The Healthy Binge Shark Tank Pitch:
The Healthy Binge is a ready-to-eat snack company where the products are made from fruits. Their products have dietary fiber, iron, protein, and calcium. Their snacks also have significantly fewer calories than other binge-eating snacks like chips. All their products are baked and have 0% cholesterol, no trans fat, gluten-free, and are 100% vegetarian as well. They launched in 2021 and have sold over 2 lakhs packets so far. The Healthy Binge is available for purchase through their website and over 15 other marketplaces along with retail stores in 13 cities across India. The founders sought an investment of ₹50 Lakhs for 5% equity, asking for a valuation of ₹10 Crores.
The Healthy Binge has a lifetime sales of ₹56 lakhs, with last month clocking in ₹11 lakhs in sales, which was October 2022. This was almost a 20% increase from their past month of September, where they made ₹7.5 Lakhs. 60% of their sales come from online, and the rest from offline stores. The company has a monthly burn of ₹5 Lakhs. They have a gross profit of 55%, and they spend ₹1 Lakh in marketing per month. Pranav added that most of their burn is due to their salaries. They have their facility, and the founders have invested a total of ₹1 crore in capital.
The Healthy Binge founders had one year of R&D before launching their products. The company was only using 10% of their manufacturing capacity at the time of the pitch. Interestingly, the founders mentioned another Shark Tank brand, Green Snack Co, as their main competitor in which shark Vineeta invested in Season 2 as well. The company has already raised an investment from friends and family in April 2021, where they raised ₹1.12 Crores at a ₹7.5 Crore valuation.
The Healthy Binge Shark Tank Negotiations & Funding:
Peyush was the first shark to give the offer of exactly what they asked for, and he wanted Aman to join him in that deal, which Aman accepted. Peyush loved the entrepreneurs, and he said he was even willing to do ₹1 Crore for 10% if entrepreneurs wanted to raise more money. Vineeta goes out due to a conflict of interest with her other investment. Namita went out, but she added that Peyush is a better shark for this; therefore, she steps out of the way. Anupam went out due to a crowded category. The founders accepted Peyush & Aman’s offer of ₹50 Lakhs for 5%, giving them a valuation of ₹10 Crores.
Who are the founders of The Healthy Binge?
Karan Korke & Pranav Korke founded The Healthy Binge. They are from Pune and are first cousins. Pranav graduated with a master’s in finance from an educational institute in Australia and finished his CPA after. Karan has worked as a business analyst for an IT company.
How is The Healthy Binge doing After Shark Tank India?
Our research in the company revealed that despite getting exactly what they asked for on the show and so much interest from the Sharks, Their Shark Tank India deal with Peyush and Aman did not close. Despite that setback, The company is still in business and thriving as of January 2024. While their official numbers are not yet public, we will update this article once more information comes to light.
Source: Instagram @the_healthybinge
Here are other companies from Season 2 Episode 33.
2 thoughts on “How is The Healthy Binge doing after Shark Tank India?”