1 00:00:10,000 --> 00:00:11,360 [music playing] 2 00:00:32,040 --> 00:00:33,280 [theme music playing] 3 00:00:47,160 --> 00:00:48,440 [music fades] 4 00:00:48,520 --> 00:00:50,240 Sharks, a few years ago, 5 00:00:50,360 --> 00:00:51,960 had we told our parents 6 00:00:52,080 --> 00:00:54,520 that we wanted to pursue sports as a career, 7 00:00:54,680 --> 00:00:56,120 then they might have said, 8 00:00:56,280 --> 00:00:57,680 "Sports is fine as a form of recreation" 9 00:00:57,760 --> 00:00:59,880 "but it won't make you any money." 10 00:01:00,000 --> 00:01:00,800 True. 11 00:01:00,920 --> 00:01:02,760 Perhaps, they weren't wrong 12 00:01:02,840 --> 00:01:04,800 because a few years ago in India, 13 00:01:04,880 --> 00:01:07,520 there were barely any opportunities in the field of sport. 14 00:01:07,680 --> 00:01:09,040 The times have changed. 15 00:01:09,120 --> 00:01:10,200 This is a new era. 16 00:01:10,280 --> 00:01:11,760 This is the era of Virat Kohli, 17 00:01:11,920 --> 00:01:14,760 Mary Kom and Neeraj Chopra who are sports icons. 18 00:01:15,040 --> 00:01:17,120 They are not only India's pride, 19 00:01:17,240 --> 00:01:20,000 but also the role models of lakhs of youth. 20 00:01:20,720 --> 00:01:22,040 The Indian government 21 00:01:22,120 --> 00:01:25,480 is promoting sports through programmes like Khelo India. 22 00:01:25,560 --> 00:01:26,880 Perhaps, this is the reason 23 00:01:26,960 --> 00:01:31,480 we won over a hundred medals in the recent Asian Games. 24 00:01:32,360 --> 00:01:34,080 Sharks, this is the beginning 25 00:01:34,160 --> 00:01:36,040 of a golden age in sports in India. 26 00:01:36,160 --> 00:01:38,400 And to leverage this opportunity, 27 00:01:38,520 --> 00:01:40,560 we've started Push Sports. 28 00:01:40,960 --> 00:01:42,400 [light-hearted music playing] 29 00:01:54,960 --> 00:01:57,320 Push Sports ties up with schools 30 00:02:20,000 --> 00:02:21,560 help us design gamified assessment tools 31 00:02:21,640 --> 00:02:23,880 and structured curriculums. 32 00:02:24,440 --> 00:02:26,640 Sharks, we are not a sports academy. 33 00:02:51,640 --> 00:02:54,120 Last year, over 20 Push Sports students 34 00:03:19,920 --> 00:03:21,200 - Thank you. - Tell me something. 35 00:03:33,640 --> 00:03:35,400 I was the highest wicket-taker in the North Zone. 36 00:03:35,480 --> 00:03:36,480 Were you a pace bowler? 37 00:03:36,560 --> 00:03:37,640 - Off-spinner. - Okay. 38 00:03:37,720 --> 00:03:38,840 I've taken Yuvraj's wicket. 39 00:03:38,920 --> 00:03:40,000 - Nice. - Whoa! 40 00:03:40,280 --> 00:03:42,120 - Yes. - How many sixes did he hit? 41 00:03:42,240 --> 00:03:44,920 I guess three or four. 42 00:03:45,120 --> 00:03:47,040 I was the highest wicket-taker in the North Zone. 43 00:03:47,120 --> 00:03:50,440 Despite that, there was a lack of opportunities 44 00:03:50,520 --> 00:03:51,720 as well as guidance. 45 00:03:52,200 --> 00:03:53,640 So, I had to say bye to cricket. 46 00:03:54,080 --> 00:03:56,040 I worked as cabin crew to support my family. 47 00:03:56,200 --> 00:03:57,960 Ten years passed by. 48 00:03:58,080 --> 00:04:00,000 It felt like something was missing. 49 00:04:00,160 --> 00:04:02,400 Upon introspection, I realised 50 00:04:02,680 --> 00:04:05,080 - that life was incomplete without cricket. - Nice. 51 00:04:05,160 --> 00:04:06,040 So, I got back to it. 52 00:04:06,160 --> 00:04:09,000 I started as a venue manager for a ground. 53 00:04:09,000 --> 00:04:10,880 - At what salary? - Rs. 25,000. 54 00:04:13,240 --> 00:04:15,080 - You came from 1 lakh to 25,000. - Yes. 55 00:04:15,360 --> 00:04:16,200 - For passion. - Yes. 56 00:04:16,320 --> 00:04:18,200 - Wow! - Good. That's good. 57 00:04:18,280 --> 00:04:19,880 As a venue manager, 58 00:04:19,960 --> 00:04:22,520 I checked out some cricket academies too. 59 00:04:22,720 --> 00:04:26,440 I realised that I had not received mentoring or guidance, 60 00:04:26,520 --> 00:04:27,920 and things were still the same. 61 00:04:28,400 --> 00:04:31,280 I thought I should quit this and start something of my own. 62 00:04:31,360 --> 00:04:33,480 I started with a small set-up 63 00:04:33,560 --> 00:04:35,880 where I was coaching in my own style. 64 00:04:36,040 --> 00:04:37,280 This was in 2016. 65 00:04:37,280 --> 00:04:38,960 I met Nitin in 2017. 66 00:04:39,080 --> 00:04:42,680 I was fortunately born into a cricket-loving family. 67 00:04:43,000 --> 00:04:44,360 Back then, the opportunities in cricket, 68 00:04:44,440 --> 00:04:46,480 as Puru mentioned, were very limited. 69 00:04:46,560 --> 00:04:48,880 So, with a heavy heart, I focused on academics. 70 00:04:49,040 --> 00:04:50,720 I went to Delhi School of Economics. 71 00:04:54,640 --> 00:04:58,960 Within a year, I became the captain of the bank's cricket team. 72 00:04:59,040 --> 00:05:00,560 We used to play many tournaments. 73 00:05:00,720 --> 00:05:03,280 - I met him on the field one day. - Oh, wow. 74 00:05:03,360 --> 00:05:06,000 I saw that he was about to start an academy. 75 00:05:06,120 --> 00:05:08,400 I was making good money at the time. 76 00:05:08,520 --> 00:05:11,160 I thought this would make for a great passion project. 77 00:05:11,320 --> 00:05:13,280 This started as a passion project, 78 00:05:13,400 --> 00:05:15,320 but after two years, I realised 79 00:05:15,320 --> 00:05:17,960 this was a huge market with a high demand. 80 00:05:18,080 --> 00:05:20,480 And come 2020, 81 00:05:20,640 --> 00:05:23,880 I resigned from my post as Senior Vice President 82 00:05:24,000 --> 00:05:26,240 and joined Push Sports full-time. 83 00:05:26,680 --> 00:05:28,680 So, it started in 2020 then. 84 00:05:28,800 --> 00:05:32,520 Push Sports LLP started in February 2018. 