Biography of Tulika Sawardekar: Founder & CEO of Goenchi Feni- Entrepreneur
Goenchi Feni and Tulika Sawardekar:
Goenchi Feni is an exciting startup founded by sibling duo
Yash and Tulika Sawardekar. Both are Goan natives, but they were born and
raised in Mumbai. Their journey into the world of Feni began when they took a
backpacking trip across India during the pandemic. Their last stop was Goa,
where they first tried Feni, a traditional Goan liquor. They were so impressed
with its quality and history that they decided to delve deeper into its culture
and craft. This led them to the realization that Feni was a fantastic spirit,
but it had yet to receive the recognition it deserved. The idea for Goenchi
Feni was born from this discovery.
The Meaning of 'Goenchi' and Its Significance
The name "Goenchi" comes from the Konkani
language, which is native to Goa. It translates to "of Goa" and is a
term commonly used when referring to products or traditions originating from
Goa. For example, when people talk about Feni from Goa, they naturally refer to
it as "Goenchi Feni." The name embodies the essence of the
product—authentic and deeply rooted in the heritage of Goa. Through Goenchi
Feni, the Sawardekar siblings wanted to bring the true spirit of Goa’s indigenous
drink to a wider audience and elevate its status as a high-quality alcoholic
beverage.
Traditional Craftsmanship Behind Goenchi Feni
What makes Goenchi Feni stand out is the traditional way in
which it is produced. Each bottle of Goenchi Feni is carefully crafted in small
batches, using natural ingredients without any additives or sugars. The Feni is
distilled using a 100% copper pot still, a method passed down through
generations. The distillation process is closely monitored at each step to
ensure the highest standards of quality. The result is a Feni that stays true
to its roots, offering a genuine taste of Goan heritage with every sip. This
meticulous attention to detail is what sets Goenchi Feni apart from other
products in the market.
Biography of Tulika Sawardekar: Founder & CEO of Goenchi Feni- Entrepreneur /age/net worth/investor/startup/Goenchi Feni story/quality alcoholic bevera
The Birth of Goenchi Feni and Its Founding Story
Yash and Tulika’s venture into the world of Feni was a
product of serendipity and passion. After discovering the drink on their trip
to Goa, they realized that despite its centuries-old history, Feni hadn’t
received the recognition it deserved. They saw an opportunity to change that.
The duo visited indigenous distillers in Goa, learning the craft from them and
understanding its significance. With a shared vision to create a premium
artisanal brand, they founded Goenchi Feni in April 2023, aiming to bring this
authentic Goan spirit to the forefront of the Indian alcoholic beverage
industry.
Goenchi Feni's Appearance on Shark Tank India
In October 2023, Goenchi Feni made a notable appearance on
Shark Tank India, where the founders pitched their business to the investors.
At this time, Goenchi had already made a mark in Goa, being sold in over 100
premium wine stores and retailers. The founders sought an investment of ₹1
crore for 5% equity, valuing their business at ₹20 crore. They introduced their
two flagship products—Coconut Feni and Cashew Feni—both retailing at ₹1449.
Their gross margin stood at 42.8%, and the company had already earned ₹10 lakh
in sales by September 2023.
Goenchi Feni's Business Model and Financials
The business model of Goenchi Feni is focused on premium
pricing and quality control. Each bottle of Feni is priced at ₹1449. From this,
the company’s cost of goods sold (COGS) amounts to ₹620, leaving them with a
gross margin of around 42.8%. Their net profit per unit is ₹214 after
accounting for marketing expenses, distributor margins, and taxes. The founders
also mentioned their successful sales performance, having made ₹10 lakh in
revenue in September 2023. This solid financial footing demonstrated that
Goenchi Feni was not only a passion project but also a profitable venture.
The Sharks' Reaction and the Investment Negotiations
During the Shark Tank pitch, the entrepreneurs faced mixed
reactions from the investors. Aman was the first to exit, feeling uncertain
about the company’s potential to create a category at this stage. Vineeta liked
the product and branding but didn’t think the market size was big enough.
Namita also decided to back out, as she felt the business wasn’t investable at
the time. Anupam, though impressed by the product and market potential, felt
that the entrepreneurs weren’t targeting the right consumer, leading him to
exit as well.
Deepinder Goyal's Offer and Negotiation Drama
After the other sharks had left the table, Deepinder Goyal,
CEO of Zomato, made a bold move. He offered the Sawardekar siblings two
choices: ₹1 crore for 10% equity or ₹2 crore for 15% equity. Deepinder
emphasized that these offers were non-negotiable, forcing the founders to make
a quick decision. After some hesitation and discussion, the founders initially
declined the ₹1 crore for 10% offer, wanting to retain more equity. However,
Deepinder’s second offer of ₹2 crore for 15% equity was the only option left,
and after some back-and-forth, they decided to accept it.
The Final Deal and the Outcome
The deal was finalized at a valuation of ₹13.33 crore, lower
than the ₹20 crore valuation initially proposed by the founders. Although they
had hoped to keep more equity, the founders understood the potential of having
Deepinder Goyal on board, given his expertise in scaling businesses. With his
backing, Goenchi Feni gained not just financial support but also valuable
mentorship. This investment was a significant milestone for Goenchi Feni, and
the founders were optimistic about the company’s future.
The Impact of Shark Tank on Goenchi Feni’s Growth
Goenchi Feni’s appearance on Shark Tank India provided the
brand with massive exposure, particularly in the context of expanding beyond
Goa. Although the company was still operating primarily in Goa as of early
2024, the exposure from the show opened doors for them to scale their
operations across India. Their appearance also validated the authenticity and
quality of their products, which helped them build brand credibility in a
competitive market.
Goenchi Feni's Vision for the Future
Looking ahead, Goenchi Feni aims to be more than just a
local Goan brand. With the investment and guidance from Deepinder Goyal, they
plan to expand their reach across India, introducing the heritage of Feni to
new markets. The brand is committed to preserving the traditional craft of Feni
distillation while modernizing its appeal to a younger audience. As they grow,
Goenchi Feni hopes to set a new benchmark for artisanal spirits in India,
highlighting the rich cultural legacy of Goa.
The Road Ahead for Goenchi Feni
As Goenchi Feni continues to gain traction in the market, it
remains to be seen how the brand will evolve in the coming years. With a solid
foundation in Goa and strong support from investors like Deepinder Goyal, the
future looks promising for this unique brand. They are poised to bring the
authentic spirit of Goa to the rest of India, and potentially the world, making
Goenchi Feni a name to watch in the growing Indian spirits market.
