Shark Tank FastBeetle
In this episode of Shark Tank India Fastbettle, a logistic service that solves the problems of delivery in Kashmir presents its pitch. Will they get a deal from the sharks? To know about the deal read till the end.
|Founders||Seikh Samiullah and Abid Rashid|
|Ask||₹ 90 lakhs for 3% equity|
Sheikh Samiullah and Abid Rashid are the founders of FastBeetle. They are from Srinagar.
Abid Rashid has been in Dubai for several years. He is B.Tech Engineer and completed his studies from Delhi.
Sheikh Samiullah is the CEO. He has completed BBA from Haryana Kurukshetra University. He has worked in start-up company related to logistics. From there he got the motivation to start their own company.
They have started in the year 2019.
About the company FastBettle
Kashmir is known for its immense beauty and many visitors visit there to witness the beauty of Kashmir. In the generation of e-commerce, it is very tough to transport goods from Kashmir to any other places in India because of its critical demography like high terrain, snowfalls, rain etc. In order to solve this problem they have introduced Fastbettle.
Fastbettle is a logistic service that solves the problems of delivery in Kashmir. They have two applications through which their business is operated. The FastBettle app has two interfaces. One is Customer based and another is business based. In a business-based interface; businesses can use this application for logistic purposes. In the customer-based interface; the hyperlocal app helps to carry or forward any goods from one place to another. Another app is a Delivery app which is used for delivery purposes. They have empowered 1200+ businesses. They have fulfilled 12 lakhs orders around 55 countries. Their vision is to reach every corner of the world where delivery facilities are not available.
In this business, there are three categories: First Mile Delivery, Mid Mile Delivery and Last Mile Delivery. Their company is involved in all three processes. Their TAT(Turnaround Time) is less compared to other logistics companies as they have the upper hand in the local demographic conditions. They have decreased the RTO(Return to Origin) to 5% from 30%. Deliveries per day is around 30000-40000 among which Fast Beetle count is 3000-4000 per day.
Ask the Owners of FastBettle
The pitchers asked for ₹90 lakhs in exchange for 3% equity.
FastBettle Sales And Revenue
The company has raised two rounds of investment. The First was 20 lakhs for a valuation of 3cr. Rupees and the second round was 70 lakhs for a valuation of 6cr. Rupees. They have made 10% of ESOP. Their monthly sales is Rs.25 lakhs – 30 lakhs rupees and their projected revenue for 2023 is 3 cr. rupees. Their gross margin is 54%. Their burning amount is 10 lakhs rupees. Among 3.1 cr. rupees COGS accounts for 1.25 cr. rupees, Rent accounts for 25 lakhs rupees, Salaries accounts for 1 cr. rupees, and 60 lakhs rupees is for miscellaneous. Their vision is to make 200 cr. company in the upcoming 2 years.
Offers and counter offers
Aman’s offer was 20 lakhs rupees for 4% equity and 70 lakhs rupees @8% interest.
Peyush’s offer is 90 lakhs for 10% equity.
Anupam’s offer is 90 lakhs for 9% equity.
Aman matches with Anupam’s offer which is 90 lakhs rupees for 9% equity.
Peyush also matches with Aman and Anupam; 90 lakhs for 9% equity.
Pitchers counter offers 90 lakhs for 5% equity.
Aman and Peyush together offer 90 lakhs for 9% equity.
Pitchers counter again for 90 lakhs for 7% equity.
Aman and Peyush again counter 90 lakhs for 8% equity.
Pitchers counter again 90 lakhs for 7.5% equity.
FastBettle Final deal
The final deal is 90 lakhs for 7.5% equity with Aman and Peyush.