- Founder: Anjit Suhag & Sanjit Suhag
- Business: Mudgar
- Ask: ₹50 Lakhs for 10% Equity
- Valuation/ Networth: ₹5 Crores
- Funding: ₹50 lakhs for 12.5% Equity
- Sharks: Ritesh Agarwal
- Episode: Season 4 Episode 7
Mudgar Club Shark Tank India Pitch:
Mudgar Club is an exercise tool which is known as Karlakattai in South India, Meel in Iran & Indian Clubs in the western world. Mudgar Club also make Gada which is similar to Mudgar and finds its mention in Indian mythology. The founder’s vision is to make Mudgar part of modern lifestlye just like Yoga and to fulfil this vision, they sought an investment of ₹50 Lakhs in exchange for 10% equity in the company valuing the business at ₹5 Crores.
Mudgar Club’s founders shared that dumbells and barbells allow 2D moments but with Mudgar, people can do 3D moments and swings. The company not only manufactures Mudgar but also teaches the proper techniques for its use. They have total 7 products in their lineup.
Mudgar Club shared that it is difficult to produce large quantities of Mudgar therefore, they are aiming at creating high-quality products. Their products are made from high-quality mahogany wood. The company started their sales in December 2023.
When Mudgar Club was started, their usage split was 95% males and 5% females in 2023 but the founder shared that now there are 70% female users and 30% males. All of the company’s revenue is driven by social media where the founder Anjit has over 100k followers on Instagram.
Mudgar Club’s Financials & Revenue during Shark Tank India:
In the last year, Mudgar Club have sold around 5,000 units. One 5KG Mudgar is sold for ₹4,000. They are currently averaging ₹10 Lakh revenue per month for their company. The founder shared that before July 2024, They were averaging ₹15-18 lakhs per month but sales have gone down due to more focus on product now vs services like in the past.
The company was spending ₹4-5 Lakhs in marketing before July 2024 but the founder said that they have since cut that short due to their focus on profitability. Currently, they are spending ₹1-1.5 Lakhs on marketing per month. Currently, they are making 30% EBITDA but they were breaking even before July 2024. The company had ₹2 Lakh in their bank account.
For Manufacturing a Mudgar, After getting a 6X6 block from plant, then season it in the plant for 1-1.5 months. Then shaping and polishing takes about another week. The company also engrave the name of student on the product. The cost to manufacture is around ₹2,000. All the products are made with Natural wood.
Meta is the main platform the company uses for marketing and the founders added that they are spending most of the money on Instagram. The company is completely bootstrapped. They wanted to use the investment money to build their inventory.
Mudgar Club Shark Tank India Negotiations & Funding:
Aman went out due to doubts on this product getting intigrated in daily life. Vineeta went out due to same reason. Azhar shared the same sentiment therefore he went out as well. Kunal thought it was too early to invest therefore he also went out as well.
Ritesh wanted to support the business even though he thought it would take a while for the company to succeed. He offered ₹50 Lakhs for 12.5% equity in the company valuing the business at ₹4 Crores. The founders accepted that offer without much hesitation.
Who are the founders of Mudgar Club?
Anjit Suhag & Sanjit Suhag founded Mudgar Club. They are from Rohtak, Haryana. Anjit had a Yoga services business before this venture.
How is Mudgar Club doing after Shark Tank India?
Our research in the Mudgar Club revealed that while the company did get a deal on Shark Tank India, whether that deal closed after the show is still unclear. Early signs shows that their deal with Ritesh is either closed or close to completion. We will update this article once more information comes to light. In the meantime, you can check out their products through amazon by clicking the buttom below!
Thank you for supporting the blog, as we make small commissions on purchases through the above link.
Do you know, which Shark Tank India companies are already out of business after their appearance on the Show? click the button below to find out!