Desmond Nazareth is the company’s co-founder. He was born in Goa.
EDUCATION
Desmond graduated from IIT Madras with a degree in mechanical engineering.
ABOUT THE COMPANY DESMONDJI
The owners came to tell us about a plant that is widely grown in India and is currently used by farmers to protect their crops. However, the plant’s true potential remains untapped. Agave is the botanical name for this plant. Desmondji is India’s first craft distillery, producing high-quality alcoholic beverages such as Agave spirits. The business was founded in 2011. Madhuca spirit is their latest product. This is the world’s only spirit made from sweet flowers. The company produced a variety of spirits, liquors, and cocktail blends. This is a brand that is produced from field to bottle and forest to bottle.
They have sold 12 lakh bottles so far. They are sold in three states and two union territories. Their goal is to create an international alcoholic brand using Indian raw materials and spread it throughout the world. Maharashtra, Goa, and Karnataka are their main markets. Business pivot following covid.
SHARK TANK
At a valuation of 100 crores, the owners asked for 1 crore for 1% equity in the company.
From October 21 to September 22, sales totaled 12.5 crores. The previous month’s sales totaled 1.25 crores. In the last three months, sales totaled 5 crores. The revenue in FY 21-22 was 7.5 crores. The sales forecast for FY 22 to 23 is 14.5 crores. The sales are split 50/50 between B2B and Desmondji. The gross profit margin is 65%. The net profit is Rs. 2.5 crores. Previously, they had raised 18 crores from investors, with investors owning 76% of the company.
The sharks all backed out of the deal. There was no agreement reached.
