'How many people in the world listen to their hearts'
'and work on it'
'and can present their idea on national television?'
'GrowFitter rewards app'
'takes care of both, health and wealth. - Oh!'
'Tweek Gloves is a smart wearable'
'that captures an athlete's motion in 3D.'
'Scrapshala is a campaign to reduce growing waste output.'
'On2Cook is the fastest cooking device on the planet.'
- 'We got you Twee-In-One. - Wow!'
'A brand that makes reversible and convertible clothing.'
'Twee-In-One?'
'This tank may be a stop on the journey of these high thinkers.'
- 'You've taken no orders yet? - We haven't fixed a price yet.'
'How long will that take?'
'Maybe not finding investment may upset them.'
'If you sell one lehnga at home you can earn 2 lakh.'
'Why waste your time?'
'I don't think you are here for funding today.'
'You're here for promotion.'
'But those into entrepreneurship may win only once'
'but they never lose.'
'Sanandan, you're like an artist who loves his art'
'and doesn't want to take it to the people to avoid criticism.'
'It's my promise that I will disrupt the cooking industry.'
- 'I'll make you an offer. - I'll make you an offer.'
'Oh, my God!'
'All seven sharks wish to meet you.'
'Just think and merge.'
- Hi, Sharks! - Hi! - Hi, Sharks!
- I'm an ordinary citizen. - I'm an aware citizen.
Oh! Diwali is round the corner and the store is a mess.
Let me clear some trash.
This newspaper is useless now.
This table organiser is made from newspaper rollings.
This bicycle chain is broken.
I bought this key-holder from Scrapshala today.
Its hooks are made from old motorbike and bicycle chain.
Well done! - These audio cassettes are obsolete now.
I better discard them.
This Ghats of Banaras painting is made on audio cassette base.
I am Madhu Shah. She's my daughter Shikha Shah.
Hello, Sharks! We're from Banaras.
As per CPCB data every day in Mumbai
7 lakh kilo non-biodegradable waste is generated.
90 percent of it ends up in landfills.
Scrapshala and its products and services
are an attempt to reduce these growing landfills.
Our products and services can be used for
home decor, lifestyle and gifting.
Like this table and stool made from eco-brick.
This entire product is made from 15 kilo single use plastic.
All Scrapshala products are handmade by artisans
situated around Banaras.
From a home balcony to a big workshop.
From 1 artisan to 15 artisans.
More than 500 products designs. More than 5000 customers.
Orders from Banaras to all over India
and support from lots of strangers.
The journey from 2016 to 2021
turned Scrapshala from a company to a campaign
which is ready to promote up cycling in an organised way
to every corner in India.
We seek a 50 lakh investment for Scrapshala
in return for 10 percent equity.
Shiva's soul lies in Kashi.
Scrapshala's identity lies in Kashi.
We will reduce waste in the nation through art.
We will teach women skills and increase their self-esteem.
Which Shark would like to join us
and be our proud supporter?
- That's great.. - Very good.. - That's a great poetry..
- Thank you.. - Very beautiful.
This really reminds me of my mother.
- Did you write the poem? - I'm a poet
and I have a book published too.
Oh, wow..
It was a condition of mom's
to be allowed to say poetry if she is
to come here with me.
How sweet!
My mother too writes poetry
and she also has a published book.
I'm glad to meet you.
- Welcome to 'Shark Tank'. - Thank you.
I think a mother-daughter pair of entrepreneurs
is quite rare.
How is it like for you guys to be working together?
Why did you start this? How did you reach this decision?
When I was a child, my mother had developed an interest in me
to make something new out of old things.
I grew up with this interest.
When I make something out of a plastic bottle
instead of throwing it to trash, I feel like
I've contributed to the country.
And so, I started with making small products.
During the time Shika studied in IIT Madras
I'd send her photographs of them.
This encouraged me more.
This has gone so well now
it's gaining its own identity in both India and abroad.
So you guys started this in 2016.
Did you study engineering in IIT Madras?
