Sheikh Samiullah is the founder of FastBeetle. He is originally from Srinagar.
The CEO is Sheikh Samiullah.
EDUCATION
Sheikh Samiullah received his BBA from Haryana Kurukshetra University. He has worked in a logistics start-up company. From there, he was inspired to start their own business.
He and his friend began in the year 2019.
ABOUT THE COMPANY
Kashmir is famous for its breathtaking beauty, and many visitors come to witness it. Because of its critical demography, such as high terrain, snowfalls, rain, and so on, it is extremely difficult to transport goods from Kashmir to any other place in India in the age of e-commerce. Fastbettle was created in order to address this issue. Fastbettle is a logistical service that solves delivery issues in Kashmir. They run their business using two different applications. FastBettle has two user interfaces. One is customer-centric, while the other is business-centric. Businesses can use this application for logistical purposes in a business-based interface. The customer-facing interface of the hyperlocal app assists in carrying or forwarding any goods from one location to another. A Delivery app is another app that is used for delivery. They have helped over 1200 businesses. They have completed 12 lakh orders in 55 countries. Their goal is to reach every corner of the globe where delivery services are unavailable.
There are three types of delivery in this industry: first mile delivery, mid mile delivery, and last mile delivery. All three processes are involving their company. Their TAT (Turnaround Time) is shorter than that of other logistics companies because they have an advantage in the local demographic conditions. They reduced the RTO (Return to Origin) from 30% to 5%. Deliveries per day range between 30000 and 40000, with a Fast Beetle count of 3000-4000 per day.
SHARK TANK
The pitchers demanded 90 lakhs in exchange for 3% ownership.
The company has received two rounds of funding. The first round was 20 lakhs for a 3 crore rupee valuation, and the second round was 70 lakhs for a 6 crore rupee valuation. They have purchased 10% of the ESOP. ] Their monthly sales range from Rs.25 lakhs to Rs.30 lakhs, and their projected revenue for 2023 is Rs.3 crores. Their gross profit margin is 54%. Their burning sum is ten lakh rupees. COGS accounts for 1.25 crore rupees of the 3.1 crore rupees, rent accounts for 25 lakh rupees, salaries accounts for 1 crore rupees, and miscellaneous accounts for 60 lakh rupees. Their goal is to build a $200 million company in the next two years.
Aman made an offer of 20 lakh rupees for 4% equity and 70 lakh rupees at 8% interest.
Peyush’s offer is 90 lakhs in exchange for 10% equity. Anupam’s offer is 90 lakhs in exchange for 9% equity.
Aman accepts Anupam’s offer of 90 lakh rupees for 9% equity. Peyush also matches Aman and Anupam’s offer of 90 lakhs for 9% equity.
Pitchers counter offers 90 lakhs in exchange for 5% equity.
Aman and Peyush offer 90 lakhs in exchange for 9% equity.
Pitchers counter for 90 lakhs, representing 7% equity.
Aman and Peyush counter 90 lakhs for 8% equity once more.
Pitchers counter with 90 lakhs for a 7.5% equity stake.
The final deal with Aman and Peyush is 90 lakhs for 7.5% equity.
