Entrepreneur With A Conscience
In the era of quick commerce moving goods quickly from manufacturing locations to the points of consumption is key. And what makes this possible in no small measure is the ubiquitous pallet that is so integral to the warehousing industry. With commerce growing, pallets too have been witnessing a heavy demand.
Pallets are flat wooden or plastic structures that are used in warehouses for swift and safe handling, storage or transportation of goods, making them the lesser-spoken-about ‘backbone’ of the logistics industry. However, a large majority of pallets end up in landfills after a single use.
In her quest for an alternate pallet that would be long-lasting as well as capable of being recycled, Priya Prakash co-founded EcoPallet. Today, her company makes lightweight, durable, eco-friendly and economical pallets out of Bangalore.
Priya Prakash’s entrepreneurial journey has been marked by learnings every day given the unorganised nature of the segment and the complications arising from it. Talking about her pallets, she says, “We are patented manufacturers of EPS (expanded polystyrene), a hybrid combination of wood and EPS, and all varieties of wood spray pallets in India. These pallets are completely safe, extremely lightweight, cost-effective and can be customised. They are also FDA (Food and Drug Administration) and medical certifiable.”
The Pain Points
Talking about the big picture, Priya Prakash says, “At least, people now have sustainability on their agendas. Now, for board members or top-level leaders, sustainability is value and for middle managers, it becomes a cost. We at Eco Pallet are bridging that gap by offering cost-effective options that also address the values.”
Priya Prakash says that while trying to sell the pallets, she was able to understand the underlying environmentally sustainable problems associated with traditional pallets, which are totally ignored by every business that uses pallets. As a result, whereas the shelf life of a normal pallet can range from 12-18 months to 3-4 years, those made by Eco Pallet can last more than 10 years.
“In my journey, my learnings helped me innovate,” says Priya Prakash, the Co-founder & MD. Eco Pallet eliminates the need for cutting new trees as its pallets are created from upcycled wood and can also be recycled. Besides, the CO2 emission in comparison to chemically treated wood and hard plastic pallets is virtually zero.
Long-term Plans
Elaborating on the vision, Priya Prakash states, “I want it to become the only solution and not an option.” The company plans to innovate and introduce a wide variety of products, remaining fully focused on eco-friendly pallets.
Given that the biggest concern of the segment is the heavy cost going into constant repair and maintenance, companies that deal with pallets see it as a capital-intensive product. In order to lower the production cost, the emerging solution is to look for third-party providers.
Additionally, Eco Pallet aims to foray into the business of leasing pallets. Priya Prakash reveals that they will soon be coming up with a solid business model with efficient revenue generation in daily rentals and leasing business.