No, I'd gone there to execute
at the incubation cell
the RTBI, Rural Technology and Business Incubator.
After I returned in 2012
we put our first painter on our house's balcony
and got a few beer bottles painted.
Varanasi is famous for tourism.
Yes. - There are many high-end cafes there.
We gave them our bottles
and asked to replace them with plastic bottles.
Within 10 days, we got too many orders
and had to hire another artisan.
That was the start of our journey.
Wow..
This is just to show the quality.
All our products are hand painted.
Pen stand..
Captain America and Hulk.
Oh, wow! It's heavy!
That's a keyboard journal. You can check this also.
These are coasters..
This is reclaimed pinewood.
This is Vineeta's quote
'what doesn't kill you, makes you stronger.'
- We did a.. - Very good..
Is this available on your website.
Okay. I'll definitely get this one and this one.. - Well..
Definitely, ma'am.
Thank you..
Shika, tell me something.
Have you been doing business on this for five years? - Yes.
What were your sales in the last year?
It's Rs. 27 Lakhs.
Why are you running this
business as a website?
You need to bring in traffic.
- Yes. - Amazon already has traffic.
Why don't you run a storefront there?
Wouldn't that be cheaper per customer?
Our currents sales.. Well, in October 2020
we opened our first upcycled retail store in Varanasi..
The entire store is also upcycled
made of waste materials, made of our artisans.
We started our e-commerce website last year.
Before that, we sold through websites like Flipkart
because we knew we wouldn't get traffic on our own website.
We got to learn in our journey of entrepreneurship
that a business shouldn't be expanded but grown leanly.
We've always run the business leanly.
Okay. - In fact, even during the pandemic, we didn't incur losses
or fire any of our artisans.
The business was so lean that it was easy to survive.
We want to open retail outlets in big cities like Mumbai
where people can experience or products physically
- and get educated on them. - If you're online
you don't need to go into big cities.
You can get as much traffic online
as you could from a big city.
Yes, sir, but it's a common product.
When one is told that a product has been upcycled from waste
it immediately get associated with negative feelings.
Yes..
When they physically feel the difference from
their expectations
we'll get the pull from the market.
Why do you pronounce it, then?
Your business' name is Scrapshala.
It was the brand name in 2016
- and we never changed it.. - You get it, though.
- It's becoming your weakness. - Yes..
Anupam, I don't think it's a weakness.
Purpose driven brands
is what everyone likes today.
When you say that you made such
beautiful things from scrap
it's a matter of pride..
- I don't think it has.. - I don't agree.
I think purpose driven brands are different from
calling your brands 'scrap'.
'Scrapshala'..
You're making beautiful things from 'scrap'
for which you have a 'school'.
It's a difference of opinion, then. - Yes.
The challenge would be
Instagram from where you can scale up the maximum
for instance, let me tell you how you convert leads
from Instagram is through the blue bottle and yellow plate.
Their pictures are very tempting. - Correct!
- They shop. - Correct! - The more you scale up
people would want a good-looking product at the best price.
The challenge in upcycling
is an effective manufacturing cost
is higher than a non-upcycled product. - Absolutely.
- The work is more. - True.
So competing with non-upcycling people
becomes a challenge.
Because your margins are lower than theirs.
If no margins then it means no marketing. No ads.
Hence, upcycling angle
is too challenging this way.
I won't be able to invest in this business
as I don't think it's scalable.
All the very best! I would personally like to help out.
It's tough but it's noble work.
I am feeling bad to opt out but I am out of this, Ms. Madhu.
I will not be able to partner with you on this growth journey.
So, all the best from my side.
- Thank you. - I feel this business of yours
is more of an artisanal or boutique business.
Every piece is unique
and it will take effort for you to sell every piece.
If you exhibit it in flee markets
you might be able to sell it.
But selling it online might not make it as fast moving.
Investing won't guarantee any sale.
- Okay. - As per that, I don't feel
that this is an investable business.
Hence, I am out too.
