Shark Tank GrowiT
In this episode of Shark Tank India GROWiT, a protective farming product presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
| Company name | GROWiT |
| Founders | Saurabh Agarwal and Akshay Agarwal |
| Ask | ₹1 crore for 1% equity |
GROWiT Founder
Saurabh Agarwal and Akshay Agarwal. They hail from Surat. They are the founders of GROWiT.
Saurabh pursued his graduation from Cardiff University, UK. Then he completed an MBA from SP Jain of College, Mumbai.
Akshay pursued his master’s and graduation degree in Plastic Engineering from the University of Massachusetts, near Boston.
They are third-generation entrepreneurs. They are brothers by blood relation.
About the company GrowiT
India is an agricultural country. India has a large production capacity so it can export agricultural products. For eg., India and China produce 60 lakhs tons of cotton every year. India needs 1.25 crore hector of the land but China needs only one-fourth of 1.25 crore hector. This is because technology is much more updated in China than in India. GROWiT is such a company which solves this problem by providing protective farming and other advice for better yielding of crops. In other countries, 70% to 80% of farmers are using this technique but in India only 2% of farmers are using this technique. This technique has benefits like :
- Ensure that the consumption of water, fertilizer and pesticides is reduced by 50%.
- Prevents sunburn and weed growth.
- Increase the quality and quantity of farming products which can result in better returns for farmers.
They have worked with 15000+ farmers in 4 states.
They showed an example with numbers. The farm which uses mulching is getting double the profit than the farm which is not use mulching. Mulching is a structure made up of plastic which can be used to retain the moisture of soil, and prevent weed growth and pests and insects. The market size of mulching is 400 crore rupees to 500 crore rupees. They have made 70 demo farms to convey the needs of this structure. They have a total of 18 products. They have added material in the process of mulching production which can last for one harvest season and the company has recently launched a buyback scheme where the farmers can sell the used product to the company. They have brought back 40 lakhs of products from the farmers this year. On average farmer needs 15000-20000 rupees for one acre of land to install mulching. The best-selling product is a mulching film which ensures 80% of total sales.
Ask by the Owner of GrowiT
The owner asked for 1 crore rupees for 1% equity in the company.
GrowiT Sales And Revenue
In the financial year 2021-2022, the sales were 20 crore rupees. In the financial year 2022-2023 till date, they have sales of 13 crore rupees. They have projected sales of 30 to 40 crore rupees. Their sales is 60% from B2B and 40% from B2C. For B2B the gross margin is 22%. Net EBITDA is 5-6% and profit after tax is 2-3%. In D2C they are EBITDA positive but PAT negative. They burnt 1.5 crore rupees last year. In March 2022 they raised 3 crores at a valuation of 50 crore rupees. They have diluted 6% of equity and the rest 94% is with them.
Shark Tank Twisting Scoops
Offers and counter offers
- Namita and Peyush offer 50 lakhs for 1% equity and 50 lakhs debt at a 10% interest rate.
- Pitcher asked to raise the valuation to 75 crore rupees.
- Namita and Peyush said that they have given them a proper valuation of 50 crore rupees.
GrowiT Final deal
The deal was finalized with Namita and Peyush for 50 lakhs rupees in exchange for 1% equity and 50 lakhs debt at 10% interest rate.