- Founders: Sanandan Sudhir
- Business: Cookware
- Ask: ₹1 Crore for 1% Equity
- Valuation/ Networth: ₹100 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 1 Episode 34
On2Cook Shark Tank India Pitch:
On2Cook is an Indian Startup which appeared on Shark Tank India Season 1. The product has features of microwave and induction which help in simultaneous cooking. The founder claimed that this product was the fastest cooking device on the planet which can save upto 70% time against traditional cookware. Not only that, it also helps with energy savings of about 50%. The company sought an investment of ₹1 Crore for 1% of the equity valuing the business at ₹100 Crores.
On2Cook costs between ₹10,000 to ₹15,000 per device and the founder shared that they are planning to launch the product at ₹50,000. He added that their initial plan is to launch this device in the United States first. Its important to note that the company was still at pre-revenue stage at the time of their pitch.
On2Cook already has some term sheets of around $2.5 million at almost a ₹200 Crore valuation. The founder shared that it costs him ₹12 Lakhs to make one prototype.
On2Cook Shark Tank India Negotiations & Funding:
Vineeta was the first Shark To go out of On2Cook negotiations because as a principle, she did not invest in pre-revenue startups. Anupam felt like the founder liked the invention to much to a point where he is scared to launch it. He said that there would be some mindset and behavioural changes required which would take some time therefore he went out of the negotiations.
Ashneer goes out citing the product is not yet market tested to confirm if its even market fit. Peyush goes out citing the founder not have a hustler attitude. Namita goes out citing she donsn’t relate to the product and she doesn’t see herself as a customer as well therefore she goes out as well. Gazal goes out citing that the company lacked vision on where they want to go. Aman goes out citing similar reasons as other Sharks.
Who are the founders of On2Cook?
Sanandan Sudhir founded On2Cook. He added that he is not just a founder but an inventor of this product. He is a production engineer and has worked at different organizations in the past.
How is On2Cook doing after Shark Tank India?
Our research in the On2Cook revealed that despite not getting a deal on Shark Tank India, Business Wire reported that Sudhir has declared that his startup On2Cook India Pvt Ltd has secured seed funding of over 2 Million USD. The funding round was led by angel investor Dr Mayur Desai, who infused the first tranche of Rs 16 crore for 16% equity, reaffirming the startup’s valuation at 12.5 Million USD.
The company is still in business as of June 2024. The New Indian Express reported a comment from the founder –
The investors at Shark Tank are all B2C experts, they are good at selling imported products under Rs 3k to new consumers in tier two and tier three cities. It forms all of their core businesses. But they’re not experienced with innovation. One of them even asked me what ‘induction’ is,
Sanandan Sudhir
In July 2023, The company secured a pattern from several countries across the globe. Their product has gone into production and they are currently focusing on selling the devices to cloud kitchens. The company is hoping to launch a consumer version soon. While their products are not yet available you can check out other Shark Tank India Products by clicking the Amazon button below!
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Here are other companies from Season 1 Episode 33.