MIF In The Press
Stock Take: Startups from MIF’s Plastics Portfolio Deliver Climate Impact
An overview of MIF’s Plastics Program Roundup 2023-24 event, as featured in TheCSRUniverse.
GreenPod Labs, a MIF Scale-Up portfolio company, has delivered exceptional operational and financial results through strategic and functional mentorship.
India grapples with a severe food waste crisis, with nearly 40% of fruits, vegetables, and agri-produce spoiling before reaching consumers. This translates into staggering economic losses of ~INR 1,04,000 crore annually. This alarming level of waste is a critical concern for India, a developing nation striving to address hunger. GreenPod Labs is taking this challenge head-on.
A significant portion of food waste in India occurs within the agricultural supply chain, primarily due to systemic inadequacies in logistics and storage between the time of harvest and consumption.
Recognising this critical issue, Deepak Rajmohan, a food scientist with a passion for entrepreneurship and a strong drive to solve real-world problems, founded Chennai-based GreenPod Labs in 2019. Leveraging his expertise in food science, Deepak and his team developed a radically innovative solution: small sachets containing natural plant-based extracts which trigger natural defence mechanisms within fruits and vegetables during storage and transport at ambient temperatures. Crafted from non-woven, gas-permeable membranes, these sachets slow down ripening, minimise microbial attacks and extend the shelf life of fresh produce by an incredible 40%-60%, alleviating the volume of waste generated post-harvest.
In addition to being pocket-friendly in size, the GreenPod Labs’ solution is also pocket-friendly in cost and offers a compelling alternative to cold storage – the conventional alternative whose capacity and adoption in India falls short. Costing a mere 0.01% of the capex required for cold storage, the innovative sachets are truly affordable and accessible at scale.
The startup has received a patent for this innovation and has also garnered significant recognition including the UNDP Youth Co:Lab awards, and the Ray of Hope Prize awarded by the Biomimicry Institute. Today, farmers, traders, aggregators, and e-commerce platforms along the supply chain rely on GreenPod’s sachets to ensure freshness, mitigate post-harvest losses, minimise food waste, and safeguard their income.
In April 2023, GreenPod Labs joined Scale-Up, Marico Innovation Foundation’s no-equity accelerator which provides tailored mentorship to innovative startups on their INR 1-100 crore annual revenue growth journeys. One of the cornerstones of the accelerator is to identify and deeply understand the unique challenges hindering a startup’s growth, mentor founders, and co-build strategic and functional solutions for scale.
For GreenPod Labs, the primary obstacles were identified as operational and logistical inefficiencies that were unsustainably increasing costs and impacting profitability. To gain a deeper understanding of these challenges, the Scale-Up team, along with Preetam Rodrigues, Marico’s Works Head at Jalgaon, conducted an on-site visit to GreenPod Labs’ facility in Chennai. This visit provided valuable insights into the startup’s manufacturing, packaging, inventory management, and logistical processes.
The mentor supported GreenPod Labs as they scouted, vetted, and selected a new contract manufacturer which would lead to greater operational efficiencies, cost reductions, and lower manufacturing errors. The mentorship also extended to refining logistics operations. This included developing a robust cost sheet to track logistics expenses, analysing shipment patterns to identify inefficiencies, and implementing strategies to minimise the logistics cost of air shipments and priority orders. Furthermore, GreenPod Labs received support in optimising their distribution strategy. This involved strategies to boost sales, improve demand forecasting, and build key industry relationships.
Scale-Up’s strategic and functional guidance has delivered transformative results for GreenPod Labs so far. By slashing logistics costs by 96%, reducing the cost of goods sold by 30%, and boosting gross margins by 20%, the startup not only overcame critical growth hurdles but also solidified a robust, scalable foundation for future success. This remarkable turnaround demonstrates the power of targeted, deep mentorship and the potential for transformative change in early-stage startups. GreenPod Labs remains an active participant in Scale-Up as of January 2025.
“Being part of the MIF Scale-up program was one of the best things that happened for us during our growth phase. The MIF team and the mentors are deeply committed to supporting the startups in every way possible to help them solve very specific problems and grow to the next level. The mentors helped us unlock several of our challenges such as manufacturing, supply chain, and customer base expansion. This opportunity is a pivotal moment in our journey.”
Deepak Rajmohan – CEO, GreenPod Labs
An overview of MIF’s Plastics Program Roundup 2023-24 event, as featured in TheCSRUniverse.
Innovations backed by the Marico Innovation Foundation are spearheading the transformative change needed in the plastics value chain.
In an interview with The Indian Express, Mr Mariwala discusses his efforts to build mentorship and peer support networks for Indians startups to foster impact-driven innovation, particularly in the circular economy space.
Subscribe to InnoWin, our monthly newsletter, where we blend insight with inspiration & action with aspiration.
Join our mailing list