When Anita Odiete and myself Ayo Ogunlowo started Atunlo, we were clear on the mission, but figuring out the model took iteration, lessons, and a willingness to unlearn.

In our first year, we tested multiple verticals in the recycling value chain. Many looked promising at first until the numbers told a different story. On paper, they scaled. In practice, they drained cash and offered little return. It is what we now refer to as the “Watermelon Syndrome”, looking green and promising on the outside, but disappointing and red on the inside.

So we did the hard thing, we stripped it all down.

We focused on what matters in any resource-intensive business: Unit economics, Yield per activity, Cash flow, and Cash conversion cycle. That clarity led us to PET bottle baling, a simple, high-yield operation with a short cash cycle. It gave us room to operate, breathe, and grow without chasing vanity metrics.

Today, the model is scalable across Nigeria and supports active export operations.
For new entrants exploring the space, with around ₦100 million ($60,000) in setup cost, it’s possible to build a system that generates up to ₦200 million ( $125,000) in Monthly Recurring Revenue (MRR), with an average of between 15 per cent to 20 per cent net margin.

We are proud of what we have built. In our second year, we grew revenue 8x – not by luck, but by tough decisions, ruthless prioritisation, and a model that worked when we implemented it.

There’s room to replicate, adapt, and scale what’s already working. If you’re an investor, operator, or ecosystem partner exploring circular economy models, let’s connect.

Linkedin: Ayo Ogunlowo, Anita Odiete