In another exciting episode of Shark Tank India, we met the dynamic duo behind Green Snack Co, Chetan Sharda, and Jasmine Kaur. They are on a mission to change the world, one snack at a time, with their healthy snacking company.
Jasmine, the CEO of Green Snack Co, graduated from Delhi University and did her MBA at LBSIM School in Delhi. She had a successful career in private banking at HDFC bank and Manico before venturing into entrepreneurship. On the other hand, Chetan, the COO, did his schooling and college in Delhi and went on to obtain his MBA from Symbiosis. He worked in real estate for eight years before teaming up with Jasmine to start Green Snack Co.
Their inspiration to start the company was Jasmine's personal struggles with weight and a healthy lifestyle as a Punjabi woman. They saw a gap in the market for healthier snacks that are made from wholesome ingredients and contain less oil and spices. Hence, Green Snack Co was born, the snacking superhero that presents the solution to the 4 pm snack problem.
Green Snack Co's products are made from healthier ingredients and contain no MSG or preservatives. Before the pandemic, their snacks were available in 30 cities in India and five export markets. However, more than 90% of their business came from offline sales, and the pandemic severely affected their sales. But, they pivoted and made a strong comeback. They now have more than 10 lakh customers and are determined to reach all those people who want to change their lifestyle and make it a healthier one.
Their best-selling product is the Fiery Spice Quinoa Puff, which is a delicious blend of spices and quinoa. The founders hold about 53% of the equity, with the rest owned by investors. During their pitch, Chetan and Jasmine asked for ₹1 crore for 2% equity of the company at the valuation of ₹50 crores. Their sales before the pandemic in FY 17 to 18 were ₹2 crores, and FY 18 to 19 was ₹7 crores. After the pandemic, their sales in FY 20 to 21 were ₹2.5 crores, and in FY 21 to 22, it was ₹4 crores. In the last month alone, they made a revenue of ₹25 lakhs. About 15% of their business comes from online sales, while the rest comes from offline sales.
In the Offline sales split, 50% is modern trade, 20% is HORECA and cinema halls, and 30% is general trade. They raised their first investment of ₹1 crore at a post-money valuation of ₹13 crores from angel investors in 2016. In 2017, they raised ₹3.2 crores from an institutional investor at a post-money valuation of ₹23 crores. In 2018 and 2020, they raised ₹13.5 crores at the post-money valuation of ₹67 crores. In FY 21 to 22, their annual burn was ₹1.5 crores.
As the pitch came to a close, the Sharks were impressed with Chetan and Jasmine's business acumen and the potential of their company. They started making offers and counter-offers, but in the end, it was Veenita who gave an offer of ₹1 crore for 8% equity at the valuation of ₹12.5 crores. Chetan and Jasmine deliberated on the offer, weighing the pros and cons of the deal. In the end, they decided to close the deal with Vineeta for ₹1 crore at 8% equity. They were happy with the deal and believed that Vineeta's expertise and network would help Green Snack Co grow to new heights.
In conclusion, Green Snack Co's appearance on Shark Tank India was a success, with Chetan and Jasmine securing a deal with Vineeta for ₹1 crore at 8% equity. The company's dedication to healthier snacking options and commitment to quality ingredients have resonated with customers, and its revenue growth is a testament to the effectiveness of its strategy.
ALIPPO LEARNINGS:
Here are some key takeaways from Green Snack Co's appearance on Shark Tank India that can help other businesses grow:
- Identify a gap in the market: Green Snack Co identified a gap in the market for healthier snacking options made from wholesome ingredients. They saw an opportunity to provide a solution to the evening snack problem, and this has helped them differentiate themselves from competitors.
- Pivot when necessary: The pandemic severely affected Green Snack Co's sales, but they pivoted and made a strong comeback. They focused on expanding their online sales and were able to reach more customers who wanted to change their lifestyles and make themselves healthier.
- Seek investment wisely: Green Snack Co has raised several rounds of funding, and each round has helped them scale their business. However, it's important to seek investment wisely and ensure that the terms of the deal are favorable to the company's long-term goals.
- Focus on quality: Green Snack Co's commitment to quality ingredients and no preservatives or MSG has resonated with customers. Focusing on quality can help businesses build a loyal customer base and differentiate themselves from competitors.
- Leverage networks: Vineeta's expertise and network were key factor in Green Snack Co's decision to close the deal. Businesses should seek out mentors and partners who can provide valuable insights and connections to help them grow.
