Entrepreneur India – July 2019

22 l ENTREPRENEUR l JULY 2019

Illustrations: Rajeev Kumar

2013
Mani Vajipey, Co-
founder & CEO and
Raj Madangopal,
Co-founder & COO,
laid the foundation
for Banyan Nation
in Hyderabad as
they were disturbed
with plastic being
downcycled instead
of being recycled
in India. The
business model was
developed at Steve
Blank’s Lean Launch
Pad Program
and Columbia
Business School’s
Greenhouse
Incubator. They
developed a unique
data intelligence
tool to map over
1,500 kabadiwallas
for a bird’s eye
view of trade and
flow of recyclables,
particularly plastics.

2014 – 15

Banyan introduced

NIR spectrometry to

enable segregation

of recovered

plastics and

began developing

cleaning

technologies to

rid plastics of all

contaminants.

In 2015, their

data intelligence

platform won

the Billionth

award for using

technology to

integrate informal

sectors. Vajipey

says, “Banyan has

integrated informal

recyclers in South

India.’’ The firm

received $800,000

from Artha Capital,

and support from

Kravis Kohlberg and

Roberts (KKR).

2016

Banyan expanded

the design and

development

of the data

intelligence

platform to offer

a complete

solid waste

management

solution for

Warangal. The

solution won

the competition,

and a grant to

boot, at Innovate

for Digital India

Challenge

sponsored by

Intel and the DST

in December

2016. The
      company signed
      on Telangana
      state as its first
      customer.

2017

Banyan developed

its proprietary

plastic cleaning

technology, which

eliminated all

contaminants like

auto paints and oils

from the plastics

and converts it into

recycled granules

(Better Plastic™).

Banyan, along with

its first corporate

customer, Tata

Motors launched

India’s first circular

economy project in

automotive plastics

through a unique

bumper to bumper

recycling initiative.

The firm also

launched bottle

to bottle circular

economy initiative

with cosmetics

brand, L’Oreal.

2018

Banyan won the

Dell People’s

Choice Award for

Circular Economy

at World Economic

Forum in Davos for

its work with L’Oreal

and Tata Motors.

“The future we

see is one where

HDPE packaging

like shampoo

bottles, engine oil

containers include

recycled plastic.

We aspire for an

India where plastic

waste management

and recycling are

no longer relegated

to the informal

markets but where

discarded plastics

are recovered

and recycled

scientifically and

safely,” says Mani.

2019

Banyan

inaugurated its

new state-of-the-

art 10,000 ton per

annum capacity

plastic recycling

facility in June,

to support its

vision to enable

circular economy

in mainstream

plastic products

and packaging.

The company

counts reputed

brands in FMCG

and automotive

sector among its

customers today.

CAN WASTE BE SMART TOO?

Mani Vajipey and Raj Madangopal banded together to conceptualize Banyan Nation which combined artificial intelligence

and advanced technology to build an integrated vertical waste management system where recycled plastic can again

have a shelf life. The masterminds were batchmates in 2002 when Vajipey was pursuing a PhD in Electrical Engineering

and Madangopal, a Masters in Mechanical Engineering (Robotics) at University of Delaware. The former quit his job with

Qualcomm in San Diego while the latter left a mobile start-up in Seattle to pursue their dream.

By Shivangi Asthana

StartupCOOL IDEA