85 00:05:38,040 --> 00:05:40,840 - You joined as an investor first and then as a co-founder. - Yes. 86 00:05:42,720 --> 00:05:44,720 We are present at 17 locations. 87 00:05:50,600 --> 00:05:52,680 - Then that belongs to you. - Yes. 88 00:06:10,040 --> 00:06:11,480 In some of the cases where the schools say 89 00:06:11,560 --> 00:06:13,400 they can't contribute to this, 90 00:06:13,520 --> 00:06:17,960 we tell them we will put in some capital depending on the location 91 00:06:28,560 --> 00:06:31,960 who can not just build but monetise it too, 92 00:06:32,040 --> 00:06:34,080 we become a natural choice for them. 93 00:06:51,800 --> 00:06:54,920 we run a sports curriculum with sports teachers 94 00:06:55,160 --> 00:06:58,000 - during school hours from 7 am to 2 pm. - Right. 95 00:06:58,120 --> 00:07:00,480 A student gets only two PE periods. 96 00:07:00,640 --> 00:07:02,720 For someone interested in playing professional sports, 97 00:07:02,800 --> 00:07:04,080 this is not enough. 98 00:07:15,960 --> 00:07:17,840 - They give you a certain portion of the fees. - Yes. 99 00:07:17,920 --> 00:07:20,720 - That doubles up as customer acquisition too. - Yes. 100 00:07:20,840 --> 00:07:23,880 So, the breakeven of our After-School Academy, 101 00:07:23,960 --> 00:07:26,560 which usually takes six months for other locations, 102 00:07:34,080 --> 00:07:37,280 No, even kids from the hyperlocal community can enrol. 103 00:07:37,480 --> 00:07:38,960 After 7 pm, 104 00:07:58,280 --> 00:07:59,440 Solid business model. 105 00:07:59,520 --> 00:08:00,880 - Yes. - Thank you, sir. Thank you. 106 00:08:01,240 --> 00:08:02,560 The need for it existed 107 00:08:02,640 --> 00:08:04,440 and you also made a business out of it. 108 00:08:04,720 --> 00:08:07,280 You've made a company of Rs. 80 crores today. 109 00:08:07,360 --> 00:08:08,280 Not bad. 110 00:08:08,680 --> 00:08:09,680 You've set an example. 111 00:08:09,880 --> 00:08:12,680 If one follows their passion, one can achieve everything. 112 00:08:12,760 --> 00:08:13,640 Thank you, Aman. 113 00:08:18,640 --> 00:08:21,200 Let's take the example of Sushant University. 114 00:08:21,360 --> 00:08:24,600 They make Rs. 2 lakhs a month through us on average. 115 00:08:24,720 --> 00:08:25,560 That's it! 116 00:08:26,320 --> 00:08:28,520 - Could you tell us the economics? - Yes. 117 00:08:28,600 --> 00:08:30,760 - How much did you invest in the EPC? - Sure. 118 00:08:30,880 --> 00:08:32,640 How much do the school and you make? 119 00:08:32,720 --> 00:08:36,120 - We've spent about Rs. 25 lakhs... - Where is Sushant School? 120 00:08:36,200 --> 00:08:37,440 - Sushant University. - Sushant University. 121 00:08:37,520 --> 00:08:39,720 - Ansal University. - Golf Course Road, Gurugram. 122 00:08:39,800 --> 00:08:42,280 Okay. You invested Rs. 25 lakhs. How much do you make? 123 00:08:42,400 --> 00:08:44,560 Our revenue from here is Rs. 7 lakhs. 124 00:08:45,240 --> 00:08:47,600 Most of which comes from After-School? 125 00:08:47,760 --> 00:08:49,800 - Yes. This is an After-School Academy. - Okay. 126 00:08:49,880 --> 00:08:51,920 What is the operating profit? 127 00:08:52,000 --> 00:08:54,280 We make a profit of Rs. 1.5 to 2 lakhs every month. 128 00:08:59,120 --> 00:09:01,400 - 18 months... - And a nine-year lease. 129 00:09:01,880 --> 00:09:04,760 So, your monthly revenue is about a crore rupees. 130 00:09:05,160 --> 00:09:07,720 - In the seven months of 2023... - Approximately. 131 00:09:07,800 --> 00:09:09,480 Our revenue was Rs. 5 crores. 132 00:09:18,000 --> 00:09:19,440 - In Delhi and NCR. - Projected sales for the year? 133 00:09:52,960 --> 00:09:54,640 In June, we were in England 134 00:09:54,720 --> 00:09:57,560 playing against some of the best private schools. 135 00:09:57,640 --> 00:09:59,120 We took two teams 136 00:09:59,240 --> 00:10:01,480 and played against schools like Harrow and Eton. 137 00:10:01,600 --> 00:10:04,040 - We're going to Dubai in December. - Why complicate it? 138 00:10:04,040 --> 00:10:06,280 You have a simple model. Just scale it further. 139 00:10:06,560 --> 00:10:08,160 No, we... - Your infrastructure isn't being used. 140 00:10:08,240 --> 00:10:10,720 - That's your core asset. - It is a distraction right now. 141 00:10:10,840 --> 00:10:11,760 Yes. 142 00:10:13,040 --> 00:10:16,000 - Have you started making sports gear too? - Yes. 143 00:10:16,080 --> 00:10:18,760 - At times... - This is a bit over the top. 144 00:10:18,840 --> 00:10:19,720 I agree. 145 00:10:20,080 --> 00:10:21,400 We also get children 146 00:10:21,480 --> 00:10:25,560 who cannot afford the kits in the market that cost Rs. 8,000. 147 00:10:25,760 --> 00:10:29,040 Their parents don't allow them to join the academy for this reason. 148 00:10:29,200 --> 00:10:32,560 So, with the help of our tie-ups and experience, 149 00:10:42,120 --> 00:10:43,680 and along with it, 150 00:10:43,840 --> 00:10:46,280 instead of sitting at home, that kid can join our academy and play. 151 00:10:46,360 --> 00:10:47,880 That's five business models. 152 00:10:48,160 --> 00:10:50,440 You snatch every opportunity you come across. 153 00:10:50,520 --> 00:10:51,720 "Let's do this also." 154 00:10:51,800 --> 00:10:54,320 "Let me also start selling meals to kids from tomorrow onwards." 155 00:10:55,080 --> 00:10:57,280 If you do business in a focused way 156 00:10:57,360 --> 00:11:00,520 - and solve a single problem, it is better. - Yes. 157 00:11:00,600 --> 00:11:02,160 Something is not adding up, right? 158 00:11:02,640 --> 00:11:04,080 From 17 locations, 159 00:11:04,200 --> 00:11:07,480 - you said your revenue last month was Rs. 50 lakhs. - Yes. 160 00:11:07,640 --> 00:11:10,280 It's only Rs. 3 to 4 lakhs revenue per location. 