EatVerse Update 2024 | Shark Tank India Season 03
EatVerse founders pitched in Shark Tank India 3, seeking ₹1 crore in exchange for 1% equity. It’s Kolkata’s fastest-expanding multi-brand cloud kitchen startup that has fulfilled over 20 lakh orders.
The founders said they plan to set up their cloud kitchen in other parts of the country. But Anupam said it would be a “suicide” because competitors like Swiggy and Zomato will not let you do this easily.
The sharks think it’s a risky business, and they are concerned about further scalability. So, no shark invested in this brand. Here’s your EatVerse updates after Shark Tank.
| Company Name | EatVerse |
|---|---|
| Founders | Harsh Kandoi, Pulkit Kejriwal, Adarsh Choudhary |
| Founded | 2014 |
| Product | Cloud Kitchen |
| Ask | ₹1 crore for 1% equity |
| Deal | No deal |
| Sharks | No shark |
EatVerse Update After Shark Tank
EatVerse couldn’t secure any deal in Shark Tank India 3 because no sharks were interested in investing in this saturated business at such a high valuation.
Harsh Kandoi, Pulkit Kejriwal, and Adarsh Choudhary left the show without getting any deal. However, the appearance on such a popular platform helped boost their revenue.
As of March 2024, EatVerse is doing good business in Kolkata and taking orders on their website. The founders are planning to expand their cloud kitchen setup to more locations.
Our team has followed EatVerse founders to get new updates about their business expansion. As soon we receive any details, we’ll update this article.
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About EatVerse
EatVerse is a multi-brand cloud kitchen based in Kolkata. They have 8 different brands under them, which are divided according to categories.
Their brands cater to the needs of all customers, from Indian cuisine to luxury items from Abroad. Initially, the brand operated only mid-night food deliveries, but now, they operate 24/7.
The brand has 6 kitchens and one base kitchen. They have successfully delivered more than 20 lakh orders till now.
Currently, EatVerse products are available on Swiggy and Zomato. However, the brand only operates in Kolkata right now.
The founders now have a vision to expand their brand throughout India, and for that, they have come to Shark Tank India looking for some investments.
EatVerse Shark Tank India Pitch
The founders began the pitch with an ask of ₹1 crore for 1% equity at a valuation of ₹100 crores. Sharks were quite skeptical of that ask.
The sharks then tried the brand’s dishes and gave positive feedback. Anupam then pointed out that the brand’s tagline doesn’t communicate what it actually is.
The discussion then quickly went towards sales. The founder revealed that they made sales worth ₹10.7 crores last year. This year, their sales projections are up to ₹20 to ₹21 crores with a profit of 6%.
Anupam: What were your sales and profit last month?
Founder: We made sales worth ₹1.72 crore last month with an EBITDA of 6%.
Aman: But your idea is simple, and anyone can do it. There’s nothing unique about it.
The founder then said that it’s very hard to create many brands at once. They created and scaled one brand in a year, and this is how they have managed to create 8 brands till now.
Aman: Yeah, but there are already many companies that are scaling multiple brands at once, and they are even growing quickly.
Founder: Yes, they are growing. But, our vision is not just to grow quickly but also to be sustainable.
Anupam then asked about EatVerse’s market share and that of its competitors.
Founder: Currently, we are doing 50,000 orders per month, while our competitor is doing 70,000 to 80,000 orders per month.
Aman: But they are doing marketing exceptionally well. They are using this template over and over again. They have got way more advantages.
The founder revealed that they want to do the same thing. They are just fine-tuning their methods, which they can use to expand in other cities.
Ritesh: Cloud Kitchen is actually a local business rather than a national business. Your advantage lies in the fact that your operations are concentrated in one location. You will lose this as soon as you become a multi-locational brand.
Founder: We will actually analyze all our brands to see which are scalable and which will provide friction in expansion. We will drop off the brands which will not have any scalable future.
Amit: You guys already have expanded so much in your local domain. Still, everything seems stagnant. As an investor, I don’t understand how you will make money.
The founder then said that they would try to double their profits in the near future.
Anupam: The industry that you are in is actually a sub-industry that is controlled by Swiggy & Zomato. You will have to outperform them to increase your profits, which is highly unlikely.
Aman: Exactly. And, I don’t understand why you need ₹1 crore from us because it is not enough to do anything in this industry.
Founder: We want to do R&D and replicate our kitchens in other cities as well.
Anupam disagreed with this. He said that after so much effort, the founders still haven’t managed to become No.1 in their city. How will they then expand to other regions?
Anupam: I think you guys are lost. Your brand is not scalable. You should try to grow more in Kolkata first. I am out for now.
Vineeta also went out of the deal for the same reason.
Amit: I am interested in this industry, but your valuation is too high and un-investable. So, I am out.
Aman: I think you guys are late in fund-raising. Also, your valuation seems exceptionally high. You guys should first try to expand in another city and then check whether it works or not. Currently, I am out.
Ritesh: I would support you if you had regional aspirations. But you don’t know whether you want to scale nationally or regionally. So, because of this, I am out.
EatVerse didn’t get any investment in Shark Tank India.
Final Words
EatVerse couldn’t secure any deal on Shark Tank India Season 03. However, their appearance helped them gain immense popularity and entrepreneurial advice. The sharks advised them to stay local and become a big player locally rather than expanding half-hastily and losing everything.
