The shark tank India startup The sass bar, an innovative soap producing startup, has raised 50 lakhs for the equity of 35% from Shark Tank India. Sharks Anupam Mittal and Ghazal Alagh invested in this startup.
Pitchers approach with a request for 40 lakhs in exchange for 8% of the company’s stock. Anupam and Ghazal make a 40 lakh bid for 40% of the company, subject to a few stipulations, such as converting the business from gifting to bathing basics. Rishika countered with a 40 lakhs offer in exchange for 30% equity. Anupam and Ghazal replied with a bid of 40 lakhs for a 35% stake. Rishika requested that the price be increased. The ultimate agreement was 50 lakhs for a 35% stake in the company with Anupam Mittal and Ghazal Alagh.
About The Sass bar shark tank India
The company’s founder is Rishika Nayak Shetty. Rishika is a Mumbai native. She has always been an environmentalist who aspired to build something long-lasting. This is a colourful, quirky, and sassy idea gifting and artistic company. Dessert soap is their first line of products, which combines regular soap with dessert to create a colourful, sassy image. The Sass Bar specialises in a line of handcrafted soaps that resemble and smell like sweet treats. They come in scents including lilac, rose, black raspberry vanilla, spearmint, Argentina lemon, peony, and more, and are rich in cocoa and shea butter, SLS and paraben-free, and with skin-safe colourants and bio-degradable glitter. She partnered with other artists and created speciality gift products based on various topics such as travel, food, and music. They want to make this a brand that people think of when they think of gifts. This is something she started in 2019. The company is valued at 5 crore rupees. Their current year’s sales are in the range of 30 lakhs. Last month, sales totalled 7 lakhs. The price of a single box is 1799 rupees. A bar of soap costs 295 rupees. The gross margin is 65%, and the net margin is 55%. Soaps account for 85% of total sales.
Problems solved by The Sass bar
The Sass bar is an India made product and it is very beneficial for India’s economy. No harmful chemicals have been used in the soap so that there will be no side effects of using this soap. The designs of the soap are very unique so that people will love it.