“Entrepreneur Wahab Ahmad Muneeb, Founder of Pink Salts, Seeks $8 Million for 10% Equity on Shark Tank Pakistan”
Wahab Ahmad Muneeb the founder of Pink Salt products since three years and is from Chenab Nagar. His dad has been doing construction business in UAE for the last 20 Years, from the very beginning he decided to get in to business. In 19 Years he started his first medical business. This the product of Pakistan which was being exported all over the world from the India, to the name of Himalayan salt. He exported them to USA, Two companies are already registered in USA.
In pink salt, there is a market of Himalayan salt bricks, tiles, lamps and eatable salt. The brick style is used in spa, sauna and therapy rooms. He said that he was selling 15k quantity container in USA within two months. Revenue they generated is $70K in 2022, $86K in 2023 and $66K in six months 2024. There monthly sales of bricks is 44 Lacs PKR. There sales of bricks on Amazon is $10k, on website its $12k and on eBay its $1500. He asked for 8 Million PKR for 10% equity.
Product Price Range in their warehouse is $0.88 to $1.2. One container is sold out in $106k and the cost he used his own is $100k. Detox lamp made up cost in PKR is 5000 and its selling price in USA is $195 and he got a contract from a New York person who ordered 200 pieces in next 15 days. He has only two competitors in the market who are selling just bricks.
Shark Rabeel asked him to explain us what your vision is, what you want to make this company? Founder said that he would prefer online channels and should visit physically also. He hired two people there and gave them $300, they visit exhibition and made connections. In the exhibition, sales of 2 Lac $30k has been done on 10th September 2024.
Shark Usama Bashir said him that I would like to place an offer for you, which I will include two more sharks with me in it. Shark said that if they come together as a team and if they focus on this then they can scale it a lot. He more said that their issue will not be resolved with 10% equity because if they do not have enough skin in the game, then nobody’s interest will develop. Sharks who funded the startup are Faisal, Rabeel, Usman Bashir.
Sharks offered the founder 80 Lacs PKR for 20% equity, out of which 40 Lacs PKR will against his equity of 20% and the remaining 40 Lacs PKR will charged him as royalty at 10% till the 40 Lacs PKR returned. Founder said that its absolutely right and he made up with their deal.
The founder kept throwing ideas even after getting funding. I think founders should answer what they have been asked for and not try to become over-smart. Sometimes it backfired, founders should know how to maintain a balance.
The good thing about the founder, he studied the sharks and target Usman Bashir during his pitch and told the potential of the business 50K Kg container by just making a partnership with him. Such a type of homework is really good while you are pitching to investors. That’s how Sharks are so impressed by his product and marketing techniques so the deal is done.
Sumbal is shark tank enthusiast, ever since the show started airing, she has followed it. She likes writing and researching about startups. She is also helping a few startups scale.
