The guilt-free drink by FOMO Brews has bagged a deal of Rs 35 lakh with Aman Gupta and Anupam Mittal in the campus special episode of 'Shark Tank India' season 3.
The entrepreneurial reality show witnessed a pitch by young boys Avik Chaudhery and Gaurang Gadia, the founders of ‘FOMO’.
Gaurang is 21-year-old, and is studying Masters of Business Laws from National Law University, Bengaluru. Avik is pursuing executive MBA from Stoa, Bengaluru. They had started FOMO in the third year of college.
FOMO has freshly brewed iced teas, with no refined sugar, no preservatives, and no concentrates. It is available across restaurants, corporate offices, marketplaces and embassies. They are also launching milk mixes soon.
They asked for Rs 35 lakh for 4 per cent equity
Aman (Co-Founder and CMO of boAt) asked them: “Where in DU were you?” To which Gaurang replied: “Hansraj College, and Hindu College.”
Speaking about their entrepreneurial journey, Avik said: “We're very fond of iced teas. So, when we went to the market, we realised that iced teas have no tea in them. So, we saw this big gap and then Covid happened. People want to consume better. So, iced teas are a great option. Because it has tea, antioxidants.”
“We decided to sweeten it with honey and Khaand. We made samples at home and took it DU. When we felt that it's good we started it,” he shared.
They have also recently launched iced tea premixes.
Ritesh Agarwal (Founder and CEO of OYO Rooms) said: “Tell us about the finance. What about the sales?”
Gaurang then gave a detailed description of their last seven month sales in 2023: “April-Rs 2.7 lakh, May- Rs 4.4 lakh, June- Rs 3.7 lakh, July- Rs 3.05 lakh, August- Rs 3.1 lakh, September-Rs 3.7 lakh, and in Оctober- Rs 3.4 lakh.”
Anupam (Founder and CEO of Shaadi.com) said: “Avik, Gaurang, I like you guys. You have the potential to learn. I think you're adaptable. The best part is that after this conversation with you, two things are clear. Firstly, I feel that you guys have experience. You're seasoned players. You have hustled. You have learnt quite a bit.”
“You listen and take feedback too. You're open to it. I feel that we can build something together. We can set it in a direction that's differentiated where it can take a position and capture the segment,” added Anupam.
Finally, they closed the deal at Rs 35 lakh for 6 per cent equity with Aman and Anupam.
‘Shark Tank India 3’ streams on SonyLIV.
