Dobiee Shark Tank Pitch:
Dobiee is a confectionary brand which focuses on different kinds of candies for the masses. The company’s founders shared that the market for their product is over ₹20,000 Crore. They also have double flovoured candies which are sold in different sizes. Their unique product lineup also includes Toy Candies in which Toys come with a different assortment of Candies. Since their inception in 2021, They have sold over 9 Lakh packets. Dobiee is available across 9 states in over 50 thousand retail outlets. They are also moving to Amazon in near future. They sought investment of ₹72 Lakh for 2% of the company.
Dobbie has done over ₹4 Crores in the last 15 months. They have an in-house manufacturing advantage. Their last month’s sales were at ₹32 Lakhs. This came through agents to focus on certain areas and distribute their products through them. A ₹100 MRP product costs ₹22 to make and sold to distributors at ₹45 giving Dobbie a Gross Profit of ₹23. Therefore, Their Net margin comes to at around 10%.
Dobiee Shark Tank Negotiations and Funding:
Peyush goes out of the because of challenges with their category even though he liked the entrepreneurs. Aman also goes out for similar reasons. Namita also follows the other sharks lead and steps out of the deal because she also morally disagrees with Candy Market.
Amit was interested in the company and offered ₹40 lakh for 5% of the company and the rest as debt@11% interest. Anupam put out a second offer due to his interest in the company’s Toy Candies as he felt that could be a bigger business in the long term. Anupam offered ₹72 lakh for 11% of the company. He also added that this would be his final offer. Founders counter at ₹72 lakhs for 5% of the company. To which, Anupam counters that at 9%, Amit offers at 7%. Lastly, Founders asks if they can both come together on the deal to which Sharks revises their offer to ₹72 lakhs for 10% of the company.
Founders go out of the tank for a bit to discuss their stand and come back to counter Amit for ₹72 Lakhs for 6% of the company. Anupam goes out of negotiations after hearing that. Aman suggested Amit close it at 6.5% which he agreed to and offered entrepreneurs ₹72 Lakhs for 6.5% of the company. Founders accept that deal without any hesitation giving the company a valuation of ₹11.8 Crores.
Who are the founders of Dobiee?
Arjun Mukesh Dharamshi & Mukesh Dharamshi, Father son dou founded Dobbie in Bombay. Mukesh worked in Candy shops in past and then started his own business of making white-label candies. Arjun is a mechanical engineer and studied in France.
How is Dobiee doing after Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Amit did close after the show. Arjun shared some stats in conversation with Amit Bhandari that they have seen a 7X growth after the show. He added that before the show the sales were at around ₹30 Lakh and their sales are over ₹1 Crore per month in just 2 months after the show. Interestingly, He shared that the demand for their candies is huge and they are only able to fullfill about 30% of it with their current capacity. Not only shark Tank brought new consumers for them but demand from their existing vendors have also increased exponentially.
As of December 2023, Dobiee is still in business and growing. In season 3 update, The company shared that their profit has seen a jump from 5% to 12% after the shark tank. They were aviailbe in 50,000 offline retail outlets which has grown to over 90,000 outlets & sales have seen an average of 2.5X growth overall as the company is doing about ₹60 Lakhs per month now.
Source: Instagram @dobieefoodsindia
Here are other companies from Season 2 Episode 8.
FastBeetle
Update coming soon!
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