Startup Circle- How EcoSoul Home contributes to the local economy by engaging SME sector

EcoSoul Home, is instituted by co-founders Rahul Singh and Arvind Ganesan in Feb 2021 to accelerate the world's transition to a sustainable lifestyle by creating eco-friendly goods from renewable resources. The brand is making significant strides in making plastic-free, tree-free, and eco-friendly homewares the new norm worldwide.

In 2021, with the mission to give every home a greener soul with high-quality eco-friendly product alternatives that are sustainably sourced and manufactured while being highly affordable for mass adoption. The brand currently has multiple sales channels, including D2C, Amazon, and Walmart.com, a Retail presence in 2,000 stores and a significant B2B presence.

Rahul Singh, Co-Founder of EcoSoul Home Inc., is a global business leader and entrepreneur passionate about environmental sustainability, social transformation, and empowerment. He embarked on the dawn of his entrepreneurial journey to spread awareness and accelerate the adoption of sustainability worldwide.

Speaking to CIOL, Rahul Singh, Co-Founder of EcoSoul Home Inc., has shared his views on how EcoSoul Home contributes to the local economy by engaging SME sector. He talked about his startup journey and also, and he speaks about the growth plans he has for EcoSoul Home.

Tell us about EcoSoul Home and your offerings. Tell us about the team.

EcoSoul Home Inc. is one of the largest eco-friendly products company with more than 800 product SKUs in the market. We have presence in USA, Canada, UK, India, China, and Vietnam. EcoSoul currently has multiple sales channels including D2C, Amazon, Walmart.com, Retail presence in ~4,000 stores and a significant B2B presence.

EcoSoul Home works directly with more than 100 large and small contract manufacturers across India, China, Vietnam, and USA to source products directly from farmers, manufacturers and small business operators thus eliminating intermediaries from the process.

What are the drivers/market trends that are shaping the e-commerce market in 2023?

There is a global macro-tailwind of shifting away from the use of single-use plastic with increasing regulatory pressure. This coupled with rising consumer sentiments towards sustainable everyday essentials, is driving growth of the segment.

Consumers are increasingly gravitating towards buying environmentally and ethically sustainable products. A recent study by NielsenIQ found that 78 percent of US consumers say that a sustainable lifestyle is important to them. Products with ESG-related credentials accounted for 56 percent of all CPG growth. However affordability is important to consumers as they adopt ESG products.

How is EcoSoul tapping these market trends for growth?

EcoSoul has fundamentally disrupted home-essentials market by bringing eco-friendly alternatives within the 25% price range of traditional mainstream plastic or paper goods. In contrast, early eco-friendly home essentials competitor brands priced their products at 1.8x to 2.5x of mainstream plastic or paper-goods brands. Ecosoul has achieved this differentiation with product/material innovation and an optimum supply chain model. Our differentiated products and supply chain innovation enables us to bring eco-friendly home essentials to price points comparable to traditional plastic and tree-based paper goods. In short, we are democratizing the eco-friendly home essentials market.  We are excited to see the strong adoption of our products in the US market.        

How will Sustainability ensure a longer and happier life for the current and future generations?

Sustainability refers to the responsible use of resources to meet the needs of the present without compromising the ability of future generations to meet their own needs. Adopting sustainable practices can ensure a longer and happier life for current and future generations in several ways:

Environmental benefits: Sustainability helps preserve natural resources, such as water, land, and forests, which are critical for our survival. By reducing our impact on the environment, we can reduce the negative effects of climate change and pollution, creating a healthier environment for all.

Economic benefits: Sustainability can also provide economic benefits, such as cost savings through the use of renewable energy sources, reduced waste and increased efficiency in production processes. This can lead to more stable and resilient economies, which can support better living standards for everyone.

Social benefits: Sustainable practices can also have significant social benefits, such as increased access to education, healthcare, and basic necessities like food and water. By promoting equality and fairness in society, we can create a more just and happy world for all.

In short, sustainability can help ensure a longer and happier life for current and future generations by creating a world that is more environmentally, economically, and socially sustainable. By prioritizing sustainability, we can create a world that is healthier, fairer, and more resilient, which will benefit everyone both now and in the future.

Does new e-commerce rules may block inventory-based sales? 

Inventory based sales impact the commerce practices for platforms that host multiple brands and not the product manufacturers, so we do not foresee an impact on our business due to new ecommerce rules.

How has your revenue grown with brand evolving during pandemic?

Over the past one year we have seen 1400% growth in sales of our products globally. With a seismic consumer shift happening towards sustainability during covid, we see a tailwind for our brand to grow exponentially in the coming decade.

What has 2022changed for you? How are things now?

2022 for us has been an year of growth – With more than 400 new SKUs launched in 2022, quadrupling our global retail distribution network, launch in new ecommerce platforms and new geography launches in Canada, India and UK.

What are your growth priorities for 2023?

• Growth priorities in 2023 is to reach 10,000+ stores retail distribution globally,
• Launch of new baby care and home care lines of products.
• Launch in the UAE market and expansion in European markets esp. Germany, France and Italy.

Funding

Ecosoul recently closed fund raise with Accel (US) and Singh Capital Partners (US). We are also backed by some of the leading global funds including Wayfund (US), FounderBank Capital (Singapore) and Boldcap (US).