Indore-based Raheja Solar Food Processing made a notable appearance on Shark Tank India Season 4, Episode 22, presenting its innovative and affordable solar dehydrator.
The startup, founded mother son duo by Varun Raheja and Babita Raheja, offers a sustainable solution for preserving farm produce by retaining natural colors, taste, nutrition, and fragrance for up to a year without added sugar or preservatives.
At Shark Tank India, the founders pitched for ₹50 lakhs in exchange for 1% equity at a valuation of ₹50 crore.
Varun shared a deeply personal motivation behind the venture. He revealed that studying cases of farmer suicides, especially within his circle of friends, inspired him to create a business that could offer financial stability to farmers while minimizing food waste. The Sharks were given a glimpse into the solar drying process and its impact through a detailed video montage.
Despite the inspiring mission, Anupam Mittal raised concerns about the business’s viability. He commented, “It is not a business yet. It is a passion and a movement. If you see it as a business, you will fail. You have to look at it as a business development project. You have to change your thinking.” As a result, he chose not to invest, and Aman Gupta also declined.
However, Vineeta Singh and Peyush Bansal saw potential in the venture and each offered ₹50 lakh for 2% equity. Kunal Bahl presented a more aggressive offer, proposing either ₹2.5 crore for 10% equity or ₹1.25 crore for 5% equity.
After deliberation, Vineeta and Peyush teamed up to offer ₹50 lakh for 1.25%, later joining forces with Kunal for a final deal of ₹1.75 crore for 7% equity.
After intense negotiations, they secured a deal worth ₹1.25 crore for 3.13% equity, along with 1.88% advisory equity to Kunal Bahl. Additionally, they received ₹50 lakhs for 1.25% equity, plus 0.75% advisory equity to Peyush Bansal and Vineeta Singh, settling at a valuation of ₹40 crore.
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Since its inception in 2018, Raheja Solar Food Processing has made significant strides. Along with the technology, it offers training programs to educate farmers on sustainable practices, modern techniques, and efficient resource utilization.
It also supports farmers in accessing markets by connecting them with potential buyers, enabling them to sell their produce effectively.
The company has worked with over 1,000 micro-entrepreneurs, supported 65,000+ farmers, and supplied products to more than 250 brands.
Their dehydrators facilitate the production of sundried food ingredients and flowers, ensuring better preservation and sustainability for farmers.
