How is MILLET AMMA Doing After Shark Tank India? -

Founder/Owner: Ajay Bhuwalka and Ruchika Bhuwalka
Business: Millet Based Products
Ask: ₹1 crores for 3% Equity
Valuation/ Networth: ₹33.33 Crores
Funding: No Deal
Sharks: No Deal
Episode: Season 3 Episode 21

MILLET AMMA Shark Tank India Pitch:

MILLET AMMA is a one-stop shop for pure millet products. We offer more than 50 items divided into three categories: Basic, Ready-to-Cook, and Ready-to-Eat. Millets are considered superfoods, with different types including jowar, bajra, ragi, kutki, angni (foxtail millet), and others. Millet nutrients include antioxidants, micronutrients, minerals, and protein. Millets are beneficial for farmers and the environment, requiring only 10% of the water needed to grow wheat or rice, and they are pesticide-free and fertilizer-free.

MILLET AMMA Revenue & Financials during Shark Tank India:

They have four unique selling points. The first one is 50%-90% millet content, with a focus on minor millets due to their rich nutrient content. They offer over 50 varieties, all known for their tastiness.

In FY20-21, they achieved sales of ₹1.2 Crores. The following fiscal year, they reached ₹1.45 crores. By FY22-23, their sales had surpassed ₹2.2 crores. As of FY23-23 (until October), they have achieved sales of ₹1.9 Crores, with expectations to close the year at ₹4-₹5 crores with a 5% projected profit.

In September ’23, they recorded ₹33.5 lakhs in sales, with 20% of spending allocated to marketing. On Amazon, the average order value is ₹450, resulting in sales of ₹12 lakhs, with ₹2.5 lakhs spent on marketing. Conversely, the average order value on their own website is ₹850, generating ₹12 lakhs in sales, with ₹3 lakhs spent on marketing. Additionally, ₹7 lakhs in sales come from WhatsApp and ₹5 lakhs from retail outlets. They maintain a retention rate of 35-40%.

Who are owners of MILLET AMMA?

MILLET AMMA is owned by Ajay Bhuwalka and Ruchika Bhuwalka. Ajay has worked for 20 years in his family business, Bhuwalka Steel Manufacturing. Together, they have invested 3 Crores in the business.

MILLET AMMA Shark Tank India Negotiations & Funding:

Azhur has advised the founders to track repeat rates and reconsider their business approach, as he believes there may be fundamental issues with the business. For these reasons, he chose to opt out. Namita also opted out of negotiations because she believes the business lacks investability from an exit perspective and faces scalability issues. Peyush believes that the business requires a significant amount of capital to grow and needs a strategic investor; thus, he chose to opt out as well. Amit also decided to opt out due to concerns about the scalability of the business in the future. Lastly, Shark Anupum advised the founders to seek the help of a brand consultant and chose to opt out of negotiations.