Funngro Shark Tank Pitch:
Funngro, founded by Payal Jain, Anik Jain, and their teenage daughter Vea, is a pioneering platform connecting teenagers aged 14 to 20 with age-appropriate earning opportunities in content creation, social media marketing, research, and app testing. The platform aims to introduce teens to diverse employment choices, foster entrepreneurial pursuits, impart business skills and financial literacy, and nurture critical thinking abilities. With its emphasis on empowering young minds, Funngro stands as a unique gateway for teens to explore the world of work while honing their skills and independence.
They had over 40,000 users on their platform and over 170 registered companies. Majority of their companies are coming from Digital marketing, EdTech & Gaming and B2C Industries. They take 10% cut from all projects. Currently their monthly revenue is at ₹1.5 Lakhs and they are spending ₹2.5lakh per month giving them monthly burn of ₹1 Lakh.
Funngro Shark Tank Negotiations and Funding:
Anupam goes out commenting that he couldn’t make sense how a pre-revenue company have a valuation of ₹40 Crores. Peyush believe that this is a hardcore tech business but because that was not major focus of the founder, He goes out of the negotiations. Aman didn’t connected with the cause ethically therefore he goes out.
Namita disagreed with Aman and was interested in the company and investment. Amit shared the same sentiment and they both come together for an offer of ₹25 lakh for 10% and rest as a debt. Founders mentioned that they raised last round at ₹20 crores therefore they wouldn’t be able to proceed with this offer. Following this, Sharks revises their offer to ₹12 Crore valuation which comes to 4.16% for ₹50 Lakhs. Founders accept that offer without any hesitation.
Who are the founders of Funngro?
Payal Jain, Anik Jain, and Vea Jain founded Funngro in 2021. Anik is a graduate from IIM Calcutta and co-founder and CEO of another venture called Symbo Insurance. Payal is also an IIM Calcutta graduate and worked as a Customer Success Director in Worldline Global.
How is Funngro doing after Shark Tank India?
Our research in the company revealed that their Shark Tank deal with Amit and Namita did close after the show aired. In a conversation with Surya Tiwari, Payal Jain shared that their experience on shark tank was good and it made a difference. She added that even after over 6 months of airing, they are still enjoying he perks of show.
In another interview she shared that Amit jain and his entire team has been very helpful and even Amit has taken some time to look at their application and give them feedback. After the show in April when company shared their numbers, They had over 6 lakh users and over 2000 companies onboard. Payal added that they have close to 20 people working in their team.
Source: Funngro Instagram
Here are updates on other companies from Season 2 Episode 43.
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