Shark Tank India Season 3 Has Seen Goenchi Feni Raise $2 Million

The term “Goenchi Feni” comes from the language spoken in Goa, a place in India. In this language, “Goenchi” means “of Goa,” and “Feni” is a type of local alcohol made there. Most people know Feni made from cashew apples, but there are other kinds too. For example, there’s Feni made from coconut flower nectar using an old-fashioned Copper Still Distillation Process. These different types of Feni range from Feni with just one main ingredient to a special Feni that represents the spirit of Goa. They are all made using natural processes like fermentation.

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Two people named Yash Sawardekar and Tulika Sawardekar are the founder of the company. Yash used to work as a Flight Attendant at Qatar Airways for more than 4 years before they both started a business together. Tulika went to college at Mithibai College and graduated from Mumbai University with a degree in Management Studies. This information helps us understand a little bit about the background and experience of the people who started the business.

The business called Goenchi was started in April 2023. They sell their product, which is a type of alcohol called Feni, in over 100 fancy wine stores and retail shops in the state of Goa. The Feni market in Goa is worth around ₹460 crore, which shows that it’s a big industry there. The company’s gross margin, which is the difference between their revenue and the cost of goods sold, is 42.8%. In September 2023, their sales were ₹10 lakh. This means they made ₹10 lakh from selling their product in September. The value of the whole company, also known as the company’s valuation, is ₹20 crore. This is how much the business is worth based on its assets, profits, and future potential.

Let’s talk about the cost of selling one unit of their product. For Goenchi, each unit is priced at ₹1449. From this price, ₹620 goes into making the product (COGS), ₹180 is used for marketing, ₹74 is for tax collected at source, and ₹100 is given to the distributor as a margin for selling the product. Retailers who sell the product earn ₹190 for each unit they sell, and ₹71 from each unit goes to pay income tax. After considering all of these costs, the company makes a net profit of ₹214 for every unit they sell.

Yash and Tulika Sawardekar went on a TV show called Shark Tank to share their idea for making a traditional Goan drink called Goenchi Feni. This drink is really special because it’s made using old family recipes and it represents Goan culture. They got a lot of attention from investors and people watching the show because of their passion for keeping this tradition alive. After their TV appearance, Yash and Tulika worked hard to make Goenchi Feni successful in the market. They were inspired by a person named Deepinder Goyal, who made a company called Zomato very popular. Just like him, they wanted to make Goenchi Feni known all around the world. Even though there are many big international drink brands, Yash and Tulika faced a lot of challenges. They worked on telling the story of Goenchi Feni and making it stand out. They wanted both traditional and modern people to like it. They had the goal to shake up the drink market, just like Zomato did in the food industry. Once they had a good start, Yash and Tulika wanted to expand their business. They made smart decisions and deals to make Goenchi Feni more available, like luxury brands. They used advice from Deepinder Goyal to help them grow and become strong in the industry.

Deepinder Goyal, the head of Zomato, a popular food delivery app. He wants to introduce Feni, a type of liquor from Goa, to the world. In a meeting similar to the TV show “Shark Tank,” he offered to invest money in a Feni company in exchange for a share of the company. At first, Goyal offered a smaller amount of money for a 5% share of the company. But he realized that more money was needed to make the Feni business successful. So, he made two new offers, one for a 10% share and another for a 15% share of the company. After some negotiation, the Feni company agreed to Goyal’s second offer, which was to invest ₹2 crores for a 15% share of the company.

Overall, goyal’s interest in Feni goes beyond just making money. He sees it as a way to showcase a part of Indian culture to the world. The success of Goenchi Feni, the name of the Feni company, reflects the mix of tradition and innovation in Goa.

Shark Tank India showcases a dynamic platform where aspiring business owners pitch their concepts to influential investors, hoping to gain the support and resources needed to scale their enterprises.