With narratives around environmental, social, and governance (ESG) factors taking precedence in the business ecosystem and countries aiming to achieve their respective net-zero emissions goals, a major question emerges: How much headway have we truly made towards the sustainability front?
While it is not easy to ignore all that is happening in the realm of sustainability — whether it is the quick-service restaurant (QSR) chains popularising plant-based straws, spoons, and plates as an alternative to single-use plastic products, or cosmetics and beauty brands going ‘eco-friendly’ — Bengaluru-based MYNUSCo’s founder and CEO Mahadev Chikkanna opines that most sustainability enthusiasts have got it [sustainability] all wrong.
For one, he thinks, higher prices of most “sustainable” or “organic” consumer products are against the idea of sustainability. Similarly, promoting single-use material made from bagasse or other plant sources is equally harmful and is anything but sustainable.
Contrary to the larger belief system, Chikkanna is of the view that plastic products are not a threat to the environment. “The only challenge with plastic lies in making non-valuable products and then carelessly discarding them.”
The understanding of sustainability in its truest form is probably what led to the incorporation of MYNUSCo in 2015. To make consumer products truly sustainable, MYNUSCo makes biocomposites that are derived from renewable and recycled materials such as bamboo waste, rice waste, wood waste, and discarded or recycled plastics.
“Our products are not completely plastic-free as we use recycled plastics, which would be otherwise discarded,” Chikkanna said.
According to him, eco-friendly practices do not just mean going plastic-free. It has a deeper connotation, which implies not burdening the planet by extracting its resources and ensuring that net carbon emissions in making new products are less than when they are discarded.
MYNUSCo today claims to capture the very essence of sustainability with its range of D2C products made from biocomposites. The startup caters to a range of industries — from cars to cutleries — with its offerings.
MYNUSCo’s Struggle To Sustainability
After spending several years working with big IT giants across the globe, Chikkanna cofounded MYNUSCo, along with his wife Shruthi Ujjani Ramesh, in 2015.
The duo’s initial business strategy was to help the automotive industry reduce its carbon footprint with interiors made of recycled materials. After four years of R&D, MYNUSCo received its first commercial order in 2019, paving the way for the company to set up its first manufacturing plant.
However, with the pandemic bringing the world to its knees, MYNUSCo saw itself moving away from its original plan of serving the Indian automotive industry. As the country sustained back-to-back lockdowns, the startup found itself in a fix on the order front.
To soften the blow, MYNUSCo started making face shields using the same biomaterials. The move not only helped the startup survive during the pandemic but also opened the door to launch its consumer brand, Eha.
Under the brand name Eha, the startup has popularised varied daily-use products such as cutleries, utensils, planters, and more at an affordable price. Its products are available on its website eha.eco and online marketplaces Flipkart and Amazon.
MYNUSCo also supplies its products to multiple companies for corporate gifting and other purposes. Besides, it supplies raw materials to several companies, which they then use to make their products. For instance, Renault Nissan Automotive India is one of the startup’s first few clients.
“The interiors of an automobile are largely made of plastics, and we were able to replace some of those materials for Nissan with biocomposites made from bamboo waste,” Chikkanna said.
Today, the startup also provides its biocomposites to leading D2C beauty brands for packaging purposes. The startup also worked with the leading furniture and mattress brand, Kurlon, and used the coir waste from its mattress factory to make planters, tableware, and furniture products.
Interestingly, MYNUSCo doesn’t manufacture all the finished products it provides. The startup sends its composite materials to contract manufacturing facilities, which make the end products for it.
“While we can develop all of these ourselves, we have decided not to do end-to-end manufacturing, development, and supply of the products ourselves. This aligns with the UN sustainability goal number 17 of working in partnership,” Chikkanna said.
Interestingly, the startup claims to work in a way that it does not have any direct bearing on the Indian plastic manufacturing industry in the country.
“We aim to make plastics better and transition the plastics industry to move to more sustainable materials without competing with such players. Today, we work with 20-25 plastic product manufacturers on the sustainability front,” Chikkanna said.
The cofounder added that most plastics product manufacturers do not see MYNUSCo as a threat to their business.
MYNUSCo’s Major Milestone
Notably, the bootstrapped startup turned EBITDA positive in the financial year 2023-24 (FY24). According to the cofounder, Mynusco’s FY24 revenue more than doubled to INR 12.17 Cr in FY24 (unaudited) from INR 4.7 Cr in the previous fiscal. Currently, one-third of its revenue comes from its D2C brand while the rest comes from B2B engagements.
The startup has been able to achieve this milestone while working on certain stringent principles, including maintaining the best product quality, making durable products, ensuring the recycling of its used products, and maintaining comparable price points with other less sustainable products in the market.
The company also has a tool for lifecycle assessment to determine the true impact of any product or service across its lifecycle. The tool enables the startup to determine if its products are reducing the carbon footprint and reducing dependency on resources extracted from the earth to ensure sustainability.
Further, all MYNUSCo’s products are tested as per European and US standards by certified multinational labs.
The Sustainability Road Ahead
After building a strong base in the Indian market, MYNUSCo has recently expanded its footprint in the Middle East and the US.
Besides, the startup’s grand plan is to set up the world’s first biocomposite cluster, which will bring together this entire process under one roof. The startup plans to open this facility without disturbing its current distribution model.
“The cluster that we plan to build will have all the compliances in place and we will enable our partners to come and operate in that cluster,” he added.
Meanwhile, Chikkanna is optimistic about the measures India is taking to make a shift in the areas of energy consumption and transportation.
According to data collected by Inc42, Indian climate tech startups, excluding EV and e-mobility startups, amassed $4 Bn in funding until November of last year since 2014.
Today, there are several examples of startups that are part of the circular economy model. Some prominent names are Phool (which makes eco-friendly incense products), Angirus (which is into the manufacturing of recycled construction material), and D2C brand Neeman’s which makes shoes from recycled plastic bottles.
While there is no dearth of new players entering the market with newer and interesting playbooks every other day, it will interesting to witness how MYNUSCo charts its long-term success fuelled by sustainable innovation in the times to come.
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