Ms. Madhu and Shikha
I've been looking at your products since you came in.
I didn't find a differentiator
or a unique aspect
hasn't surfaced to me yet.
Market is so cluttered
and are filled with such products from scrap.
And for that reason, I am sorry I am out.
Investor doesn't come forward as a friend or acquaintance.
They demand a return on investment.
I don't think you are at that stage yet.
I am sorry I can't associate with you.
I will have to opt out. But let me tell you again
that I wish you all the best Shikha and Madhu.
Thank you very much for coming.
Thank you.
- Thank you. - Thank you so much.
Fresh tomatoes!
I haven't sold a thing since morning. Please buy some.
- How much? - Rs. 2 per kilo.
Have the prices dropped?
These tomatoes look too good to be so cheap.
No, they are at Rs. 12 per kilo.
But if I don't sell them today they will be rotten tomorrow.
And I'll have to throw them away.
Don't worry. We'll take care of it.
Greetings! I am Nikki Kumar Jha.
I am Rashmi Jha.
We siblings are from a tiny village from Bhagalpur, Bihar.
Sharks, the burning problem that you just witnessed
does not persist only for such street hawkers.
This is faced by more than 10 crores of farmers of our nation.
And crores of people who trade in fruits and vegetables.
It's not that it has not been solved.
Many solutions were brought in to sort this.
But no solution could be decentralised to an extent
that it could reach them.
In order to sort out their problem we have
Sabzi Kothi!
We have our adorable product, Sabzi Kothi.
It's a storage where we store fruits and vegetables.
It increases the life of vegetables and fruits
by 3 to 30 days.
It keeps them fresh and safe.
And you will be surprised to know this
that without using any chemical, refrigerator
and preservative
it increases the life of vegetables and fruits.
Starting from Attock to Cuttack, from Kashmir to Kanyakumari
at any temperature, in any e-rickshaw
cart, truck or train, it can be deployed.
And to run this, it needs only 10 watt electricity
which you use to charge your cell phone.
And it needs 2 litres of water in one week.
And it has zero maintenance.
Sharks, the place I have come from
I've seen vegetables and fruits worth crores getting spoiled.
We want to bring a revolution in the field of agriculture
through 'Sabji Kothi'.
And we want to protect the environment too.
We would like to invite you to be part of this.
And we ask for Rs. 60 lakh
for 2.5 per cent equity of our company.
Nikhil and Rashmi, welcome to 'Shark Tank'.
What's the valuation of your company?
The valuation is around Rs. 20 crores.
First, tell me how old you are.
How come you entered in this field?
Did you study on this?
How did you get this idea to solve this problem?
It's very interesting. My background is..
I am doing my PhD in design from IIT, Kanpur. - Wow!
Wow! - Product designing is my passion.
Before that, I did my masters
in Ecology and Environmental Science
from the oldest university of this world, Nalanda University.
- Wow! - Before that
I did my engineering in Electrical and Electronics.
My diverse technical background
helped me to design 'Sabji Kothi'.
Is Rashmi an engineer too?
- I have done Biotechnology. - I see. - So..
I take care of the science part.
Which vegetable needs to be stored at which temperature..
Or what would be the science behind that..
I take care of that.
My brother takes care of the technical part. - Wow..
Did you join college when you were 10 years old?
Because you are not looking so old.
And you have completed 3 to 4 degrees.
He is 26 years old. I am 21 years old.
What's your plan with this?
Sir, I request you to come and see the product.
This is a small device which is fixed inside.
Any fruit and vegetable emits a gas named ethylene.
C2H4 gas.
Because of ethylene gas
fruits and vegetables become ripe
and they get spoiled too.
I mean, fruits and vegetables emit this gas.
Later, this gas acts on them.
This ethylene gas.. What others have done
they arrest the gas inside.
They don't let the gas come out.
So they won't become ripe. And they won't get spoiled too.
But what we have done..
It's a natural process. Ethylene will come out.
If it won't come out
it will have an impact on our health.
