- Founder: Kirty Datar & Milind Datar
- Business: Sugarcane Products
- Ask: ₹1 Crore 2.5% Equity
- Valuation: ₹40 Crore
- Result: No Deal
- Sharks: No Deal
- Episode: Not Aired
To build a brand based on sugarcane products, Canebot was created in 2012. They have sold over 28 lakh juice glasses from their outlets. COVID made them pivot, and they moved to a bottled production model with a shelf life of 1 year. They also have a sugarcane robot called Canebot, which can serve fresh juice. The vision of the company is to serve sugarcane juice in a fresh, natural, and hygienic way to everyone.
They started with a service model and had 15 outlets which made 2 crores in FY19-20, whereas the new model’s lifetime revenue is at 15 lakhs, with the last month being at 30 thousand. The product retails at ₹70 and costs ₹20 to make. Canebot is made and designed in India, and the company has patented the technology.
Shark Tank Negotiations:
The sharks loved the taste, but Gazal asks how it is being preserved. Kirty responds that they have done a lot of research to get here. Anupam asks how they are planning to distribute it as it needs to be at -80 degrees to maintain its freshness, and there is a cold chain problem. Kirti responds that it’s not been an issue so far. Namita brings up that the taste was too sweet. Kirti responds that sugar enhances if you serve the item chilled.
Gazal says that they are trying to do too much at once, so she goes out of the deal. Peyush follows the lead and says that it’s too early, plus not investable, so he goes out. Anupam says it’s too expensive for the mass market, and distribution is a challenge, so he goes out as well. Vineeta agrees with the other sharks that they are losing focus by doing too much and goes out. Namita adds that the product was not relatable to her as it was too sweet, and the valuation is too high for the revenue and takes an exit from the deal as well.
Do you think the sharks made the right choice by not investing? Let’s find out!
How is Canebot doing after Shark Tank?
Our research on Canebot revealed that the company is still in business. They seem to still be working on the Canebot robot to deliver fresh juice. But as the pandemic is gone, their outlets have opened back up, providing them with a good revenue stream. In addition to this, they have also made Canebot vending machines that serve cane juices to the masses.
Image source: Canebot Instagram