161 00:11:10,840 --> 00:11:12,360 Now, in Rs. 4 lakhs revenue, 162 00:11:12,440 --> 00:11:15,240 how much operating profit can you even earn? 163 00:11:15,320 --> 00:11:16,440 Just Rs. 1 to 1.5 lakhs. 164 00:11:16,520 --> 00:11:18,040 No. It's impossible. 165 00:11:18,160 --> 00:11:19,160 [tense music playing] 166 00:11:19,840 --> 00:11:21,640 How many of your locations are profitable? 167 00:11:22,080 --> 00:11:23,880 We have 10 old locations 168 00:11:23,960 --> 00:11:26,440 out of which 7 to 8 locations are profitable. 169 00:11:31,920 --> 00:11:35,040 Could you tell us your equity split? 170 00:11:46,680 --> 00:11:51,120 Yes. PokerBaazi and a Singapore-based fund 171 00:12:09,760 --> 00:12:11,120 At what valuation was your last round? 172 00:12:31,200 --> 00:12:33,960 Rs. 1.2 crores went into our CapEx. 173 00:12:34,280 --> 00:12:36,600 We have a balance of Rs. 25 lakhs. 174 00:12:44,600 --> 00:12:47,960 because you have money only for one location in the bank. 175 00:12:48,320 --> 00:12:51,920 Thankfully, the promoters keep giving debt to the company. 176 00:12:52,000 --> 00:12:53,240 Who are the promoters? 177 00:12:53,320 --> 00:12:54,600 Yes, we're talking about ourselves. 178 00:12:54,680 --> 00:12:55,600 Mister! 179 00:12:56,120 --> 00:12:59,200 Have you ever heard of the saying 'how the cookie crumbles'? 180 00:12:59,480 --> 00:13:00,880 [tense music playing] 181 00:13:01,800 --> 00:13:04,240 You had a good start and look at you now. 182 00:13:05,000 --> 00:13:06,320 When you don't have money, 183 00:13:06,320 --> 00:13:08,600 why are you spending on infrastructure? 184 00:13:08,920 --> 00:13:10,320 It makes no sense. 185 00:13:11,320 --> 00:13:13,280 You're caught in a debt trap. 186 00:13:14,200 --> 00:13:17,040 Vineeta, the total promoter loan is about Rs. 65 lakhs. 187 00:13:35,040 --> 00:13:36,920 You're on the verge 188 00:13:37,000 --> 00:13:39,800 where anything can happen. 189 00:13:40,560 --> 00:13:41,840 Your business is at risk 190 00:13:41,920 --> 00:13:43,560 because you only have Rs. 25 lakhs left. 191 00:13:44,080 --> 00:13:45,640 And at such a time, 192 00:13:45,760 --> 00:13:50,720 you're asking for eight times the valuation of your last round. 193 00:13:50,840 --> 00:13:53,040 Just imagine. You have a mission, 194 00:13:53,040 --> 00:13:55,760 but you're jeopardising your company out of greed. 195 00:13:56,560 --> 00:13:58,080 Oh! That's a big statement. 196 00:14:02,320 --> 00:14:03,920 As for the runway, 197 00:14:11,760 --> 00:14:13,400 You're mistaken about your runway. 198 00:14:13,480 --> 00:14:15,280 - There was Fitso too. - Because 60... Hang on. 199 00:14:15,400 --> 00:14:18,600 - You invested Rs. 60 lakhs of your own to salvage the business. - Yes. 200 00:14:18,800 --> 00:14:20,720 - The company owes you that. - Yes. 201 00:14:21,040 --> 00:14:23,000 So, that gets subtracted from the runway. 202 00:14:23,320 --> 00:14:25,280 I don't think so. I don't need that money back. 203 00:14:25,360 --> 00:14:27,200 I'm not charging any interest on that money. 204 00:14:27,400 --> 00:14:29,360 - We are extremely committed... - If someone... 205 00:14:29,480 --> 00:14:31,040 Say we invest Rs. 80 lakhs. 206 00:14:31,120 --> 00:14:34,040 We will feel that the promoters will take Rs. 60 lakhs out of it. 207 00:14:34,160 --> 00:14:35,160 That's subservient. 208 00:14:35,240 --> 00:14:37,560 In our existing contract too, 209 00:14:37,640 --> 00:14:40,080 the promoter debt 210 00:14:40,080 --> 00:14:42,600 is subservient to investments that are coming in. 211 00:14:44,080 --> 00:14:45,680 I am out right now 212 00:14:46,480 --> 00:14:48,040 for these reasons. 213 00:14:48,120 --> 00:14:50,480 - Your revenue per unit... - Yes, sir. 214 00:14:50,560 --> 00:14:53,040 You have an earning of only Rs. 3 to 4 lakhs. 215 00:14:53,320 --> 00:14:55,520 You don't have profits on it. 216 00:14:55,640 --> 00:14:57,160 How much will the schools benefit? 217 00:14:57,360 --> 00:14:59,320 That is still a question mark to me. 218 00:14:59,920 --> 00:15:02,120 If I look at the data points in the past, 219 00:15:02,240 --> 00:15:05,840 how viable is this business in the current state 220 00:15:05,960 --> 00:15:07,520 and what changes need to be brought 221 00:15:07,520 --> 00:15:09,560 are things that are unclear to me. 222 00:15:09,760 --> 00:15:12,720 Given your focus on multiple areas, 223 00:15:12,800 --> 00:15:15,720 I don't see how soon we could figure this out. 224 00:15:16,000 --> 00:15:18,720 Also, the valuation you're expecting is extremely high. 225 00:15:18,880 --> 00:15:22,120 So, overall, for these reasons, I am out. 226 00:15:23,160 --> 00:15:24,400 I was really interested. 227 00:15:24,600 --> 00:15:25,640 Your pitch was great. 228 00:15:25,720 --> 00:15:27,760 - I had zero interest when you walked in. - Okay. 229 00:15:27,760 --> 00:15:30,960 My interest had reached its peak before it plummeted. 230 00:15:31,920 --> 00:15:34,560 At some point, I lost you guys. 231 00:15:35,800 --> 00:15:38,120 So, unfortunately, I'm out. 232 00:15:39,320 --> 00:15:40,840 So sorry to hear that, Aman. 233 00:15:41,040 --> 00:15:42,440 Tell us who your competitors are. 234 00:15:42,520 --> 00:15:45,480 Who are the big players who are doing something similar? 235 00:15:45,840 --> 00:15:48,200 Our industry is very unorganised. 236 00:15:48,320 --> 00:15:50,040 We have regional champions 237 00:15:50,160 --> 00:15:52,800 who are popular for a particular sport 238 00:15:52,880 --> 00:15:55,120 or who're very popular in a city. 239 00:15:55,360 --> 00:15:57,200 - I'll tell you your competitors. - Okay. 240 00:15:57,280 --> 00:15:58,880 - I'll tell you if you can't. - Sure. 241 00:15:58,960 --> 00:16:01,960 Your competition is branded cricket academies 242 00:16:02,320 --> 00:16:04,520 that ex-cricket players are opening everywhere. 