- Entrepreneurs: Sashi kanth
- Business: Beverage
- Ask: ₹5 for 5% equity
- Valuation: ₹100
- Result: ₹5 for 5% equity
- Sharks: Anupam Mittal, Namita Thapar and Aman Gupta
Cocofit Shark Tank India Pitch:
In the captivating world of entrepreneurship, Cocofit stands out as a unique and resilient startup. Founded in 2019 by a trio of visionaries – Sasi Kanth Visinigiri, Sunil Kumar Tentu, and Pawan Kumar Seepana – Cocofit emerged from the heart of Hyderabad with a noble mission: to revolutionize the Indian coconut industry and offer health-conscious consumers natural and wholesome coconut-based products. Today, we delve into the inspiring narrative of Cocofit’s journey, from its inception to its present standing.
Cocofit embarked on its voyage with the purpose of harnessing the versatility and goodness of coconuts. The founders curated an impressive array of offerings, all centered around coconut as the star ingredient. Their product lineup spans coconut coolers, shakes, smoothies, sodas, ice creams, waffles, and signature beverages – a testament to their commitment to promoting coconut’s numerous health benefits. Operating through a franchise model, Cocofit has successfully established 31 outlets in seven states across India.
Cocofit’s moment in the spotlight arrived when its founders entered the den of the Sharks on the second episode of Shark Tank India Season 2. Their ask was unconventional, seeking a mere 5 rupees in exchange for 5% equity, effectively valuing their startup at 100 rupees. The founders masterfully conveyed the urgent need for their products in the Indian market.
They highlighted the disarray within the coconut industry, citing inefficiencies and a lack of options for consumers seeking fresh and hygienic coconut-based products. An additional point of distinction lay in Cocofit’s innovative packaging technique, which preserved the freshness and flavor of coconut products for an impressive six-month period. The Sharks were treated to samples of Cocofit’s offerings, which they found to be exceptionally pleasing.
Cocofit Shark Tank India Negotiations:
Naturally, the Sharks probed deeper into the business. They sought insights into Cocofit’s revenue, profitability, growth trajectory, and the intricacies of its franchise model. The founders revealed substantial figures, reporting a revenue of 3.1 crores in the previous fiscal year, with a gross profit of 2.4 crores and a net profit of 2.1 crores. Cocofit’s meteoric rise was evident, with a staggering year-on-year growth rate of 100%. Notably, they had secured two master franchises, entitling them to 50% of the profits generated by each unit franchise sold.
The Shark Tank panel was divided in their response. Ashneer Grover and Peyush Bansal exited the negotiation early, expressing concerns about Cocofit’s reliance on franchisees and the founders’ continuing commitment to their startup, as they had not yet left their full-time jobs. Conversely, Anupam Mittal, Namita Thapar, and Aman Gupta were captivated by Cocofit’s potential. They perceived it as a low-risk, high-reward opportunity, admiring the founders’ unwavering passion, innovative approach, and execution prowess.
After a round of negotiations, the trio of Sharks agreed to fulfill Cocofit’s initial request, offering 5 rupees for 5% equity. A deal was struck between Anupam Mittal, Namita Thapar, Aman Gupta, and Cocofit. The Sharks extended their congratulations to the founders for their impressive pitch and exceptional product, officially inducting them into the Shark Tank family. In return, the founders expressed gratitude to the Sharks for their trust and unwavering support, eagerly anticipating the journey ahead.
How is Cocofit doing After Shark Tank India?
While our research indicates that Cocofit’s deal with the Sharks did not come to fruition, the company has continued to flourish. Frequent updates on their social media platforms reveal their steadfast commitment to the business. Cocofit has made significant strides, proudly announcing the creation of India’s first and only coconut-based ice creams. Moreover, they have expanded their customer base, venturing into the United States, and concurrently are still expanding through their franchise model.
Source Instagram @Cocofit_India
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