Giants Amazon, Coca-Cola and Zalando are among the companies showing interest in Norway’s Packoorang products, according to the company itself. At best, we can sell for $100 million in 2022, says the entrepreneur behind us.
– The market is endless, so get ready. The whole world communicates with us. There are a lot of inquiries, says Natasha Jankovic-Abbas.
The idea for reusable packaging came to her in 2019, when she constantly saw from her office that the trash can across the road, which was connected to the Post in Shop service, was full of trash.
Now Abbas and co-founder Alvin Damman Lear are ready to invest nationally and globally with their reusable packaging, dubbed “Bakurang.”
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Natasha Abbas manufactures reusable packaging. Now you want to go out into the world.
In the previous investment round, Packoorang AS, which officially launched last year, was valued at $20 million. Their company is now valued at between 30 and 50 million, Abbas estimates – without ever being in operation.
– We didn’t think this would quite take off, says Saida.
Replaces carton box
Simply put, Packoorang replaces the cardboard box with a reusable package. Online stores, so-called 3 PL warehouses and companies that want to send goods internally, can use Packoorang.
– Abbas says that anyone who sends something in disposable packages is a potential customer.
Companies pay with “Packoorangen” one-time purchases for 90 to 150 kroner. Each package can be reused 100 to 200 times, the company promises.
The service should be environmentally friendly, cost-effective and time-saving for businesses. In addition, the packaging is produced with company names on it, so that marketing is also integrated into the service, Abbas notes.
The manufacturer, which is based in South Asia, has the opportunity to produce several millions of “Packooranger” per month.
– Although based in South Asia, we have chosen the most sustainable plant.
Sudden demand delays startup
In the first half of 2022, Packoorang will launch a beta program across Norway for 7-8 players, including Barnas Hus. Abbas says there are many indications that Europress will join as well.
The company recently won a tender with a postal service in Central Europe, where it will be a national pilot next year with “very big players”. This is the beginning of a comprehensive international initiative.
Abbas believes Packoorang could have 30 million packages in circulation within two to three years.
The start of operations was delayed due to the entrepreneurs requesting too few samples of the packages.
– We didn’t think this would take off completely. So we ordered a very small “batch” of samples. Abbas says everyone is gone within a month.
Amazon, Zalando, Coca-Cola International and DHL are some of the giants interested in Packoorang products now, according to the startup. A long list of companies globally must also be ready to use reusable packaging.
We must keep our tongues straight in our mouths. The optimistic businessman says the demand is greater than what we get.
Don’t be afraid of competition
Reusable packaging isn’t entirely a new concept, and there are many competitors in the market, but Packoorang has a competitive advantage on several fronts, says Abbas, who doesn’t worry about national or international competition.
Over the past year, they’ve worked to put together a global return system, which you believe is key to expansion.. Now it is finally in place.
The product itself, businessmen are convinced that it is the best on the market.
– Protection is included in the package, which can also be reused. We tested by sending a light bulb. not broken. Then we realized it was the right design.
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Zero vacation days in two years
Packoorang recently raised nearly four million through a share issue. Among the investors are Henning Sutter and Kjell Ivar Bach. The new capital will boost international investment and employment financing.
But the company’s seemingly bright future didn’t come for free.
– There was a lot of work. Abbas declared that I am an entrepreneur mother, so there were many sleepless nights.
She estimates that Alvin herself worked 12 to 17 hours a day on average. For the past two years, Abbas has had no days off.
– There was no holiday, nor Christmas holidays, nothing, she says.
Abbas is currently living on savings, as neither she nor Alvin has received a salary, which is something they will start doing in the new year.
2020 remained without sales revenue for the company. This year, they sold about a million, according to Abbas, who confirms that the company has not incurred any loss since the beginning.
As operations begin, revenue expectations rise sharply.
– We are likely to earn at least five to six million in 2021. At best, we can earn 100 million, says the new entrepreneur.
With an estimated margin of 30 percent, it hopes to generate solid profits in the coming years.
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