When Sourabh Bansal wanted to start a business after graduating from IIT-Kharagpur in 2007, his first option was real estate because he believed that “all the rich people were part of real estate”.
An undergraduate degree holder in industrial engineering, he founded Magicrete Building Solutions Pvt. Ltd along with Puneet Mittal and Sidharth Bansal in 2008.
“I thought, ‘If not real estate, why not accessory to the field?’ Plus I had knowledge that there were AAC (autoclaved aerated concrete) blocks being manufactured abroad. I wanted to bring it to India,” said Sourabh Bansal, chief executive and co-founder of Magicrete, which manufactures large brick-like blocks made of fly ash and other hazardous industrial wastes—which are either gathered adjacent to power plants, causing nuisance to villagers, or dumped into nearby ponds.
These AAC blocks, usually nine times the size of a normal brick, are priced between Rs.3,500 and Rs.4,000, and have been supplied to more than 1,500 projects across India.
The Surat-based start-up, backed by angel investor Motilal Oswal, also manufactures factory cast concrete. In this method, entire parts of the concrete walls are produced in the factory and fixed onsite using connectors and grooves.
Magicrete is undertaking three villa projects for which it will provide pre-cast systems for over 400 villas.