. Approximately 4 to 5 lakh spoons were sold in the previous month, resulting in a net profit of Rs 80000 to 90000 rupees. They had a box demo but hadn’t started selling those boxes yet. It is still in the testing stage.

Problem Solved By Carrageen

Using this eco-friendly product, we can avoid using single-use plastics as the Carrabox by Carrageen is biodegradable its entirely healthy for the environment. The price is so nominal that everyone can afford this.

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