The third season of Shark Tank India has been stirring up excitement since its debut, featuring captivating pitches, surprising offers and remarkable deals, adding to the drama that the show contains.
Meanwhile, Shark Tank India witnessed another interesting product and pitch during a recent episode. However, the atmosphere became even more intense when Zomato CEO Deepinder Goyal, who was the sole investor to make an offer, unexpectedly changed his mind after the entrepreneurs zeroed in on one of his initial offers, leaving them stunned. While backing out and changing his decision, Goyal explained that he felt the entrepreneurs lacked vision.
As soon as sibling duo Yash Pradeep Sawardekar and Tulika Pradeep Sawardekar took centre stage on Shark Tank India 3 to introduce their product Goenchi (Of Goa) Feni, a new age artisanal feni (a spirituous liquor type originating in Goa) brand, the sharks seemed instantaneously interested. “We make India’s finest feni on our farm with an authentic family recipe and sustainable practices using cashew apple and coconut flowers,” Tulika told the Sharks. The pitchers also mentioned that they don’t use additives, flavours, or sugar in their product, which was launched just six months ago but is already available in over 100 premium wine stores and retail outlets in Goa.
“Unlike countries like Russia, Mexico and Japan, which make the best use of their homegrown spirits vodka, tequila and mezcal, and sake, respectively, indigenous spirits in India are often looked down upon by terming them ‘desi daru‘, as a result of which many feni producers have given up on the product,” Yash pointed out, adding that they intend to revive the dying craft of producing feni and take it to the global space as “Swadeshi spirit”.
Once they explained the features of their product, Yash and Tulika sought from the Sharks Rs 1 crore for 5 per cent equity, valuing their company at Rs 20 crore. As they made their pitch, Goyal asked where the inspiration for the product came from, to which the pitchers said that it stemmed from the question of what alcohol is uniquely Indian.
The duo also informed the Sharks that they have two products, cashew feni and coconut feni, a bottle of which costs Rs 1,449 that provides them with a gross profit of Rs 465 and eventually a net profit of Rs 214.
Though all the Sharks were impressed by the product, none of them came forward to extend any offers as they were scared because of the potential risk. “Good entrepreneurs in a bad market, the market always wins,” Vineeta Singh said while backing out.
Deepinder Goyal, however, much to the surprise of other Sharks, extended two offers to the duo: Rs 1 crore for 10 per cent equity or Rs 2 crore for 15 per cent equity. “Both offers have fairness, so don’t negotiate,” he told them. As Yash and Tulika stepped out to discuss, Namita Thapar entered into a conversation with Goyal to understand why he chose to extend the offer. “(So you are interested in it because) You can make it global as something coming from India,” Thapar asked, to which Goyal replied, “Yes, this will become like the pride of the nation.” “Mazaa aayega (it will be fun),” Thapar noted.
However, taking all the Sharks by shock, the entrepreneurs turned down the offer. “The amount of equity is what cut my thought process,” Yash said. But as the other Sharks pointed out the size of what were turning down, the duo agreed to Rs 1 crore for 10 per cent equity, to which Goyal said no, further making the episode even more dramatic. “The only reason I gave you that choice is to check how you think. You are not thinking big,” he said, while taking Anupam Mittal to the side, asking for advice. Upon return, Goyal proposed his final offer: Rs 2 crore for 15 per cent equity, to which the entrepreneurs agreed, closing the deal.
Disclaimer: The copyright of this article belongs to the original author. Reposting this article is solely for the purpose of information dissemination and does not constitute any investment advice. If there is any infringement, please contact us immediately. We will make corrections or deletions as necessary. Thank you.
