MoneyBin Resources is a dry waste management company based in Tirupur, Tamil Nadu. MoneyBin addresses the issue of improper waste segregation by collecting recyclable waste directly from households, employing unskilled women laborers to collect and segregate it into multiple categories, and selling it to recycling factories. Mohan R and Arun Vignesh founded MoneyBin in 2022 with the goal of engaging one million households in their ecosystem and establishing a recycling unit to produce thermal energy briquettes from non-recyclable materials.
Mohan R has experience in training and placing thousands of students through skill development programs since 2015. He founded Jayakumaran Garments & Exports in 2019 expanding to Europe and the UAE. He collaborated with Arun Vignesh, an accomplished professional with a background in engineering and management to venture into the startup landscape. Arun’s expertise in skill development led him to establish Mirifical Careers Pvt. Ltd. in 2019, a company providing manpower supply and skill development service.
We engaged in a conversation with Mohan and Arun to learn more about their journey to transform waste into value. Read the Q&A below for more!
Q. What motivated you to start this business?
Arun: The idea for MoneyBin came to us during our road trips. We had noticed plastic waste dumped on the side of the road every kilometer each time we traveled. One day, we spoke to a person picking up these plastic items who told us that he is only picking up the ones with value, leaving behind dry waste like MLP Plastics. These leftovers would then get mixed with the soil, especially close to agricultural land. This motivated us to start this business.
Q. What did you do before MoneyBin? What made you pivot?
Arun: In 2016, we were running a skill development business that trained and placed students in southern India. Due to COVID, we had to halt our operations. That’s when we ventured into garment exports and civil construction.
But we desired to do something for our society and the people in our neighborhood, so when the idea to dive into the waste management sector presented itself to us, we took the chance and launched MoneyBin.
Q. Have you faced any unique challenges as an entrepreneur? How do you deal with these challenges?
Arun: Our biggest challenge is the lack of public awareness and of proper waste management facilities, such as material recovery and segregation. The government spends a lot of money in this sector but there is a gap in creating value from waste. We aim to fill this gap by finding ways to create value from the waste we collect, which can generate revenue and reduce the government's spending on waste management.
Q. What has been the on-ground reality you’ve witnessed?
Mohan: We initially met a waste picker who was picking up waste from the dumpsites next to the roads. We quickly learned that this man was a casual laborer who only worked a few days per week and was in dire need of a stable job. We realized that if these individuals had job security, they could help solve the waste management problem.
By offering 30-day job contracts to these individuals, we tried providing job security to people who needed it while simultaneously addressing the waste management issue. Many of the people we hired in the beginning are still working with us today.
Q. Could you tell us how many people are employed with you right now, and the kind of shift in their lifestyle that you've seen after joining MoneyBin?
Arun: We have hired 15 people on a monthly salary basis and 30+ on contract basis. We have women employees who were previously struggling to make ends meet and depended on their husbands or family income for even their daily expenses. Now they work with us in their own localities without the hassle of traveling long distances for work.
We also provide them a vehicle for their transportation and they roughly work from 6 in the morning to 12 noon. After work, they take care of their regular routine and spend time with their family and children. This allows them to have a work-life balance that traditional businesses do not offer. We have also reduced their work timings and increased their earnings, which has made them quite comfortable working with us.
Q. What has been your biggest personal takeaway in your entrepreneurial journey so far?
Arun: Entrepreneurship is an art that requires creating a unique and sustainable business model that not only benefits the customers but also our society. Unlike a railway track, the startup journey cannot be followed in a regular system. Success in startups requires creativity and innovation to carve out a path that is different from others.
Q. What is keeping you up at night?
Arun: As an entrepreneur, profit is a crucial aspect of every business. However, social impact is as significant a factor as profit to us.
Though our company faces many challenges in generating regular profits, we constantly explore new strategies to improve the revenue model and attract investment. Finding innovative solutions to make MoneyBin profitable while benefiting society is what keeps both of us on our toes.
Q. What motivates you to run this business every day?
Arun: We have implemented our programme in 20,000 households, covering several local bodies, municipalities, and a corporation.
After working on this for the last few months, we have received recognition and appreciation from many individuals, NGOs, and the public. We have been invited to various events where we were awarded and praised by NGOs too. Even the Chairman and Commissioner of the Municipality and Corporations are impressed with our work. These positive responses keep us motivated to continue our efforts.
Q. What is a piece of advice you'd like to give other aspiring entrepreneurs?
Arun: In entrepreneurship, it's crucial to be open to feedback and willing to adjust course if necessary. Admitting mistakes, accepting guidance, and being flexible are key qualities for success. Stubbornness can hinder progress, and reinventing your approach may be necessary for long-term success.
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