Image Credits: Shark Tank India
Last updated on 21 January 2023. Find out everything about Dobiee Candy’s pitch on Shark Tank India, the founders with the latest updates about the company!
Dobiee Candy on Shark Tank India
Everyone loves candies but Dobiee is here to give you delicious flavors for beautiful birthdays.
Here are the key details about the pitch of Dobiee on Shark Tank:
|Business Name||Dobiee Foods|
|Founder||Mukesh Dharamshi, Arjun Dharamshi|
|Episode no.||Season 02 Episode 15|
|Ask||₹72 Lakhs for 2% Equity|
|Accepted Offer||₹72 Lakhs for 6.5% Equity|
India has a candy market of ₹20,000 crores and Dobiee wants to become a big player in it. They make a wide variety of candies and lollipops with double flavors as well.
It is available in more than 50,000 stores but you can also get it online. If this is your first, we found these amazing 4 packs with 4 different flavors on Amazon (*Affiliate Link):
Or buy it by clicking here: https://amzn.to/3XLxiUN
*Affiliate Link means that we get a certain percentage from the sale when you purchase through our link.
The father-son duo asked for ₹72 Lakhs in exchange for 2% stakes in the candy business. They want to expand in PAN India and the Global stage with the funding.
First, Namita funnily commented about the company name’s meaning in Gujarati, which means madness. But it was not a big problem. Here is a small teaser from the full pitch:
Every shark was impressed by their distribution network and their strategy to focus on some states only to penetrate them deeply. But there was a concern about a 50% sales decline in this industry in the current times.
Anupam also liked the idea of putting a toy in the packet to encourage more kids to like it. Aman suggests resuming the co-packer side of the manufacturing, but the founders were focused on building their own brand only.
Peyush and Aman were out because they thought that it is not good to take investment and the decaying total addressable market.
Then, the bidding war started with Anupam at 9% and Amit at 7%. There were chances for both to come together but the father was not ready. He then negotiated directly and got a good valuation.
Amit Jain closed the deal with Dobiee Candy for ₹72 lakhs for 6.5% equity.
About The Founders
Mukesh Dharamshi and Arjun Dharamshi are the founders of Dobiee Foods. Their business is based in Mumbai, Maharashtra. It was established in 2020 with new product releases in 2021.
Mukesh worked in a bus depot in his early life and then opened he opened a candies manufacturing company. But now, he is only making for his brand with his son.
Now taking about the son, Arjun is a Mechanical Engineering Graduate from Lokmanya Tilak College of Engineering, with an MBA from ESC Pau Business School in France.
After Shark Tank Updates
It was confirmed that the deal was finalized after the show. Amit said that the main reason behind giving an offer was that it was a pull product that will attract kids.
By the way, other businesses featured in the episode were FastBeetle and PFlow.
In the end, here we found their official company pitch: “Dobiee Foods has revolutionized the food industry with its mission to spark creativity and mischievousness in all of us, and our vibrant colors and products do just that! From our indulgent candies to our unique flavors, we guarantee to provide you with a delicious experience for every occasion.”
So now you know about the pitch of Dobbie Candy on Shark Tank India and the new things we found about them.
I am Ranish Chauhan a.k.a. Fulmino Fan, and I am also a fan of Shark Tank India.