Schickwheel in Shark Tank: The Sibling Duo Revolutionizing India’s Food Truck Industry

In the bustling streets of Delhi, where every corner has a food cart dishing out flavors as diverse as the country itself, two brothers saw an opportunity that no one else had.

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Who are the founders of Schickwheel?

Rishabh and Parth Sachdeva are the founders of Schickwheel, a Food Truck Manufacturer In Delhi. They aim to provide a stylish, top-model Schickwheel truck. They started their journey not as food entrepreneurs but as visionaries who wanted to transform how food trucks are built in India. Their story is one of resilience, innovation, and unwavering belief in their idea. 

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Early Life and Education 

They were born and raised in Delhi and completed their early education there. Rishabh and Parth Sachdeva have strong academic backgrounds that helped them build Schickwheel. Rishabh completed his B.com from SRC and worked at KPMG. Parth, on the other hand, completed his B.com from Shivaji College of Delhi University and has a background in business administration. His father has been working in the hospitality industry for around 30 years and owns a family business that manufactures commercial kitchen equipment (50 years old).

The journey started when the brothers asked their father for money to start a food business after completing their studies. However, their father denied their idea and showed them the reality of food startups. Then, the Sachdeva brothers planned to start their own food business, but their entrepreneurial instincts led them down a different path. While researching, they discovered that getting a high-quality, well-designed food truck in India was a big challenge. The existing options were often subpar, and no organized industry catered to this need. Instead of simply becoming food truck owners, they decided to manufacture them, bridging a crucial gap in the market. Thus, in 2016, Schickwheel was born from an exhibition as a company specializing in custom food trucks, kiosks, and carts designed to help aspiring entrepreneurs launch their businesses quickly.

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Eight Years of Hard Work and Growth

The journey was far from easy. Starting a niche business in an unorganized sector faced its fair share of challenges. The brothers spent years perfecting their designs, optimizing their manufacturing process, and establishing credibility in the industry. Their perseverance paid off, as Schickwheel gradually gained recognition and attracted big corporate clients. 

Today, the company generates revenue from four key categories: Food Trucks & Trailers (35%), Kiosks (35%), Kitchen Equipment (22%), and Carts (8%). With an average selling price of ₹8.5 lahks for food trucks, ₹7.5 lahks for kiosks, ₹4 lahks for kitchen equipment, and ₹2.5 lakh for carts. The company has projected revenue of ₹15 crore for FY 2024-25. Over the last eight years, their revenue has grown steadily from ₹98 lakh in FY16-17 to ₹6.8 crore in FY23-24, with ₹6.5 crore already achieved by October FY24-25. However, their high cost of goods sold (COGS) at 78%, combined with expenses on salaries (8%), marketing (5%), rent (2%), and miscellaneous costs (2%), has left them with a thin EBITDA margin of just 5%. 

Schickwheel in Sharks on Shark Tank India

Determined to scale their business, the brothers entered the Shark Tank India stage with a bold pitch: ₹75 lakh for 1% equity, valuing their company at ₹75 crore. Their confidence and ambition were evident, but the sharks had their concerns. Peyush Bansal felt that their profitability was too low and advised them to simplify their operations for better scalability. Anupam Mittal pointed out that their pricing was too high compared to competitors, making them vulnerable to being undercut by smaller players. 

Vineeta Singh offered them ₹75 lakh for 10% equity, significantly lowering their valuation. Aman Gupta, however, connected with the idea on a personal level. He recalled fond memories of eating chowmein from street vendors with his wife and saw potential in the market. He made a revised offer of ₹75 lakh for 5% equity.

Kunal Bahl, known for only investing in businesses he is highly bullish on, took it a step further. He saw long-term potential and offered ₹2 crore for 10% equity, stating that he could help take Schickwheel to an IPO in 25 years. 

Despite multiple offers, the Sachdeva brothers weren't willing to budge on their valuation. They consulted their businessman father over the phone, ultimately deciding that they would not lower their valuation below ₹50 crore.

Aman withdrew his offer, and Kunal expressed his disappointment, saying, "Aap yeh jo gajar mooli kar rahe ho, it won't make a difference in the long run." The pitch ended with no deal, and Peyush Bansal called their decision a big mistake. Although Schickwheel did not secure a contract, the exposure from Shark Tank India has given It a massive boost. Their story has inspired many aspiring entrepreneurs, and their ambitious goal of making Schickwheel synonymous with food trucks, just as Colgate is with toothpaste, remains intact.

Also Read: Viraj Bahl: Man who sold his home, faced Setbacks before the success of Veeba foods.