We are paying a price for that by consuming
fruits and vegetables stored in the fridge.
We thought of letting this gas come out.
Once it comes out
we electronically oxidise it
in carbon dioxide, hydrogen water vapour.
It was the one part, sir.
The second part is, fruits and vegetables
are susceptible to pathogen attack.
If the fruit is acidic in nature
fungus will attack.
If it is basic in nature, bacteria will attack.
So we have made this chamber near sterile.
Bacteria and fungus won't be able to grow inside.
The third and very important part was..
We need to keep the vegetables fresh.
To keep vegetables fresh
we have created high humid zone.
This device.. Does it create humidity?
- This creates humidity. - And capturing ethylene gas..
- Which device does that? - It's fixed inside, sir.
- We.. - Inside this box. - It's fixed inside this box.
- And to create near sterile.. - The battery is fixed inside?
Yes, the battery is fixed inside.
Thank you.
It's a very good technology.
- It has potential. - If it works
- it's incredible. - Yes. - What are the sizes available?
250 kg, 500 kg and 1000 kg.
What are the selling price and the cost price?
The selling price is Rs. 10,000
and we need to spend Rs. 5000 to make this.
Rs. 10,000!
Tell me one thing.
You control the humidity.
You capture ethylene gas.
That white colour, small, pump type device, does the both.
Did it ever come to your mind
that you will make this your product?
Capturing ethylene will be your product
and you start selling in warehouse.
The places which are used as storage..
After installing this unit they can store as their wish.
You have used PVC and made a tent..
Don't you think it's too gimmicky?
If you keep fruits and vegetables
at a place where
fungus is already present
the fungus will start multiplying.
So, the outer covering is necessary
to avoid the pathogenic attack.
Okay, I agree
that the outer part is necessary.
So, why didn't you create it big rather than
creating something of a crate's size?
Sir, we have made it to the size of a bigger crate.
- The 40 kilogram one. - I'm talking about
- the standard crate. - Yes.
There is an issue
when it comes to the standard crates.
The 20 percent area of the crate gets occupied.
Because this gadget needs water too.
We have to make a separate chamber for storing water.
So, almost 20 percent area..
No, that's not the case.
You can definitely create
a system just like the one used for
- plant irrigation. - True.
Small tanks can be prepared and water can flow
through a central system.
That is possible.
Yes, that's possible. - If we consider the elaborate system.
If you want to sell it
to the vegetable seller
what's your distribution
strategy going to be?
Sir, we want to go ahead with micro financing
were they can get this product
for Rs. 1000 or Rs. 1500
and we can get a rent of Rs. 300 or Rs. 400 per month.
So, you'll need the help of a big organization.
Absolutely.
So, when we join you..
We request you all to..
So far have gotten any funding?
We got invent funding
two years back.
The valuation was Rs. 5 Crore
when this was in the ideation stage.
- How much did you borrow? - Rs. 15 lakh.
Then we won several prestigious grands
because this is a very impactful product.
This has got several national and international awards.
It will get awards
because the product is powerful.
Right now we are talking about funding.
So, how the valuation changed from Rs. 5 Crores
to Rs. 24 Crores?
Sir, this is a very impactful product.
Understood. But why the valuation is Rs. 24 Crore?
We took funds based on Rs. 5 Crore valuation.
Since then we made continuous improvements in the product.
And now we have orders too.
And we have already set up a factory
with our own money.
I'll tell you something. You got really confused.
You have to create
just a crate.
You should name it smart crate.
And you should attach the miniature versions
of all this to that crate.
I should be able to keep at least 18 kilograms
of vegetables without worrying about they getting spoiled.
You said you've done PhD in product designing
but you haven't applied it yet.
You had to make only one product
and that is crate.
If you are ready to put effort in building that crate
then I'm ready to give you an offer.
Let me also tell you my decision.
I don't think it has any market in the retail industry.
So, I wish you all the best
but today I can not be with you.
- I'm sorry. - I also have
taken the decision.
