- Founders: Rithwik Ramesh and Basan Patil
- Business: Plant Based Diary
- Ask: ₹1.5 Crore for 2% equity
- Valuation/ Networth: ₹75 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 16
AltCo. Shark Tank India Pitch:
AltCo. is a plant-based alternative dairy and protein company. In their plant-based dairy products line, they offer oat milk, almond milk, soy milk, and Alt milk. According to the founders, these drinks are tasty, healthy, and creamy. In the second segment, they provide plant-based protein powder, ready-to-drink beverages, protein bars, and energy bars.
The founders claim that 70% of the Indian population isn’t aware that they are lactose-intolerant, and these products serve as good options for those people. AltCo. products are available both offline and online.
AltCo. Financial during Shark Tank:
The Indian plant-based dairy and protein market size is ₹1000 crores. They conducted their First Raise Round in Jun’22, raising ₹8.8 crores at a valuation of ₹35 crores. In the next round in Jun’23, they raised ₹6 crores with a valuation cap of ₹100 crores. They have a ₹3 crores capex for the plant, spent ₹5 crores on R&D expenditures, have ₹2.5 crores in the bank, and ₹3 crores in stocks and receivables.
Last month, in Nov’23, they made ₹1.1 crores in sales and incurred a burn of ₹45 lakhs. In FY22-23, their sales were ₹1.5 crores. As of FY23-24 (until Nov), they have made ₹6 crores in sales and expect to close the year with ₹10 crores, with a burn of ₹5 crores.
The MRP of the milk product is ₹299, from which the retailer margin is ₹90, the distribution margin is ₹30, ₹30 goes towards GST, ₹80 towards COGS, ₹40 towards salaries, and ₹35 is spent on marketing. Returns, wastage, and other expendables amount to ₹20. They have spent ₹1.5 crores on listing.
Who are founders of AltCo. ?
AltCo. is founded by Rithwik Ramesh and Basan Patil. They invested ₹4 crores to start the business, ₹2 crores each.
AltCo. Shark Tank India Negotiations & Funding:
Radhika does not feel trust and transparency as marketing is very confusing, and for that reason, she chooses to opt out. Ronnie Screwvala feels the founders do not have a clear vision and without a defined category, it will not go far, so he chooses to opt out. Peyush advises that they should find a strategic investor and a big institutional investor who can invest ₹50-₹100 crores and who has experience in this business. He thinks he cannot add that value, so he chooses to opt out of negotiations.
Aman thinks the price is too high, people do not have awareness of lactose, and it is too early; the market is not ready for this product, so he sidelines from negotiations. Anupam was not impressed by the founders’ vision to sell this in a compelling way.
How AltCo. is doing after Shark Tank India?
Our research on AltCo. revealed that despite not securing a deal on Shark Tank, the company is thriving as of February 2024. They have great number of followers on Instagram, 10.3k.
Although their financials are not yet public, we will update this article as soon as more information becomes available. In the meantime, you can explore their products by clicking the Amazon button below!
Thank you for supporting the blog as we make small commission on purchases done through the above link.
Source: Instagram @altco.
Here are other companies from Season 3 Episode 16.