Midas Paint: Revolutionizing the Paint Industry with Eco-Friendly Innovation

Shark Tank India - Episode 17

Sharks in the Show: Namita Thapar, Kunal Bahl, Aman Gupta, Ritesh Agarwal, Anupam Mittal

Company Overview

• Company Name: Midas Paint
• Founders:
  • Mayur Kakasaheb Chandgude
  • Mayur Prithviraj Rajput
  • Sachin Vasant Kadam
  • Akshay Pradip Langore
• Location: Pune
• Website: Midas Paint
• Industry: Paint & Coatings
• Founded: 2021

Unique Selling Proposition (USP)

Midas Paint is an eco-friendly paint brand that uses cow dung as a key raw material. Their innovative approach not only makes the paint 20% more affordable than other brands but also provides several health and environmental benefits.

Advantages of Cow Dung-Based Paint

✅ Anti-bacterial
✅ Anti-fungal
✅ Reflects radiation
✅ Thermoregulatory properties
✅ Water-based and eco-friendly

Paint Manufacturing Process

1. Bleaching of cow dung
2. CMC extraction (Carboxymethyl Cellulose)
3. Mixing CMC with the paint base
4. Adding specific tints to achieve the desired color

🔹 The company offers 15,000+ color shades.
🔹 Patent applied for their unique manufacturing process.

Business Performance & Financials

Equity Split Among Founders

• Mayur Rajput: 55%
• Mayur Chandgude: 15%
• Sachin Kadam: 15%
• Akshay Langore: 15%

Sales Over the Years

Financial Year	Revenue (INR)
FY21 - 22	₹15 Lakh
FY22 - 23	₹45 Lakh
FY23 - 24	₹75 Lakh
FY24 - 25 (Till Oct)	₹60 Lakh
FY24 - 25 (Projected)	₹5 Crore

Unit Economics (Per Liter of Paint - ₹225)

• Distribution Margin (50%) → ₹112.5
• Cost of Goods Sold (COGS - 16.9%) → ₹38
• Overheads (4.3%) → ₹9.6
• Packaging Cost (10.2%) → ₹23
• EBITDA (18.6%) → ₹41.9
• Net Profit Per Liter: ₹25 - ₹30

Projected EBITDA for FY24 - 25

• ₹1 Crore - ₹1.25 Crore

Shark Tank Pitch

• Ask: ₹3 Crore for 5% equity → Valuation: ₹60 Crore
• Lead Generation Strategy: Social Media

Shark's Decision

Despite an innovative concept, all sharks backed out due to a lack of clarity in financials.

🚫 Anupam Mittal - Out
🚫 Namita Thapar - Out
🚫 Kunal Bahl - Out
🚫 Ritesh Agarwal - Out
🚫 Aman Gupta - Out

Conclusion

Midas Paint has a strong USP with its eco-friendly and sustainable approach to the paint industry. However, the lack of clear financial numbers led to no investment from the sharks. With a projected revenue of ₹5 Cr in FY24 - 25, the company has the potential to scale if they improve their financial transparency.

🔹 Will Midas Paint succeed in revolutionizing the paint industry? Only time will tell!