Upaya Social Ventures Invests In Ecoright To Drive Sustainable Fashion And Job Creation
Ecoright becomes the 41st addition to Upaya’s portfolio of early-stage social enterprises committed to generating dignified jobs in India.
Bangalore, India | November 5, 2024
Upaya Social Ventures is thrilled to announce its latest investment in Ecoright, a Direct-to-Consumer lifestyle brand based in Ahmedabad, producing stylish, eco-friendly alternatives to plastic and fast fashion. Ecoright’s mission is to redefine lifestyle products through sustainability and innovation, offering consumers products made from natural and organic materials.
Founded by IIM-Calcutta graduates, Nikita Barmecha and Udit Sood, Ecoright was born out of a desire to make a tangible environmental impact. The company uses conscious materials, like organic cotton, juton, recycled plastic, and azo-free dyes, ensuring the products are free of harmful chemicals and safe for both people and the planet. Ecoright also takes a holistic approach to sustainability by incorporating post-consumer recycled plastic in its packaging and powering its manufacturing units with solar energy.
"We are thrilled to partner with Ecoright as they build a global brand that stands for sustainability. Nikita and Udit have not only created a successful business but have done so in a capital-efficient way, championing eco-friendly practices. Their commitment to Upaya’s values of creating dignified jobs while positively impacting the environment makes them ideal partners on this journey," says Ankur Mehta, Director of Investments & Portfolio at Upaya.
What sets Ecoright apart is their commitment to making sustainability stylish, accessible, and affordable. Their offerings include a wide range of sustainable bags that not only appeal to eco-conscious consumers but also integrate seamlessly into everyday life. Ecoright products are sold through major online marketplaces as well as its own website. To date, Ecoright has successfully delivered over 1.5 million products to sustainable consumers in 60 countries.
“At Ecoright, we're working on making sustainability mainstream by creating great products that fit seamlessly into our consumers' lives," said Nikita and Udit, Ecoright Founders. "We don't believe that eco-friendly products need to be a luxury, we believe that true impact is created when sustainability is in the hands of everyone.”
Employing over 90 people, Ecoright’s facilities are SEDEX (4 pillar) and FairTrade certified, reflecting the founders’ commitment to ethical labor practices. With this new investment from Upaya, Ecoright plans to scale its operations further, generating dignified jobs and building economic resilience. The company also aims to enhance its branding, introduce new and innovative product lines, and expand its marketing and design teams, solidifying its position as a globally recognized sustainable brand rooted in India.
“Upaya is one of India's leading social VCs [venture capitalists], and it is a privilege to have them as our investors,” said Ecoright Founders. “What struck us with Upaya from day one is how they understand our vision and are committed to helping us in making a larger impact. We're looking forward to building Ecoright while increasing our positive impact on people and the planet!”
ABOUT UPAYA SOCIAL VENTURES:
Upaya Social Ventures is building a dignified economy by providing investment and support to early-stage businesses creating sustainable livelihoods for people living in the most extreme poverty.
Upaya’s award-winning impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.
Since its founding in 2011, Upaya’s portfolio companies have created over 42,000 dignified jobs across India. Please visit upayasv.org for more information.
MEDIA CONTACT:
Madlin D’silva
mdsilva@upayasv.org