Can you tell us your journey from working for an OEM to turning into an entrepreneur serving the automotive packaging business?
It has been an thrilling journey from being an automotive working skilled to start-up and now to grow to be India’s quickest rising automotive packaging firm.
The start-up journey began 3 years in the past. Econovus is India’s first inexperienced automotive packaging – GC mark – and has a imaginative and prescient to grow to be carbon impartial by FY2024. We have been recognised as All India Winner of revolutionary start-up by ASSOCHAM, which was supported by NITI Aayog and the Ministry of Trade and Electronics amongst many different recognitions. We are on the forefront within the automotive and industrial packaging section with our distinctive engineering strategy and finest sustainable one cease answer.
What are the brand new merchandise that you’ve developed for the automotive business?
We have developed varied sustainable merchandise for automotive packaging for export and home necessities. The Palletless packaging is our flagship product, which utterly replaces wood packaging. This is essentially used for export packaging.
We are prepared to interchange supplies like EPS / Thermocol, XLPE dunnage, Plastic dunnage, bubble sheet roll, LDPE bag, EPE foam, polybag, plastic edge protector, foam peanuts and foam corners with sustainable options.
In addition, we’re utterly aligned to new challenges of packaging for EV mobility. We are already aligned to automotive OEMS and Tier-1 for EV battery and motor sustainable packaging.
What was the affect of the Covid-19 pandemic on your corporation?
We suffered about 25 p.c degrowth within the first pandemic 12 months FY2021. But regardless of the Covid-19 pandemic and challenges from being a start-up we managed to cowl up our income goal within the subsequent 12 months. In the final 3 years thus far, we’ve got achieved income of near Rs 30 crore and inspite of the pandemic 12 months we’re worthwhile.
Recently, we’ve got set-up one in all its variety and distinctive Industrial packaging manufacturing vegetation within the nation. The new world class state-of-the-art facility positioned in Chakan, Pune, doubles our manufacturing capability. In addition, beneath our Industry 4.0 initiative, we’ve got deployed automation, digital packaging, massive knowledge and cloud computing (ERP – SAP applied). Econovus Packaging’s techniques and processes are utterly built-in with our world automotive OEMs and Tier-1 purchasers.
We have a imaginative and prescient to increase throughout India and plan to arrange warehousing in Gujarat and Sricity, Andhra Pradesh. We are additionally within the means of setting a producing base in Chennai by FY2023.
During our final dialog you talked about that utilizing Econovus Packaging options permits 93 p.c discount in carbon footprint primarily based on substitute of wood packaging with eco-friendly lighter materials. The goal was to succeed in 100% by substitute of wood pallet with its revolutionary ‘ESP Pallet’. Can you tell us the event on that entrance?
We have already consolidated our place with our sustainable options that permits 93 p.c discount in carbon footprint by changing wood and different non-eco-friendly supplies.
We have progressed nicely on ESP pallet volumes in export however are dealing with logistic challenges for home packaging. We have examined ESP pallets with the load carrying of 3-tonnes from IIP that additional boosted our technical functionality.
Who are your key clients and the brand new ones that you’ve added within the final two years?
We work with nearly all Pune-based automotive OEMs and speaking with them for enlargement in EV and different verticals. We are additionally speaking to a Chennai-based OEM for southern enlargement. There can also be a transparent focus to work with Tier-1 automotive suppliers.
What are the brand new funding and focus areas for Econovus Packaging?
Recently, we’ve got invested considerably for our new facility in Pune, which doubles our manufacturing capability and likewise consolidates our place within the western area in India. We have undertaken backward integration by including automated machines.
Furthermore, we’ve got additionally invested to create a Design Centre and set-up a world-class testing centre.
While the Design centre offers engineering answer to world buyer, the testing centre covers uncooked materials & packaging, product testing and validation like compression machine, puncture resistance, vibration and drop testing. This additional strengthens our resolve to ship FTR (first time proper) product.
For the following 2-years we are going to proceed to concentrate on the western area and new areas in South India by including a producing base and warehouse.
What is the estimated measurement of the automotive packaging business and your market share in the identical?
The India automotive element enterprise measurement is estimated to be roughly $50 billion (Rs 387,850 crore). In this the automotive element packaging enterprise is estimated $2 billion (Rs 15,514 crore) together with export.
At current, we’re concentrating on the export market, which is estimated to be round $0.7 billion (Rs 5,430 crore) and we’re doing greater than $2 million (Rs 15.5 crore).
Do you see a possible on your packaging answer within the world market? Are you planning to set-up an abroad manufacturing facility?
Recently, we began administration of automotive car export operations which is end-to-end help together with idea, element design, CAE evaluation, testing & validation, stripping car in to CKD, particular person CKD packaging and containerisation.
How a lot discount of their carbon footprint can a brand new shopper count on utilizing Econovus options viz-a-viz conventional or aggressive merchandise?
Our distinctive design strategy and the correct sustainable materials choice course of we’re at all times concentrating on to cut back carbon footprint by 93 p.c. Further, the design to price methodology and dealing in 3D atmosphere for field and container optimisation boosted us to offer price discount as much as 20 p.c.
Some clients are eager to work with us as a companion due to as our carbon discount inexperienced initiative. Our proprietary trademarked “ECOGAUGE” helps us to carryout LCA – Life cycle evaluation to realize our sustainability objective. This initiative additionally help our clients carbon neutrality goal.
What volumes does Econovus Packaging sometimes do in a month?
In phrases of income, we’re at the moment doing Rs 1.75-2 crore in a month and the goal is to double the FY23 income with respect to final 12 months.
Source: www.financialexpress.com”