How is First Bud Organics Doing After Shark Tank India?

Founder/Owner: Mitresh Sharma & Saroj Devi Sharma
Business: Spices
Ask: ₹50 Lakhs for 7% Equity
Valuation/ Networth: ₹7.14 Crores
Funding: ₹50 Lakhs for 5% Equity
Sharks: Ritesh Agarwal
Episode: Season 3 Episode 48

First Bud Organics Shark Tank India Pitch:

First Bud Organics procures organic produce directly from farmers across India, bypassing middlemen, and sells it online. Their product line includes Pickle, Chai Masala, Turmeric, Saffron and others. They have sold over 1 lakh units till date. The founders vision is to full fill all kitchen ingredient needs and they sought an investment of ₹50 Lakhs for 7% of the company valuing the business at ₹7.14 Crores.

First Bud Organics Revenue & Financials during Shark Tank India:

First Bud Organics has made a revenue of ₹1.5 Crores till November 2023 for FY23-24. The company closed last year with revenue of ₹80 lakhs. The founder also shared that they made ₹66 Lakhs in just last 3 months. 50% of their revenue comes from Amazon, 20% from their own website, 20% from CRED and rest from other marketplaces.

As for First Bud Organics unit economics, Their COGS comes to around 25%, commission and fulfillment takes another 35% and CAC is at 15% leaving them with 15% EBITDA after other expanses. They have total of around 20 SKUs. Their Hero product is Lakadong Turmeric which brings in 25% to the total revenue, 20% comes from Pahadi Honey, 20% Stevia , 15% Mango Pickle.

First Bud Organics have just started exporting their products to Dubai as well. The founder also added that they were not on quick commerce either but planning to launch there soon. The founders also shared that while they started with small investment of ₹2 Lakhs, so far they have invested total of around ₹25-20 Lakhs in this business. The company is completely bootstrapped at the time of their pitch.

The company had ₹8 Lakhs in liquid cash in hand while their pitch and has another ₹20 Lakhs worth of inventory as well.

First Bud Organics Shark Tank India Negotiations & Funding:

Aman was the first shark to go out citing it was bit too early for him to invest in this. Namita shared the same sentiment so she goes out as well.

Ritesh gives the first offer of ₹50 Lakhs for 10% of the business valuing the company at ₹5 Crores. Anupam goes out citing that he couldn’t match Ritesh’s offer. Amit offered ₹50 Lakhs for 10% but he asked 2% royalties until he makes his ₹50 Lakhs back. The founders accepted Ritesh’s offer without any hesitation.

Who are the founders of First Bud Organics?

Mitresh Sharma & Saroj Devi Sharma founded First Bud Organics. Mitresh is from Deogarh, Jharkhand.