What is On2Cook?
On2Cook is a product that provides microwave heating from the top and gas heating from the bottom to the food you’re cooking.
Who is the Founder of On2Cook?
Sanandhan Sudhir is the founder of On2Cook. He was a mechanical engineer. He later worked in telco. He spent 10 years developing medical products. Later he joined a San Francisco-based startup.
On2Cook Before Shark Tank India?
Oftentimes, when people cook, they can’t get heat to reach all the parts of their food. This device will solve that problem. Not only this will make your cooking journey easier, but also it will save you precious time. It’s the fastest cooking machine on the planet.
How much time will it save for you exactly? It will save you 70% of the time. When you’re saving time, you’re also saving the energy.
Sanandhan wants to disrupt the cooking industry. He wants this to become a household thing. Sanandhan wants to save time for the people who are involved in the cooking industry.
How much money did he ask for On2Cook?
He came to Shark Tank India seeking ₹1 Crore for 1% of the company. Which gives the company a valuation of ₹100 Crores.
During the pitch, he started cooking chicken curry and it was ready in 7 minutes. It does save time.
Price of On2Cook
The making charge of this device is ₹10,000 – ₹15,000. And the Sanandhan wanted to sell it for ₹50,000. But he hasn’t fixed the price yet. His cost for making one prototype is $16,000.
He demonstrated this product in 100 B2B & B2C places.
The target audience for this product is small restaurant owners who have 6 to 20 tables. So, that he can cook his food as fast as possible without degrading the quality of the food.
Which shark gave On2Cook an offer?
Vineeta Singh was the first one to go out. She doesn’t invest in pre-revenue startups. She needs the product market fit assurance before she’s ready to invest in any company.
He got a term sheet for $2.5 million. I learned a new word by watching this episode. That’s the SAFE note. Which stands for Simple Agreement for Future Equity. But later the deal wasn’t final because they couldn’t do any physical meeting.
The sharks were confused as to why he didn’t do a proper market fit for this product.
Anupam Mittal was out because he thought Sanandhan was like an Artist who didn’t want to see any bad feedback on his product. That’s why he didn’t give his product to anyone to test the market. And this behavior won’t go easily.
Ashneer Grover was out.
Peyush Bansal was out because he thought Sanandhan wasn’t a hustler and he didn’t want to take any feedback from people around him.
Namita Thapar was out because she wouldn’t be a customer for this product. And there are no proven sales for the product yet.
Ghazal Alagh was out because she thought there was too much confusion about the vision of the company. She advised Sanandhan to take some more time to figure this out.
Aman Gupta was out. And advised him to hire a CEO for the company.
What deal did On2Cook get in Shark Tank India?
That’s how Sanandhan didn’t get any deal in Shark Tank India.