The deal is notable as Tamul Plates is the only established producer of disposable tableware in the Northeast – a region with more than 100,000 hectares of arecanut under plantation and one of the poorest areas of the country.
“This investment is a recognition that Tamul Plates is well positioned to meet the growing demand for high quality, environmentally responsible, and ethically produced products,” said Tamul Plates CEO Arindam Dasgupta. “Working in the Northeast, the company benefits from a unique combination of access to the highest quality raw materials and a producer base that takes great pride in its craftsmanship,” said Dasgupta.
Tamul Plates produces and markets high-quality, all-natural disposable plates and bowls made from arecanut (palm) tree leaves and sells them under the “Tambul Leaf Plates” brand. The company’s clientele includes a mix of restaurants, fast food establishments, event managers, and direct-to-consumer retailers.
This investment follows a recent agreement between Tamul Plates and the Government of Assam to supply the equipment for and train an extended network of affiliate rural producers. The investment by Artha and Upaya will allow the Barpeta-based company to make use of that expanded affiliate producer network by diversifying its product line, expanding its domestic sales and distribution networks, and opening export markets for its products.
“It has been a highlight of the Artha Venture Challenge to uncover a pioneering and innovative enterprise in Tamul Plates,” said Artha Initiative’s Director Audrey Selian. “We are particularly happy to be co-investing with Upaya, and look forward to continued efforts in collaboration sector-wide through our AVC and ArthaPlatform.com programming,” said Selian. Artha Initiative is associated with Switzerland-based Rianta Capital Zurich.
Disposable arecanut dinnerware is hygienic, chemical-free, compostable, microwave safe – and in high demand among urban consumers around the world. The production and sale of natural arecanut dinnerware not only reduces the deforestation and pollution associated with the production of traditional disposable dishes, but also provides a viable livelihood to disadvantaged communities.
“Upaya has been very impressed by the work of Arindam and his team over the past year, and believe that the company’s growth plans will benefit both customers and producers alike,” said Upaya’s Director, Business Development Sreejith Nedumpully. “We are proud to join the Artha Initiative in backing this promising enterprise, and are exciting about the company’s potential,” said Nedumpully. Upaya was Tamul Plates’s first investor.
This co-investment in Tamul Plates is the first deal completed under the formalized collaboration framework between Artha and Upaya that was announced in November 2014. Per that agreement, the two organizations are working together to deploy seed capital to help SGBs scale and create employment for the poor, share best practices around sound financial management, and disseminate tools and training for the benefit of India’s wider ecosystem.