Deepinder Goyal Strikes First Deal on Shark Tank India-3: A Fun Investment Story Unfolds

The artisanal feni-making startup, Goenchi Feni, was launched in April 2023 by siblings Yash Pradeep Sawardekar and Tulika Pradeep Sawardekar, who are residents of Goa. The startup claims that feni has been made for the past 500 years and is a part of Goa’s tradition.

In the latest season of Shark Tank India-3, some startups have begun to emerge that surprise viewers. Goenchi Feni, a startup related to alcohol, is one such venture that has left everyone astonished. However, they failed to convince all the sharks to invest in their business. On the other hand, Deepinder Goyal made his first investment in this startup during his stint on Shark Tank.

The startup, initiated by Yash Pradeep Sawardekar and Tulika Pradeep Sawardekar, both residents of Goa, began its journey in April 2023. The startup claims that feni, a traditional Goan drink, has been crafted for the past 500 years and is an integral part of Goa’s heritage. The process of making feni has been passed down through generations, making Goa’s cashew feni unique enough to receive a Geographical Indication (GI) tag.

In just 6 months, Goenchi Feni has reached up to 100 stores.

After the era of COVID-19, Yash and Tulika traveled across the country and discovered that Goan feni is the best. Under their startup, they produce feni without adding any sugar. Within a mere 6 months, the startup’s feni has made its way to over 100 wine stores and retail outlets across Goa.

Every country takes pride in its spirit.

Yash mentions that every country takes pride in its own drink. Russia boasts vodka, Mexico boasts tequila, Japan boasts sake, Korea boasts soju, Brazil boasts cachaça—every country takes pride in its own spirit. In India, spirits are often referred to as “desi daru” (country liquor). This is why many Feni craftsmen have left their work, and now this tradition is fading away. The vision of this startup is to take this indigenous spirit global.

Where did the idea come from?

Yash explains that he was a flight attendant in the Middle East, where someone once asked him what drinks people consumed there. Yash replied that they drank whiskey. Then came another question about what drink is made where they live, to which Yash couldn’t answer. From there, the idea struck him that indigenous spirits could be taken to a global level.

How big is the market, and what is the price?

Currently, this startup has two products. The first is Cashew Feni, and the second is Coconut Feni. While locals in Goa enjoy feni, others hesitate to drink it. The price of the company’s product is currently Rs. 1449. Yash mentions that the total alcohol market in Goa is worth Rs. 3600 crore, while the feni market is around Rs. 450 crore. Currently, this brand is limited to Goa, earning about Rs. 10 lakh per month, and is bootstrapped.

Founders sought a valuation of Rs. 20 crore

Yash and Tulika offered 5% equity at a valuation of Rs. 20 crore in exchange for a Rs. 1 crore investment. While everyone was impressed with their startup and hard work when it came to investing, all the sharks backed out one after another except Deepindar Goyal. Deepindar Goyal’s offer was unique. Firstly, he asked if they could have breakfast with him and Deepindar every Sunday every four weeks in Delhi.

Deepindar Goyal seals the first deal on Shark Tank

When both parties agreed, he made two offers. The first offer was Rs. 1 crore for 10% equity, and the second offer was Rs. 2 crore for 15% equity. Deepindar said it wasn’t about the money but about pride and facing the challenge of category creation. Initially, the founders refused to take the investment, but when all the sharks explained that such an opportunity wouldn’t come again, they agreed. Then came the real twist when Deepindar said he didn’t want to do the deal for Rs. 1 crore for 10% anymore. After some discussion, they settled on the deal for Rs. 2 crore for 15% equity, valuing the company at Rs. 13.33 crore.