I feel that you both can do something big
in this industry.
But Mr. Ashneer will be able to help you better
because he knows about this industry.
So, for that reason I'm also out.
- Thank you, sir. - I also feel that..
You are in the pre revenue stage now.
So, it's tough to understand the value.
So, for that reason I'm out.
Looking at your product
and its features I feel that the selling price
Rs. 10000 is too high.
Since you are at the pre revenue stage
I'm not confident that you will be able to do it.
So, for that reason I'm out. - Thank you.
You still have an offer.
I haven't given an offer yet.
I asked you a simple question.
Are you ready to leave all this
and create a smart crate?
For that I've to go through the entire product development
phase again.
Exactly.
If you create it successfully
come in he next season with that crate.
Then I'll give you money based on your terms.
The problem is clear to me.
But I can't invest on this. Sorry, I'm also out.
Don't be upset. Stay happy. - I'm not upset.
Good. Cheer up.
Thank you so much. - Thank you so much. - Bye. - Bye.
Best of luck. Bye.
Greetings, Sharks.
Greetings.
'Vata. Kapha. Pitta.'
They are not our names.
They are ayurvedic bio elements
which are present in our body.
My name is Abhilesh Gupta. I'm Ramanath Padmanabhan.
I am Sandeep Acharya.
'Vata' represents our minds.
'Kapha' represents our body structure.
And 'Pitta' represents our metabolism and digestion.
There are in our body in small quantities
and that is called our nature or original constitution.
As we grow, there are changes in our lifestyle.
'Kapha', 'Pitta' and 'Vata' goes out of balance
and from there, our metabolism gets distorted
which is imbalanced.
Sickness and infections set in from there in our body.
Sharks, ayurvedic treatment is coming down the ages.
But it is difficult to find the learned sages and monks.
So, in this technology driven age
we've made the knowledge and experience
of those physicians in a digital format
on your phone 24 by 7.
Till now, AyuRythm app has seen 1.25 lakh downloads.
Well done. - Through AyuRythm, in the entire world
we want to spread ayurvedic holistic wellness.
For that, we've come here
to raise an investment of Rs. 75 lakhs
against 2 percent equity of our company.
So Sharks, who is ready to go back to the roots
and ready to take this ancient wisdom
to the whole world using technology? Thank you.
Presenting AyuRythm app.
This is such an app where by answering some questions
you can find out your nature or original constitution
and in only 30 seconds, on the mobile phone camera
by keeping your finger on it
you can find out your current imbalance.
- Which finger? - Anyone. - Any finger is fine.
What is the next step after 'on-voting'?
- I've to pick 'Vikriti'. - Directly..
'Vikriti' will tell the current imbalance.
So, basically, the result I saw, your 'Vata' is high.
That shows, your brain is working sharp.
We use a method called Photoplethysmography
which, in short, is called PPG.
Here, we take a series
of pictures of your blood flow
process the signal to clean it up.
And then, we come up with the oxygen plethysmograph.
There are seven to eight health parameters..
'Akriti', 'Matra', 'Tanav', etc.
We've mixed those with your age, weight, height and gender.
We used the algorithm and they are bucketed
in 'Kapha' 'Pitta' and 'Vata'.
- This is your current imbalance. - What is 'Kapha'?
- The body structure. - Those who are cool..
- Cool? - Yes. - Mine should've been 100.
- What is 'Pitta'? - Digestion..
- Athletic.. - That should've been 100.
- What is 'Vata'? - 'Vata' is mind.
- Mind.. Being creative. - That should also be 100.
All three comes to 300 percent.. 300.
What is the origination of this idea?
This has come from personal experience, Ashneer.
I was 108 kilos around 12 years back.
I lost around 32 kilos
but to sustain that was very difficult.
For me, that was like a user experience.
Ram is a Subject Matter Expert.
Sandeep is a data analyst in healthcare.
Being neighbours, we were discussing this.
That time, an organisation setup a camp
for the medical check-up of women.
