This is shark tank India episode number 19. In this episode of shark tank India The State Plate’s regional food delivery website, Bakarmax’s webcomic and animation platform and In A Can’s ready to drink canned cocktail are some of the pitches.
1. The State Plate
- Owners: Muskaan Sancheti and Raghav Jhawar
Muskaan Sancheti and Raghav Jhawar are the owners. Muskaan was born and brought up in Bangalore. Raghav was born and brought up in Kolkata. They are 22 years old. Last year they both graduated from Sri Ram College of Commerce. They were working in management consultant firms.
About The State Plate
India has rich diversity in its food from north to south and east to west. And to bring this diversity of India into the spotlight and reach them to many Indian households, Muskaan and Raghav started their business business. TheThe State Plate is an ecommerce website where they bring food products from different parts of India and it pan India.
At first they identify regional products and among them the top and iconic brands and list them in their website. There are many regional products that are sold with packaging and brand , those are sold here. Their website has more than 400 products from 8 different states of India. They have delivered around 40k orders till now. Their idea behind this is to popularise local foods.
The State Plate Gross Profit and Sales
The company’s valuation is 32.5cr. In 15 months, they have done sales of 4.25cr. In the last 2 to 3 months, they have done sales of 40 lakhs at a marketing cost of 15%. The gross margin is 35%, 15% is for shipping cost, 15% for marketing, 4% for transaction and packaging. Their last investment was 1.3 cr from antler India.
Asks by the Pitchers of The State Plate
Pitchers approach with a ask of 65 lakhs for 2% equity of the company.
Counter offers for The State Plate
Peeyush Bansal gives an offer for 20 lakhs at 3% equity and 45 lakhs debt. The owners give a counter offer of 20 lakhs at 1.5% equity or 40 lakhs for 3% equity. Peyush again gave a counter offer of 30 lakhs for 3% equity And 35 lakhs debt. The owners give a counter offer of 40 lakhs for 3% equity And 25 lakhs debt.
Final offer for The State Plate
The final deal was done with Peyush at 40 lakhs for 3% equity And 25 lakhs debt.
2. Bhakarmax Pvt. Ltd.
Owner and employee- Sumit Kumar founder of Bakarmax and Divyesh Sangani the full time employee both of them came to pitch their ideas.
Bakarmax is a full fledged animated comics platform where they monthly release 4 webcomics and 2 animated shorts on their website Bakarmax.com. Around 40 other contributors contribute their ideas and designs with Bakarmax to showcase their content. The animation,vfx and comics industry cost about 3.5 lakh crore INR but the content for the grown up is not getting popular and so Bhakarmax was founded.
This Bahakarmax.com showcase animated grown up comics. The aim of the company is to accumulate all the comics designers and animation makers from all over the country.
Bhakarmax Gross Profit and Sales
The company’s valuation is 7 cr. Their Monthly website traffic is 9k and unique users are 3k. Their per month revenue is 5.8 lakhs.
Asks by the pitchers of Bhakarmax
Pitchers approach with a ask of 35 lakhs for 5% equity of the company.
Final offer Bhakarmax
All the sharks stepped out and no final deal was done
3. In a Can
- Owners: Sameer Mirajkar and Virat Sawant
Sameer Mirajkar is from a hospitality background; and Virat Sawant is in the hotel management field for several years after graduation. They are from Pune.
About In a Can
The company deals with ready to drink cocktails processed in cans and anyone can have it on the go without any glassware and without the need of any bartender. Their products have 5 different flavours. The flavours are LIIT, Gin and Tonic, Whiskey Collins, Vodka Mule and Rum Latte. If you are a party lover or cocktail lover then the only thing you have to do is just chill the can and drink it anywhere and everywhere. The shelf life of the can is 9 months. They are currently available in UP and Goa.
In a Can Gross Profit and Sales
The company’s valuation is 25 crores rupees. They have invested around 40k for the designing of the can from an agency and now they are paying around 65k to the agency for designing purposes.In the last month the sales was around 60 lakhs rupees. In the last month the sales were 23 lakhs.They also added that the sales is increasing 40% per month.
The selling price is Rs.140 where Rs.55 is the making cost; retailers margin is of Rs.40; taxes for can is Rs.35.The gross profit is Rs.10. They have raised a total of 10 crore rupees for the company. They have raised 11% of the total funds from family and friends which is around 1.2 crore rupees and both of them have equal equity of 44.5% each.
Asks by the Pitchers In a Can
Pitchers approach with a ask of 50 lakhs in return for 2% equity in the company.
Counter offers for In a Can
All the shark tank india judges were interested and counters for 1 crore rupees in return for 10% equity in the company.
Final offer for In a Can
This was an all shark-deal and the final deal was completed for 1 crore rupees in return for 10% equity in the company.
Shark Lesson of the Day
Shark Aman Gupta gave the message to all the entrepreneurs that they do not need to run after money. Work hard and work good money will automatically come. He stated his example that till 38 years of age he had no money, but now he is the investor and investors run after him.
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