professionalsaathi
The Healthy Binge is a Pune-based startup founded by cousins and brothers, Pranav Korke and Karan Korke. The company was founded in 2021 to cater to the growing market for healthy snack options in India. With a market size of INR 50,000 crore, the demand for healthy snacking options is on the rise in India, and The Healthy Binge seeks to fulfill this demand.
The Healthy Binge's products are made from jowar, bajra, millets, ragi, and quinoa, which are known for their high nutritional value. Their products are rich in dietary fiber, iron, protein, and calcium. The snacks are 100% baked and contain zero percent cholesterol, making them a healthy alternative to traditional snacks that are high in calories and unhealthy fats.
The aim of The Healthy Binge is to provide healthy and nutritious snack options to consumers in India. With the rising trend of snacking among people of all ages, there has been a growing demand for healthy snacking options that are not only delicious but also nutritious.
The company's founders, Pranav Korke and Karan Korke, recognized this demand and decided to start their venture to cater to this market need. They aim to offer snacks that are made from high-nutrient ingredients such as jowar, bajra, millets, ragi, and quinoa, which are not only rich in essential nutrients but also offer several health benefits.
Their products are baked, contain zero percent cholesterol, and are free from unhealthy fats, making them an ideal option for health-conscious consumers. The snacks are also gluten-free, contain no palm oil, and are 100% vegetarian, making them suitable for a wide range of dietary requirements.
The Healthy Binge aims to promote healthy snacking habits among consumers by providing them with tasty, nutritious, and guilt-free snack options. They want to encourage people to choose healthy snacking options over traditional high-calorie and unhealthy snacks, which are detrimental to their health in the long run.
The Healthy Binge follows a direct-to-consumer (DTC) business model, which means that they sell their products directly to customers through their own website and various e-commerce marketplaces such as Amazon, Flipkart, and Big basket.
The company's primary focus is on manufacturing and delivering healthy snacks made from high-nutrient ingredients such as jowar, bajra, millets, ragi, and quinoa. They have created a range of products that are 100% baked and free from unhealthy fats, cholesterol, and maida, making them a healthy alternative to traditional snacks.
The Healthy Binge's products are available in various sizes, and they offer different types of snack options such as cookies, chips, and namkeen, catering to a wide range of consumer preferences. The company also offers free shipping on orders above a certain value, making it convenient and affordable for customers to purchase their products.
In terms of revenue, The Healthy Binge generates income from the sales of their products. As a DTC business, they can control their supply chain, production, and distribution, allowing them to keep their costs low and offer their products at competitive prices.
Moreover, The Healthy Binge has adopted a digital-first marketing strategy to reach a wider audience. They leverage social media platforms such as Instagram and Facebook to showcase their products and engage with their customers. They also collaborate with social media influencers to promote their brand and products to a broader audience
The Healthy Binge's target market primarily consists of health-conscious consumers in India who are looking for healthy snacking options that are both nutritious and delicious. This includes people who are focused on maintaining a healthy diet, fitness enthusiasts, and those with specific dietary requirements such as gluten-free, vegetarian, and vegan.
The company's products cater to a wide range of age groups, from children to seniors, as snacking has become a common habit among people of all ages in India. They aim to provide healthy snacking options that are not only satisfying but also offer several health benefits, making them suitable for people of all ages.
The Healthy Binge's products are ideal for people who are looking for guilt-free snacking options that are not only tasty but also healthy. They contain high-nutrient ingredients such as jowar, bajra, millets, ragi, and quinoa, making them a good source of essential nutrients such as dietary fiber, iron, protein, and calcium.
The company's products are also suitable for people who are looking to avoid traditional unhealthy snacks that are high in calories, cholesterol, and unhealthy fats. They offer a healthy alternative that is 100% baked, free from maida and trans fat, and contains zero percent cholesterol.
The company has generated lifetime sales of 56 lakhs rupees, with sales in the last month reaching 11 lakhs rupees. In August 2022, the sales were 6 lakhs rupees, which increased to 7.5 lakhs rupees in September 2022 and further increased to 11 lakhs rupees in October 2022.
The company's sales are split between online and offline channels, with 60% of sales coming from online and 40% from offline. While the company is generating revenue, they are not yet profitable, as they are burning cash every month. The net margin of the company is 14 rupees per 40 rupees selling price, after accounting for 14 rupees for distributors and 12 rupees for COGS (cost of goods sold).
The Healthy Binge invests around 10% of its monthly revenue in marketing efforts to promote its brand and products. The company has also invested 1 crore rupees to set up a factory for manufacturing its products.
In terms of ownership, Pranav holds 46% of the equity in the company, while Karan holds 36%, and the remaining 16% is owned by friends and family. The company has raised a capital round from friends and family in April 2022, which amounted to 1.13 crore rupees at a valuation of 7.5 crore rupees.
The startup appeared on Shark Tanks India and pitched their business to the panel of investors. The company's owner asked for 50 lakhs for a 5% equity stake in the business.
After some discussion, Aman and Peyush made a counter offer of 50 lakhs rupees for 5% equity in the company. This counter offer was ultimately accepted by The Healthy Binge, and the deal was finalized at a valuation of 10 crore rupees.
This successful pitch on Shark Tanks India represents a significant milestone for The Healthy Binge, as it not only provides the company with additional funding but also valuable exposure and validation from a panel of experienced investors. With this new investment, The Healthy Binge will be able to continue growing its business and expanding its product offerings in the healthy snack market.
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