- Founder: Sairaj Gaurish Dhond
- Business: Jackfruit Products
- Ask: ₹75 lakhs for 5% equity
- Net Worth/Valuation: ₹15 Crore
- Result: ₹75 lakhs for 21% Equity
- Sharks: Namita Thapar, Vineeta Singh, and Gazal Alagh
- Episode: Season 1 Episode 29
Wakao Foods Shark Tank India Pitch:
Wakao Foods is a gluten-free, certified vegan jackfruit brand that appeared on Shark Tank India Season 1 Episode 29. The founder of Wakao Foods, Sairaj Gaurish Dhond, asked for ₹75 lakhs in exchange for 5% equity in his company. All of their products are vegan. Their product range includes Wakao Burger, tart, Kabab, and Kathal Biryani. These are all ready-to-cook products and are very low in calories.
The products have a 12-month shelf life with no need for refrigeration. A product with an MRP of ₹350 costs the company around ₹130 to produce, providing approximately a 50% margin. The company has been in business for 10 months, with lifetime sales totaling around ₹60 lakhs. They have partnerships with HoReCa establishments across India.
Wakao Foods Shark Tank India Negotiations:
Anupam declines the investment, citing that the HoReCa industry is challenging to capture, but he suggests that Sairaj stay focused. Gazal offers ₹75 lakhs for 30% of the company, with Namita and Vineeta also joining in on that deal. They emphasize how they can assist Sairaj in building a substantial D2C business. Peyush suggests that the company should not dilute 30%, so he offers ₹15 lakhs for 5% of the company and the rest as a debt at 12%. He also gives Sairaj the option of a second offer of ₹25 lakhs for 10% and ₹50 lakhs as debt at 12%.
Sairaj takes a minute to think about these offers and returns with a counteroffer of ₹75 lakhs for 15% to Namita, Vineeta, and Gazal’s offer. Peyush asks if Sairaj would accept his offer with exactly what he countered with, to which Sairaj refuses. Peyush asks Sairaj why he is diluting so much of the company, to which he responds that Peyush diluted 40% of Lenskart in the first round. Peyush comments that he also raised 28 Crores in the first round. Namita counters at ₹75 lakhs for 21%, to which Sairaj counters at 1 Crore for 20%. The Sharks refuse that counter, and in the end, they settled at ₹75 lakhs for 21% of the company.
Do you think the Sharks made the right investment? Let’s find out!
How is Wakao Foods doing after Shark Tank India?
Our research into the company revealed that the deal with the Sharks never closed after the Tank, although the reasons for this were not revealed. Wakao Founder Sairaj, however, shared in a podcast called ‘The Big Influence’ that the Shark Tank stage was a significant marketing opportunity. He also shared that they spent a lot of money on D2C (Direct-to-Consumer) and have since moved away from that strategy. Therefore, they now primarily focus on B2B (Business-to-Business) operations and have partnered with 150 restaurants across India. They are also exploring the export market because it would take another 3-5 years of education to create the category in India.
Source: Wakao Foods Instagram
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