Eco wise : Innovative Ideas
India produces more than 36 million tons of garbage every year. 94% is dumped on land and rest gets released. To curb this solid waste issues, in 2005 EcoWise came into picture which is India’s only private waste management enterprise started by Manik Thapar. They began their operation in Delhi. They went literally door to door to collect garbage in 25000 houses daily.
It is indeed a very challenging job. Lack of coordination from government and RWAs is the biggest challenge they face. They had tough time changing the mindset of people. Along with this they had issues finding labours for it. The USP of this was the free collection of waste from households in Delhi and NCR. They have a revenue of 1.5Cr annually derived from collection fees, industrial and commercial sectors and sales of recycle. They try to gain maximum money from garbage by shelling least amount on it.
It has a potentially to dramatically change the perception of making money. The business model is excellent. It is self sustainable. The challenge which they need to look is to scale up the resources. They segregate the waste into organic and recyclable waste and also differentiate plastic and cardboard.
They give the compost made to nurseries and horticulture department. They want to replicate the models in various location of India. The profit margin of EcoWise is 30-40%. Coming up with such exceptional idea deserves acclamation.