CanvaLoop Clinches Rs 2 Crore Deal For 4% Equity At Shark Tank India 3
An All Shark Deal For Sustainable Textile Innovation
Shark Tank India 3 recently showcased an Ecopreneur Special episode, spotlighting sustainable and eco-friendly businesses. CanvaLoop, a bio-materials company founded by Shreyans Kokra and Nandini Sarraf Kokra, stood out among them. CanvaLoop’s innovative closed-loop technology converts agricultural waste such as hemp, oilseed, banana stems and pineapple leaves into textile-grade fibres and yarns.
Compared to traditional materials like cotton, polyester and nylon, CanvaLoop significantly reduces water and energy consumption, as well as carbon emissions, through its zero waste proprietary technology. The fibres and yarns produced by CanvaLoop boast superior qualities such as anti-UV, anti-microbial properties, ultra-softness and exceptional breathability. Currently, CanvaLoop converts 200 tonnes of agricultural waste into 40 tonnes of textile-grade fibre monthly.
During the pitch, Shreyans disclosed CanvaLoop’s impressive sales figures for FY 22-23, closing at Rs 3.2 crore and for FY23-24 (till Feb) at Rs 7 crore, with projections to close at Rs 8 crore by the end of FY23-24. The EBITDA for FY 23-24 (till Feb) was 27%, a significant increase from the previous year’s 12%. Additionally, CanvaLoop secured a substantial purchase order of Rs 18 crore for FY 24-25, averaging Rs 1.5 crore per month from April 2024 to March 2025, from notable companies like Sintex Industries (owned by Reliance Industries) and Avanti Process Pte, Singapore.
Initially seeking Rs 1 crore for 1.33% equity, CanvaLoop received three offers from The Sharks. After negotiations, Shreyans secured a deal with all five Sharks, agreeing to Rs 2 crore for 4% equity with Aman Gupta, Anupam Mittal, Azhar Iqubal, Namita Thapar and Radhika Gupta.
Following the episode’s airing, Shreyans Kokra expressed gratitude on his LinkedIn profile, stating, “We are overwhelmed by the response we have received from consumers at large since the episode aired. This reaffirms our belief that today’s consumers are inclined towards conscious and sustainable choices.” He further hopes that this awareness will encourage fashion brands and textile mills to adopt sustainable and circular materials like Hemploop, Banloop and Flaxloop on a larger scale.
