What Happened to Dobiee After Shark Tank India?
What is Dobiee?
Dobiee is a confectionary brand based in India. They make different types of candy. There’s a huge demand for candies as India is a huge nation. The total candy market size in India is ₹20,000 Crores.
Who is the Founder of Dobiee?
Arjun Mukesh Dharamshi & Mukesh Dharamshi are the founders of Dobiee. They are a father-son duo. Mukesh Dharamshi started his career by opening cold drink bottles and giving them to people. That’s when he first noticed candy and wanted to know how candy is made. He visited a candy factory and learned the entire process.
After learning the candy-making process, he started his own candy-making factory. He used to provide candy to other companies. He didn’t have any brand then.
Arjun became a mechanical engineer and went to France for further study.
Arjun came back to India and started working with his father in their in-house candy manufacturing unit.
They did ₹4 Crores sales in last 15 months. They sell through distributors, stockists, CNF, etc.
The way they work is, they target a specific state, then they penetrate that state hard. They make sure each and every store in that state has their candy.
They gave the sharks candy to eat. All the sharks really liked their candy.
They make double-flavor candy also.
Dobiee Before Shark Tank India?
They started the Dobiee journey in 2021, and till now they’ve sold 9 Lakhs Dobiee packets in India. They are currently available in 9 states and in 50,000 offline stores.
How much money did they ask for Dobiee?
They came to Shark Tank seeking ₹72 Lakhs for 2% equity in the business. Which gives the company a valuation of ₹36 Crores.
Anupam Mittal is so knowledgeable. He said the candy market is huge, but to some extent, it’s a change industry. When shopkeepers don’t have any change, they give equivalent candy to complete the transactions with customers.
Which shark gave Dobiee an offer?
Peyush Bansal was out because he didn’t like the category in particular and he didn’t want to invest in a candy company.
Aman Gupta was out and he advised them not to board any investors at this point.
Namita Thapar was out because she thought the TAM was small for this business.
Amit Jain gave the 1st offer. He offered ₹40 Lakhs for 5% equity in the company. The rest ₹32 Lakhs will be debt at 12% interest. Which gives the company a valuation of ₹8 Crores.
Anupam Mittal was impressed with the toy product. They have a candy packet with which they provide a toy. So, Anupam Mittal thought that particular thing could become big and offered ₹72 Lakhs for 11% of the company. Which gives the company a valuation of ₹6.55 Crores.
| Offer 1 | Offer 2 |
| Amit Jain – ₹40 Lakhs for 5% & ₹32 Lakhs debt at 12% | Anupam Mittal – ₹72 Lakhs for 11% |
The founders didn’t like the debt part. They gave a counteroffer of ₹72 Lakhs for 5% equity of the company.
Anupam Mittal gave another counteroffer, ₹72 Lakhs for 9%.
Amit Jain gave another counteroffer, ₹72 Lakhs for 7%.
| Company Name | Dobiee |
| Founders | Arjun Mukesh Dharamshi & Mukesh Dharamshi |
| Asked Amount | ₹72 Lakhs for 2% |
| Final Deal | ₹72 Lakhs for 6.5% |
| Shark | Amit Jain |
| Company Net Worth | ₹11.08 Crores |
| Company Website | www.dobiee.com |
| Company Status | In Business |
What deal did Dobiee get in Shark Tank India?
There was some discussion back and forth, but finally, the deal was closed at ₹72 Lakhs for 6.5%. And the winning shark was Amit Jain. Which gives the company a valuation of ₹11.08 Crores.
