- Founder: Ravi and Anuja Kabra
- Business: Ice-Pops
- Ask: ₹45 lakhs for 5% equity
- Valuation: ₹9 Crore
- Result: ₹1 crore for 15% equity
- Sharks: All Shark Deal
- Episode: Season 1 Episode 6
Skippi Shark Tank Pitch:
Skippi was founded in 2020 by Ravi and Anuja Kabra, just before the COVID-19 pandemic hit. The pandemic posed a significant challenge for them, but in 2021, they witnessed a resurgence in their sales. Skippi is known for using natural flavor extracts from real fruits, natural colors, natural preservatives, and natural sweeteners, as claimed by both founders. They ship these ice pops in liquid form to prevent issues related to refrigeration during shipping. All the Sharks were impressed by the taste of the product and Skippi Business.
To kickstart the Skippi business, the founders invested around INR 55 lakhs.
Skippi-Shark Tank Negotiations:
At the time of the episode airing, they had achieved INR 7 lakh in sales within one month. The manufacturing cost to produce one ice pop is INR 5, and they sell it for INR 20, resulting in a distribution margin of INR 7 and a gross margin of INR 8.
All of the Sharks expressed strong interest in the product, but Anupum was the first to offer the same deal that they had proposed. In response, Ashneer and Namita made an offer of INR 60 lakhs for a 5% equity stake. Subsequently, Anupum, Vineeta, and Aman countered with an offer of INR 60 lakhs for a 6% equity stake.
Ravi asked if all the Sharks could come together to make an offer. On behalf of all the Sharks, Anupum presented a final offer of INR 1 crore for a 15% equity stake. Ravi and Anuja Kabra accepted the deal.
Skppi was the first company to get a Five Shark deal!
How Skkipi Ice Pops doing after Shark Tank:
Our research has revealed that the deal with sharks went through and Skippi’s sales experienced a remarkable growth of approximately 40 times after their appearance on the Shark Tank episode. The company stated that their monthly sales have surged to INR 2 Crore, with over 20,000 online orders being processed. Additionally, Skippi has received recognition by winning both the Small Business Award and the Economic Times Award for Corporate Excellence.
As of November 2023, Namita shared on her social media that Skippi closed their FY22-23 at ₹25 Crores in Sales and has already made ₹25 Crores for FY23-24. Last year, in August, Skippi introduced Skippi freezer bikes for franchises.
The India Times reported in May 2024 that the brand has raised a pre-series A round with ₹10 crores in funding and is in advanced talks to raise another ₹7 Crores in the Same round as well. The founder shared in the same article that they are aiming for a topline of around ₹400 crores in the next 3 years. Notably, the company was aiming to cross ₹70 Crores for FY25.
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Image source: @myskippi Instagram
Here are other companies from Season 1 Episode 6.
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