243 00:16:04,640 --> 00:16:06,920 The aspiration would be to play with them 244 00:16:07,000 --> 00:16:08,920 for off-school hours. 245 00:16:09,320 --> 00:16:12,200 - Your competition is from Manchester United! - Yes. 246 00:16:12,360 --> 00:16:14,680 - They're opening their academies here. - Yes. 247 00:16:14,760 --> 00:16:16,800 - The NBA is also your competition. - Yes. 248 00:16:16,880 --> 00:16:18,680 - They're opening academies here too. - Okay. 249 00:16:18,680 --> 00:16:20,800 - So, those who can afford it will go there. - Yes. 250 00:16:20,880 --> 00:16:21,800 - Sure. - Right? 251 00:16:21,880 --> 00:16:25,240 - You'll have to push it hard and sell it to every student. - Yes. 252 00:16:25,360 --> 00:16:27,240 Only then your 60% will increase to 80% 253 00:16:27,360 --> 00:16:28,480 and you will make profits. 254 00:16:28,560 --> 00:16:30,040 - Stick to one thing. - Yes. 255 00:16:30,120 --> 00:16:33,240 It is extremely unfocused, and for that reason, I'm out. 256 00:16:34,480 --> 00:16:37,840 - Look. Your model is surely messed up. - Okay. 257 00:16:37,840 --> 00:16:42,240 - You don't realise how close to the brink you are. - Hmm. 258 00:16:42,720 --> 00:16:46,920 The rest of your responses as entrepreneurs 259 00:16:47,040 --> 00:16:49,640 gave the feeling that you were passionate, resilient 260 00:16:49,800 --> 00:16:52,880 and humble entrepreneurs who wished to do something 261 00:16:53,000 --> 00:16:54,880 and had a powerful mission. 262 00:16:55,000 --> 00:16:58,320 Just to see how genuine 263 00:16:58,400 --> 00:17:02,520 your commitment and resilience to save your company is... - Yes? 264 00:17:02,680 --> 00:17:04,000 I will make you an offer. 265 00:17:04,120 --> 00:17:05,120 - Wow. - Thank you. 266 00:17:05,520 --> 00:17:09,880 Rs. 80 lakhs for 4% of your business 267 00:17:10,080 --> 00:17:12,600 and 2% of net revenue 268 00:17:12,840 --> 00:17:15,200 till I recover 1.5x of my investment. 269 00:17:23,280 --> 00:17:24,280 I have watched 270 00:17:24,360 --> 00:17:27,960 - how they have built a business with unwavering focus. - Yes. 271 00:17:28,120 --> 00:17:31,520 Very similar to the business we have built at Lenskart... - Okay. 272 00:17:31,600 --> 00:17:34,200 Where we take a box, 273 00:17:34,280 --> 00:17:35,680 we perfect the box 274 00:17:35,760 --> 00:17:37,400 - and then we replicate the box. - Yes. 275 00:17:37,520 --> 00:17:39,960 We used to open 40 to 100 stores in the past. 276 00:17:40,040 --> 00:17:41,960 Now, we open 500 to 800 a year 277 00:17:42,040 --> 00:17:44,240 - and their payback comes within 8 to 9 months. - Right. 278 00:17:44,320 --> 00:17:46,040 - I can help you do that. - Sure. 279 00:17:46,800 --> 00:17:47,600 For that, 280 00:17:47,680 --> 00:17:50,480 you have to leave this valuation bubble that you're in. 281 00:17:51,520 --> 00:17:52,920 So, Rs. 80 lakhs 282 00:17:53,760 --> 00:17:55,680 for 4% equity, the same as Vineeta's offer. 283 00:17:56,560 --> 00:17:58,680 And 2% of net revenue 284 00:17:59,240 --> 00:18:00,280 till I get 285 00:18:00,400 --> 00:18:03,080 - Not 1.5x... 2 times... - Exact... 286 00:18:11,080 --> 00:18:13,920 Would you like to come together? 287 00:18:14,640 --> 00:18:15,920 [tense music playing] 288 00:18:16,560 --> 00:18:18,920 I'm okay, but I want 2x of my money back 289 00:18:19,000 --> 00:18:22,080 - because this will require a lot... - If I get 2x, I don't mind it. 290 00:18:22,160 --> 00:18:24,440 - Okay. So, you have just one offer now. - Yes. 291 00:18:24,560 --> 00:18:27,400 - It is from Vineeta and Peyush combined. - Yes. 292 00:18:27,480 --> 00:18:29,240 Rs. 80 lakhs for 4% equity 293 00:18:30,040 --> 00:18:33,080 and 2% royalty on your net revenue 294 00:18:33,160 --> 00:18:34,520 - until they don't get 2x... - Yes. 295 00:18:34,640 --> 00:18:36,360 They're investing Rs. 80 lakhs. 296 00:18:40,600 --> 00:18:42,080 [pensive music playing] 297 00:18:54,560 --> 00:18:56,400 - Congratulations! Love the mission. - Thank you. 298 00:18:56,480 --> 00:18:57,400 Superb stuff. 299 00:18:57,520 --> 00:18:59,120 - Thank you. - Superb stuff! 300 00:19:03,840 --> 00:19:05,320 Thank you... 301 00:19:07,440 --> 00:19:08,840 [music fades] 302 00:22:37,280 --> 00:22:40,360 [music playing] 303 00:23:07,240 --> 00:23:10,680 We are all happily married. 304 00:23:10,760 --> 00:23:13,240 But there's one deadly question 305 00:23:13,320 --> 00:23:15,320 that your wife asks. 306 00:23:15,440 --> 00:23:17,160 How am I looking? 307 00:23:18,200 --> 00:23:22,160 If you say something nice, she'll say that you didn't pay attention. 308 00:23:22,280 --> 00:23:24,080 If you say something bad, 309 00:23:24,160 --> 00:23:27,040 she will say that you always find faults in her. 310 00:23:27,120 --> 00:23:29,720 But, Sharks, they are right too. 311 00:23:29,800 --> 00:23:33,160 Because they take hours and put so much effort to get ready. 312 00:23:33,280 --> 00:23:36,680 They don't get any help to do the right makeup. 313 00:23:36,880 --> 00:23:39,960 Or to understand which product is perfect for their skin. 314 00:23:40,200 --> 00:23:41,440 Don't worry, Sharks. 315 00:23:41,560 --> 00:23:43,720 We have brought BeautyGPT. 316 00:23:43,800 --> 00:23:46,160 It solves all these problems. 317 00:23:48,280 --> 00:23:52,480 BeautyGPT is a software created through artificial intelligence. 318 00:23:52,560 --> 00:23:55,480 It answers all questions related to makeup 319 00:24:27,320 --> 00:24:29,560 personal beauty advisor. 