Incredible Eats Shark Tank Update

Incredible Eats Shark Tank Update

Millions of one-time-use plastic cutleries are thrown into the environment every year. This much plastic waste is a great threat to nature. Dinesh Tadepalli, an engineer, thought to fight this issue and established the company Incredible Eats. It makes edible cutleries from vegan sources that consumers can eat after using them.

The company appeared in Shark Tank season 13 to pitch the product and raise an investment of half a million dollars. After a charming pitch and a lot of bargains, Dinesh secured a deal for the company. 

So, what is the Incredible Eats Shark Tank update now? Is the company still in business and profitable? Let’s know more about the journey of Incredible Eats before and after the show.

Incredible Eats Shark Tank Profile

Before getting into the detailed Incredible Eats update, let’s take a closer look at the company profile.

Company NameIncredible Eats
FounderDinesh Tadepalli
Founded2018
ProductEdible forks and spoons made from vegan materials
Asked for$500K with 7% equity
Final Deal $500K with 15% equity
SharkLori Greiner
Episode (Shark Tank USA)Season 13 Episode 3
Air DateOctober 22, 2021
Business StatusIn Business
WebsiteVisit Website
HeadquartersCalifornia, United States
Lifetime Worth (Sales)About $2M
Got the ProductOn Amazon
Watch the Episode OnAmazon Prime

History of Incredible Eats

Before the Incredible Eats Shark Tank Episode, the company was selling edible utensils on its website. Dinesh founded the company in 2018 after thinking about the adverse effects of plastic utensils on the environment. 

He planned to make edible utensils from wheat, brown rice, oats, chickpeas, and water. Flavors like vanilla, chocolate, oregano chili, and black pepper were available. The best thing about these utensils is they decompose after about 30-45 minutes.

History of Incredible Eats

Dinesh even sold his house so that business could continue. Till 2020, Dinesh’s Incredible Eats sold over 1.2 million edible spoons with a total sale of $170K. Incredible Eats was in B2B service until COVID-19 hit. 

During the COVID-19 pandemic, Dinesh had to shut off his business. But that wasn’t the end of the company. Dinesh started selling the product in B2C from the company website. The company also started selling products on Amazon.

Incredible Eats Shark Tank Episode 

You may ask, how attractive was Incredible Eats on Shark Tank that it could secure a good deal. Let’s give you a quick recap.

Dinesh asked for $500K worth of investment and was willing to give away 7% equity of Incredible Eats. In the very beginning, he introduced the product and told the stories behind it. 

All sharks seemed to like the product, especially Lori, who praised the cutleries so much. She said that she would definitely buy these products.

Incredible Eats Shark Tank Episode

After sharing the sales reports and business details, Dinesh added that the making cost of these spoons was half the selling price. Barbara wasn’t sure about the success of the product and said that the market was challenging. She opted out as the first shark on the show.

Daniel was skeptical about the valuation of the company and got out quickly. But Kevin, Mark, and Lori were still thinking. The first offer came from Kevin O’Leary. He wanted to give $500K against 35% equity. 

Mark seemed very enthusiastic about the cutleries and said he could make the product reach every retail shop possible. Then, he offered the asked amount but wanted 20% equity in return.

Lori was very positive about the product from the very beginning. So, she offered $500K but wanted only 15% equity. Daniel came back to make an offer of $500K against 25% equity. 

Dinesh took a moment to think about the offers and gave a counter for 12% equity. But no shark seemed to be interested, and Mark said he was out of the deal.

Finally, Dinesh chose to go with Lori and secured $500K in return for 15% equity.

What Happened to Incredible Eats After Shark Tank?

The pitch was so captivating that everyone was eager to know what happened to Incredible Eats after Shark Tank. Well, the business did great after the Shark Tank episode. The idea got really popular on social media, and orders flew in. Incredible Eats got orders worth $50K that night.

What Happened to Incredible Eats After Shark Tank

Unfortunately, Lori didn’t pair with Incredible Eats due to some changes in the terms of the deal. Instead, Dinesh partnered with Dippin Dots, a popular ice cream chain, to expand the business in 2022. Incredible Eats is also negotiating with airlines and fast food companies.

In that year, Incredible Eats made a total sale of about $500K. The company decided to expand its product line up and reach the global market through physical shops in Canada and other places.

Incredible Eats Net Worth

Even though the net worth of the company isn’t publicly available, we can make a calculative assumption. Before appearing on the show, Incredible Eats made a total sale of about $170K. Incredible Eats, after Shark Tank, managed to secure about $500K in sales every year.

So, the net worth of Incredible Eats should be approximately $2M, including the sales from its website and Amazon store.

Incredible Eats Net Worth

Incredible Eats Sales Data

The following chart shows the approximate sales data of Incredible Eats for the years mentioned.

YearsTotal Sales
2018-2020$170,000
2022$500,000
2023$500,000

Is Incredible Eats Profitable Now?

Incredible Eats today is a very profitable business and makes a lot of different variations in their products. It is planning to introduce new flavors in the utensils to make them more attractive to consumers. Overall, Incredible Eats is doing pretty well in terms of profitability.

Is Incredible Eats Profitable Now

Conclusion

Edible spoons from Incredible Eats was a unique product that gave consumers a new taste and thought for the environment. Dinesh, the founder, pitched the product so passionately that he ended up with a deal of $500K against 15% equity from the shark Lori. 

Even though the deal didn’t work out, the company did great after the Shark Tank episode. The company is still making about $500 in sales every year and is planning to grow. This is the latest Incredible Eats Shark Tank update.

Similar Posts

Leave a Reply

Your email address will not be published. Required fields are marked *