Amwoodo specialises in manufacturing premium bamboo personal care products and a wide range of guest amenities, including combs, toothbrushes, razors, slippers, compostable sanitary bags and towels, for the hospitality sector
65% of Amwoodo's revenue comes from B2B, 25% from B2C, and the remaining from D2C. It is working on strengthening its credentials in the B2G segment
The startup generated INR 22 Cr in FY24 revenues. Going forward, the founder sees the company crossing the INR 60 Cr revenue mark this fiscal
With an annual production of 57 Mn tonnes, India accounts for 23% of the world’s bamboo resources. Despite the abundance, India’s bamboo industry faces a significant trade deficit. While exports remain low, imports, particularly of bamboo raw materials, have been on the rise. A report estimates these imports to be 33X more than the exports.Further, his keen research into the matter introduced him to the fact that despite having the second-largest bamboo forest coverage in the world, India contributed less than 1% to the global bamboo market dominated by China, Vietnam, and Cambodia.The startup provides its products to Himalaya Wellness Company, Bombay Shaving Company, and hotel chains like Hyatt, IHG, and ITC Hotels. It operates on a revenue model that includes B2B, B2C, D2C and is now looking to expand into the B2G space.Bamboo looked like a promising alternative to Mitra. At the time, many entrepreneurs were importing bamboo products from China. However, Mitra decided to leverage India’s resources, even though his friends and family kept telling him otherwise.“The supply chain was disrupted, making it difficult to move goods. At one point, the team had to personally transport raw materials from Northeast to the factory,” the founder said.But, as they say, when the going gets tough, the tough get going. The startup managed to generate INR 22 Cr in revenue in FY24. Per the founder, the startup is EBITDA positive and hasn’t burned any cash so far.In 2021, the company expanded into B2C with its sub-brand Dencrus, followed by IMECO and Shaveco in 2023. The startup also supplies sustainable products to companies like Bombay Shaving Company, FirstCry, and Souled Store. The brand expects to generate a revenue of INR 1 Cr by the end of December 2024 from its Ecoconsious marketplace.Meanwhile, the company is also planning to expand into the beauty and personal care space. However, the founders are waiting for their next funding round, scheduled to happen post-Diwali. In this upcoming round, the brand aims to raise $8 to $10 Mn from existing and new investors.On the financial front, the founder sees the company crossing the INR 60 Cr revenue mark this year. Additionally, with the support of Rainmatter, it is also seeking to sell its products via Zepto and BigBasket.
For Agni Mitra, an NRI and now the founder of Amwoodo, this imbalance was hard to digest, mainly due to his commitment to sustainability.