What Happened to FastBeetle After Shark Tank India?
What is FastBeetle?
FastBeetle is a Kashmir-based startup. Kashmir has many fascinating goods to offer. But transportation in Kashmir is very tough. It’s very challenging to transport anything from Kashmir to outside.
To solve this transportation problem, FastBeetle has come to place. It’s a logistics company.
Who is the Founder of FastBeetle?
Sheikh Samiullah & Abid Rashid are the founders of FastBeetle. They are from Srinagar. They started the company in 2019.
It’s pretty rare to see startups from Kashmir. Not a lot of people are exposed to this startup culture in Kashmir. That’s why it’s pretty common for everyone to opt in for employment.
Samiullah is the CEO and Abid is the CTO of the company. Samiullah has previously worked in startups. Abid has previously worked in Dubai.
How much money did they ask for FastBeetle?
They came to Shark Tank India seeking ₹90 Lakhs for 3% equity in the company. Which gives the company a valuation of ₹30 Crores.
FastBeetle is solving this problem with two applications under their wing. One has a business & customer interface.
FastBeetle Before Shark Tank India?
With the business interface, all the business owners can transport their necessary goods. Till now, they’ve helped 1200 business to scale their business. And with the customer interface, everyone can get or receive things through the application.
They’ve delivered 10 Lakh customers in 55 countries. They want to become the number #1 delivery company in Kashmir. Later they want to expand their business. They want to make this a ₹200 Crores company in the next 2 years.
They have another application for the drivers. All the drivers working under FastBeetle can use that application.
There are 3 delivery systems in any delivery company. First-mile delivery, Mid-mile delivery, and last-mile delivery.
One key advantage of FastBeetle is all the riders are born and brought up in Kashmir. They know the location very well. There are other delivery companies in Kashmir, but they don’t have the same knowledge as they do.
Recently Jio tied up with FastBeetle. Previously their Turnaround Time was 6 – 7 days. But FastBeetle has reduced it to 3 days. They also helped them reduce the RTO.
Also, as they are local people and they have a full understanding of the streets, they can transport goods to the borders as well. Which other delivery companies can’t do.
Let’s try to understand the market of Kashmir. In 1 single day, 30,000 – 40,000 deliveries are happening all over Kashmir. Among that FastBeetle is doing 3000 – 4000.
How much money did they raise for FastBeetle?
| Amount Raised | Valuation |
| ₹20 Lakhs | ₹3 Crores |
| ₹70 Lakhs | ₹6 Crores |
There’s a 10% ESOP for the expert employees working in the company.
They are doing monthly revenue of around ₹30 Lakhs. The projected revenue for the year is around ₹3 Crores. But they are spending ₹3.10 Crores per year. That means they are burning ₹10 Lakhs per year.
Unit Economics of FastBeetle
| COGS | ₹1.25 Crores |
| Rent | ₹25 Lakhs |
| Salaries | ₹1 Crore |
| Miscellaneous | ₹60 Lakhs |
Which shark gave FastBeetle an offer?
Namita Thapar was out because she thought the company could grow a little because of their USP of working under hard conditions like Kashmir. But after a certain period, they wouldn’t be able to grow.
Amit Jain was out because he couldn’t figure out a way to deal with B2B businesses.
Aman Gupta offered ₹20 Lakhs for 4% & ₹70 Lakhs debt at 8% interest. Valued the company ₹5 Crores.
Peyush Bansal offered them ₹90 Lakhs for 10% of the company. Value the company ₹9 Crores.
Anupam Mittal offered them ₹90 Lakhs for 9% of the company. Value the company ₹10 Crores.
| Offer 1 | Offer 2 | Offer 3 |
| Aman Gupta – ₹90 Lakhs for 9% | Peyush Bansal – ₹90 Lakhs for 9% | Anupam Mittal – ₹90 Lakhs for 9% |
Aman Gupta matched Anupam’s offer.
Peyush also matched Anupam’s offer.
| Company Name | FastBeetle |
| Founder | Sheikh Samiullah & Abid Rashid |
| Asked Amount | ₹90 Lakhs for 3% |
| Final Deal | ₹90 Lakhs for 7.5% |
| Sharks | Aman Gupta & Peyush Bansal |
| Company Net Worth | ₹12 Crores |
| Company Website | www.fastbeetle.com |
| Company Status | In Business |
What deal did FastBeetle get in Shark Tank India?
They preferred Peyush & Aman. And countered them ₹90 Lakhs for 7%. The deal was closed at ₹90 Lakhs for 7.5%. Which gives the company a valuation of ₹12 Crores.
