Shark Tank The Plated Project
In this episode of Shark Tank India The Plated Project, the crafted plates from artists present the pitch. Will the founder get a deal from the sharks? To know about the deal read till end.
|Company name||The Plated Project|
|Ask||₹75 lakhs for 2% equity|
The Plated Project Founder
Chitresh Sinha is the founder of the company. He was born in Goa but has been living in Mumbai for the last 15 years. He had studied engineering. He did his MBA and was interested in marketing. For the last 12 years he worked as a brand goals strategist.
About the company The Plated Project
In our country around 20 crores, people go to bed without any food. Among this population, many are children. One such child changed Chitresh’s life. Once he was going in a taxi, and he saw a small girl child sitting in rain and eating wet chapati. Hunger is still a bigger problem in India. After much research, he found that to solve this problem more than a money one needs to change their thoughts first. Chitresh was interested in art since his childhood. He thought of presenting his art on a plate. The categories are,
- Decor- It can not be used for eating food
- Dinnerware- Plates can be put into the microwave oven and dishwasher
- Gifting- It includes candles. Along with various artists from around the world, they create such products.
10 meals are sponsored for every plate sold. Lifetime sales are 30k plates. They have sponsored 5.5 lakhs meals. His vision is to increase this number to 25 lakhs till 2025.
Ask by the Owner The Plated Project
The owner asked for 75 lakhs in exchange of 2% equity of the company at the valuation of 37.5 crores.
The Plated Project Sales And Revenue
The price of a plate with engraving is ₹2499 and without engraving, it costs ₹2199. Last month’s sales were 40 lacs. FY 21 to 22 EBITDA is 15%. Last month’s profit was 2.5 lacs. Out of the total sales split 90% comes from decor and the rest 10% comes from the dinnerware and gifting category. In FY 22 to 23 the expected sales split is 70% from decor, 20% from dinnerware and 10% from candles and other gifting products. In FY 23 to 24 the expected sales split is 50% from decor, 33% from dinnerware and 17% from candles and other gifting products. The company is completely bootstrapped.
Zsportstech Shark Tank
Offers and counter offers
Anupam gave an offer of 75 lakhs for 5% equity.
Namita gave an offer of 30 lacs for 1% equity and 45 lakhs debt at 12% interest rate.
Aman and Veenita give a combined offer of 75 lakhs for 5% equity.
The owner gave a counteroffer of 1.5 crores for 5% equity.
Anupam stepped out of the deal.
Later, Veenita, Aman and Namita gave a combined offer of 75 lakhs for 3.75% equity.
The Plated Project Final deal
The final deal was closed with Veenita, Aman and Namita for 75 lakhs at 3.75% equity.