Is Let’s Try Founder out of business after Shark Tank India?

• Founder: Nitin Kalra, Chitra Gupta, Neelam Kalra, and Geetanjali
• Business: Healthy Snacks
• Ask: ₹45 lakhs for 2% equity
• Valuation/Net worth: ₹22.5 Crores
• Funding: ₹45 lakhs for 12% equity
• Sharks: Aman Gupta & Anupam Mittal
• Episode: Season 1 Episode 16

Let’s Try Shark Tank India Pitch:

Let’s Try, a startup known for crafting healthy and delectable snacks exclusively using 100% groundnut oil and devoid of any preservatives, offers a diverse range of products, including makhana, bhujia, mixture, chakna, and more. They sell over 50 varieties of snacks. The company made its appearance on Shark Tank India, where its founders, Nitin Kalra, Chitra Gupta, Neelam Kalra, and Geetanjali, sought ₹45 lakhs in exchange for a 2% stake in their venture. They use 30-40% of base ingredients in each of their products. They are available through e-commerce platforms, retail stores, and their own website.

All products are designed by Nitin’s wife Chitra. Neelam takes care of the operations in the factory, and she has been in business for 15 years in Sadar Bazaar. Geetanjali takes care of the production of recipes and ingredients of the products.

Their pricing is 15% higher than Haldiram products, which is the main player in this space. Nitin shared that the company made ₹50 thousand in the first month, but they are making ₹16 Lakh a month just within 7 months of business. They have a gross margin of 55-60%, and Net is around 25-30% of the company. 90% of their business is directly from Modern/general trade. They are hoping to close the year at ₹40 Lakh monthly turnover.

Let’s Try Shark Tank India Negotiations:

Peyush was the first shark to go out due to his prior investment in the company, which is in the same space and making similar products. Ashneer goes out, citing there is no differentiation in terms of the products and this is too early, so he goes out as well. Namita goes out, citing the same reasons as Ashneer.

Anupam was interested in the category but said it has lots of risk with no clear path. Aman wanted to join the offer Anupam in the deal as well. Anupam and Aman offer ₹25 lakh for 10% of the company and ₹20 Lakh as debt. The company counters at ₹50 lakh for 10% of the company as they didn’t want to do debt. Anupam revised the offer to ₹45 lakh for 15% of the company. The team takes a moment to think and counters at ₹45 Lakh for 10% of the company. Sharks counter at 12%, which the company accepts, and they shake hands on that.

How is Let’s Try doing after Shark Tank India?

Our research in the company revealed that their Shark Tank deal with sharks was finalized and closed after the show aired. Nitin shared some insights in the podcast Pharoscion Global that after Shark Tank, the company has seen significant growth. He shared that Aman suggested they change their name to a brand name that was different before the show. He also added that the appearance on the show gave them validation with the investment they got.

Source: Let’s Try Instagram

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Here are updates on other companies from Season 1 Episode 16.