Bangalore, India | November 17, 2022

Upaya Social Ventures today announced its exit from its longstanding equity position in Tamul Plates, an Assam-based social enterprise that produces and markets high-quality, all-natural disposable plates and bowls made from arecanut (palm) tree leaves, all while creating jobs throughout a sustainable value chain. 

The Tamul Plates exit marks Upaya’s most significant investment return to date. Since 2011, Upaya has made investments in 32 small and growing businesses in India with the aim of creating jobs for people in extreme poverty. Since Upaya’s 2015 investment, Tamul Plates has created over 3,000 jobs — a nearly tenfold increase — as well as a threefold jump in revenue and a quadruple increase in production. In addition to India, Tamul Plates are now being exported internationally to Australia, the US, Europe, and more. 

“Our exit shows that social enterprises like Tamul Plates are not only impactful — they’re investable,” said Upaya CEO Kate Cochran. “Many investors overlook ‘missing middle’ companies like Tamul Plates that are too large for microfinance and too small for traditional banks. But not only are companies like this vital to the economic well-being of their communities, they can produce investor returns as well as significant impact.”

Particularly in areas where styrofoam is now banned or discouraged, Tamul Plates are meeting a real need with their sustainable alternative. Founded in 2010 by Arindam Dasgupta, Tamul Plates aims to create local livelihoods for the extreme poor in rural communities through community-owned micro-enterprises spread across northeast India. Sustainability is integrated throughout its value chain, from sourcing unused sheaths from the region’s abundant arecanut trees to producing the plates by pressing the arecanut sheaths using electrically-powered hydraulic machines. 

“Upaya has been a critical partner of Tamul Plates throughout our journey — especially in the last couple of years, when many enterprises were in a bad shape due to the pandemic,” said Tamul Plates founder & CEO Arindam Dasgupta. “Upaya stood with us like a rock and helped us weather the storm and save thousands of rural jobs. In this highly competitive and logical world of investments, Upaya is one institution whose heart is in the right place, and without that sustainable development does not happen.”

He added, “Tamul Plates is very happy that we are able to repay Upaya's faith in us by providing a profitable exit. Tamul Plates is confident that the current investment will not only help us grow financially, but also generate 15,000 more sustainable jobs.”

Upaya made its equity investment in Tamul Plates seven years ago in partnership with Artha Impact, the impact investing arm of Rianta Capital Zurich, a dedicated advisory to the Singh Family Trust. As part of this round of financing, Upaya’s stake in the company was purchased by a Mumbai-based family office, while Artha Impact has also topped up their investment. In addition to their initial investment, Upaya extended a loan and a stabilization grant to Tamul Plates to help the business through the pandemic. The company is currently repaying its loan and so will continue to be considered a part of Upaya’s active portfolio.

“We congratulate Arindam and his whole team for the company they have built,” said AB Chakravarthy, Upaya’s India Country Director. "It has been a phenomenal journey for us to share with them. We have incredible belief that Tamul will continue to grow their jobs and the environmental impact by leaps and bounds as they expand further.”

MEDIA CONTACT:

Madlin D’silva
mdsilva@upayasv.org