We three being engineers, we thought
our three fingers are kept for 30 seconds
on our radial artery. And he starts to talk about my health.
It has to be some signs. So, we dug deeper
and we were surprised to learn
within three months of our research
that our monks and sages thousands of years ago..
They were aware of the entire health parameters
which the western world tells you about heart rate
BP, heart rate variability and arterial stiffness.
They are reading all of them from the radial artery.
Once we knew that connection, we were able to correlate.
We started working on this theory.
The facts and details which you are claiming..
Even we know, it is coming down thousands of years.
But have you done any testing of your app?
Did you receiving any certification?
You even have a disclaimer
that it is only for ayurvedic wellness
and should not be treated as a diagnosis. What does it mean?
Through arteries one can diagnose a disease
and we're working on it with hospitals
but that is a regulated space. There is a protocol based study.
So, we've given the disclaimer under lifestyle management
wellness and prevention category.
There hasn't been any certification in ayurveda..
- It hasn't started. - So, the largest wellness
resort in our country.. Niraamaya.. - Niraamaya.
The doctors.. We linked up with western medicine hospital.
We contacted the biggest Yoga university.
And we contacted a herbal product company.
- And made the largest wellness.. - It's a great set up.
If not on the government level.. - Moreover, we have
teamed up with individual doctors.
But I have a question.
During the COVID pandemic SpO2 became very important.
There was a big demand for SpO2 monitors.
Does your app show Sp02 as well? - Yes.
That is our best feature.
Are you saying that the camera will
read it from these two fingers?
- If you take an oximeter.. - It's the same technology.
It's the same. It's PPG.
Do the smart watches which tell you the SpO2
- use the same technology? - Yes.
- Or do they use the pulse? - There are different sensors.
- There are laser sensors.. - There are laser sensors.
- But the technology is the same. - This uses a camera.
I have one question.
Total active users?
Around 25,000 monthly active users.
How many downloads were made last month?
There were 12,000 downloads.
We have 68,000 registered users.
And your app has been there for 1.2 years now. - Yes.
So, your retention, which means from all the customers so far
those who still use your app, is around 10 percent.
Yes.
What is your revenue model?
First, we are making acquisitions.
Then we are making engagement, retention
and definitely monetisation.
But as an experiment
we have started a subscription model.
We have around 80 subscribers.
Eighty subscribers could be your friends alone.
What is the subscription for?
'AyuRythm' has its in-house developed contents
such as 'Yoga Asanas' videos, 'Pranayam', 'Mudra'..
- Content.. - Meditation, 'Kriya mudra'..
- Everything.. - But it's content.
- You get content. - Foods to eat..
- Not to eat.. - I understood.
- Herbs.. - You can get that online too.
- It's personalised. - This is personalised.
Very nice. Did you receive any funding? - Yes.
How much was invested and for what amount of equity?
Seventy lakh rupees was invested in 2019.
The pre-money valuation is 14.2 crores.
So, about 15 crores post-money.
And now you are asking for a valuation of 35 crores.
We just closed a round three months ago.
- Okay. Tell us about that. - For 25 crores
pre-money valuation.
- How much? - We raised 2.25 crores.
- So, 27.5.. - Yes.
- Post-money. - Right.
In an investor's term
- you are a pre-revenue.. - We are a pre-revenue company.
- You have completed two rounds. - Yes.
- But still, it is pre-revenue. - Yes.
So, I was coming back to the revenue models.
So, one is this.
Subscription DIY, Ayurvedic health experts
and wellness coaches.
We have listed the names of the yoga instructors.
Basically, a service marketplace.
We are also talking about going on variables.
- So, this can be.. - For real time recommendations.
Why didn't you approach our company?
We do it well too.
- We are willing, sir. - We are willing.
- We tried to reach you. - We wrote to you as well.
- To me? - Yes.
Didn't you find it interesting?
I didn't know about it.
Have you made any licensing deal with anyone?
We are speaking to a lot of companies.
