Tiggle, featured on Shark Tank India Season 3, is a brand that creates ready-to-make chocolate mixes with finely roasted cocoa for enhanced taste. Founded by Anuva Kakkar in April 2021, Tiggle aimed to bring a hot chocolate revolution to the country. Anuva, a Bachelor of Business Administration graduate, began her career as a content writer and later freelanced as a Marketing Manager. Facing challenges in selling her delicious hot chocolates initially, she pivoted during the lockdown, launching Tiggle online in November 2020, and partnering with cocoa farmers in Tamil Nadu. Also, you can enroll in the chocolate making course at Alippo.
|₹ 50 lakhs for 5% equity
|₹ 50 lakh for 20% equity + 2% royalty
|Peyush Bansal and Amit Jain
All About the Pitch
Anuva's entrepreneurial journey reached Shark Tank India Season 3, where she presented Tiggle's products. The Sharks were impressed with her business acumen and tasty products. Anuva sought a 50 lakh investment for a 5% equity stake. Amit Jain made an offer of 20 lakh for 5% equity and 30 lakh as a loan with a 15% interest rate for three years. Peyush countered with an offer of 50 lakh for 20% equity and a 1% royalty until 1 Cr is recovered, later joined by Amit, increasing the royalty to 2%. Anuva proposed a counteroffer of 15% equity, but Peyush declined. The final deal was sealed with Peyush and Amit investing 50 lakh for a 20% equity stake, along with a 2% royalty until 1 Cr is recouped.
Takeaways from the Pitch
From Anuva Kakkar's pitch on Shark Tank India, we can identify several key entrepreneurial skills and lessons:
1. Resilience and Adaptability: Anuva faced challenges initially but showcased resilience by adapting her business strategy during the lockdown, shifting to an online model and partnering with cocoa farmers.
2. Market Understanding: Anuva demonstrated a deep understanding of her target market by realizing the limitations of selling outside metros and malls. This led her to explore partnerships with kiosks and eventually launch Tiggle online.
3. Strategic Partnerships: Partnering directly with farmers in Tamil Nadu for high-grade cocoa showcased Anuva's ability to form strategic alliances, ensuring the quality of her product.
4. Effective Communication: Anuva effectively communicated her business journey, product uniqueness, and growth strategy, capturing the Sharks' attention and gaining their trust.
5. Financial Acumen: Anuva's strong grasp of her business numbers impressed the Sharks, highlighting her financial acumen and awareness, a crucial skill for any entrepreneur.
6. Adaptation to Feedback: Anuva's ability to adapt and consider offers from the Sharks, ultimately closing a deal with Peyush and Amit, reflects her openness to feedback and willingness to negotiate for the success of her business.
7. Passion and Zeal: The Sharks praised Anuva's entrepreneurial zeal, emphasizing the importance of passion in driving a business forward. Her dedication to creating a hot chocolate revolution in the country resonated positively.
8. Negotiation Skills: Anuva engaged in negotiation with the Sharks, making counteroffers and decisions that resulted in a final deal. This showcased her negotiation skills and the ability to navigate a high-pressure environment.
By observing Anuva Kakkar's pitch, aspiring entrepreneurs can learn valuable lessons in resilience, market understanding, effective communication, and the importance of strategic partnerships in building a successful business.