GROWiT Shark Tank India Pitch:
GROWiT is a startup that produces products to increase yield and help with protective farming. Their products ensure the consumption of water, pesticides, and fertilizers is reduced by 50%. In addition to that, it also prevents weed growth. They also claim to increase crop yield and quality, therefore increasing farmers’ income by 50-100%. They have helped over 15,000 farmers in 4 states across India. The founders’ vision is to create awareness about protective farming in India and therefore provide farmers with their products to help grow their yield. The company sought an investment of ₹1 Crore for 1% Equity, asking for a valuation of ₹100 Crores.
GROWiT Shark Tank India Financials:
The founders shared a staggering number that the Mulching Market Size in India is between ₹450-₹500 Crores, which still only represents 2% of total farmers. Further, They have made over 70 Demo farms to convey their message to farmers. Also, They have 18 products in total. They are also India’s first company that buys back their plastic films to reduce environmental impact. Akshay shared that they have bought back ₹40 lakhs worth of plastic so far which is being recycled. As for pricing, Mulching costs between ₹12,000-₹15,000 per acre.
Mulching film makes the majority of their business at the time of the pitch which contributes to almost 80% of the total revenue. GROWiT made ₹20 Crores in sales in FY21-22. In addition to that, They have done ₹13 Crores in the first six months of FY22-23 and they are projecting to close the year at around ₹40 Crores.
60% of their sales come from B2B and the rest comes from their franchise model. Their B2B gross margin is at 22%, and EBITA comes to around 5-6% after all expenses, giving them 2-3% of profit after tax. However, Their B2C business is EBITA positive and net profit negative. The founders have already raised a round of ₹3 Crores in March 2022 at ₹50 Crore valuation where they diluted 6%.
GROWiT Shark Tank India Negotiations & Funding:
Namita put out the first offer because she was interested in the market. She offered ₹50 Lakhs for 1% of the company & ₹50 Lakhs as debt at 10% interest. She added that she is also open to negotiations. Anupam liked the cause but he didn’t like the business and thought this would get commoditized; therefore, he went out. Amit shared the same sentiment and went out of the deal as well. Aman goes out due to similar reasons as well but he suggests founders to dig deeper on how they can educate farmers.
Peyush was interested in the business but suggested that the company needs to aim higher. He asked Namita if he can join her offer which she accepted. The founders thanked for the offer and wanted to counter which sharks declined. Finally, Saurabh and Akshay accepted that offer, and they shook hands on that.
Who are the founders of GROWiT?
Saurabh Agarwal & Akshay Agarwal founded GROWiT. Saurabh shared that they are third-generation entrepreneurs and he has done his education at Cardiff University in the United Kingdom. Akshay has done engineering from the University of Massachusetts in Boston, USA.
How is GROWiT doing After Shark Tank India?
Our research in the company revealed that their Shark Tank India deal with Namita & Peyush was finalized and closed after the show aired. In October 2023, The founders shared that their sales have surged by 70% since their appearance on the show and they are finally EBITA positive. Saurabh Agarwal added that:
“We(GROWiT) recently developed and presented our new product to Namita ji. It is a soil testing device that provides valuable data on soil quality and recommendations in regional languages for crop selection.”
Saurabh Agarwal on LinkedIn
As of January 2024, The company is still in business and thriving. Saurabh shared that they have empowered over 10,000 farmers in 2023.
Source: Instagram @growit_india
Here are other companies from Season 2 Episode 40.
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