We haven't signed the deal, though.
Tell me something. If I have the product
and I pass through this testing
and get this into my own variables
I'll have all this easily after that, right?
Why would I need you?
The algorithms is of seven parameters.. - There are
only around three..
Our secret sauce is that it determines through
ayurvedic bio-markers..
It changes variables and make you recommendations..
Just getting the pulse isn't enough.
Your algorithm will track that better than I can?
Are you confident of this?
Of course..
Is that your final answer?
Yes.
While they decide their offer, I'll say that I'm out.
Because I don't get ayurveda.
You've quit your fitness journey
- but mine is still on. - Yes.
I run, cycle and swim..
I already get a lot of data from my device.
I won't be able to add value to your brand.
For that reason, I'm out.
- But good luck to.. - Thank you so much..
This is a bit confusing for me.
I don't know if you're being a licensing company
or a content subscription company
or a product and services marketplace.
It's not really clear which market you'll go into.
I'm sorry but I'll have to go out of this.
Firstly, I'm a strong believer of ayurveda.
And 'Kapha', 'Vata' and 'Pitta'..
I was 'Pitta' when I checked last month.. - Okay..
But your device shows 'Vata'.
And not just by a small margin
but by a significant margin.
It doesn't matter what time of the day I check
if I'm 'Pitta' significantly
it should show as such.
That bothers me from an accuracy standpoint.
That doesn't give me the conviction. For that reason
I'm out.
You're confident about the accuracy of your product.
We'll test that.
- Okay. - My R and D team will do that
because I don't know how to do that.
Can I give you an offer?
- I.. - I'm sorry. Go ahead.
I'll stay away from this.
I'm also out of this.
I'm ready to make the offer.
I'll give you Rs. 75 Lakhs
but I want five per cent of equity.
- We do have a counter.. - A counter offer..
We want to take this.. Round at the close, at the same valuation
for Rs. 75 Lakhs..
- Okay, done. Let's do it. - Thank you so much.
- Thank you.. - Wow..
Shark, the deal is done!
- Yes.. - Thanks.. - Wow..
You just sold your company to boAt.
Good luck.
Let's do it, guys.
Thank you. - I'm sorry, I have not read your LinkedIn.
Good luck, guys!
- Thank you.. - Yes.. - Yes..
Nice discussion!
Guys..
Well done, guys..
"No one can enter."
"No one can exit."
"Think of how would things be if it were to be like this."
"If we both..."
"Are locked in a room..."
"And if we lose the keys."
Hi, Sharks... Getting locked with Rishi and Dimple
is not in anyone's fortune.
It could be your bald boss too.
Or your husband from your 20 year old marriage.
Not so romantic, right?
On a serious note!
Losing the house keys or misplacing them
is not a joke.
It's your responsibility to secure your beloved
and belongings.
The lock to your home helps you with it.
Your phone is smart
your Television is smart...
How about your lock?
We have a solution to it.
Welcome, Sharks! To the world of keyless entry.
Wow.
Good stuff.
Don't get locked inside.
I am Kowshik Devarajan.
I am the founder of Astrix Engineering products.
We make smartest door and cupboard locks.
Greetings! I am Shripriya Kowshik
from Astrix Engineering products.
Coimbatore! Manufacturer of India's finest door locks
and wardrobe locks.
Our locks work through your phone.
There are 6 other access modes
such as finger-prints, RFID
numperpad, OTP etc.
From wardrobe till house door
we have locks for everything.
The best point is that this is a Made In India product.
And this is made of steel as well.
We are the only manufacturers of smart-locks in the country.
And our ask is 75 lakhs
for 3 percent equity.
So come on, Sharks.
Join us in this smart journey
to make every home safe and secure
and the country self-dependant.
I have a demo draw which you can actually have a feel.
In order to access this draw
all I need to use is my fingerprint.
And then I can open the draw.
The biggest difference is
these can be operated through your mobile phone.
If you want to include a fingerprint on the lock
it can be done through your mobile phone.