320 00:24:29,640 --> 00:24:33,200 Now husbands won't answer this question, BeautyGPT will. 321 00:24:33,560 --> 00:24:35,080 We're asking for 322 00:24:47,480 --> 00:24:47,960 No. 323 00:24:47,960 --> 00:24:50,880 Rs 133 crore valuation, pre-launch product. 324 00:24:51,080 --> 00:24:52,360 This is the status, right? 325 00:24:52,840 --> 00:24:56,160 Our existing Do-It-Yourself products 326 00:25:01,880 --> 00:25:05,360 Tell us from the start. What do you do? We don't know. 327 00:25:05,440 --> 00:25:08,040 Because you're just showing us your version 1. 328 00:25:08,120 --> 00:25:10,560 But we don't even know what is it a version of? 329 00:25:10,640 --> 00:25:14,960 We created 5 modules earlier by stacking beauty AI. 330 00:25:31,440 --> 00:25:33,600 Orbo started in October 2019. 331 00:25:37,640 --> 00:25:39,760 What was the product you launched earlier? 332 00:25:39,840 --> 00:25:41,720 It has no name. It was categorical. 333 00:25:41,840 --> 00:25:43,960 Like makeup try-on, skin analysis. 334 00:25:44,080 --> 00:25:45,840 - Show us this first. - Where is that product? 335 00:25:45,920 --> 00:25:47,760 - Show us this. - Does that product sell? 336 00:25:47,760 --> 00:25:48,080 Yes. 337 00:25:48,080 --> 00:25:49,840 Okay, give us a demo. 338 00:25:49,920 --> 00:25:51,240 Vineeta, please come. 339 00:25:53,280 --> 00:25:55,600 Let's watch the current one and then move to the new one. 340 00:25:55,600 --> 00:25:56,760 Else it's confusing. 341 00:25:56,760 --> 00:25:57,840 Okay. 342 00:26:05,200 --> 00:26:07,960 [music playing] 343 00:26:09,200 --> 00:26:12,320 So, this is the red lipstick. The product name is here. 344 00:26:13,360 --> 00:26:17,520 The novelty is that it's a real-time application. 345 00:26:17,600 --> 00:26:21,640 Yes, in the bad version of these 346 00:26:21,720 --> 00:26:24,320 the eyeliner is applied around the face. 347 00:26:24,400 --> 00:26:26,800 It doesn't fit in the right place. 348 00:26:26,880 --> 00:26:28,280 Did you apply liner yet? 349 00:26:28,360 --> 00:26:30,560 I'll apply it now. 350 00:26:30,560 --> 00:26:33,800 I've put a blue winged eyeliner. 351 00:26:33,880 --> 00:26:36,760 It's close to my eyes, which is what I like. 352 00:26:36,880 --> 00:26:38,200 Because sometimes, it's at wrong places. 353 00:26:38,280 --> 00:26:40,320 When you're moving, 354 00:26:40,440 --> 00:26:41,640 - it's not moving. - Yes, it's moving with me. 355 00:26:41,720 --> 00:26:43,320 It's moving with you. It's a good thing. 356 00:26:43,400 --> 00:26:45,640 I will apply black lipstick. 357 00:26:47,680 --> 00:26:49,520 Now, I get it. Okay. 358 00:26:49,760 --> 00:26:51,240 - Now I get it. - Move now. 359 00:26:53,160 --> 00:26:54,360 Look, it's moving with her. 360 00:26:54,480 --> 00:26:55,760 Good, boss! 361 00:27:04,840 --> 00:27:06,040 There are five such modules. 362 00:28:11,280 --> 00:28:12,520 Let's try BeautyGPT. 363 00:28:12,640 --> 00:28:13,840 Is this new or old? 364 00:28:13,960 --> 00:28:16,200 - This is the new one. - This is new, the future. 365 00:28:16,200 --> 00:28:17,040 - Okay. - Yes. 366 00:28:17,280 --> 00:28:19,400 The search is keyword-based. 367 00:28:19,480 --> 00:28:22,440 This contextual search is not yet built. 368 00:28:22,520 --> 00:28:25,520 That is what BeautyGPT is replacing right now. 369 00:28:31,680 --> 00:28:33,600 I just want to one second do this. 370 00:28:34,200 --> 00:28:36,280 Yes, a vintage Hollywood red carpet. 371 00:28:36,360 --> 00:28:39,560 - So will this be made on my face? - You will see it on the model first 372 00:28:39,640 --> 00:28:41,800 and you can try it on your face too. 373 00:28:41,920 --> 00:28:44,320 Try on yourself so I can get it on my face. 374 00:28:46,760 --> 00:28:48,560 So you will detect her face 375 00:28:48,640 --> 00:28:50,080 - and create a look for her. - Yes. 376 00:28:50,160 --> 00:28:51,680 And then products with it. 377 00:28:52,160 --> 00:28:53,440 So, the result is here. 378 00:28:53,560 --> 00:28:56,680 - You can see three different looks. - [laughing] 379 00:28:57,320 --> 00:28:59,720 You must've seen that the first look 380 00:28:59,840 --> 00:29:02,920 also gave you a step by step automated tutorial. 381 00:29:04,080 --> 00:29:06,440 Create a wedding look for Vineeta. 382 00:29:07,760 --> 00:29:10,640 Look at your wedding look. 383 00:29:10,720 --> 00:29:12,840 [laughing] 384 00:29:15,080 --> 00:29:17,320 This is 'wedding will never happen' kind of look. 385 00:29:18,000 --> 00:29:19,520 - Look at it! - [laughing] 386 00:29:21,440 --> 00:29:25,160 Your older products were comparatively better than this. 387 00:29:25,320 --> 00:29:28,120 No, I disagree. The use case is 388 00:29:28,200 --> 00:29:30,680 as far as I understood, and I think it's very interesting. 389 00:29:30,800 --> 00:29:33,480 Just like you go to Nykaa, 390 00:29:33,560 --> 00:29:36,480 and search for a wedding look 391 00:29:36,600 --> 00:29:39,000 for your Sangeet party. 392 00:29:39,080 --> 00:29:44,200 Then, it curates a look from all the options. 393 00:29:44,280 --> 00:29:46,520 I just want to make a disclosure 394 00:29:46,600 --> 00:29:48,360 that I've met Manoj. 395 00:29:48,480 --> 00:29:52,240 Because on our online e-commerce shopping, 396 00:29:52,320 --> 00:29:54,680 lipstick try-on is popular. 397 00:29:54,760 --> 00:29:57,040 So, for our stores, as a magic mirror 398 00:29:57,120 --> 00:29:58,560 their product 399 00:29:58,640 --> 00:29:59,800 was being evaluated by us. 400 00:29:59,880 --> 00:30:01,560 You evaluated his technology. 401 00:30:01,640 --> 00:30:03,000 - Yes. - What else did you evaluate? 402 00:30:03,080 --> 00:30:05,360 - Have you failed everyone? - No, I've evaluated many 403 00:30:05,440 --> 00:30:07,240 and I thought that their technology was very good. 404 00:30:07,320 --> 00:30:08,680 Okay, better than the others. 