- Entrepreneurs: Vinit Govinda Patil, Geeta Govinda Patil & Darshil Anil Savla
- Business: Snacks/Food
- Ask: ₹40 Lakh for 2.5% equity
- Result: ₹40 Lakh for 4% equity
- Sharks: Peyush Bansal, Anupam Mittal
Shark Tank Pitch:
Geeta started her business at home with just 500 rupees. In 2020, she decided to take a big step with the help of her son. Together, they created a website overnight, giving birth to the Patilkaki brand. The brand’s focus is on snacks that bring back memories of home. In their presentation, they explained the two types of snack markets: local and branded. The local market is dominated by vendors using unsanitary practices, while branded snacks often contain unwanted preservatives. Patilkaki aims to solve these problems.
They have already gathered over 18,000 customers and aspire to make their homemade snack brand known throughout the country. They secured 7.5 lakhs in a friends and family round at a 10 crore valuation. Two months before pitching on Shark Tank, they raised another round, securing 29 lakhs from Angels at the same valuation. Their gross margin is 55%, with approximately 25% allocated to marketing. They closed the FY21-22 year at 1.4 crores, and year-to-date sales reached 1.02 crores, with an expected year-end total of 3 crores. They achieved a profit of around 6 lakhs in the last month.
Patilkaki Shark Tank Negotiations:
The first concern was about the shelf life of their best-selling product, Modak, which the entrepreneur explained could only be scaled up as a cloud kitchen. Anupam made the first offer of 40 lakhs for 4%, followed by Vineeta at 40 lakhs for 10%. Aman also offered 40 lakhs for 5%. Namita believed other sharks could offer better help and exited. Peyush joined Anupam with the same valuation.
Geeta asked if everyone would like to come in together, but Aman didn’t want to be part of an all-shark deal. However, he matched Peyush and Anupam’s offer of 40 lakhs for 4%. After some discussion, they reached a deal with Anupam and Peyush. Let’s see what happens after the Shark Tank episode.
How is Patilkaki doing after Shark Tank:
It appears the deal with the sharks went through, and as of September 2023, the company is thriving. They have expanded their offerings to include different snacks like Laddos, healthy snacks, and traditional treats. While there aren’t many updates on their social media, some sources revealed that their website crashed after the Shark Tank episode aired due to a surge in traffic, often referred to as the “Shark Tank effect.”
Image Source: Patilkaki Instagram
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