If you want to create an OTP
it can be done through your mobile phone.
This is a huge difference between what is existing
in the marketplace today
and what we are going ahead in the next few years to come.
We'll talk about business and technology later.
First, I want to ask
did you face a situation where you were locked in a room
or what was the need that made you make this?
We were in the real estate space.
Where we manage properties in the US. - Okay.
We run a BPO company
and he's a hardcore IT person.
One day he thought we should synergise both
because we do a lot of securing properties in the US.
So he said, we'll manufacture this in India indigenously.
What's the benefit as a consumer if this is made in India?
Think about service.
Right? In you import a lock from China
will they stand at your doorstep at the middle of the night
when you have some requirement? They will not.
We assure them a 24x7 support.
This is not right.
I have a new house which as such a lock
which was installed by the builder. - Correct.
- It's a lock from Samsung. - Correct.
Okay. You get Samsung's service everywhere. - Correct.
There's no problem.
Is your product available in the market?
It is available.
How much is the sale? What is the revenue?
This year we started from July
and in the past four months we have done 25 lakhs.
Through what channel?
Do you sell online or do you sell in stores?
Dealers, distributors, builders..
So you're not selling them online.
Very small portion because our strategy is predominantly B2B.
I got it. What was the sale last month?
Last month was about 18 lakhs.
Then say that.
It is better to say that you did 18 lakhs last month
instead of saying, 25 lakhs in four months. - Very true, sir.
Next month I'm going to do 50 lakhs. Almost there.
You didn't tell me that.
- It has not yet come.. - I have to bring it out.
What is the pricing?
The distributor price is Rs. 13,500
and then the retail goes anywhere from 21,000 to 35,000.
Isn't it expensive?
Because the locks I saw outside
are mostly in the 10,000 to 15,000 range.
I'll tell you my personal example.
My door has fingerprint. It does the same. - Yes.
- I have a card and pin too. - Yes.
But at the end of the day, you tend to use the pin.
- Remaining two are redundant. - Correct.
You've added five things.
Which could sell for Rs. 10,000
is being sold for Rs. 35,000.
So have you reduced your market?
That's why we come with various versions of it.
If someone tells me they don't need fingerprint lock
and they only need a digital lock
then we can do it easily for them.
Kaushik and Shreepriya
I'm making up my mind so I would like to say something.
First and foremost
Shreepriya, you've bowled me over. - Thank you.
You have the right and thoughtful answer
to every question.
And these days we're used to seeing young entrepreneurs
building companies worth billions.
You are in the semi-tech space
only with your courage and vision.
- It is very admirable. - Thank you.
And it represents the changing face of India.
But for me, understanding B2B sales channels
and distribution is difficult. I haven't done it much.
For that reason alone
I'll have to apologise, but I'm out.
All the best to you.
Thank you. We appreciate your response.
I think the B2B market is tough
that's why I can't add any value to you.
But Anupam said, I really admire..
You're the perfect sales person I've met.
- Thank you for the compliment. - Amazing.
Good job on that part.
When a person is spending money on something
they think less.
They think about what is the best brand. - Correct.
If they want a house built
they'll only ask, what's the best brand.
If the builder says, there's Samsung, LG
or anything.
He'll think, I have a Samsung microwave
so I'll install a Samsung lock. So that's what will sell.
- Correct. - That's why I'm out.
My decision is also the same.
Because this a high technology product
- with multiple features. - Yes.
I think I can't contribute
much with my background.
But I wish you all the best.
Thank you. Thanks a lot.
I don't have excitement
or passion personally to grow this business.
Right. - So for that reason, I'm out.
Very impressed by your presentation. - Thank you.
You'll get to hear about product soon in the market.
Very nice. That's the confidence.
- Thank you so much. - Thank you.
Thank you.
We are almost on the verge of signing few contracts
and I don't think that's going to stop us anywhere.
We didn't have a brand.
Yes. Start-ups have a brand.
A brand is built in few years.
They missed an opportunity.