405 00:30:08,760 --> 00:30:09,840 Better than many of the others. 406 00:30:09,920 --> 00:30:12,040 But you didn't think it makes sense-- 407 00:30:12,120 --> 00:30:14,160 No, we were going to pilot at a store. 408 00:30:14,240 --> 00:30:15,480 We're just thinking about it. 409 00:30:16,800 --> 00:30:19,520 I can see grey strands, it means you're an experienced player. 410 00:30:19,600 --> 00:30:21,200 So, what's your story? 411 00:30:21,280 --> 00:30:24,120 We are counted as one of the first AI-research companies in India. 412 00:30:28,720 --> 00:30:30,520 Out of which, I lived in the US for 12 years. 413 00:30:30,520 --> 00:30:31,160 What did you do there? 414 00:30:31,160 --> 00:30:34,680 I used to work for Adidas. Global Business Transformation. 415 00:30:34,760 --> 00:30:36,880 After getting done with that, in 2012, 416 00:30:36,960 --> 00:30:39,120 Reliance Retail brought me back to India. 417 00:30:39,200 --> 00:30:41,120 - As? - E-commerce head. 418 00:30:41,200 --> 00:30:41,960 Oh, wow. 419 00:30:42,080 --> 00:30:45,400 Then I launched another startup called Branfee. 420 00:30:45,480 --> 00:30:47,480 It was a startup related to computer vision. 421 00:30:54,040 --> 00:30:56,600 We'll come to Orbo. What about the two of you? 422 00:31:05,680 --> 00:31:07,480 And since then, we've been together. 423 00:31:07,560 --> 00:31:10,960 So, Danish and Abhit joined Branfee as first employees. 424 00:31:11,040 --> 00:31:12,280 And that startup didn't work. 425 00:31:12,360 --> 00:31:13,520 We closed it down. 426 00:31:13,600 --> 00:31:14,400 What's the equity split? 427 00:31:42,400 --> 00:31:43,560 How much money do you have left? 428 00:31:43,640 --> 00:31:45,200 We have a runway of 8 months. 429 00:32:11,120 --> 00:32:14,000 you are amazing at raising funds. 430 00:32:14,080 --> 00:32:15,080 [laughing] 431 00:32:15,200 --> 00:32:16,360 - I salute you! - Thank you. 432 00:32:16,920 --> 00:32:20,400 Are you ending your old product or who are you pitching it to? 433 00:32:20,480 --> 00:32:22,040 You caught the crux. 434 00:32:22,440 --> 00:32:25,560 Behind this, there are total 9 AI models. 435 00:32:25,640 --> 00:32:28,040 2 per cent of it is similar to the real GPT, 436 00:32:28,120 --> 00:32:30,520 that is ChatGPT, the LLM model. 437 00:32:30,600 --> 00:32:33,120 LLM model takes my context from input. 438 00:32:33,200 --> 00:32:35,760 Our second layer of AI 439 00:32:35,880 --> 00:32:38,000 has four models. 440 00:32:38,080 --> 00:32:40,080 Then, in the third layer, 441 00:32:40,160 --> 00:32:42,520 your makeup look is created. 442 00:32:42,640 --> 00:32:44,440 And in the last layer, 443 00:32:44,560 --> 00:32:48,640 the application comes, which is our first defined product. 444 00:32:48,720 --> 00:32:50,160 It's Do-It-Yourself. 445 00:32:50,240 --> 00:32:52,960 So, our old products are not wasted. 446 00:32:53,080 --> 00:32:56,000 - It's a part of the offering. - Got it. 447 00:32:56,080 --> 00:32:57,600 - Got it. - What we built 448 00:32:57,680 --> 00:33:00,000 were the building blocks of BeautyGPT. 449 00:33:00,080 --> 00:33:01,840 And a platform like BeautyGPT 450 00:33:01,920 --> 00:33:05,080 is something that none of our competitions have. 451 00:33:05,880 --> 00:33:07,440 But tell me something. 452 00:33:07,560 --> 00:33:09,080 Who will buy the product and why? 453 00:33:09,160 --> 00:33:12,320 BeautyGPT is made for large retailers. 454 00:33:12,400 --> 00:33:14,120 Their SKUs 455 00:33:14,200 --> 00:33:16,520 are between 2000 and 5000. 456 00:33:21,840 --> 00:33:23,440 - You will take money from her. - Yes. 457 00:33:23,520 --> 00:33:25,200 And how do you charge her? 458 00:33:25,520 --> 00:33:26,840 It's subscription-based. 459 00:33:26,920 --> 00:33:28,640 How much does a subscriber pay? 460 00:33:28,720 --> 00:33:31,120 Rs 20 paise per execution. 461 00:33:35,880 --> 00:33:38,280 What's your monthly revenue from subscriptions at present? 462 00:33:38,360 --> 00:33:39,800 Monthly revenue of Rs 18 lakhs. 463 00:33:44,600 --> 00:33:45,680 ITC is. 464 00:33:45,760 --> 00:33:48,000 - Which brand does ITC use it for? - Dermafique. 465 00:33:48,080 --> 00:33:50,240 I think it has an impact on the conversion. 466 00:33:50,360 --> 00:33:52,240 Customers visiting the site 467 00:33:52,320 --> 00:33:55,600 without this, and with this, what's the conversion impact? 468 00:33:55,680 --> 00:33:58,480 - It impacts a lot. Our client - That number. 469 00:33:58,560 --> 00:34:01,520 had integrated skin analysis in their existing website. 470 00:34:01,600 --> 00:34:05,520 In 5 months, they run around 1.23 lakhs skin analysis. 471 00:34:05,600 --> 00:34:07,920 Total 9000 purchases happened. 472 00:34:08,040 --> 00:34:10,600 So, if they want to acquire 9000 customers, 473 00:34:10,680 --> 00:34:14,240 they would've traditionally spent Rs 54 lakhs. 474 00:34:14,360 --> 00:34:16,560 After integrating our product, 475 00:34:16,640 --> 00:34:18,880 they spent only Rs 10 lakhs. 476 00:34:18,960 --> 00:34:21,760 Tell me something. For how long have you been running this company? 477 00:34:21,880 --> 00:34:22,600 Four years. 478 00:34:22,600 --> 00:34:25,000 It's been 4 years and Rs 18 lakhs is your monthly sales. 479 00:34:25,120 --> 00:34:26,640 You think it's a great outcome? 480 00:34:26,640 --> 00:34:29,080 Our contractual revenue at present 481 00:34:29,200 --> 00:34:33,120 will build to Rs 7-8 crores ARR in the next 12 months. 482 00:34:33,200 --> 00:34:34,080 So, that's good. 483 00:34:34,160 --> 00:34:36,720 Because I think that's your weak area. You have to increase sales 484 00:34:36,720 --> 00:34:38,240 - in the business. - Correct. 