In the latest episode of Shark Tank India Season 2, The Healthy Binge, a company that sells healthy snacks, presents its pitch to the sharks. Read on to find out if they land a deal and more information about the company.
| Company Name: | The Healthy Binge |
| Founders: | Pranav Korke and Karan Korke |
| Ask: | ₹50 lakhs for 5% equity |
| Location: | Pune, India |
Meet The Healthy Binge Founders
Pranav and Karan Korke, both born and raised in Nagpur, are cousins and brothers. Pranav completed his commerce degree from SP College in Pune before going to Australia for his master's in finance and CPA. Karan, on the other hand, completed his MBA in marketing from Symbiosis University in Pune.
After completing their studies, the duo decided to start their own venture rather than work in finance-related jobs.
About The Healthy Binge
The Healthy Binge is a company that produces healthy snacks made from jowar, bajra, millets, ragi, and quinoa. Their snacks contain dietary fiber equivalent to two apples, iron equivalent to a bunch of spinach, protein equivalent to an egg, and calcium equivalent to half a glass of milk.
Additionally, their products are 100% baked with zero cholesterol and are gluten-free, 100% vegetarian, and contain no trans fat or palm oil.
The Healthy Binge was founded in 2021 and has already sold more than 13 lakh packets of healthy snacks. The products are available on their website as well as 15 other marketplaces including Amazon, Flipkart, and Big basket.
The Healthy Binge Founders Ask
During the pitch, the founders asked for ₹50 lakhs for 5% equity in the company.
The Healthy Binge Sales and Revenue
The Healthy Binge has made a lifetime sale of 56 lakhs rupees, with the sales in the last month being 11 lakhs rupees. In August 2022, they made sales of 6 lakhs rupees, 7.5 lakhs rupees in September and 11 lakhs rupees in October. They have a 60% online and 40% offline sales distribution.
However, the company is not yet making a profit, as they are burning through cash per month. The net margin is 14 rupees for a selling price of 40 rupees, with 14 rupees going to distributors and 12 rupees for the cost of goods sold. On average, they spend 10% of their monthly budget on marketing.
They have invested 1 crore rupees in setting up their factory. Pranav has 46% equity in the company, Karan has 36%, and the remaining 16% is owned by friends and family. They raised 1.13 crore rupees in a capital round from friends and family in April 2022 at a valuation of 7.5 crore rupees.
Offers and Counter Offers
The founders received a counteroffer from Aman and Peyush for 50 lakhs rupees in exchange for 5% equity in the company.
The Final Deal
After careful consideration, The Healthy Binge accepted the offer from Aman and Peyush. The final deal was for 50 lakhs rupees in exchange for 5% equity at a valuation of 10 crore rupees.
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