Zomato Titan Deepinder Goyal Dips into Spirits, Inks First Deal with Artisanal Feni on Shark Tank India
Yash and Tulika's Feni Venture Secures Rs 2 Crore Deal with Shark Tank's Goyal
5 February 2024
|
Kunal Tyagi
Artisanal Feni brand, founded by Yash and Tulika Sawarderkar, caught the attention of Shark Tank India Season 3 with a six-month journey seeking a Rs 1 crore investment for a 5% equity stake, valuing the company at Rs 20 crore.
Despite concerns about market position and low gross margins, Deepinder Goyal, intrigued by the brand's ambition, offered Rs 2 crore for a 15% equity stake in a tense negotiation, marking his first investment in the artisanal Feni brand.
The Feni brand's revival of an ancestral recipe reflects a commitment to establishing a global legacy. Anupam Mittal, while admiring the packaging and vision, hesitated to invest but offered guidance. The episode showcased a mix of startups, highlighting the challenges and support within the entrepreneurial community.
In a recent episode of Shark Tank India Season 3, viewers were introduced to an exciting array of ambitious brands, one of which captured the attention of the sharks – an artisanal Feni brand founded by siblings Yash and Tulika Sawarderkar. Despite being in the market for just six months, the duo aimed to secure a Rs 1 crore investment for a 5% equity stake, valuing their company at Rs 20 crore. Their journey began with Yash's vision to introduce distinctly Indian alcohol to the global market, sparked by a colleague's curiosity about Indian-based spirits. This led to the revival of their ancestral Feni recipe.
The sharks, particularly Deepinder Goyal, were intrigued by the brand's ambition to position Feni alongside internationally recognized spirits. Despite concerns about the brand's current market position and low gross margins compared to other alcohol brands, Goyal recognized the potential for growth and brand establishment. Anupam Mittal expressed admiration for the brand's packaging and vision but hesitated to invest due to doubts about profitability. However, he offered to provide guidance to the founders.
In a tense negotiation, Goyal initially offered Rs 1 crore for 10% equity, followed by a second offer of Rs 2 crore for 15% equity. After a counteroffer from Yash, Goyal made a final offer of Rs 2 crore, which was accepted. This marked Goyal's first investment in the artisanal Feni brand, showcasing the Sharks' belief in the potential of this unique venture.
Apply to Xartup Fellowship Program
Get ₹1.5 Crore Technical Funding
The recent episode of Shark Tank India 3 highlighted a mix of startups, ranging from the already successful but cash-strapped to those driven by vision but lacking direction. The Artisanal Feni brand, with its short but impactful journey, stands out as a testament to entrepreneurial spirit and cultural preservation.
Yash and Tulika's decision to revive their family's authentic Feni recipe not only reflects their entrepreneurial zeal but also a commitment to establishing their brand as a legacy with global recognition. Anupam Mittal's appreciation for their packaging and vision underscores the importance of branding in the competitive alcohol industry, where distinctiveness can set a brand apart.
The challenges faced by the Feni brand, such as its lower gross margins, were openly addressed during the pitch. Deepinder Goyal's strategic advice to build the brand and attract high-profile customers, including Bollywood celebrities, speaks to the potential for growth in the market. Despite initial reservations, Anupam Mittal's willingness to offer guidance showcases the supportive nature of the entrepreneurial community.
In the end, Deepinder Goyal's investment in the Feni brand not only provides much-needed capital but also signifies a belief in the brand's potential to carve a niche in the international spirits market. As the Feni brand moves forward with the support of its new investor, it will be interesting to see how it continues to blend tradition with innovation to create a lasting legacy in the world of artisanal spirits.
Startup news delivered to your mail
Recommended for you
Budget 2023: Did it Live up to the Startup Ecosystem's Hopes?
Byju’s, Once Valued at $22 Billion, Faces Insolvency Proceedings
Budget 2024: FM Nirmala Sitharaman Abolishes Angel Tax to Boost Startups