485 00:34:38,240 --> 00:34:40,280 The way you're burning 486 00:34:41,080 --> 00:34:44,160 you'll need Rs 6 crores every year for the burn. 487 00:34:44,240 --> 00:34:45,640 You need a very big round. 488 00:34:45,880 --> 00:34:49,200 So, we've already in conversation for a round in parallel. 489 00:34:49,280 --> 00:34:51,760 We've received soft commitments too. 490 00:34:51,840 --> 00:34:52,840 For Rs 3 crores. 491 00:34:52,920 --> 00:34:55,080 We're also in discussion with a strategic investor. 492 00:34:55,160 --> 00:34:57,840 We are discussing a round of 3 million dollars. 493 00:34:57,920 --> 00:35:00,000 At this valuation? 130 crores? 494 00:35:00,720 --> 00:35:01,880 That's a good idea. 495 00:35:01,960 --> 00:35:04,280 If a strategic investor gives you 3 million dollars, 496 00:35:04,360 --> 00:35:05,560 you should consider it. 497 00:35:05,840 --> 00:35:07,280 What's the price for this? 498 00:35:07,360 --> 00:35:10,040 Generally, Rs 30,000 per month, per mirror. 499 00:35:20,760 --> 00:35:23,160 will it give 10 per cent of the revenue to you? 500 00:35:23,360 --> 00:35:26,600 Tata is on board with us. 501 00:35:26,680 --> 00:35:29,400 Shoppers Stop, Lakmé Salon is on board. 502 00:35:29,520 --> 00:35:32,000 We are deploying a minimum of 800 mirrors. 503 00:35:32,920 --> 00:35:35,280 I think your business model has a problem. 504 00:35:35,480 --> 00:35:38,240 The back end is not yours. The front end is not yours. 505 00:35:39,000 --> 00:35:41,400 Because you are selling through a Sugar. 506 00:35:41,600 --> 00:35:43,440 [music playing] 507 00:35:44,080 --> 00:35:45,960 You are making models in between. 508 00:35:46,080 --> 00:35:47,560 So you are being sandwiched. 509 00:35:47,640 --> 00:35:50,040 Your economics and profitability 510 00:35:50,320 --> 00:35:52,200 the farther you see, 511 00:35:52,280 --> 00:35:53,840 the more it will be suppressed. 512 00:35:54,120 --> 00:35:57,360 Your cap table and runway are also at stake. 513 00:35:57,840 --> 00:35:59,360 So for those reasons, I'm out. 514 00:36:00,680 --> 00:36:02,000 Firstly, you have 515 00:36:02,080 --> 00:36:05,440 used a lot of buzzwords that give an intellectual feel. 516 00:36:05,520 --> 00:36:08,720 I feel that. I don't understand such people. 517 00:36:08,800 --> 00:36:11,400 You've already raised so much funds, 518 00:36:11,480 --> 00:36:13,800 even after Rs 30 crores, doing a business of Rs 16 lakhs 519 00:36:14,040 --> 00:36:14,800 I don't understand it. 520 00:36:14,880 --> 00:36:17,200 Third, there's a problem in your business model. 521 00:36:17,920 --> 00:36:19,280 I don't understand it yet. 522 00:36:20,200 --> 00:36:22,000 For all the three reasons, I'm out. 523 00:36:28,600 --> 00:36:30,840 You raised money for a product first. 524 00:36:30,920 --> 00:36:33,120 And then you changed the product. Then you raised for the 2nd one 525 00:36:33,280 --> 00:36:35,120 and now you're here to discuss a third product. 526 00:36:35,200 --> 00:36:37,760 So, I see a lot of baggage. 527 00:36:39,080 --> 00:36:41,720 Thirdly, I don't see an advantage yet 528 00:36:41,800 --> 00:36:43,560 that gives you an edge 529 00:36:43,640 --> 00:36:45,120 as to why you would make this tool better. 530 00:36:45,480 --> 00:36:47,640 So, for these three reasons, I'm out. 531 00:36:49,240 --> 00:36:51,640 Beauty is a category where education 532 00:36:51,840 --> 00:36:55,920 and engagement play a very important role in decision-making. 533 00:36:56,040 --> 00:36:59,440 It is very uninvestible right now. 534 00:37:00,080 --> 00:37:02,360 But if you're able 535 00:37:02,600 --> 00:37:03,920 to get a term sheet 536 00:37:18,400 --> 00:37:19,240 That is a good product. 537 00:37:19,320 --> 00:37:22,440 If I were your advisor, at all costs 538 00:37:22,520 --> 00:37:24,920 even if you have to sell it to them for Rs 10 paise, 539 00:37:24,920 --> 00:37:26,160 - they need to become your client. - Yes. 540 00:37:26,680 --> 00:37:29,280 Because you're serving Sugar, 541 00:37:29,600 --> 00:37:32,920 ten other small retailers... Your job is automatically done here. 542 00:37:33,000 --> 00:37:35,600 So they're providing marketing to you more than anything else. 543 00:37:35,720 --> 00:37:38,440 So, you used your strategy. I have a lot of experience in this. 544 00:37:38,680 --> 00:37:39,440 Okay. 545 00:37:39,720 --> 00:37:41,800 I'm a good strategic investor for you guys. 546 00:37:41,880 --> 00:37:43,640 But I can't match this valuation. 547 00:37:43,840 --> 00:37:45,240 Sell the company to me. 548 00:37:45,400 --> 00:37:46,320 What? 549 00:37:48,600 --> 00:37:51,520 If you make a good offer, we can consider it. 550 00:37:52,760 --> 00:37:55,440 I'm willing to buy the company, majority stake 551 00:37:55,520 --> 00:37:57,200 - for Rs 15 crores. - You're at the wrong place. 552 00:38:04,720 --> 00:38:08,000 It is an offer right now on the table, right? 553 00:38:08,160 --> 00:38:09,760 Provided due diligence that your 554 00:38:09,760 --> 00:38:11,920 technology and team are already there. 555 00:38:12,880 --> 00:38:15,320 - We'd like to think. - I'll be shocked. 556 00:38:15,400 --> 00:38:17,520 If you have to think about it. 557 00:38:18,160 --> 00:38:19,240 Go and come back quickly. 558 00:38:19,320 --> 00:38:21,560 You need money, guys. And I can give you money. 559 00:38:24,840 --> 00:38:27,040 Lenskart is doing company shopping here. 560 00:38:27,120 --> 00:38:28,520 [music playing] 561 00:38:30,440 --> 00:38:32,640 - Sunil, this is Manoj. - Yes, Manoj. 562 00:38:32,720 --> 00:38:35,040 We have two offers here. 563 00:38:35,120 --> 00:38:39,240 I think if we present a re-negotiated deal to Peyush 564 00:38:39,480 --> 00:38:43,000 that is Rs 27 crores instead of Rs 15 crores. 