- Founder/Owner: Akashdeep Dan and Sundeep Singh
- Business: Pancakes
- Ask: ₹60 lakhs for 2% equity
- Valuation/ Networth: ₹40 Crores
- Funding: ₹60 lakhs for 3% equity + 3% royalties until ₹1.2 Crores recouped
- Sharks: Namita Thapar, Vineeta Singh & Anupam Mittal
- Episode: Season 3 Episode 27
Uncle Peter’s Pancakes Shark Tank India Pitch:
Uncle Peter’s Pancakes is an Indian startup which appeared on Shark Tank India Season 3 Episode 27. They specialize in pancakes and claim to be India’s first authentic pancake brand. They operate through cloud kitchens and restaurants. The company have over 15 varieties of pancakes on their menu. Their pancakes are also available in healthy, gluten-free, and vegan options. Additionally, all their products are 100% eggless. By the time of their pitch, they had served over 15 lakh pancakes and had 40 outlets in 15 cities. The founder’s vision is to create the biggest homegrown pancake brand in India, and to fulfill this, they sought an investment of ₹60 lakhs for 2% equity.
Uncle Peter’s Pancakes Financials & Revenue during Shark Tank India:
Uncle Peter’s Pancakes started in 2019 with their first cloud kitchen outlet in Bangalore. They have since opened 11 more cloud kitchens across India and 15 other locations in quick-service restaurants & 3 kiosks. Out of these, 5 outlets are company-owned and the rest are franchises. Cloud kitchens get around 11% EBITDA after all expenses and franchise fees, while QSR’s have an EBITDA of around 20% after paying royalties. The average capital required to open 1 QSR is around ₹12 lakhs, including ₹5 lakhs franchise fees. The founders added that restaurants usually make the initial capital back within 15-18 months.
Uncle Peter’s Pancakes’ single franchise restaurant makes revenue of ₹5-₹5.5 lakhs per month. 30% of that goes into food and packaging costs, 10% goes to rentals, 10% goes to manpower, 8% in marketing, 2% miscellaneous costs, 5% royalties & 15% online sales commission, leaving them with 20% EBITDA.
Uncle Peter’s Pancakes has a lifetime revenue of ₹30 crores, including all outlets. They closed last year, FY22-23, at ₹14 crores on a brand level revenue. By November 2023, they had already done ₹12.5 crores in revenue for FY23-24 and are projecting to close the year at around ₹21-22 crores. In November 2023, they closed at ₹2.1 crores in revenue. The founders added that they have not yet raised funding and are completely bootstrapped at the time of their pitch.
As for company sales, they made ₹5 crores in revenue last year (FY22-23). The founders added that ₹3.5 crores out of that came from company-owned outlets and the rest from royalties and franchise fees. They made ₹78 lakhs in net profits last year. This year they have already done revenue of ₹4.9 crores and are projecting to close it at around ₹8 crores with an EBITDA of 18%.
Uncle Peter’s Pancakes Shark Tank India Negotiations & Funding:
Anupam puts the first offer out of ₹60 lakhs for 4% plus 3% royalties until ₹90 lakhs is recouped. Aman goes out because he couldn’t relate to the product. Vineeta also gives an offer of ₹60 lakhs for 2% and 3% royalties on Net sales until ₹90 lakhs is recouped. Namita matched Anupam’s offer, and after hearing that Anupam changed his offer to ₹60 lakhs for 2% and 3% royalties until ₹90 lakhs is recouped. Peyush wasn’t convinced that a restaurant can sustain on one product type; therefore, he goes out of negotiations.
The founders take a moment to think and counter all sharks to come together for ₹60 lakhs for 2% and 1% royalties until ₹90 lakhs is recouped. Anupam added that if they want all 3 sharks, the offer would be ₹60 lakhs for 3% equity plus 3% royalties until ₹1.2 crores in recouped.
The founders asked if they could increase the valuation to which Namita responded with ₹60 lakhs for 2% and 3% royalties until ₹90 lakhs is recouped, to which Anupam refused to come together. The company wanted to have Anupam on the deal, to which he responded that he would stick to his last offer of ₹60 lakhs for 3% equity plus 3% royalties until ₹1.2 crores is recouped. The founders accepted that offer, and they shook hands on that.
Who are the founders of Uncle Peter’s Pancakes?
Akashdeep Dan and Sundeep Singh founded Uncle Peter’s Pancakes. Akashdeep is from Kolkata, and Sundeep is based in Varanasi.
How is Uncle Peter’s Pancakes doing after Shark Tank India?
Our research on the company revealed that while they did get a deal on the Tank, whether their deal with sharks closed is still unclear. Early signs, however, suggest that the deal collapsed, but this could just be because they are still in the due diligence phase of their funding. We will update this article soon with financials and a concrete verdict. In the meantime, you can check out Shark Tank products on Amazon by clicking the link below!
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Source: Instagram @unclepeterspancakes
Here are other companies from Season 3 Episode 27.