Monday to Friday at 9 pm on Sony TV we see some of the best minds throughout India in Shark Tank India. We get an insight into the thinking of India’s biggest entrepreneurs and investors. With these 5 Sharks leading the show, Peyush Bansal, Aman Gupta, Namita Thapar, Anupam Mittal, and Ashneer Grover. Let’s Try is now attempting to get their dream deal for the future of the company.
What is Let’s Try?
Let’s Try entrepreneurs demonstrated their product which was a food mix primarily made of flax seeds. The Let’s Try team started their demonstration by claiming that kids in India love having snacks and junk food. According to them, the products available in the market are unhealthy as they use chemicals and artificial ingredients.
Seeing this as an issue, the Kalra’s (Let’s Try team) decided to eradicate the problem by building this brand wherein they could provide a healthier solution to the snack jitters. They have about 50 varieties of snacks and food mixes and are made using 100% groundnut oil. They claim that their products do not have any additives or preservatives of any kind.
Sales and Marketing
Let’s Try claims to have sold its products to thousands of customers to date through online business, stand-alone stores, and word-of-mouth marketing.
They have made a sale of about 16 lakhs within the span of 7 months. Further, they claim their gross margin to be 55-60% and their net margin is about 25-30%.
They are constantly trying to introduce new products which are healthier and tastier compared to the ones available in the market. They claim to have been in competition with Haldiram products.
Offers Offered and the Negotiation
Let’s Try team had asked for 45 lakhs in return for 2% equity in their company.
The sharks Peyush, Ashneer, and Namita were out without making an offer. Shark Anupam and Aman presented them with an offer for 25 lakhs at 10% equity and 20 lakhs as debt to be returned after a year or two. Since the entrepreneurs did not want any debt, shark Anupam revised the offer to 45 lakhs at 15% equity. After some negotiation, the deal was revised to 45 lakhs at 12% equity.
Closing the Deal
Let’s Try team after negotiating with shark Anupam finally closed the deal with shark Anupam and shark Aman and accepted 45 lakhs for 12% of their company’s equity.