Image Credits: Shark Tank India
Last updated on 10 January 2022. Find out everything about Cocofit pitch on Shark Tank India, founder Sasi Kanth Visinigiri and the latest updates about the company.
Cocofit on Shark Tank India
Cocofit started in 2019. This business was part of episode 15 of season 01.
Here are the key details about their pitch on Shark Tank India:
| Business Name | Cocofit |
| Founder | Sai Kanth Visinigiri |
| Episode no. | Season 01 Episode 15 |
| Ask | ₹5 for 5% equity |
| Accepted Offer | ₹5 for 5% equity |
| Sharks | Anupam Mittal, Namita Thapar, Aman Gupta |
| Current Status | In-business |
India has the 3rd biggest coconut production, but the market is still largely unorganized. This is because of the high cost of Coconut transportation. That’s where Cocofit company comes in.
They make coconut-based products like drinks, shakes, smoothies and ice creams but sell them. All these items are 100% natural and preservative-free.
They have around 31 outlets in 7 states of India. Cocofit doesn’t directly sell their items, their franchises sell them. So, their earnings are totally dependent on how much their franchises will earn.
Till the episode premiered, they had around ₹3.1 crores in revenue with ₹2.1 crores in net profits. About a crore rupees came from selling two master franchises only.
They asked for only ₹5 in return for 5% equity, which values the company at only ₹100. This might be the lowest valuations ever in the history of Shark Tank worldwide. They just need Sharks expertise to help them manage their business when they will expand.
Ashneer and Peyush were concerned about their dependency on their franchises, so they went out in the beginning. Both were also unhappy because entrepreneurs have not left their jobs to completely focus on their business.
But others were interested because it was an easy investment.
In the end, sharks Anupam Mittal, Namita Thapar and Aman Gupta accepted the pitcher’s offer of ₹5 for 5% equity.
About Sasi Kanth Visinigiri
Sasi Kanth Visinigiri is the founder and CEO of Cocofit, based in Hyderabad. He did B.Tech in Electrical & Electronics and has experience as a Software Engineer for about 8 years. He is also a business coach and motivational speaker.
His business was recently ranked among the Top 100 franchise opportunities in 2021. It was awarded in 2020 by the Indian Achievers’ Forum for outstanding professional achievement & contribution to nation-building.
They were also featured in 2021 Brand Opus’ Global Icons list, for the Most Innovative Coconut Beverages And Coconut Food Products Brand.
The other two co-founders, Sunil Kumar Tentu (COO) and Pawan Kumar Seepana (Director) also appeared on the show with him.
After Shark Tank Updates
3 sharks will definitely bring more confidence to Cocofit’s existing and upcoming franchises. They will help them expand into more states and countries. But this business model will also bring more liability to the sharks’ shoulders.
Still, as Anupam said, the agriculture sector in our country needs a boost and this attempt to organize the coconut market is much needed right now. But still, it is a difficult road!
By the way, other startups featured in this episode are Hammer Lifestyle and PNT Robotics.
At last, let’s look at the official company pitch: “COCOFIT Mission is to Deliver the best quality and safe product with economical price for all the end customers without any added preservatives.”
Takeaways
So now you know about the pitch of Cocofit on the Shark Tank India show. Their model is difficult to execute but might change the coconut sector in future.
I am Ranish Chauhan a.k.a. Fulmino Fan, and I am also a fan of Shark tank.