The Secret to Cocofit's Success: Fresh and Hygienic Coconut Water

Cocofit is a startup based in Hyderabad that was founded in 2019 by childhood friends Shashikant Visinigiri and Sunil Kumar Tentu. Shashikant is the Founder and CEO of the company, while Sunil is the CEO. The director of the company is Pavan Kumar Seepana. All three founders are software engineers by profession.

The idea behind Cocofit came from the observation that the coconut production sector in India was unhygienic, and transporting coconuts was a challenging task due to their size and weight. Additionally, health-conscious people did not have many options for fruit juice, aside from packaged juices that often contained preservatives and were not fresh.

VISION

The main aim of Cocofit is to address the challenges faced by the coconut production sector in India and to introduce the coconut business to the corporate world. The startup aims to provide a hygienic and fresh alternative to packaged fruit juices by offering fresh coconut water. Cocofit aims to promote healthy living by providing a nutritious and natural drink option to health-conscious consumers.

In addition to this, Cocofit also aims to expand its operations and establish a strong presence in the coconut water industry. The startup has already opened 31 outlets in 7 states in India, and it has received multiple franchise requests from different countries. With the right guidance and support, Cocofit aims to expand its operations and become a leading player in the global coconut water market.

BUSINESS MODEL & TARGET MARKET

The business model of Cocofit is centered around providing fresh coconut water to health-conscious consumers through its outlets. The startup sources coconuts directly from farmers and uses a hygienic production process to ensure that the coconut water is fresh and free of preservatives. Cocofit's outlets are located in high-traffic areas such as shopping malls, airports, and business districts, which allows it to reach its target market effectively.

The target market of Cocofit is health-conscious consumers who are looking for natural and nutritious drink options. This includes people who are into fitness and sports, as well as those who follow a healthy lifestyle. Cocofit aims to provide a fresh and healthy alternative to packaged fruit juices, which are often high in sugar and preservatives.

Cocofit's target market is not limited to India, as the startup has received franchise requests from different countries. As such, Cocofit has the potential to appeal to health-conscious consumers worldwide, particularly in regions where coconut water is not readily available or is only available in packaged form.

REVENUE AND SALES

The company's valuation is ?100, and it has done a business of 1.3 cr, which means it has generated revenue of ?1.3 crores.

Cocofit's gross profit is 2.4 cr, which indicates that the startup has been able to generate a significant amount of revenue after deducting the cost of goods sold. The net profit of Cocofit is 2.1 cr, which means that the startup has been able to generate a significant amount of profit after deducting all expenses, including operating expenses and taxes.

In the last two months, Cocofit has sold two master franchises, each costing 50 lakhs. As a result, Cocofit has earned a profit of 1 cr from both the franchises. The startup's local stores generate an average sale of 4 lakhs, and from their four stores, Cocofit earns 16 lakhs.

Cocofit also receives orders of 6 lakhs from franchises every month, which indicates that the startup's products are in high demand among franchisees.

JOURNEY OF THE STARTUP IN SHARK TANKS INDIA

The pitchers asked for 5 Rs. for 5% stake in the company, which surprised the sharks.

Of the five sharks on the panel, Peyush and Ashneer stepped back, indicating that they were not interested in investing in Cocofit. However, the other three sharks expressed interest in the startup, but there were no counter offers made.

In the end, the final deal for Cocofit was made with Aman, Namita, and Anupam for 5 Rs. for 5% equity. This means that the sharks invested 5 Rs. in the company in exchange for 5% ownership.

FUTURE PLANS

Cocofit has already opened 31 outlets in 7 states despite the challenges posed by the pandemic. Additionally, the startup has received multiple franchise requests from different countries, indicating that there is a significant demand for its products beyond India.

Cocofit plans to further expand its franchise network both within India and internationally. The startup could also focus on developing new products or product lines to complement its existing coconut water offerings and appeal to a wider customer base. Another possibility is that Cocofit may look to raise additional investment in the future to fund its growth and expand its operations further.