Sabji Kothi
Initial Ask – Rs. 60 lacs for 2.5% equity at a valuation of Rs. 24 Cr.
About the Company
This company has shown potential to come up with a smart storage for fruits and vegetables. The product aims to keep the fruits and vegetables fresh and safe by increasing their shelf life by 3-30 days. Without any chemicals, preservatives or refrigerants, they aim to reduce the wastage and protect the farmers by their product. Only using 10 watt electricity and 2 litres of water, this product can be operated at any temperature.
Their product mainly tries to work upon 3 problems: ethylene capturing, protection from bacterial and fungal infection and keeping the stock fresh by maintaining a high humid zone. Currently in its pre-revenue stage, they want to make it available to the consumers through micro-financing.
However, Ashneer Grover was of the opinion to make a crate, and install the same thing into it, which will revolutionize this whole space.
Past performance of the Company
This company is in its pre-revenue stage, where they’ve decided the selling price point of Rs. 10000, at a cost of Rs. 5000.
Industry Overview
The farming community of India comprises more than 10 Cr. farmers, who sell their product at marginal prices, because they can’t store it for a long period of time and let it be wasted. Main problem of ethylene release has been tried to be solved with the help of refrigeration. However, refrigerators have been doing it wrong all this time, plus how can every fruit and vegetable seller afford refrigerators. Thus, it is evident that this product has a great market to capture. However, it needs to be made easy going. For example: Ashneer recommended to make a crate or sell the systems for ethylene management separately, in order to make a proper market of this product.
Previous Equity Split/Investments
They raised about Rs. 15 lacs previously, at a valuation of Rs. 5 Cr. Post this, they even received certain grants through which they were continuing their operations.
Offers made, and the one accepted:
No sharks offered a deal.