TeaFit a brand that produces zero-calorie healthy drinks made with natural herbs and ingredients, without sugar or a sweetener recently made an impression on the sharks when it made an appearance on Shark tank India Season 2.
Founded in 2021 by Jyoti Bharadwaj, a mompreneur from Mumbai, TeaFit offers instant mixes, along with green tea, black tea, and barley tea.
She initially asked for Rs 50 lakh for 3 percent valuing the company at Rs 16.67 crore, stating that the brand received a term sheet of Rs 1 crore that valued her startup at Rs 20 crore in convertible notes.
Co-Founder of SUGAR Cosmetics Vineeta Singh and Founder of Shaadi.com Anupam Mittal jointly gave the first offer of Rs 50 lakh for 25 percent equity, which valued the company at Rs 2 crore.
Lenskart’s co-founder Peyush Bansal then offered Rs 50 lakh for 20 percent equity, which further raised its value to Rs 2.5 crore and boAt co-founder Aman Gupta offered Rs 50 lakh for 10 percent equity that doubled the valuation to Rs 5 crore.
However, Bansal, Singh, and Mittal later stated that they would match Gupta’s offer.
Thus, Bharadwaj sought a collective investment of Rs 50 lakhs from all four judges for 8 percent equity, valuing the startup at Rs 6.25 crore, which was then accepted by the judges.
A fan of Shark Tank US and a mother of two, Bharadwaj gave a pitch providing minute details about the product which helped her get the offer.
In her LinkedIn post a few days before the show aired, Bharadwaj said, “I have watched every episode of every season of Shark Tank US many times over the years. I have replayed so many of the pitches in my mind - Scrub Daddy, Drink Poppi, Bantam Bagels, and many others. I am just so incredibly grateful to get a national platform to talk about TeaFit, why we do what we do, and our vision for the future.”
The brand will soon be available on Zepto for its customers.
Copyright © 2009 - 2024 Franchise India Holdings Ltd