As Srinagar-based shipping courier company “FastBeetle” became the first J&K-based company to be featured in season 2 of the notable business reality television series “Shark tank india,” a spinoff of the well-known American show Shark Tank, the buzz of startups in Kashmir is changing the fortunes of young people in Jammu and Kashmir.
Two childhood friends who started “FastBeetle,” a Kashmiri e-commerce company, in October 2019 from the back alleys of Srinagar’s old city.
One of the 198 Startups that advanced to the finals is “Fastbeetle.” Only 198 of the eight lakh entrepreneurs that submitted applications for season 2 made it to the finals.
The availability of cashmere delivery is still a pipe dream in the age of instant commerce. Today, we’ll examine in in detail the investment strategy used in this presentation, which was developed to clear up this misconception.
About the Brand
In 2019, Sheikh Samiullah & Abid Rashid established Fast Beetle. A group of specialists that love logistics make up Fast Beetle. Their logistics platform serves a variety of clients, including online grocery retailers, brick-and-mortar and internet retailers, pharmacies, and private people. They offer door-to-door delivery services and can accommodate any and all of your courier requirements, no matter how big or little.
Whether it’s a single shipment or a recurring contract that has to be covered, their services are completely customised to meet the demands of the consumers. Companies that provide courier services play a crucial part in the efficient operation of organisations. Fast Beetle is a fantastic approach to continue to be quick and dependable to both your consumers and business partners.
Where to Find Fastbeetle
Sales and Valuation of the Company
The founders are from Kashmir, and everyone was inspired by their business experience. Additional than 1200 small enterprises in Kashmir have been given more authority as a result of this startup. They have completed more than 10 lakh orders. It’s incredible that they are present in more than 7 nations.
Fast beetle generatea 25 to 30 lakh rupee sales. Their anticipated revenue for FY 22–23 is Rs. 3 crore. Additionally, they have worked effectively with well-known businesses such as Jio Mart.
They make Rs 30 lakhs in sales each month. This results in around 3.6 Cr in yearly revenue. Their gross margin is around 54%.
The startup’s initial request was for 90 lakhs rupees for 3% equity with a price tag of 30 crore rupees. It’s interesting to notice that they have already raised about half of the seed round’s valuation.
Deal or no deal?
Namita Thapar: She believed that at a certain point, this business would not be scalable. So she delivered her signature line, “I’m OUT!”
Amit Jain: He was worried about how dependent the startup was on B2B companies. He was so likewise excluded from the agreement.
Aman Gupta: The first shark to make a deal was Aman Gupta. He presented an offer of Rs. 20,000 for 4% equity and Rs. 70 lakhs in debt at 12% interest. This increases the company’s worth to Rs 5 Cr.
Peyush Bansal: Peyush had a similar level of faith in the startup. He was keen to encourage business development in Kashmir. He therefore offered Rs. 90 lakhs for 10% stock at a Rs. 9 crore value.
Anupam Mittal: He offered Rs 90 lakhs for 9% shares at a Rs 10 crore value.
Peyush Bansal and Aman Gupta promptly matched Anupam’s offer.
The founders countered with a bid of Rs 90 lakhs for 5% shares at a price of Rs 18 crore.
It was answered by The Sharks with Rs 90 lakhs for 8% equity. Once more, the founders replied with Rs 90 lakhs for 7% stake and asked Aman and Peyush to work together. Anupam became irate over this and withdrew from the agreement.
Sharks’ final offer was for Rs 90 lakhs for 7.5% equity at a price of Rs 12 crore.
Deal : The deal was finally completed! Shark Tank India Season 2: Fast Beetle, established by Sheikh Samiullah and Abid Rashid, gets Rs 90 lakhs from Aman Gupta and Peyush Bansal for 7.5% ownership at a valuation of Rs 12 Cr.
Fast Beetle Business has prevented us from being able to cease hating our situation. It is a perfect illustration of how a company can flourish in the face of challenges and opportunities while working to ensure that everyone can support themselves. Please share your thoughts on the project to help this area of India handle its problems. Encourage it at your level.
Create your own notes on growing it using the advice and criticism of the sharks for the Fast Beetle Business. In addition to this, we have observed several company concepts like this in challenging periods like Corona, which have built significant companies despite limited prospects while managing security. With such a motivating business presentation, we would undoubtedly support Indian startups by admiring the entrepreneur’s path.