565 00:38:43,080 --> 00:38:46,200 I'm afraid that they will ask for Rs 30 crores instead. 566 00:38:46,600 --> 00:38:48,160 Ideally, they should take it. 567 00:38:48,240 --> 00:38:50,640 Only then they will be able to do something. 568 00:38:50,720 --> 00:38:52,320 [music playing] 569 00:38:53,160 --> 00:38:55,040 Welcome to Lenskart Tank. 570 00:38:56,160 --> 00:38:58,560 Vineeta, thank you so much for the offer. 571 00:38:58,640 --> 00:39:02,520 But 3 months is a crunch time. 572 00:39:03,040 --> 00:39:06,160 If we receive the term sheet and it's under process 573 00:39:06,240 --> 00:39:08,040 then I'd have jumped onto this offer. 574 00:39:08,120 --> 00:39:10,200 Because I have nothing to lose in this thing. 575 00:39:10,280 --> 00:39:12,120 And I know that we'll do wonders with you. 576 00:39:12,960 --> 00:39:15,640 Peyush, we'd like to give you a counter-offer. 577 00:39:15,880 --> 00:39:17,520 [music playing] 578 00:39:18,880 --> 00:39:19,880 Do it. 579 00:39:20,000 --> 00:39:23,400 I think we deserve a valuation of Rs 35 crores. 580 00:39:23,480 --> 00:39:25,160 - For 51 per cent? - At least... 581 00:39:25,240 --> 00:39:26,520 Yes, for 51 per cent. 582 00:39:35,200 --> 00:39:37,640 But I cannot pay that price for this business. 583 00:39:37,720 --> 00:39:39,240 [music playing] 584 00:39:39,920 --> 00:39:43,040 Look, a hungry person never asks much, just takes the food given. 585 00:39:43,120 --> 00:39:46,560 No, you can't sell your company in just 10 minutes. 586 00:39:46,640 --> 00:39:48,160 [music playing] 587 00:39:49,200 --> 00:39:51,000 But you guys know what it is out there. 588 00:39:51,000 --> 00:39:52,840 You know the value I bring to the table. 589 00:39:53,640 --> 00:39:55,920 But they can't sell their company in 10-15 590 00:39:55,920 --> 00:39:57,160 - minutes. - Exactly. 591 00:39:58,360 --> 00:40:01,280 Survival is the number one job of an entrepreneur. 592 00:40:01,400 --> 00:40:02,560 - Only you know - But you can't 593 00:40:02,640 --> 00:40:05,360 - sell it in 15 minutes. - It's not 15 minutes. 594 00:40:05,360 --> 00:40:06,200 It's a long-term decision. 595 00:40:06,200 --> 00:40:07,160 [music playing] 596 00:40:07,760 --> 00:40:10,640 Your current business will continue. 597 00:40:10,640 --> 00:40:12,320 We're not buying you out right now. 598 00:40:12,560 --> 00:40:14,960 We'll make a business plan, try to grow the company. 599 00:40:16,200 --> 00:40:17,880 You were here to get a valuation of Rs 100 crores. 600 00:40:17,960 --> 00:40:19,680 You've given Rs 90 crores to your investors. 601 00:40:19,760 --> 00:40:22,320 You just said that you will get a term sheet in 3 months. 602 00:40:22,440 --> 00:40:23,320 It will pump in Rs 10 crores. 603 00:40:23,440 --> 00:40:25,800 And on the other hand, you're willing 604 00:40:25,920 --> 00:40:28,400 to sell your beliefs, principles. 605 00:40:28,480 --> 00:40:30,400 - No, it's not like that. - Whoa! 606 00:40:30,400 --> 00:40:32,120 You're willing to sell yourself for Rs 15 crores. 607 00:40:32,120 --> 00:40:33,000 What nonsense is this! 608 00:40:33,000 --> 00:40:34,400 [music playing] 609 00:40:36,360 --> 00:40:39,960 A term sheet of how much money can you raise in 3-4 months? 610 00:40:40,040 --> 00:40:41,920 At least, 1.5 million dollars. 611 00:40:42,120 --> 00:40:44,320 So, Rs 1 crore at 1 per cent. 612 00:40:44,800 --> 00:40:46,720 And in 3 months, you raise 613 00:40:54,360 --> 00:40:55,680 [music playing] 614 00:40:56,120 --> 00:40:58,600 Without getting influenced, say yes or no. 615 00:40:58,680 --> 00:41:00,760 I'll respect you in both ways and we'll meet outside. 616 00:41:00,880 --> 00:41:03,440 So, Vineeta, we'll take your offer. 617 00:41:04,520 --> 00:41:05,880 - [scoffs] - Oh, wow. 618 00:41:05,960 --> 00:41:07,040 - Lovely. - The tables turned. 619 00:41:08,200 --> 00:41:09,800 - Is the deal done? - Yes, done deal. 620 00:41:17,680 --> 00:41:19,440 [music playing] 621 00:41:21,240 --> 00:41:22,320 Thank you. 622 00:41:23,400 --> 00:41:24,480 Alright, guys. 623 00:41:25,000 --> 00:41:25,920 Awesome. 624 00:41:26,200 --> 00:41:27,560 [music playing] 625 00:59:50,240 --> 00:59:52,720 Friends, we know what due diligence is 626 00:59:58,040 --> 01:00:00,680 what financial and business due diligence is. 627 01:00:00,920 --> 01:00:03,560 We've also learned what legal due diligence is. 628 01:00:03,640 --> 01:00:06,000 It's turn to learn about technical due diligence now. 629 01:00:17,480 --> 01:00:19,360 For example, we get a device pitch. 630 01:00:19,520 --> 01:00:23,880 The founders claim they've got approvals from CDSCO, 631 01:00:24,000 --> 01:00:26,120 it has a 95% accuracy, 632 01:00:26,200 --> 01:00:27,920 and these are the benefits. 633 01:00:28,080 --> 01:00:30,880 I will independently review 634 01:00:31,000 --> 01:00:32,440 whether they have the certificates 635 01:00:32,520 --> 01:00:35,680 - and approval that they claimed. - Got it. 636 01:00:35,800 --> 01:00:38,840 Secondly, whether that 95% efficacy is actually true. 637 01:00:38,960 --> 01:00:42,040 Sometimes, they claim to have certain publications 638 01:00:42,120 --> 01:00:43,840 after a trial on 100 patients. 639 01:00:43,920 --> 01:00:47,040 - We check whether that claim is true. - Understood. 640 01:00:47,160 --> 01:00:50,240 What the result or outcome of it was. 641 01:00:50,320 --> 01:00:52,560 The fourth and last one is... 642 01:00:52,720 --> 01:00:55,200 - I have a group of doctors whom I trust. - Yes. 643 01:00:55,280 --> 01:00:57,280 We are in about 18 therapeutic areas. 644 01:00:57,400 --> 01:01:00,760 Cardiologists, oncologists, gynaecologists... I know everybody.