Nirmalaya started in 2020 and is currently recycling over 40 tons of flowers every month. The floral waste is collected from temples across Delhi NCR every day and recycled by over 100 women workers. The brand started with a few fragrances, today it has around 15 fragrances in incense sticks, cones, Dhoop sticks, Havan cups and more. “Keeping our focus on the minimum burn with maximum results, FY 2022-23 has been a significant year for us,” Bansal said.
How do you stand apart from your peer startups? What has been your leadership mantra?
The mantra that I have stuck by in my entrepreneurial journey is, you can't build a business on Excel sheets. Be realistic in approach, no magic happens, only hard work and perseverance pay. While others focus only on recycling the flower, our prime focus is waste management via recycling the flowers as well as wellness through fragrance. Moreover, we have been very considerate about our CAC.
What does your company’s scoreboard look like? What are your expectations for this year in terms of revenue targets?
We closed FY 21-22 at 2.6 crores. We witnessed a 400 per cent increase in sales between FY 21-22 and FY 20-21 which was an overwhelming response. We are hoping to close FY 2022-23 with a revenue increase of 300 per cent. We serve around 40000 customers on our website.
What is your plan for the next funding? Where do you plan to infuse the capital raised in the last round?
We have raised USD800,000 in August 2022 for our seed round. Our investors are Artha Ventures, Shiprocket, DotIn Network and other marquee angels. We are in conversation to raise our pre-series A. The funds raised by far are allocated to expand the business. Branding and marketing will take up a significant portion of the funds apart from hiring and team building.
What are some of the prominent early-stage challenges you faced in your journey?
In the early stage, we faced a lot of problems with respect to setting up teams, quality assurance, customer acquisition and explaining to the customer why to choose Nirmalaya over any other brand. I think every level of business has its own challenges and entrepreneurship is about solving all these challenges.
What are your business growth plans for 2023?
We project a 3-4 times growth in 2023. Currently, we are heavily working on our marketing strategies and cost-effective ways of customer acquisition. Now our focus is on PAN India expansion and exports. We are launching in the US very soon and post that we will expand to over five more countries in 2023.