How is FOMO Doing After Shark Tank India?

Founder/Owner: Avik Chaudhery and Gaurang Gadia
Business: Ice Tea Beverages
Ask: ₹35 lakhs for 4% Equity
Valuation/ Networth: ₹8.75 Crores
Funding: ₹35 lakhs for 6% Equity
Sharks: Anupam Mittal and Aman Gupta
Episode: Season 3 Episode 31

FOMO Shark Tank India Pitch:

FOMO produces freshly brewed iced teas that contain no refined sugar, preservatives, or concentrates. These iced teas are available in NANDO and Khan Chacha restaurants, corporate offices, and various marketplaces, as well as embassies. At the time of filming the episode, they were planning to launch milkshake mixes. The Peach Iced Tea is their best-selling product.

FOMO Revenue & Financials during Shark Tank India:

In April ’23, they had ₹2.7 lakhs in sales. The following month, sales increased to ₹4.4 lakhs, followed by ₹3.7 lakhs, ₹3.05 lakhs, ₹3.1 lakhs, ₹3.7 lakhs, and ₹3.4 lakhs in June, July, August, September, and October respectively. They have raised ₹15 lakhs at a valuation of 6 crores cap. As for sales split, 60% comes from HoReCa with a 30% gross margin, 30% from retail with a 50% gross margin, and the remaining 10% from online with a 65% gross margin.

Ritesh raised questions about where they want to allocate the funds, and the founder explained that out of the ₹35 lakhs, they plan to spend ₹10 lakhs on distribution and sales, invest ₹20 lakhs in working capital, and allocate the remaining ₹5 lakhs to R&D. They are projecting sales of ₹2.5 to ₹3 crores after investing ₹35 lakhs.

Who are founders of FOMO?

FOMO was founded by Avik Chaudhery and Gaurang Gadia. Gaurang is a 21-year-old pursuing a Master of Business Laws from NLU, Bengaluru, while Avik is also 21 years old and pursuing an Executive MBA from STOA, Bengaluru. Both of them have invested ₹8 lakhs each in the business.

FOMO Shark Tank India Negotiations & Funding:

Anupam advised the founders to focus exclusively on selling on quick commerce platforms and not to sell milk Pre-Mixes. He also made an offer of ₹35 lakhs for 7% equity. Ritesh and Namita wanted to come together and match the offer with Anupam. Amit made an offer to match Anupam’s. Aman joined Anupam and made the same offer. The founders requested a match with the asking offer. Anupam and Aman countered it with ₹35 lakhs for 6% equity. Ritesh and Namita matched Anupam’s offer. On the other hand, Amit also matched Anupam’s offer. The founder accepted Anupam and Aman’s offers.