Biography of Mayur Rajput: Founder & CEO of Midas Paint -Entrepreneur
Biography of Mayur Rajput: The Story of Midas Paint
A Vision for Eco-Friendly Innovation
In a world dominated by chemical-based paints, four
passionate entrepreneurs set out to create a sustainable alternative. Their
vision was clear—to develop an eco-friendly paint that not only benefits the
environment but also uplifts farmers by utilizing cow dung, a traditionally
overlooked resource.
Founding of Midas Paint
Midas Paint was founded with a mission to redefine the paint
industry. The founders, each having a background in manufacturing and
sustainability, aimed to bridge the gap between traditional craftsmanship and
modern technology. Their commitment to innovation led them to explore the
natural antibacterial and antifungal properties of cow dung, making it an
excellent base for eco-friendly paint.
Birth of Innato Paints
Under the leadership of Mayur Rajput, the team launched
Innato Paints, India's first cow dung-based paint manufacturing company. They
secured a Technology Transfer Agreement from Khadi India (KVIC), allowing them
to develop and scale this sustainable innovation. This move not only validated
their idea but also gave them the credibility to expand their reach.
Transforming Waste into High-Quality Paint
The process of creating paint from cow dung was not simple.
Extensive research and development (R&D) efforts were put into optimizing
the formulation, ensuring the final product was durable, visually appealing,
and environmentally safe. The result was a paint that provided superior
performance while being free from harmful chemicals.
Building a Green Supply Chain
To support this innovation, the company established an ethical and sustainable supply chain. They partnered with dairy farmers to source cow dung, thereby promoting sustainable farming practices and increasing farmers’ income. This not only benefited rural communities but also reduced industrial waste.
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Features of Midas Paint
- Midas Paint introduced a range of high-quality paint products that catered to commercial, industrial, and residential needs. The paint was designed to be:
- Weather-resistant, preventing cracking, chipping, and peeling.
- Antibacterial and antifungal, naturally protecting surfaces.
- Eco-friendly, with no harmful toxins.
- Affordable, priced at ₹225 per liter, making it accessible to the general public.
Product Line and Market Applications
The company developed various paint types, including
interior and exterior wall paints, floor coatings, ceiling finishes, and
industrial-grade paints. This diverse product line allowed them to compete with
conventional paints while offering a unique, sustainable alternative.
A Bold Move to Shark Tank India
Recognizing the need for growth, the founders pitched their
business on Shark Tank India Season 4. They sought an investment of ₹3 crore
for 5% equity, valuing their company at ₹60 crore. Their goal was to expand
distribution, enhance branding, and scale production.
Challenges in Convincing Investors
While the sharks were intrigued by the concept of cow
dung-based paint, they raised several concerns. Competing against established
paint brands, ensuring large-scale production without quality issues, and
convincing consumers about the viability of a cow dung-based product were key
challenges.
Concerns About Financial Strategy
The sharks also scrutinized the financial aspects of the
business. Ritesh Agarwal pointed out inconsistencies in their financial data,
while Aman Gupta advised them to hire a Chartered Accountant (CA) to strengthen
their financial management and strategy.
Why No Deal Was Made
Despite their compelling pitch, Midas Paint did not secure a
deal. The investors felt that the company lacked a strong unique selling
proposition (USP), had inconsistent financial figures, and required better
number management to scale effectively.
Lessons and Future Strategy
Though they left without an investment, the founders gained
valuable mentorship from experienced investors. The feedback provided them with
crucial insights on improving financial transparency, refining market
positioning, and strengthening distribution networks.
Continuing the Journey of Sustainability
Despite the setback, Midas Paint remains committed to its
mission. By continuously innovating, refining its strategy, and focusing on
sustainability, the company aims to revolutionize the paint industry. With
growing awareness about eco-friendly alternatives, Midas Paint is poised to
make a lasting impact on both the environment and the economy.
Timeline for story
Early 2024 – Midas Paint founded with a focus on
eco-friendly innovation.
Mid-2024 – Innato Paints launched as India's first cow
dung-based paint.
Technology Agreement – Secured Technology Transfer from
Khadi India (KVIC).
R&D Phase – Developed high-quality, antibacterial, and
weather-resistant paint.
Supply Chain Setup – Partnered with dairy farmers for
sustainable sourcing.
Shark Tank Pitch – Asked for ₹3 crore for 5% equity at ₹60
crore valuation.
Investor Concerns – Issues raised about financial
inconsistencies and scaling.
No Deal Secured – Sharks declined due to lack of strong USP
and strategy.
Future Plans – Focus on improving financial transparency and
market expansion.
