- Founder/Owner: Soruv Sachdeva & Richa Sachdeva
- Business: Snacks
- Ask: ₹90 Lakhs for 2.5% Equity
- Valuation/ Networth: ₹36 Crores
- Funding: No Deal
- Sharks: No Deal
- Episode: Season 3 Episode 34
Sorich Shark Tank India Pitch:
Sorich is an Indian startup which appeared on Shark Tank India Season 3 Episode 34. The company focuses on giving people healthier snacking options. Their products are made using healthy and nutritious ingredients. Also, Their product range includes peanut butter, energy bars, roasted seeds, nut mixes, and seed mixes. Since they do not fry any ingredients, they preserve their nutritious value. They have over 20,000 customers by the time of their pitch. Moreover, They make their products with no palm oil, no maida, and no sugar. The founders sought an investment of ₹90 Lakhs for 2.5% of the company valuing their business at ₹36 Crores.
Sorich has a total of 67 SKUs in their roster. Also, The founders shared that some of their products are exclusive to quick-commerce sites like Amazon, Nykaa, Flipkart & Smytten. Equally Important, They manufacture their products in-house, which gives them a competitive advantage in the market.
Sorich’s Revenue & Financials during Shark Tank India:
Sorich made ₹7.06 Crores in revenue for FY22-23. In FY 21-22, they clocked the revenue of ₹6.3 Crores and ₹10.14 Crores a year prior. They are hoping to close this year at ₹7.5 Crores in revenue. In October 2023, The company made ₹55 Lakhs in revenue. Further, The founders added that they have a burn rate of 5%. Also, They have a gross margin of 48%. The Sorich founders have invested ₹1.9 Crores so far into this venture, and they shared that they are currently at a net loss of ₹2 lakhs versus their lifetime sales. The company is completely bootstrapped.
Sorich Shark Tank India Negotiations & Funding:
Anupam was the first shark to go out because he couldn’t figure out how the founders will scale this business. Also, Azhar suggests entrepreneurs to rethink their strategies and maybe close this business in the current state. Due to this, he goes out. Further, Vineeta goes out citing that there is a weakness in the team regarding sales and marketing. Aman felt like the company doesn’t need an investment, therefore he goes out. Peyush goes out but he suggests the founders to bring in a sales guy as they have a good product. Unfortunately, Sorich walked out of the tank without a deal.
Who are the founders of Sorich?
Soruv Sachdeva & Richa Sachdeva founded Sorich. They are from Delhi.
How is Sorich doing After Shark Tank India?
Our research on Sorich revealed that despite not getting a deal on Shark Tank India, their appearance on the show still had a positive impact on the business as it gave them nationwide exposure which in turn would generate sales. You can also check out their products by clicking the Amazon button below!
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Source: Instagram @sorich.in
Here are other companies from Season 3 Episode 34.