Plastic cutlery is a major contributor to pollution and harm to wildlife. Engineer Dinesh Tadepalli invented the edible IncrEdible Eats spoon, a perfect alternative to plastic spoons. Dinesh pitched his business on Shark Tank and landed a deal with Lori Greiner. IncrEdible Eats is estimated to be worth $3 million by 2024.
Dinesh Tadepalli’s Background
Dinesh Tadepalli is from southern India and grew up in a business-minded family. The aspiring businessman attended Anna University in Tamil Nadu and earned a degree in electronics engineering and communications. He next pursued a master’s degree in electrical engineering at the University of Southern California.
After graduation, Dinesh interned as a technician at VeriEZ Solutions, Inc. In 2009, he became a design engineer at Sandisk2. Nine years later, he became an angel investor in Kulfi, an Indian micro-content platform.
Founding IncrEdible Eats
While travelling to the United States to pursue his master’s degree, Dinesh realised the harm plastic was doing to the planet.
One day, he took his children to eat ice cream and found that the spoons the children used were all plastic. This inspired him to invent a spoon that can be swallowed after use.
In 2018, IncrEdible Eats launched edible spoons in a variety of flavors. These include rice, corn, chickpea and wheat. The utensils can adapt to whether the food is hot or cold.
Shark Tank Appearance
In late 2021, Dinesh appeared on Shark Tank Season 13, seeking $500,000 in return for a 7% stake in his company. From the beginning, Lori Greiner was intrigued by the environmental appeal of the product and saw its long-term potential.
Lori and the other Sharks were curious about the production costs and the latest sales. The investors were surprised at the costs and disappointed with the sales of $170,000 in 2.5 years. This disappointed most of the Sharks.
However, Lori Greiner stood her ground. Dinesh offered $500,000 for 7% and later raised it to 12%, but Lori wanted more! They finally agreed to a 15% stake for $500,000.
After Shark Tank
Two days after the Shark Tank episode, IncrEdible Eats received $50,000 in pre-orders. Multiple food and lifestyle media outlets mentioned how ingenious the invention was, which gave them a huge boost in publicity. The deal with Lori was never completed because she wanted to change the terms of the deal. She may have found something negative during her due diligence.
The company introduced more flavors and reduced prices. This adjustment helped Dinesh Tadepalli’s company grow 18% overall, so they are doing pretty well.
According to an article in the Business Journal, they are on track to achieve $300,000 in sales in 2021. In January 2022, IncrEdible Eats struck a deal to supply eco-friendly spoons to Dippin’ Dots. This was a big win for Dinesh, as he recently missed out on a partnership with a major fast food chain.
In 2022, the company’s annual revenue is estimated to exceed $500,000. To expand the product line, they are considering adding edible forks, spoons, knives, chopsticks, straws, and even bowls. This would increase the company’s valuation by $3 million.
In July 2023, Dinesh was offered the position of Chief Technical Officer at AMD. It appears that he has moved back to India for this job. Despite its success, the startup did not generate enough revenue for Tadepalli to pursue the venture full-time. Also, it is worth noting that Kruvil Patel is a co-founder, although he was not present at the pitch.
Categories: Shark Tank
Source: dut.edu.vn
