Shark Tank Daryaganj
In this episode of Shark Tank India Daryaganj, the founder of iconic butter chicken present the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
| Company name | Daryaganj |
| Founders | Gurpreet Singh, Raghav Jaggi, and Amit Bagga |
| Ask | ₹90 lakhs for 0.5% equity |
Daryaganj Founder
Gurpreet Singh, Raghav Jaggi and Amit Bagga are the founders of Daryaganj. They are from Delhi. Raghav and Amit are childhood friends. Amit is the CEO and co-founder Gurpreet is the promoter and chief operating chef. Raghav holds 50% equity, Amit holds 20% equity, Angel investor holds 19% equity, Gurpreet holds 2.5% equity and ESOP is 8.5% of the company.
About the company Daryaganj
It was the time of 1947, where some mixed emotions were rolling on. On one side India is celebrating independence, on the other side people are starting their lives from scratch. Similarly, one refugee named Kundan Lal Jaggi came from Peshawar to Daryaganj in Delhi. He had an amazing talent for cooking. Along with his two friends, he started a restaurant there. In the restaurant one night many guests arrived and all the food from the kitchen was sold. He went to the kitchen and mixed a few pieces of tandoori chicken in tomato and butter gravy and served it to the guest. This is the story of the invention of butter chicken. Dal makhani was also invented in the restaurant. Kundan Lal Jaggi is the grandfather of Raghav Jaggi. After the death of Kundan in 2018, Raghav Jaggi started daryaganj in 2019. Daryaganj is the most authentic and flavourful restaurant of North Indian cuisine. It is a complete tribute to his culinary legacy. Their unique features are a legacy that cannot be replicated and there every single restaurant is profitable on its own.
Currently, they have five restaurants and one cloud kitchen and their planning to open 5 more restaurants and 5 more cloud kitchens. The aim is to open 100 restaurants in the next 5 years.
Ask by the Owner Daryaganj
The owners made in ask of ₹90 lakhs for 0.5% equity at the valuation of ₹180 crores
Daryaganj Sales And Revenue
Cost of butter chicken is ₹550 and Dal Makhani is ₹385. Last month’s net sales were ₹3 crores. Annual sales in FY 21 to 22 was 22 crores in FY 22 to 23 till date sales were ₹18 crores and FY 22 to 23 projected sales is ₹38 crores. EBITDA in outlets is 21%, in corporate it is 13%. Out of total sales 27% goes for food cost, 3% for packaging, manpower cost is 17%, real estate cost is 17%, overheads and commission is 15%, EBITDA is 21%. The average payback period is 18 to 21 months. CapEx for the new outlet is ₹1.5 to ₹1.75 crores.
Offers and counter offers
Veenita gave an offer of ₹90 lakhs for 1% equity.
Anupam gave an offer of ₹10 crores for 20% of Raghav’s equity and ₹90 lacs for 0.5% equity of the company
Aman gave an offer of ₹50 lacs for 1% equity and ₹40 lacs debt at 12% interest with a condition Aman to be included as a secondary offload.
Founders gave a counteroffer to Aman for ₹90 lakhs at 0.75% equity
They give a second counteroffer for ₹90 lacs at convertible debt with the 30% discount on the next round’s valuation.
Aman gave a last offer of ₹90 lakhs for 1% equity with the condition with the previous condition.
Daryaganj Final deal
The final deal was closed with Aman for ₹90 lacs at 1% equity with the condition that Aman will be included as secondary offload.