Biography of Harsh Kandoi: Founder and CEO of EatVerse- Entrepreneur
Biography of Harsh Kandoi:
Rise of EatVerse
In city Kolkata, three young entrepreneurs, Harsh Kandoi,
Pulkit Kejriwal, and Adarsh Choudhary, co-founded EatVerse, a cloud kitchen
business that promised to revolutionize food delivery. Their vision was to
cater to the growing demand for quick, delicious meals that could be delivered
straight to people's doors. Starting in 2014, they set up their business with a
unique approach—creating a multi-brand cloud kitchen, allowing them to operate
several kitchen brands under one roof.
The Early Days of Midnight Deliveries
In the beginning, EatVerse focused on catering to late-night
cravings by offering midnight food delivery. The trio's innovative concept
resonated with customers who wanted to indulge in tasty meals even after the
clock struck twelve. As the demand grew, EatVerse quickly expanded its
operations, becoming available around the clock. This move helped them build a
loyal customer base that appreciated the convenience and variety of options
available through online food delivery apps like Swiggy and Zomato.
Biography of Harsh Kandoi: Founder and CEO of EatVerse- Entrepreneur/multi-brand cloud kitchen/age/net worth/investor/startup/catering/EatVerse story
Pitching on Shark Tank India
In a bold move to scale their operations, the founders of
EatVerse decided to appear on Shark Tank India in season 3. The entrepreneurs
were looking to raise INR 1 Crore for just 1% equity in their company, which
was valued at INR 100 Crores. Their pitch was bold, with a strong emphasis on
the growth of cloud kitchens and their vision for reaching new heights. The
founders took a unique approach in their pitch, starting with a story about
hunger cravings and transitioning into their mission of satisfying those
cravings with fast, high-quality food delivery.
The Sharks' First Impressions
During their appearance on Shark Tank, EatVerse impressed
the Sharks with the taste and presentation of their food. Each Shark had the
chance to sample the dishes, and their reactions were overwhelmingly positive.
However, when it came to the business side, the Sharks were more cautious. They
asked tough questions about EatVerse’s scalability, profitability, and
long-term vision. The founders shared their impressive growth so far,
mentioning that they had expanded to six cloud kitchens and a base kitchen, serving
over 20 lakh orders.
Challenges in the Cloud Kitchen Market
Despite the positive reception of their food, the Sharks
raised concerns about the cloud kitchen model itself. Anupam Mittal, one of the
judges, questioned the sustainability of the business, given the dominance of
giants like Swiggy and Zomato in the food delivery space. He expressed doubts
about EatVerse's ability to scale and maintain profitability, noting that it
would be tough to grow beyond a certain point due to the high competition and
the substantial fees charged by food delivery platforms.
A Clear Vision Needed
Ritesh Agarwal, another Shark, probed deeper into the
founders’ backgrounds, asking about their experiences and what set EatVerse
apart from others in the cloud kitchen industry. While the founders highlighted
their achievements, they were unable to provide a clear, convincing answer to
the Sharks' concerns about differentiation. Aman Gupta also pointed out that
starting a cloud kitchen brand was not particularly difficult, and he wondered
what unique value proposition EatVerse had that would give it a competitive
edge in such a crowded market.
The Sharks’ Reluctance to Invest
As the pitch continued, it became clear that the Sharks were
hesitant to invest. The entrepreneurs had not been able to answer all the key
questions regarding scalability, long-term sustainability, and differentiation.
Amit Jain, another Shark, raised concerns about the business potentially
stagnating after reaching a certain point. Despite the founders' efforts to
assure them of their plans for growth, none of the Sharks were convinced enough
to offer an investment.
No Deal, but Hope for the Future
Ultimately, EatVerse left the Shark Tank stage without
securing any investment. The Sharks were not willing to take a risk on the
business, citing concerns about its scalability and future growth prospects.
However, the founders remained optimistic. They had gained valuable feedback
from the Sharks and were determined to continue expanding their business in
Kolkata, with plans to scale it further in the future. Despite the setback, the
founders believed they could overcome the challenges and make EatVerse a
successful brand.
The Business After Shark Tank
After their appearance on Shark Tank, EatVerse continued to
operate, focusing on improving their business model. Though they didn’t receive
a deal, they remained profitable and were forecasting an EBITDA of 6% for the
financial year 2023-2024. The founders also used the visibility from the show
to gain more recognition for their brand, attracting more customers through
delivery platforms. They remained hopeful about expanding their presence and
reaching new markets beyond Kolkata, with aspirations to become a national
brand in the future.
The Future of EatVerse
Despite the setback on Shark Tank, EatVerse has shown
resilience. The founders, Harsh, Pulkit, and Adarsh, have continued to run the
business successfully, learning from their experiences and adapting to the
challenges of the competitive cloud kitchen market. While their pitch on Shark
Tank didn’t result in a deal, they have continued to grow their operations and
are determined to take EatVerse to greater heights. As they focus on refining
their strategy, EatVerse aims to overcome its hurdles and emerge as a leading
player in the food delivery industry in India.
A timeline for EatVerse’s story:
2014 – Harsh, Pulkit, and Adarsh co-found EatVerse in
Kolkata, launching a multi-brand cloud kitchen.
2015 – The company begins offering midnight food delivery,
catering to late-night cravings.
2018 – EatVerse expands operations and becomes available
24/7, growing its loyal customer base.
2023 (Season 3) – EatVerse pitches on Shark Tank India,
seeking INR 1 Crore for 1% equity at a valuation of INR 100 Crores.
2023 (After Shark Tank) – Despite not securing an
investment, EatVerse continues operations with a 6% EBITDA forecast for
2023-2024.
2024 and Beyond – EatVerse focuses on scaling, refining its
business model, and aiming to expand beyond Kolkata.
