Millet Amma Update | Shark Tank India Season 03
With the rise in popularity of rice and wheat, staple foods like millet somewhat lost their presence in the kitchen, even though they are healthier and more nutritious than wheat and rice.
This is where Millet Amma’s founders saw an opportunity to revive and raise awareness towards India’s own staple foods, which have been consumed here for thousands of years.
Millet Amma recently appeared on Shark Tank India to raise ₹1 core for 3% equity. The judges were impressed with the taste but will they find this business investible? Find out in Millet Amma’s update!
If you’re short on time and don’t want to read the whole story, here’s a brief overview of what happened to Millet Amma after Shark Tank.
Millet Amma founders Ruchika and Ajay came on Shark Tank with an ask of ₹1 crore for 3% equity. Unfortunately, no sharks found this business scalable, and Millet Amma got no deal in the Shark Tank.
However, they got business advice from successful business experts. We hope that the founders will learn from sharks’ advice and utilize the popularity of Shark Tank to establish Millet Amma, a successful brand in India.
| Company Name | Millet Amma |
|---|---|
| Founders | Ajay Bhuwalka, Ruchika Bhuwalka |
| Founded | 2017 |
| Products | Millet food products |
| Ask | ₹1 crore for 3% equity |
| Deal | No deal |
| Sharks | No shark |
About Millet Amma
Ajay Bhuwalka and Ruchika Bhuwalka founded Millet Amma in 2017. It is a one-stop shop for pure millet-based products.
They produce more than 50 products in three categories: basic, ready-to-cook, and ready-to-eat.
The founders have a vision to promote millet usage in India. Millets are called super-foods as they have an abundance of crucial nutrients like anti-oxidants, micro-nutrients, minerals, and proteins.
Millets are also very beneficial for farmers and the environment. This is why Millet Amma wants to reach each and every household in the country.
Millet Amma Shark Tank Pitch and Updates
The founders started the pitch by making an ask of ₹1 crore for 3% equity at a ₹33.33 crore valuation. After tasting the products themselves, Sharks were left amused. They really liked the taste.
Peyush: I am actually confused about all this. Now, people are recommending to eat millet but after a few years, they start protesting against it.
Namita: Millets have been consumed by Indians for thousands of years. So, you can chill. It is actually gluten-free and healthy.
Amit then shifted the discussion towards the products. He inquired about the USP and uniqueness of Millet Amma because millet-based products are already available in the market.
The founders said that Millet Amma is ahead of its competitors when it comes to total millet content. Their products have 50-90% millet content; meanwhile, the others provide only 10-15%.
Also, they focus on minor millets that are not readily available. The minor millets have much more nutrition than the major ones.
Millet Amma also has a huge variety of inventory, which allows them to cater to every age category.
Azhar: Okay, but I actually want to know how these features affect the customers. How do the customers react to them? Give me some statistics for a better understanding.
The founder revealed that the repeat ordering audience on their website is about 35-40%. It is because whenever someone starts consuming millet, it is mostly due to health problems. And, once they like a product, they stick to it.
Anupam: Yeah, you are correct about this.
Peyush disagreed and said that the customers could shift to other brands as well.
Founder: There are many factors involved in this like the grains should be polished and organic. And, also there is a trust factor involved as most people consuming our products are health conscious.
Amit then asked about Millet Amma’s current financial condition and revenue.
Founder: Our sales were ₹22.2 crores in 22-23, and this year we already made ₹1.4 crores.
The founder explained that the big jump in sales this year is due to their improved marketing budget. But, they have still managed to keep their ROI intact.
Founder: This year, we are going to make sales worth ₹4 to ₹5 cores, where profit will be around 5%.
Azhar: In my understanding, your repeat orders data is flawed. Because, if you actually had that many repeat customers then your profits would have been much higher.
Azhar then made himself out of this deal. He suggested the founders fix their repeat customers’ data as this is one of the most fundamental data in business, which the founders are overlooking, and that’s a red flag for Azhar.
Namita: I am also out. Even though I really like you guys. But you guys should realize that your brand is not investor friendly and it will be hard for anyone to put money in.
Peyush disagreed with Azhar. He said that the founders must be doing something right, which helped Millet Amma see a revenue hike.
But he also mentioned that Millet Amma needs a huge amount of money and a solid team to grow. And seed investment won’t enough be enough. Then, even Peyush went out of the deal.
Peyush: You guys are on the right path. You should scale your brand a little more and then look for a strategic investor.
Then, Amit also went out of the deal. He agrees with the other Sharks that this business has no scalability and its not worth it to invest as there are low chances of a good exit.
Anupam: I cannot understand why you guys need money right now. I can understand that you need support and advice. But here you are making the wrong move. You should rather find a good business consultant.
And even Anupam went out of the deal for the same reasons. Millet Amma didn’t get any deal on Shark Tank India.
More Updates from Shark Tank India (Season 03):
Final Words
Shark Tank India always proves that investors might like your idea and product, but if they don’t see scalability, then they will overlook you. This is what happened to Millet Amma on Shark Tank India. They didn’t get any investment due to them being less investor-friendly. The founders found themselves at the wrong place at the wrong time.
