In a thrilling episode of 'Shark Tank India' season 3, FOMO Brews, creators of guilt-free beverages, sealed a lucrative deal worth Rs 35 lakh with investors Aman Gupta and Anupam Mittal.
Avik Chaudhery and Gaurang Gadia, the dynamic duo behind FOMO, took center stage with their refreshing concept. Gaurang, a 21-year-old pursuing a Masters in Business Laws from National Law University, Bengaluru, joined forces with Avik, currently pursuing an executive MBA from Stoa, Bengaluru, to kickstart FOMO during their college days.
FOMO's signature iced teas boast a blend free from refined sugar, preservatives, and concentrates, catering to health-conscious consumers across various domains such as restaurants, corporate offices, marketplaces, and embassies. Their upcoming launch of milk mixes adds another dimension to their product range.
The entrepreneurs pitched their venture seeking Rs 35 lakh for a modest 4% equity stake, which caught the attention of Aman Gupta, co-founder and CMO of boAt, who quizzed them about their college days at DU, to which Gaurang revealed their roots at Hansraj College and Hindu College.
Reflecting on their journey, Avik emphasized their passion for iced teas and the glaring gap they noticed in the market, especially during the onset of the pandemic, highlighting the growing demand for healthier beverage options rich in antioxidants.
Their innovation of sweetening the brew with honey and Khaand garnered praise, as they embarked on their journey by crafting samples at home and testing them within the DU community. The recent addition of iced tea premixes further expands their product portfolio.
Ritesh Agarwal, Founder and CEO of OYO Rooms, delved into their financials, prompting Gaurang to share their impressive sales figures over the past seven months in 2023, showcasing a consistent growth trajectory.
Anupam Mittal, Founder and CEO of Shaadi.com, lauded their tenacity and willingness to learn, expressing confidence in their ability to adapt and evolve. He commended their receptiveness to feedback and envisioned a collaborative effort to carve out a distinct market position.
Ultimately, the deal was sealed at Rs 35 lakh for a slightly increased 6% equity stake, solidifying a promising partnership between FOMO Brews and investors Aman and Anupam.
