In a world where fast food and junk food have become the norm, two young entrepreneurs from Pune, Pranav Korke and Karan Korke, decided to challenge the status quo and start a healthy snacking company called The Healthy Binge. Their mission was to create delicious and nutritious snacks that people could indulge in without feeling guilty.
On a recent episode of Shark Tank India, the brothers presented their business to a panel of investors, hoping to secure funding to take their company to the next level. The sharks were impressed by the company's commitment to using healthy ingredients and creating snacks that were 100% vegetarian, gluten-free, and baked with zero cholesterol.
The Healthy Binge offers a variety of snacks made from jowar, bajra, millets, ragi, and quinoa. Their products are high in dietary fiber, iron, protein, and calcium, making them an excellent alternative to traditional snacks that are high in sugar, salt, and unhealthy fats.
Despite being a relatively new company, The Healthy Binge has already sold more than 13 lakh packets of snacks. Their products are available on their own website as well as on 15 other marketplaces, including Amazon, Flipkart, and Big Basket. Pranav and Karan asked for 50 lakhs for 5% equity in their company, which they valued at 10 crores. The sharks were impressed by the company's growth and the quality of their products, but they also had some concerns about the company's financials.
The brothers revealed that their lifetime sales were 56 lakhs rupees, with sales of 11 lakhs rupees in the previous month. However, the company was not yet profitable, and they were burning cash every month. The sharks were worried about the sustainability of the business and asked about the company's marketing and distribution strategies. Pranav and Karan explained that they were spending around 10% of their revenue on marketing and that their sales were split 60% online and 40% offline. They also revealed that they had invested 1 crore rupees in setting up their factory and that they had raised 1.13 crore rupees in a capital round from friends and family.
Despite their concerns, the sharks were impressed by the company's potential and the quality of their products. Aman and Peyush, two of the sharks on the panel, made a counteroffer of 50 lakhs rupees for 5% equity in the company. After some negotiation, the deal was finalized with Aman and Peyush for 50 lakhs rupees in exchange for 5% equity at a valuation of 10 crore rupees. The sharks were excited to partner with Pranav and Karan and help them take their business to the next level.
The Healthy Binge is a company that is not only dedicated to creating healthy snacks but also to promoting a healthier lifestyle. By offering delicious and nutritious snacks made from natural ingredients, they are providing a better alternative to traditional junk food. Their commitment to quality and sustainability has made them a favorite among health-conscious consumers, and their partnership with Aman and Peyush is sure to help them reach even greater heights.
In conclusion, The Healthy Binge is a company that is making a difference in the snacking industry by offering healthier alternatives to traditional junk food. Their commitment to using natural ingredients and creating snacks that are high in nutrition has made them a favorite among consumers. With the help of their new partners, Aman and Peyush, they are poised to take their business to the next level and continue to make a positive impact on people's health and well-being.
ALIPPO LEARNINGS:
There are several key learnings that businesses can take away from Barosi's pitch on Shark Tank India that can help them grow:
- Focus on quality: The Healthy Binge's commitment to using high-quality, natural ingredients has set them apart in the snacking industry. Businesses should prioritize quality over quantity and focus on delivering products that meet or exceed customer expectations.
- Invest in marketing: Marketing plays a crucial role in the success of any business. The Healthy Binge allocates 10% of their revenue to marketing, which has helped them reach a wider audience. Businesses should invest in marketing strategies that align with their brand and target audience.
- Diversify distribution channels: The Healthy Binge's products are available on their own website and multiple marketplaces, which has helped them expand their reach. Businesses should consider diversifying their distribution channels to reach a wider audience and reduce dependence on a single channel.
- Control costs: Despite their rapid growth, The Healthy Binge has not yet turned a profit and is burning cash every month. Businesses should closely monitor their expenses and find ways to control costs without compromising on quality or growth.
- Partner with the right investors: The Healthy Binge's partnership with Aman and Peyush is a testament to the importance of finding the right investors. Businesses should seek out investors who share their vision and can provide not only funding but also expertise and resources to help them grow.
