Shark Tank S2: Patil Kaki, a homemade snacks business, culminates 4 out of 5 sharks in a bidding war, accepts joint offer from Bansal and Mittal
- ByStartupStory | January 7, 2023
Geeta Patil, a 47-year old homemade snacks business owner, along with her two 21-year old partners, her son Vinit Patil, and his friend Darshil Savla, has culminated in a bidding war from four out of five sharks in Shark Tank India S2.
Vineeta Singh, CEO of Sugar Cosmetics, was the first to offer 40 lakh for 10% equity, valuing Patil Kaki at 4 crore. Soon after, Aman Gupta, co-founder of boAt, outbid Singh by doubling his offer — 40 lakh for 5% equity, valuing the company at 8 crore. Lenskart co-founder Peyush Bansal and Shaadi.com founder Anupam Mittal then made Kaki an offer he couldn’t refuse: 40 lakh for 4% equity worth 10 crore.
Gupta matched their offer and wanted to be a solo investor in the company. The Patil Kaki founders accepted the joint offer from Bansal and Mittal. They hope to end the financial year with sales to the tune of ₹3 crore. “They are the emerging faces of New India. Even two years haven’t passed (since the young partners joined the business), they’ve helped you to make a business worth ₹3 crore,” commented shark and Shaadi. com’s founder Anupam Mittal after hearing their pitch on the show.
Patil Kaki has been making and selling snacks ever since her husband’s job loss in 2016, it’s the younger partners who have given it a digital twist. Vineet Patil and Savla are college dropouts who once owned and operated a small IT services company, set up a website for Patil Kaki, assisting in the business’s growth from 15-20 orders per day to around 3,000 orders per month.
Geeta Patil was inspired by her ‘aai’ (mother) and has been selling homemade delectable snacks ever since. Her chaklis, modaks, chivdas, puran poli, and even healthy snacks like makhanas, which are now well-packaged, branded, and available online, generated sales of 1 crore in the first five months of FY23 – as of August 2022, when the Shark Tank episodes were recorded.
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