We all undergo at least one experience in our life, after which our life just changes. The same thing happened with The founder of The Plated Project. Once when he was going to his home in the taxi it was raining and he saw a little girl eating a wet roti. This scene moved him and his life never stayed the same.
He embarked on the journey to research the intensity of the hunger problems faced by India. What saddened him was that every day at least 200 crore people in India sleep without food, and unfortunately, a large percentage of this number are children.
This is when he realized that in order to finish this problem more than money, change in the thinking of people is the need of the hour.
The Plated Projected Review
This business was started with the intention to do something for the artists. They collaborate with artists all over the world to create beautiful pieces. The company was started in 2020 by selling only decor pieces. Gradually they realized that this company has the potential to become big, so later they introduced two more categories.
Categories They Sell
On the design front, you can’t help falling in love with their pieces. They are quirky, and beautiful and can instantly brighten up the space.
On average for every sale they make ₹150 goes to the hunger cause. To date, they have donated 6,50,000+ meals. The average price of their products is around 1500.
Brand Building Strategies Used
The main strength of this business is the brand-building strategies used by the founder. Let us look at some of his amazing brand-building hacks and what we can learn from them.
- Combine your business with a Big Cause. We all know one cannot build a big business without doing any charity. So it makes sense to pick up a cause that is close to your heart.
- Weave your cause into Story Telling to promote your brand. Let the core of your marketing strategies be your strong storytelling that revolves around your chosen cause.
- Another thing that has helped the founder to build a strong brand is his passion for art.
- So the winning formula here is: Cause + Story Telling + Passion = Strong Brand
The Plated Project Founder
Chitresh Sinha is the founder of the Plated Project. He was born in Goa, but for the past 16 years, he is living in Mumbai. He comes from a middle-class family and after completing his Engineering he figured out what he wants to do in life. He then did MBA.
He was interested in marketing and worked in brand strategy roles for 10 years. He has built a brand based on impact, but he also aims at running a profitable business along with a strong impact.
Although the cause he supports is satisfying hunger, they don’t cook and serve food to needy people. They don’t have the logistics for that. They have tied up with reputed organizations which prepare and serve food. For every plate that they sell, they are able to sponsor 10 meals.
The Plated Project Shark Tank India
The original ask was ₹75 lakhs for 2% equity for a 37.5 crores valuation.
Namita Thapar questioned why they have only managed to sell 30k units in one and a half years. To which the founder replied that They started with only decor and after 9 months they realized that they have the potential to make it big. So their start was slow but they managed to make ₹40 lakhs revenue in sales in August 2022, which is one and a half years after starting their business.
The 2-Year Bussiness Outline
- (2022-2023)- Expected revenue ₹10 crores of which 70% will be decor, 20% Dinnerware, and 10% gifting
- (2023-2024)- Expected revenue ₹40 crores of which 50% decor, 33% dinnerware, and 17% gifting and special item.
By 2025 their vision is to build a ₹100 crore brand. They are planning to regularly introduce new products to grow their business.
Peyush Bansal loved the impact but explained that their products will be purchased by only a limited number of people and after reaching a peak it will not grow.
Anupam Mittal gave the offer of ₹75 lakhs for 5% at ₹15 crores valuation.
Namita Thapar gave the offer of ₹30 lakhs for 1% equity and ₹45 lakhs for 12% equity at ₹30 crores valuation.
Vineeta Singh and Aman Gupta matched Anupam’s offer.
The founder requested all four sharks to come together at ₹1.5 crores for 5% equity at 30 cr4ores valuation. Anupam Mittal was not convinced by this offer and was out.
Vineeta Singh, Namita Thapar, and Aman Gupta gave the final offer of 3.75% equity for ₹75 lakhs at ₹20 crores valuation. The founder accepted it and the deal was secured.
Where To Find
In the world of Art where demand is far less than supply, it is not easy to build a profitable business. Only a good entrepreneur can pull off such a business.
However, if they could find out a way to sell their products at an affordable range, it would encourage more and more customers to contribute towards their cause. We wish them all the best in their quest towards filling the plates of as many people as they could.
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