NutriCook Shark Tank pitch:
NutriCook, an innovative company in the culinary industry, focuses on producing cooking vessels that preserve the nutritional value of food. Their product line boasts specialties such as oil-free cooking and air fryer technology hacks, catering to health-conscious consumers. In India, NutriCook distinguishes itself by offering products superior in both shape and technology compared to traditional steel utensils. The company’s vessels prioritize customer utility with features like compact sizing, sleek designs, premium stainless steel finishing, non-stick coatings, and dishwasher compatibility.
The core vision of NutriCook India extends beyond merely manufacturing utensils; it aspires to revolutionize the culinary landscape by integrating technology and educating consumers about healthier cooking methods. Their goal is to ensure that the nutritional integrity of food remains intact even after cooking in their specially crafted vessels, encouraging the adoption of healthier eating habits among consumers. Their products are made with 316L surgical grade. Cookware base is made with different alloys which saves 50% gas. It also include cool handle with thermo-watch.
Their first financial year of FY19-20, Nutricook made ₹80 lakhs in revenue followed by ₹13 lakh in FY20-21 due to covid pandemic. FY21-22 sales were at ₹1 Crore with last month being at ₹8 lakh. Their price per set is ₹32,710 which sharks were not impressed with. Their cost of manufacturing is at 40% of selling price giving them 60% gross margin. They have 2 other companies competing in the same market but they have price advantage over other companies. Founders shared that they have invested over ₹4 Crores in the company so far. Their sales for FY22-23 are at ₹40 Lakh. Their net-profits for FY22 were at ₹5 Lakh.
NutriCook Shark Tank Negotiations and Funding:
Namita goes out citing its a high ticket price which have small market size in country like India. She adds that the health benefits are not significant enough to justify the price point. Aman goes out citing he is not interested in the product. Peyush goes out citing he wouldn’t be able to add any value to the company. Anupam goes out citing the same reasons a Peyush.
Vineeta was interested in the company and offers ₹50 Lakh for 10% of the company and rest as debt at 12% interest. She adds that its a non-negotiable offer. Entrepreneurs take a moment to think and present a counter offer to Vineeta of ₹1 Crore for 10% and rest as debt. Vineeta refuses the counter and sticks to her original offer. Nutricook accepts Vineeta’s deal of ₹50 Lakh for 10% of company and ₹50 lakh as debt at 12% interest and they shake hands on that.
Who are the founders of Nutricook?
P Ravi Kumar Reddy & Asha V M founded Nutricook. They have 23 years of experience in cookware industry.
How is Nutricook Doing after Shark Tank India?
Our research in the company revealed that their Shark Tank deal with Vineeta did not close after the show aired. As of December 2023, The company is still in business and thriving. After the show aired, the company has added multiple products. Currently, they have over 60 products listed on their website. Nutricook also launched Air Fryer which has been focused product of their campaigns in 2023. They are also focusing alot on their socials with over 50 thousand followers, their reels generate views between thousands to up to 20 million in some cases.
Source: Nutricook Instagram
Here are updates on other companies from Season 2 Episode 45.
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