Biography of Rithwik Ramesh: Co-founder of Altco- Entrepreneur
Biography of Rithwik Ramesh:
Altco: A Vision for the Future of Dairy
Rithwik Ramesh co-founder of Altco, have set out on a
mission to revolutionize the dairy industry with plant-based alternatives.
Their company, based in Bengaluru, aims to provide healthier, more
environmentally-friendly, and better-tasting alternatives to traditional dairy
products. With a firm belief that the world is ready for a change, they created
Altco to meet the growing demand for plant-based options. The brand focuses on
providing products that are not only nutritious but also accessible and
affordable for all.
The Journey Begins
Altco was founded in 2020, as a response to the increasing
awareness about the negative impact of dairy farming on both health and the
planet. Rithwik and Basan were inspired by the idea of creating products that
offer the same creamy texture and taste as dairy, but with plant-based
ingredients. Their mission is to make plant-based living more accessible and
enjoyable for people from all walks of life. From oat milk to vegan chocolates,
Altco offers a diverse range of products designed to fit seamlessly into
everyday life.
The Shark Tank Pitch
The big moment arrived when Rithwik and Basan appeared on
Shark Tank India Season 3. They shared their vision for Altco, explaining how
humans are the only species that consumes milk from another species. They
pointed out that as people age, they don’t need milk in their diet, yet it
remains a staple. They also highlighted the adulteration in traditional milk
products, which made them believe there was a need for a cleaner, plant-based
alternative.
A Revolutionary Alternative
During their pitch, they introduced Altco’s offerings,
emphasizing that their products were a healthy and creamy alternative to
animal-based dairy. The founders explained that their products could be used in
daily foods like coffee, tea, and even pasta. They stressed that Altco’s
plant-based milk and other products could serve the same purposes as
traditional dairy, but without the health and environmental downsides.
The Investment Request
In their pitch, Rithwik and Basan asked for INR 1.5 Crores
in exchange for 2% equity in the company, valuing Altco at INR 75 Crores. Their
request came after explaining the market potential and the growing demand for
plant-based products, particularly in a country like India, where the
plant-based trend is just beginning to take hold.
Taste Test and Sharks’ Reactions
The Sharks were impressed by the taste and quality of
Altco’s milk products. Each of the investors sampled the plant-based milk and
appreciated its creamy texture and overall flavor. Radhika Gupta, Ronnie
Screwvala, Anupam Mittal, Peyush Bansal, and Aman Gupta all expressed their
interest in learning more about the brand’s pricing strategy, business model,
and competitive landscape, which led to a lively discussion.
Challenges Faced
However, the Sharks weren’t convinced enough to invest.
Radhika Gupta pointed out that Altco’s packaging and product placement were
confusing, which led her to decline the deal. Ronnie Screwvala felt that the
brand lacked a clear vision for future growth, which made him hesitant to
invest. Peyush Bansal believed that Altco needed a strategic investor and a
significantly larger funding amount to create a new category. Aman Gupta, on
the other hand, felt that the market for plant-based dairy products in India
wasn’t yet ready to support the company’s growth.
Biography of Rithwik Ramesh: Co-founder of Altco- Entrepreneur/plant-based product line, including oat milk/age/net worth/startup/Altco story
The Market and Competitors
Throughout the pitch, the Sharks asked the founders tough
questions about their competition and market potential. Anupam Mittal asked
about the success of similar brands in the U.S. market and how Altco planned to
differentiate itself. Rithwik and Basan explained that while there are
competitors, they believe Altco’s focus on taste and quality sets them apart in
an increasingly crowded market.
Funding and Growth Plans
The founders shared that they had already raised a round of
funding to support their business and were looking for further investment to
scale up operations. They revealed that Altco was experiencing a high monthly
burn rate, with average revenue around INR 1 crore. Despite this, they were
confident that with the right investment, they could grow the brand and reach
profitability.
A No-Deal Situation
Unfortunately, after the in-depth discussions, none of the
Sharks were willing to make an offer. Although the founders received positive
feedback for their products, they weren’t able to secure the investment they
hoped for. Despite this, Rithwik and Basan remained optimistic about the
future, determined to continue building their brand without external investment
from the show.
Post-Shark Tank Plans
Since their appearance on Shark Tank India, Altco has
continued to grow and refine its operations. Although they didn’t secure a deal
on the show, the exposure helped bring attention to their brand. The founders
are focused on scaling their business, expanding their product line, and making
plant-based dairy products more accessible to the masses.
The Road Ahead
Altco may not be profitable yet, but the founders are
confident in their vision. They recognize that the plant-based industry is
still in its infancy in India, but they believe there’s significant potential
as more people become aware of the benefits of plant-based living. With their
commitment to offering healthy alternatives, Altco plans to continue innovating
and meeting the needs of consumers looking for better options.
The Future of Altco
Rithwik and Basan are undeterred by the lack of investment
from the Sharks and remain determined to succeed in their mission to change the
way people consume dairy. They know that the market for plant-based
alternatives will continue to grow, and they are prepared to meet that demand.
Whether through better marketing, product innovation, or customer outreach,
Altco is focused on building a brand that stands for health, sustainability,
and taste.
Conclusion: A Vision for Change
In conclusion, Altco may not have secured funding on Shark
Tank India, but it has certainly sparked conversation about the future of
dairy. With a clear vision, high-quality products, and a growing market for
plant-based alternatives, the company is poised to make an impact. As the
demand for vegan and plant-based products rises, Altco is set to play an
important role in shaping the future of dairy.
Timeline for Altco's Story
2020: Altco founded by Rithwik Ramesh and Basan Patil in
Bengaluru.
2021: Launched first plant-based product line, including oat
milk.
2022: Secured initial funding to support operations.
Early 2023: Achieved INR 1 crore average monthly revenue.
Mid 2023: Appeared on Shark Tank India Season 3; pitched for
INR 1.5 Crores.
Post-Shark Tank 2023: Focused on refining operations and
expanding product offerings.
2024: Continued scaling and increasing awareness of
plant-based living in India.
