From Home Kitchen to Rs 1 Crore Monthly: Shark Tank Judge Salutes Entrepreneur’s Success
From Home Kitchen to Rs 1 Crore Monthly: Shark Tank Judge Salutes Entrepreneur's Success
The Sharks on Shark Tank India were recently treated to a compelling pitch from Eat Better Co., a snack company that started in a home kitchen and has since become a roaring success. The founders stunned the investors by revealing their impressive revenue: a staggering Rs 1 crore per month, generated solely through their partnership with Blinkit.
The trio wowed the Sharks with their impressive pitch:
The founders of this snack company blew the judges away with their incredible journey. They started making snacks in their own kitchen and now have a huge 20,000 square foot factory and make over 1 crore rupees (about $125,000) every month!
They want to make 30 crore rupees (around $3.75 million) this year and are asking for 50 lakh rupees (about $62,500) for a tiny 0.5% share of their company, which they think is worth 100 crore rupees (about $12.5 million).
Lots of investors were interested, but Anupam Mittal thought their company was worth too much to make a good offer. He loved their idea though and wished he had met them sooner. Ritesh Agarwal felt the same way, he liked their products but didn’t invest. He did suggest they work together through his company, OYO Rooms. Namita Thapar wasn’t so happy with their packaging and some of the things they said, but when she heard how much money they were making, she quickly made an offer. She’ll give them 50 lakh rupees for 0.5% of the company, which keeps their value the same, but she wants 1% of their profits until she gets her money back. Vineeta Singh also offered 50 lakh rupees, but for a bigger share of the company (1.5%) and she doesn’t want any of their profits.
Namita pointed out that companies often get exclusive deals with online stores, which made the founders excited. Anupam disagreed, saying, “Never give up control to the person who’s selling your stuff.” Vidushi, one of the founders, reminded him that his company, Shaadi.com, had a similar deal with Zepto, making Namita laugh and say, “Well said, Vidushi!”
Kunal Bahl joined the conversation, saying he likes to invest big and be very involved. He offered 2.5 crore rupees (about $312,500), five times what they asked for, for a 5% share, making the company worth 50 crore rupees (about $6.25 million). He didn’t want any of their profits. He said, “If you want your company to be worth a lot, choose Namita. If you want a partner who’s really committed, you know who to pick.” Namita quickly replied, “Excuse me! I’m a very committed partner.”
The founders wanted to know if the investors would team up and invest together, but none of them were interested. Namita explained that owning a part of the company is permanent, while royalties are temporary. She assured them that, given their growth, the 50 lakh rupees (about $62,500) in royalties would be a small amount. In the end, they chose Namita over Kunal, deciding to keep their company’s value high.
