The Plated Project has raised 75 lakhs at 3.75% equity from shark tank season 2. Veenita, Aman, and Namita invested in this startup. The owner made an ask of 75 lakhs in exchange for 2% equity of the company at the valuation of 37.5 crores.
At first, Anupam offered 75 lakhs for 5% equity. Then Namita offered 30 lacs for 1% equity and 45 lakhs debt at a 12% interest rate. Later Aman and Veenita gave a combined offer of 75 lakhs for 5% equity. The pitcher’s counteroffer was for 1.5 crores for 5% equity. Then Anupam stepped out of the deal. After that, Veenita, Aman, and Namita gave a combined offer of 75 lakhs for 3.75% equity.
Also Read Subhag has raised INR 20 lakhs rupees for 1% equity and 30 lakhs debt at 10% interest from shark tank season 2. Namita invested in this startup.
About The Plated Project
Chitresh Sinha is the company’s founder. He was born in Goa but has spent the last 15 years in Mumbai. He had a background in engineering. He earned his MBA and had a keen interest in marketing. He has spent the last 12 years as a brand goals strategist.
Around 20 crore people in our country go to bed hungry. Many of these people are children. Chitresh’s life was forever altered by one such child. He was in a taxi once when he noticed a small girl child sitting in the rain eating wet chapati. Hunger remains a major issue in India. After much research, he discovered that to solve this problem, and one must first change their thoughts. Chitresh has had an interest in art since he was a child. He considered presenting his art on a plate.
The categories are:
Decor- It can not be used for eating food.
Dinnerware- Plates can be put into the microwave oven and dishwasher.
Gifting- It includes candles. Along with various artists from around the world, they create such products.
For every plate sold, ten meals are sponsored. 30k plates are sold in a lifetime. They have sponsored over 5.5 million meals. His goal is to increase this figure to 25 lakhs by 2025.
The Plated Project Business Statistics:
The Plated Project was started in 2019. They have filled 5 lahks 50 thousand empty plates with food and want to take this number to 25 lahks by 2025. The company has achieved lifetime sales of 30,000 units. FY 2021 – 2022 EBITDA remains at 15%, and last month’s profit was ₹2.5 Lakh. The company’s sales split is Decor – 90% and Dinnerware – 10%.
Expected Sales Split FY 2022 – 23
Decor – 70%
Dinnerware – 20%
Gifting – 10%
Expected Sales Split FY 2023 – 24
Decor – 50%
Dinnerware – 33%
Gifting – 17%
What Problem Do They Solve
The Plated Project Business Vision is to prove the platform of art and social responsibility by organizing business and making a unique example for everyone. Chitresh Sinha and his team at The Plated Project in Mumbai commission artists to create work that fits within the circle of a dinner plate once a month. Purchasing just one of their appealing, brightly colored plates with designs by artists such as Malika Favre and Suket Dhir equates to donating ten meals.
The way The Plated Project Business has linked the social goal with the business has made an attempt to bring it under the rule of Corporate Social Responsibility.
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