Eat Better Co pitched on Shark Tank India, seeking Rs 50 lakh for 0.5% equity. Namita Thapar and Kunal Bahl made offers, but the founders chose Namita to maintain their Rs 100 crore valuation.
Anupam Mittal and Namita Thapar have been a part of Shark Tank India ever since its first season.
Three founders pitched their snacks company, Eat Better Co, on Shark Tank India. Their pitch excited the sharks, especially when they shared plans for Rs 30 crore in revenue and sought Rs 50 lakh for 0.5% equity, valuing the business at Rs 100 crore. They started in a home kitchen and now run a 20,000 square foot factory, earning about Rs 1 crore a month from BlinkIt.
Many sharks showed interest. Anupam Mittal felt the valuation was too high, while Ritesh Agarwal praised their products but didn’t make an offer. Namita Thapar offered Rs 50 lakh for 0.5% equity with a 1% royalty, while Vineeta Singh offered Rs 50 lakh for 1.5% equity with no royalties.
Namita mentioned that it’s common for companies to make exclusive deals with e-commerce platforms, which excited the founders. Anupam, however, warned, “Never hand over power to the distributor, remember this.” Vidushi, one of the founders, quickly reminded him that his company, Shaadi.com, had a similar deal with Zepto. Namita laughed and praised her, saying, “Good answer, Vidushi!”
Kunal Bahl was the last to join the negotiations. He said he doesn’t deal with small amounts and likes to have a significant stake in his investments. He offered the founders Rs 2.5 crore — five times their request — for 5% equity, valuing their company at Rs 50 crore. He also stated that he doesn’t want any royalties from them. He said, “If you want valuation, then go with Namita, but if you want a strong founder who will stick with you for years, then you know who to pick.” To this, Namita said, “Hello! I’m a very strong founder.”
They suggested partnering, but none of the ‘sharks’ wanted to do that. Namita explained that equity is permanent, while royalties are just temporary. She pointed out that at their current growth rate, they wouldn’t even notice Rs 50 lakh in royalties. In the end, they chose Namita over Kunal to keep their valuation.
