Kryzen Update 2024 | Shark Tank India Season 03
Kryzen Biotech founders Sudhir Devkar and Priya Devkar pitched in Shark Tank 3 to raise capital to expand their business. It is an innovative biotech company that creates awareness about hydroponic farming and constructs hydroponic farms.
Hydroponics is one such innovation in agriculture where plants are grown using a water-based nutrient solution rather than actual soil.
Are you curious to know what happened to Kryzen after Shark Tank? Here’s the latest company updates after the show!
| Company Name | Kryzen Biotech |
|---|---|
| Founders | Sudhir Devkar, Priya Devkar |
| Founded | 2022 |
| Product | Hydrophonic farming |
| Ask | ₹75 lakh for 3% |
| Deal | Piyush Bansal |
| Sharks | Peyush Bansal |
Kryzen Update After Shark Tank
Kryzen Biotech founders were able to convince Peyush Bansal in the Shark Tank, and they secured a deal of 75 lakh for 15% equity and 2% royalty until 2x of the investment is recouped.
Anupam Mittal promised to become their client and set up a hydroponic farm on their empty land. Their appearance on the shows helped them gain massive popularity.
As of March 2024, Kryzen Biotech is in business (website) and generating decent revenue from construction and consultancy. The company’s net worth is estimated at around ₹25 crores.
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About Kryzen
Sudhir Devkar and Priya Devkar are the co-founders of Kryzen. It is an Agri-tech company that constructs smart hydroponic setups that can be operated remotely.
They claim to achieve a production capacity of an acre within a space of 5,000 square feet area using vertical hydroponic farming.
Kryzen has invented a price watcher tool to track and analyze trends and predict commodities prices using Artificial Intelligence (AI).
Apart from installing hydroponic farms, Kryzen sells farming courses and has a community where growers can sell their produce.
The company has set up more than 40+ hydroponic farms till now, and the founders’ vision is to make farming a profitable and sustainable business by using the latest advanced hydroponic techniques.
Kryzen Shark Tank India Pitch
The founder started their pitch with ₹75 lakhs for 3% equity.
The founder said that they have developed an AI system that can predict commodity prices. This AI is integrated into their app, and it recommends crops that yield profit in the next three to four months.
Anupam: Please think before you speak. Who can predict commodity prices?
Anupam then cleared up the fact that no one can predict commodity prices. The founder agreed and said they admired Anupam, and he got married using Shaadi.com.
Peyush: You just got saved today. You can now speak whatever you want.
Aman: I actually know about hydroponics. Can you explain it to others?
The founder explained that hydroponic farming is a soil-less farming technology. It reduces soil dependency and requires way fewer resources than traditional farming.
Peyush: Is it healthy to consume?
Founder: Yes, there are no pesticides involved. And there is also no nutritional loss.
The sharks then reviewed the foods & vegetables grown by Kryzen’s Hydroponic farm.
Anupam: Do you think that by only using water, the plants get the same nutrients that they would have normally received from the soil?
Founder: Yes, we can provide all the nutrients that are available in the soil to our water content.
The founder then explained Kryzen’s business model. They first do a site inspection for a customer and create a project report with recommendations for maximum ROI & Profitability.
Then, they set up the hydroponic farm. They also provide software and automation support for farm management. Customers also have the option to sell their grown crops directly to buyers through their app.
Vineeta: Do you provide the project report for free?
Founder: No, we charge a refundable amount of 50,000. If the customer doesn’t place an order, then refund the amount after the charges are made.
The founder then revealed that products from hydroponic farms are sold at a premium price due to high demand but less supply.
The discussion then moved toward revenue. The founder revealed that they had a business of 1.25 crore last year, and in 2024, they’re projecting around 5 crore with a profit of 5%.
Founder: We look for customers who stay in the city but have farmland in villages. We can help them generate income from their land.
Namita: Honestly, I am fascinated by this, but I don’t know it. I will be out for now.
The founder revealed they are looking for funding to innovate more on their tech and build a team around it.
Peyush: But why haven’t you done that till now?
Founder: Getting a good tech person is exceptionally costly.
Anupam: Your business is interesting. But, since your business is around services and projects, it is tough for me to understand the returns from it, so I am out.
Anupam then said that he would like to start a hydroponic farm of his own and would give Kryzen an order for that.
Aman: I don’t think hydroponic farming will take off anytime soon. The market is not mature, and there is a lack of awareness among the masses. So, I am out.
Vineeta: I really liked your software and app. But, the challenge here is to predict the future of hydroponics. This is not mainstream yet, so it is not investment-worthy. I am out.
Peyush: I really liked your passion for this. And I think this is a category-creation business. This will be a long-term bet, and I will offer you ₹75 lakhs for 15% equity and 2% royalty until 2x of my investment is recouped.
Founder: Can you agree on ₹75 lakhs for 10% equity? We are ready to give royalties.
Peyush: This is not a typical investment model where no investor will join. So, you guys should consider me as a third partner and accept my offer.
The founders accepted the offer, and they got a deal in the Shark Tank.
Final Words
Peyush Bansal invested in Kryzen Biotech on Shark Tank India. He closed the deal of ₹75 lakhs for 15% equity and 2% royalty until ₹1.5 crore gets recovered.
Kryzen’s appearance on the show started a conversation about hydroponics farming. After the show, they received many orders from various parts of the country. We hope both founders will establish Kryzen, the next billion-dollar company.
