Biography of Arjun Mukesh Dharamshi: Founder and CEO of Dobiee- Entrepreneur
Biography of Arjun Mukesh Dharamshi:
Dobiee is a confectionery company founded by Arjun Mukesh
Dharamshi and Mukesh Dharamshi, based in Mumbai. The company aims to bring back
the joy and nostalgia of childhood through its wide range of candies and
lollipops. Arjun, a mechanical engineer, and Mukesh, whose journey started from
working in a candy factory, founded Dobiee with the vision of transforming the
candy industry in India and beyond.
The Story Behind Dobiee
The journey of Dobiee began with Mukesh’s curiosity about
how candies were made. His experience in the candy factory inspired him to
venture into the confectionery business, where he teamed up with his brother,
Arjun. Together, they set out to create a brand that would offer unique and
imaginative products that people could enjoy, reminiscent of their childhood
memories.
Biography of Arjun Mukesh Dharamshi: Founder and CEO of Dobiee-Entrepreneur/age/net worth/investor/startup/nostalgic candies/startup/ Dobiee story
Unique Selling Proposition (USP)
Dobiee's products stand out in the candy market due to their
unique flavors and concepts. The company offers double-flavored candies like
pineapple and coconut, strawberry and lemon, and pink guava with green guava.
Additionally, Dobiee also makes toy candies, where each packet contains two or
three toys, adding an element of fun and surprise for consumers. These features
make Dobiee’s offerings distinctive and memorable.
Aiming to Be the King of Candy
Dobiee has set a bold goal to become the "king of
candy," not just in India but globally. The founders want to revive the
popularity of traditional candies while introducing innovative flavors and
packaging. Their mission is to rekindle childhood memories and make Dobiee a
household name, known for its taste, quality, and creativity.
Business Model and Target Market
Dobiee operates with a strong distribution network, selling
its products through distributors, stockists, and CNF agents. The candies are
priced at ₹100 per packet, with a trade margin of ₹55 for distributors. The
target market includes candy lovers, families, and nostalgic consumers who want
to relive the sweet memories of their childhood. Dobiee is available in over
50,000 outlets across nine states in India, making it widely accessible.
Impressive Sales and
Growth
Since its inception, Dobiee has sold over 9 lakh packets of
candy, generating lifetime sales exceeding ₹4 crores. The company has seen
significant sales growth, with ₹32 lakh in sales in just one month. This
impressive performance is a testament to the brand’s appeal and the increasing
demand for its unique and nostalgic candy offerings.
Dobiee’s Production and Pricing Strategy
The candies are manufactured in Dobiee’s in-house facility,
which has a production capacity utilization of 15-20%. The company maintains a
gross margin of ₹23 per packet, after accounting for the cost of goods sold
(COGS) of ₹22. This pricing strategy ensures that Dobiee remains competitive
while also ensuring profitability. The cost to distributors is ₹45 per packet,
allowing them to earn a healthy trade margin.
Expansion and Online Presence
Dobiee is currently expanding its reach beyond offline
stores. The company plans to sell its products online through Amazon, making it
more accessible to customers nationwide. This shift towards e-commerce is part
of Dobiee's strategy to tap into the growing demand for online shopping and
increase its market share both in India and internationally.
The Shark Tank India Pitch
In 2023, Dobiee appeared on the popular TV show Shark Tank
India, where they sought an investment of ₹72 lakh for 2% equity, valuing the
company at ₹36 crores. The pitch garnered attention from the sharks, and
negotiations began with offers from investors. The founders’ presentation was
well-received, and the sharks saw potential in the company’s vision and product
offerings.
Negotiations and Deal on Shark Tank
During the pitch, Amit Jain offered ₹40 lakh for 5% equity,
valuing Dobiee at ₹8 crores, along with ₹32 lakh debt at 11% interest. Anupam
Mittal proposed ₹72 lakh for 11% equity, valuing the company at ₹6.55 crores.
After further negotiations, the founders adjusted their offer, suggesting ₹72
lakh for 6% equity. Eventually, Amit Jain and Anupam Mittal jointly agreed to
invest ₹72 lakh for 10% equity in the company.
Final Deal and Partnership with Amit Jain
The final deal was struck with Amit Jain, who agreed to
invest ₹72 lakh for 6.5% equity, bringing the company's valuation to ₹11.07
crores. This partnership was a turning point for Dobiee, as the sharks'
investment not only provided financial backing but also offered valuable
business expertise and guidance to help scale the company.
Dobiee’s Market Potential
The Indian candy market is valued at ₹20,000 crores, and
Dobiee has positioned itself as a strong contender to capture a significant
share of this market. With a growing presence in 9 states and plans for
national and international expansion, the company is poised for substantial
growth. The investment from the sharks will enable Dobiee to boost its
marketing, increase production capacity, and extend its product reach.
Product Diversity and Consumer Appeal
Dobiee offers a wide variety of candies that appeal to
different tastes and preferences. The company’s unique products, such as the
double-flavored candies and toy candies, cater to consumers of all ages, making
the brand a fun and exciting choice for families. The combination of delicious
flavors and surprising elements, like the toys inside the candy packs, ensures
that Dobiee stands out in a crowded confectionery market.
Future Outlook for Dobiee
With the support of Amit Jain and the expertise gained from
the Shark Tank investment, Dobiee is set to take its products to new heights.
The company plans to increase production, expand its distribution channels, and
enhance its online presence. As Dobiee continues to innovate and introduce new
products, its founders are optimistic about their goal of becoming the global
leader in the candy industry, bringing back the joy and excitement of childhood
for people worldwide.
A timeline of Dobiee's journey:
2019 – Dobiee is founded by Arjun Mukesh Dharamshi and
Mukesh Dharamshi in Mumbai with a vision to bring nostalgic candies to the
market.
2019 – The company begins offering unique candies with
double flavors and toy candies, setting it apart in the confectionery industry.
2020 – Dobiee’s products gain popularity, and the company
establishes a distribution network, reaching over 50,000 outlets in 9 states
across India.
2022 – Dobiee achieves significant growth, selling over 9
lakh packets of candy, generating ₹4 crores in lifetime sales.
2023 – Dobiee appears on Shark Tank India, pitching for ₹72
lakh for 2% equity, valuing the company at ₹36 crores.
2023 – Amit Jain and Anupam Mittal jointly invest ₹72 lakh
for 10% equity in Dobiee, raising the company’s valuation to ₹11.07 crores.
2023 – Dobiee plans to expand into e-commerce, including
selling through Amazon, to tap into the growing online candy market.
2024 – With the investment and expertise from the sharks,
Dobiee prepares for national and international expansion, aiming to become a
global leader in the candy industry.
