- Founders: Yash Pradeep Sawardekar & Tulika Pradeep Sawardekar
- Business: Baverage
- Ask: ₹1 Crore for 5% equity
- Valuation/ Networth: ₹20 Crores
- Funding: ₹2 Crores for 15% equity
- Sharks: Deepinder Goyal
- Episode: Season 3 Episode 10
Goenchi Feni Shark Tank India Pitch:
Goenchi Feni is an Indian startup that appeared on Shark Tank India Season 3, Episode 10. Feni is a spirituous liquor type that originated in Goa around 500 years ago. Goenchi Feni is a new-age artisanal feni brand that produces the finest feni in India. Their feni is made from Cashew Apples and coconut flowers using traditional methods at their own farms. The company added that their feni has no additives, flavors, or sugar. They launched in April 2023 and were available in over 100 premium wine stores and retailers across Goa by the time of their pitch in October 2023. The founders sought an investment of ₹1 Crore for 5% of their company, valuing their business at ₹20 Crores.
Goenchi Feni had two products for sale: Coconut Feni and Cashew Feni. Both of these products retail at ₹1449. Out of this, ₹100 goes to the distributor, ₹190 goes to the retailer, ₹74 goes to taxes, and ₹620 is their cost of goods. Therefore, Their gross margins are at 42.8%. Additionally from this, they spend ₹180 on marketing and deducting ₹71 for income tax then leaving them with a net profit of ₹214 per unit sold. Further, They made ₹10 Lakhs in September 2023, and they are profitable on unit economics. What’s more is that they were completely bootstrapped at the time of their pitch.
Goenchi Feni Shark Tank India Negotiations & Funding:
Aman was the first shark to go out of Goenchi Feni negotiations due to him not being convinced that this company would be able to create a category at this stage. Vineeta liked the products and branding but goes out due to market size. She added a comment that this is a case of good entrepreneurs in the bad market. Namita didn’t feel like the business was investable; therefore, she goes out. Anupam was interested in the product and market but didn’t feel like entrepreneurs were targeting the right consumer, so he went out as well.
Deepinder asks if Goenchi Feni founders would be willing to come to Delhi every four weeks to meet him for breakfast, to which they agreed. He gives entrepreneurs a choice to pick one of the two offers. The first one was ₹1 Crore for 10%, and secondly, ₹2 crores for 15%. He added that these offers will be non-negotiable.
The founders take a moment to think and come back to decline the offer, but before that, other sharks on the panel interrupted and suggested them to take the deal. After some back and forth, the founders accepted the offer of ₹1 Crore for 10% as they wanted to keep more equity for themselves. To which Deepinder responds that ₹1 Crore for 10% is off the table, leaving them only one option of ₹2 crore for 15%. After some thought, the founders accepted that offer, and they close the deal at ₹13.33 Crore valuation.
Who are the founders of Goenchi Feni?
Brother-sister duo Yash Pradeep Sawardekar & Tulika Pradeep Sawardekar founded Goenchi Feni. They are based in Goa. Yash worked as a flight attendant in the past.
How is Goenchi Feni doing after Shark Tank India?
Our research into Goenchi Feni revealed that whether they closed their deal with Sharks is still unclear; while the early signs look promising. However, their appearance on the show have given them exposure to expand pan India. As of January February 2024, the company is still in business and thriving. While they are still only available in Goa as of writing this article, we will update this as more information about expansion and financials become available in the near future. For now, you can check out other Shark Tank products by clicking the Amazon button below!
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Source: Instagram @goenchifeni
Here are other companies from Season 3 Episode 10.