Revolutionizing EdTech and Youth Employment: Funngro’s Inspiring Shark Tank Journey

Funngro is an innovative platform created by Payal Jain, Anik Jain, and their teenage daughter Vea. This platform connects teens aged 14 to 20 with suitable job opportunities in areas like content creation, social media marketing, research, and app testing. The goal of Funngro is to help young people discover various career paths, encourage entrepreneurial ambitions, teach essential business skills and financial knowledge, and develop their critical thinking abilities. By focusing on empowering youth, Funngro serves as a distinctive access point for teenagers to navigate the job market while enhancing their skills and independence.

Click here to visit their official website: Funngro

Related: Mobile App Bullspree Raised Rs.75 Lakhs from Shark

Currently, Funngro boasts a user base of over 40,000 and has more than 170 registered companies. Most of these companies are in industries such as digital marketing, EdTech, gaming, and B2C sectors. The platform retains a 10% commission from all projects. Their monthly revenue stands at ₹1.5 lakhs, but their expenses reach ₹2.5 lakhs, resulting in a monthly deficit of ₹1 lakh.

Funngro was established in 2021 by Payal Jain, Anik Jain, and their daughter Vea Jain. Anik, who is the CEO and co-founder of another company called Symbo Insurance, graduated from IIM Calcutta. Payal, also an alumnus of IIM Calcutta, previously held the position of Customer Success Director at Worldline Global.

During the negotiations on Shark Tank, the judges had different opinions about Funngro’s valuation. Anupam expressed confusion over how a company without any revenue could be valued at ₹40 crores. Peyush considered it a technology-driven business but felt that the founders weren’t focused enough on that aspect, leading him to exit the negotiations. Aman found it difficult to connect with the company’s mission on an ethical level and decided to withdraw as well.

Namita, on the other hand, disagreed with Aman and showed interest in investing in Funngro. Amit shared her view, and together they made an offer of ₹25 lakh for a 10% stake, with the remaining amount offered as debt. The founders explained that their previous funding round valued the company at ₹20 crores, making it hard for them to accept this deal.

In response, the Sharks adjusted their proposal to a valuation of ₹12 crores, offering ₹50 lakhs for a 4.16% stake. The founders accepted this revised offer without any hesitation.

Our investigation into the company revealed that their deal with Amit and Namita was successfully finalized after the show aired. In a discussion with Surya Tiwari, Payal Jain mentioned that their experience on Shark Tank was positive and made a significant impact on their business. She noted that even more than six months after the episode aired, they are still benefiting from the exposure it provided.

In another interview, Payal expressed appreciation for Amit Jain and his team, highlighting how helpful they have been. She revealed that Amit even took the time to review their application and provide valuable feedback. Following their appearance in April, the company reported impressive growth, boasting over 6 lakh users and more than 2,000 companies on board. Payal also mentioned that their team has grown to nearly 20 members.