How is Fit & Flex Doing After Shark Tank India?

Founder/Owner: Pathik Patel
Business: Snacks
Ask: ₹1 crore for 3% Equity
Valuation/ Networth: ₹33.33 Crores
Funding: No Deal
Sharks: No Deal
Episode: Season 3 Episode 40

Fit & Flex Shark Tank India Pitch:

Fit & Flex is an Indian startup which appeared on Shark Tank India Season 3 Episode 40. They specialize in making oat-based breakfast cereal and snacking products. Their product range includes Mini Bites, Granola, Multigrain Mixture, Muesli & Oats. Their products also include added prebiotic fibers, real freeze-dried fruits, premium nuts & seeds. Also, they have low added sugar compared to their competitors. The founders shared that they also have a state-of-the-art manufacturing facility which is only accessible to 4 brands worldwide. Also, This facility has European machinery with innovative baking technology. The founder sought an investment of ₹1 crore for 3% of the company valuing the business at ₹33.33 crores.

Fit & Flex’s founder shared that the machinery they have cost ₹15 crores, which is why competitors have barriers to getting the same machines. Further, They have a total of 35 SKUs. Their hero product is Mango Coconut Granola. They are available in over 6000 offline retail outlets and they also sell through marketplaces. Also, 70% of their business comes from offline stores. They are also available in around 500 stores in UAE, which would increase to 750 in the next few months.

Fit & Flex’s Revenue & Financials during Shark Tank India:

Fit & Flex was started in December 2019. They made ₹12 lakhs in FY19-20. This jumped to ₹2.28 crores in FY20-21 followed by ₹2.90 crores in FY21-22. They closed last financial year with revenue of ₹4.6 crores. For FY23-24, they have made ₹3.85 crores till September and they are hoping to close the year at ₹8 crores. They have a profit margin of 7-8%. They also do private labeling for other brands, which brings in an additional 15% in revenue.

Fit & Flex priced their power Oats at ₹250. 25% of the revenue goes to COGS, 32% is their distribution margins, 18% goes to GST, 4% is logistics, 8% goes to salaries, and 6% is spent on marketing, leaving them with EBITDA of 5%. Moreover, The company is completely bootstrapped and has outstanding debt of ₹6 crores. The founder has invested ₹14-15 crores in this business of his own money.

Fit & Flex Shark Tank India Negotiations & Funding:

Aman and Vineeta go out citing a conflict of interest due to the founder having to take care of 3 businesses. Further, Deepinder goes out citing that the company was making false claims by writing healthy on their packaging. Anupam shared the same sentiment, therefore he goes out as well.

Namita gives the first and only offer of ₹25 lakhs for 2.5% of the company and the rest as debt at 10% interest for 3 years. This offer comes with the condition that machines will be part of a new entity where Namita will come as an investor which Pathik refused so Namita pulled the offer out. Fit & Flex walked out of the tank without a deal.

Who is the founder of Fit & Flex?

Pathik Patel founded Fit & Flex. He is from Ahmedabad. Pathik is a marathon runner. He also has a business in the cotton and chemical industry which generates annual revenue of ₹700-₹800 crores.