IncrEdible Eats Shark Tank Update

We all have always been watching reports or writing assignments on how plastic affects the earth, but we fail to see that one of these things that are easy to throw away, but hard to get rid of, is the disposable cutlery from fast food chains or food trucks like spoons, knives, sporks, etc.

But now there might be a chance to help prevent this and stop the spread of plastic, even if only one part of it. Enter Incredible Eats, a company that has created healthy and edible spoons that are low-calorie solutions to the problem of plastic cutlery, which might make you so happy that you may bite into your spoon, but that’s okay now Because it’s edible, provided it’s from Incredible Eats!

Incredible Eats at a glance:

Business ideaEdible cutlery made to replace disposable cutlery
FounderDinesh Tadepalli
Asked for$500,000 for 7%
Accepted deal$500,000 for 15%
SharksLori Greiner
Business statusIn business
EpisodeSeason 13, Episode 3
WebsiteIncrEdible Eats
Incredible Eats At a glance.

Index:

Founder Story:

Dinesh Tadepalli was born in the great nation of India and there he learned from his father about contentment and happiness that comes from within one’s heart and not from the cash in one’s pocket.

Dinesh then came to the U.S.A to pursue his master’s in electrical engineering, interned at VeriEZ solutions as a tech staff, and had a job at SanDisk in 2009, after which he started to think about the problems faced due to disposable plastic cutlery and started to create a possible solution that would help to curb plastic usage and help future generations.

Did IncrEdible Eats get a deal on Shark Tank?

Let us now see what happened during the pitch at Shark tank. The founder of the company, Dinesh Tadipalli comes up to the sharks and introduced himself to them as the founder of Incredible Eats, asking for $500,000 for 7% equity of his Company.

He then starts his pitch by talking about how disposable cutlery in ready-made food products or from fast food chains is only used for the shortest durations but takes hundreds of years to decompose. This is why he has come up with an incredible solution to this problem (pun intended), edible cutlery that can be enjoyed with a variety of food products as well as be consumed by the user, and it stays solid for about 20 minutes in hot food but stays solid longer in cold food. He then asks the sharks to try the product for themselves before they decide whether to help him save the planet, one cutlery at a time.

All of the sharks love the product and how its flavor complements the food item they are using it with and are happy to know that it has very few calories when consumed. Barbara then asks how much the product costs to make and what he is selling it for. He then replies by saying that an edible spoon costs 10 cents to make and costs 20 cents for the buyer (per piece).

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Kevin O’Leary then asks to know about how Dinesh’s product compares to the mass-produced plastic spoons and how it would help a wholesale retailer if they bought it. The latter then replies by giving the example of any ice-cream chain that would be able to profit from it if they upsell their consumer and then be profitable for his company as well, and mentions that he brought the price from 35 cents to 20 cents and plans lower to 15 cents, which Barbara still considers expensive on a large-scale purchase. Daniel Lubetzky then asks how much sales have happened, to which Dinesh says that he has sold 1.2 million spoons, over 2 and a half years, which was worth just $170k in sales, which surprises the sharks.

He then talks about how in 2019, the product was serviced business-2-business, but during Covid-19, they started to turn towards consumer sales as well. He then starts to talk about his background and how he got this idea. Barbara and Daniel are out but then Kevin puts a deal for $500K for 35%, Mark Cuban wants a 20 % stake, Daniel puts a deal for 25% and then Lori puts up a deal for the same amount but for a 15% stake while also emphasizing on her being the right investor for the company. Dinesh tries to counter at 12 % but later accepts Lori’s deal for 15%. Stake for $500,000.

What happened to IncrEdible Eats after Shark Tank?

Incredible Eats gained a lot of publicity after the successful SharkTank pitch and several food and media appreciated the functionality and quality of the product, which skyrocketed in sales.

The Investment from Lori Greiner helped to grow the company substantially, create more flavors and lower the prices of products to around $11.99.

Product details:

  • The cutlery is edible and can be used for a variety of food products.
  • The main ingredients are usually made wheat, oat, corn, chickpea, or brown rice. Along with some flavoring.
  • The costs range from $8.99 to $11.99 for their selection of items.

What is the net worth of IncrEdible Eats?

The net worth of Incredible Eats after the deal on Shark Tank was around $3 million and sales of this company were $170,000, but now even though the net worth is around the same, we know that they have estimated to have $500,000 in annual revenue.

Is Incredible Eats still in business?

Yes, Incredible eats is still in business, and with annual sales of around $500,000 a year, it is still saving the environment, one spoon at a time. In future prospects, they are more likely to add more edible utensils to their selection of items like sporks, Chopsticks, etc., which will be sure to boost their net worth.

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FAQs:

What is IncrEdible Eats?

IncrEdible Eats is a edible cutlery made to replace disposable cutlery.

Who founded IncrEdible Eats?

Dinesh Tadepalli was born in the great nation of India and there he learned from his father about contentment and happiness that comes from within one’s heart and not from the cash in one’s pocket.

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