Goodland’s Pickleball Pitch on Shark Tank India: A Rollercoaster Ride to Investment Success
Goodland, a pickleball startup founded by two cousins, recently faced a tough challenge on Shark Tank India as they sought investment to fuel their ambitious growth plans. With nearly Rs 2 crore in revenue in just nine months, the founders projected a Rs 50 crore revenue in the next two years, valuing their business at Rs 20 crore.
However, the sharks raised concerns about the unclear direction of the business, particularly in terms of whether it was focused on India or still tied to the US market where one of the co-founders resides. Despite showcasing the potential of pickleball and their comprehensive business model covering courts, equipment manufacturing, and club development, the cousins faced skepticism from the sharks.
Anupam Mittal and Kunal Bahl expressed doubts about the lack of a clear vision, with Anupam advising the founders to take more time to assess opportunities and focus on the US market. Namita Thapar emphasized the importance of understanding the Indian market dynamics, cautioning against simply replicating a US model in India.
In the end, Aman Gupta emerged as the sole investor, offering Rs 80 lakh for 5% equity and a 1% royalty until his investment was recovered. After negotiations, the deal was sealed at 6% equity with a reduced royalty of 0.5%.
With investment secured, Goodland now faces the challenge of proving its ability to navigate the Indian market successfully and avoid the pitfalls that have led other brands to fail. The cousins will need to establish a club within two months and ensure active involvement in India to meet the conditions set by Aman Gupta. As they embark on this new chapter, the success of Goodland will be closely watched in the burgeoning pickleball industry in India.
