How is FarmDidi Doing After Shark Tank India?

Founder/Owner: Anukrit Johari, Manjari Sharma & Asmita Ghodeshwar
Business: Pickle
Ask: ₹50 lakhs for 2% Equity
Valuation/ Networth: ₹25 Crores
Funding:₹1 Crore for 10% Equity
Sharks: Peyush Bansal & Vineeta Singh
Episode: Season 3 Episode 45

FarmDidi Shark Tank India Pitch:

FarmDidi trains women from rural areas regarding farming business through their app. They also visit villages to teach them how to make quality and hygienic food products. They have over 1,500 women associated with them, and they call them “Didis.” Out of these, they have trained over 70 women to be FarmDidis. The founders sought an investment of ₹50 lakhs for 2% of the company, valuing the business at ₹25 crores.

The founders shared that with FarmDidi, their Didis can make a monthly income between ₹5000-10,000. Their best-selling product is Mango Pickle. They also have Chilli pickle, Lemon Pickle, Karela pickle, and more. Furthermore, FarmDidi has signed an MoU with the Maharashtra government to work with self-organized groups. They organize online meetings with those groups to give them training and also visit them in person. They also send their pre-mixes for consistent taste of their pickles.

FarmDidi’s Financials and Revenue during Shark Tank India:

FarmDidi shot their pitch in December 2023, and their last three months’ revenue stood at ₹6 lakhs for September, ₹7.6 lakhs in October, and ₹10.1 lakhs in November. They started in June 2022 and made ₹55 lakhs in their first financial year, which was FY22-23. So far for this year, they have made ₹60 lakhs and are projecting to close the year at ₹1.5 crores.

FarmDidi’s website brings in 50% of the total revenue, 30% comes from marketplaces, and 20% from other sources. Also, Their return on Ad spend is around 3 on their website and around 2.8 on Amazon. FarmDidi’s products are sold at almost 100% premium pricing when compared to competitors. Their conversion rate on the website is around 6%.

FarmDidi products have a gross margin of 65%. The founder shared that they spend about 35% on marketing, 15% on logistics, 7% goes to damages and overheads, giving them a contribution margin of around 8%. Further, The company has a monthly burn rate of around ₹4 lakhs. The company has already raised ₹1.33 crores in funding from some angels and IIM Kolkata’s incubation fund at a valuation of ₹20 crores. They also raised ₹43 lakhs at a ₹10 crore valuation in January 2022.

FarmDidi Shark Tank India Negotiations & Funding:

Namita was the first shark to go out, citing she couldn’t make sense of the valuation when compared to the revenue of this company. Anupam gives the first offer of ₹50 lakhs for 10% of the company, valuing the venture at ₹5 crores. Peyush asked if he can partner with Anupam, which he accepted. Aman goes out citing there were good offers on the table already.

Vineeta liked the mission and product of the company, and she wanted to do a solo deal, so offered ₹50 lakhs for 5% of the company, doubling the valuation previously offered by Peyush & Anupam. Anupam goes out as he couldn’t match the valuation. Peyush goes solo for ₹50 lakhs for 10% still. The founders take a moment to think and come back to ask if they could both come in together. Peyush and Vineeta come together at ₹1 crore at a ₹20 crore valuation, but they both will take 5% equity each, and the rest of the equity will be drawn as advisory shares. The founders accept that offer, and they shake hands on that.

Who is the founder of FarmDidi?

Anukrit Johari, Manjari Sharma & Asmita Ghodeshwar founded FarmDidi. Anukrit is from Lucknow, Asmita is from Amravati, Maharashtra and Manjari is from Bahadurgarh, Haryana. Asmita graduated in Computer Science from Amravati University. She has spent 16 years working in IT. Manjari has done an MBA from IIM Kolkata, and Anukrit has also done an MBA from IIM Kolkata as well.