professionalsaathi
Freebowler is a Bangalore-based startup that was founded by Pratheek Palanethra and Vishwanath HK. The two founders have a background in cricket, having played in the under-13 and under-15 teams. Vishwanath is a qualified cricket player and coach, while Pratheek is related to the Indian cricketer KL Rahul. Together, they have created a company that provides a budget-friendly and realistic bowling experience to cricket players.
The aim of Freebowler is to provide a budget-friendly and realistic bowling experience to cricketers of all levels. They have developed a range of mechanical bowling machines that are affordable, easy to use, and require minimal maintenance. Freebowler's vision is to provide proper infrastructure and a better bowling experience to all levels of cricketers, from individual players to cricket academies, schools, and colleges. Their goal is to sell 1 lakh units in the next five years, which will help them achieve their mission of making cricket training more accessible and affordable for everyone.
Freebowler's USP (Unique Selling Proposition) is its affordable and portable mechanical bowling machines that simulate a realistic bowling experience for cricket players. The machines require minimal maintenance and can be easily transported, making them ideal for individual practice sessions and group training sessions. Freebowler's commitment to providing a better infrastructure for cricketers is another unique aspect of their product.
The business model of Freebowler is primarily focused on selling their mechanical bowling machines directly to customers through their website. The company offers two different models, which can be purchased online and easily set up by customers themselves. They also offer after-sales service and support to ensure that customers have a hassle-free experience.
Freebowler targets a diverse range of customers, including individual cricketers, cricket academies, schools, and colleges. The machines are designed to be affordable and accessible to players of all levels, making it easier for them to practice and improve their skills.
In addition to direct sales, Freebowler also partners with cricket coaches and academies to promote their products and offer training sessions using their machines. This helps the company to reach a wider audience and generate more sales.
The target market of Freebowler includes cricketers of all levels, from beginners to professionals. The company's mechanical bowling machines are designed to provide a realistic bowling experience and help players improve their batting skills and techniques. This makes their product ideal for individual players looking to practice at home, as well as cricket academies, schools, and colleges.
Freebowler's affordable pricing and easy-to-use machines also make them a popular choice for budget-conscious customers who may not be able to afford expensive bowling machines. The company's founders, who have a background in cricket, understand the challenges faced by players in terms of access to quality infrastructure and training facilities. As such, Freebowler's products are designed to provide a practical solution that can help players of all levels achieve their goals.
In addition to individual players, Freebowler also targets cricket academies, schools, and colleges, who are looking to invest in quality infrastructure and equipment for their students. By offering a range of machines at affordable prices, Freebowler aims to make cricket training more accessible and affordable for everyone.
The company's manual machines cost ?20,000 and electric machines cost ?40,000, and they have sold 75% of their products to individual cricketers, 20% to clubs, and the rest to schools and colleges. The company's main sales channel is Instagram campaigns.
In FY 18-19, Freebowler had sales of ?26 lakhs, which decreased to ?17 lakhs in FY 19-20. However, the company bounced back in FY 20-21 with sales of ?50 lakhs and continued the growth momentum in FY 21-22 with sales of ?53 lakhs. Their last month's sales were 1 lakh.
Freebowler's unit economics reveal that the cost of the product is ?20,000, with a manufacturing cost of ?8,000, shipping cost of ?1,500, return and repair cost of ?500, and processing cost of ?200. The company's gross margin is 45%.
Freebowler founders Pratheek Palanethra and Vishwanath HK appeared on Shark Tanks India seeking a funding of ?75 lakhs for 7.5% equity of the company at the valuation of 10 crores.
After several offers and counter offers, Namita offered 50 lakhs for 15% equity of the company at the valuation of 3.33 crores and 25 lakhs debt at 10% interest rate. The founders countered with an offer of 50 lakhs for 10% equity of the company at the valuation of ?5 crores and ?25 lakhs debt at 10% interest rate.
Finally, the deal was closed with Namita for 25 lakhs for 7.5% equity of the company at the valuation of 3.33 crores and 50 lakhs debt at 10% interest rate.
At Professional Saathi, we offer a range of business consultancy services that help businesses improve their performance, achieve growth, and overcome challenges.
We Empower Businesses with Expert Consultancy Services
Copyright 2024 © Created By KTPG PROFESSIONAL SAATHI CORPORATE CONSULTANT PRIVATE LIMITED, All Rights Reserved.
Leave Your Comment