Plastic utensils are an important contributor to pollution and harm to wildlife. Engineer Dinesh Tadepalli created the edible IncrEdible Eats Spoon, which is the perfect alternative to plastic spoons. Dinesh pitched his business on Shark Tank and landed a deal with Lori Greiner. Today, IncrEdible Eats is valued at an estimated $3 million.
Dinesh Tadepalli's background
Dinesh Tadepalli hails from southern India and grew up in a business-minded family. The aspiring businessman went to Anna University in Tamil Nadu and graduated with a degree in electrical engineering and communications. Next, he pursued a master's degree in electrical engineering at the University of Southern California.
After graduation, Dinesh interned at VeriEZ Solutions, Inc. as a technician. In 2009, he became a Design Engineer Level 2 at Sandisk. Nine years later, he became an angel investor in Kulfi, an Indian micro-content platform.
Create incredible diets
While moving to the United States to study, Dinesh realized how harmful plastic was to the planet.
One day, he took the children to eat ice cream and found that the spoons used by the children were all made of plastic. This inspired him to create a spoon that could be swallowed after use.
In 2018, IncrEdible Eats launched edible spoons, available in a variety of flavors. This includes rice, corn, chickpeas and wheat. These appliances can adapt to make food hot or cold.
Shark Tank Appearance
In late 2021, Dinesh appeared on Shark Tank Season 13, seeking $500,000 in exchange for a 7% stake in his company. From the beginning, Lori Greiner was interested in the product's environmental appeal and saw its long-term potential.
Lowry and the other Sharks were curious about production costs and the latest sales. Investors were surprised by its cost and disappointed with sales worth $170,000 in 2.5 years. That's a big turnaround for most of the Sharks.
However, Lori Greiner stood her ground. Dinesh offered to take 7% equity for $500,000 and increase it to 12%, but Lori wanted more equity! They eventually agreed to pay $500,000 at 15%.
After Shark Tank
Two days after the “Shark Tank” episode aired, IncrEdible Eats had $50,000 in pre-orders. Several food and lifestyle media outlets mentioned the ingenuity of this invention, which gave them a huge boost in popularity. The deal with Lori never went through because she wanted to change the terms of the deal. She may have discovered something negative during her due diligence.
Merchants created more flavors and prices dropped. This adjustment helped Dinesh Tadepalli's company grow by 18% overall, so they are doing very well.
According to a Business Journal article, they are on track to achieve $300,000 in sales in 2021. In January 2022, IncrEdible Eats struck a deal to provide Dippin' Dots with its eco-friendly spoons. It's a huge win for Dinesh, who recently missed out on a deal with a major fast-food chain.
The company's annual revenue is expected to exceed $500,000 by 2022. To expand the product line, they are considering adding edible forks, 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 Lead Member of AMD's technical staff. It seems he moved back to India for this job. Despite its success, the startup didn't bring enough income for Tadepalli to work full-time. Additionally, it’s worth noting that Kruvil Patel is a co-founder, although he didn’t participate in the pitch.
Categories: Shark Tank
Source: svlsf.edu.vn