Hi!
Do you want this not to happen with you?
That's why we present to you, 'Thea and Sid'..
...a complete proposal solution.
Hi, I am Aditi. I am 36 years old.
And I am the founder and CEO of 'Thea and Sid'.
Hi, I am Ashwini. I am 40 years old.
I am the founder and CFO of 'Thea and Sid'.
When you try to find a ring online
then it's either traditional or it goes out of the budget.
But you will need a ring for proposal.
And that ring should be stylish, modern
and which stays for a lifetime.
Then we got an amazing idea.
We wanted to make a website
from where the young and budding Indian couples
can start their love story.
So, Sharks, if you invest only 80 lakh rupees in our idea
for seven per cent equity
then we can take 'Thea and Sid' to new heights of success.
'Here, we make rings of excellent quality'
'made of 925 sterling silver' and 6A grade cubic zirconia.'
'We will give you ring sizer.'
'You will get after sales service.'
'We'll give you relevant Indian dating and proposal advice.'
'We'll tell you inspirational real life love stories too.'
It's really beautiful.
- Thank you. - Thank you.
Do you belong to a jewelers' family?
We belong to a diamond family.
My father was a diamond manufacturer.
And my husband is a diamond trader.
When did you get the idea to join this business..
...and to run this business with a different concept?
When I returned from USA after completing my course
then we were in too much debt.
My house was also mortgaged.
We took out the mortgage for my education loan.
But then the recession and I chose to come back.
What were you studying there?
Screenplay writing.
Now I understand that the dance and that sequence
was written by you. Very good.
- Please continue. - Yes.
Her husband's business was also not running good.
So, the financial condition of our family was really poor.
I told her that in Hollywood
they need large necklaces
which should look royal and made of sterling silver.
So, we should start a manufacturing unit.
And we sell them online.
So, we started a jewelry brand
named 'Adastra Jewelry Pvt. Ltd'.
We manufacture and export heavy necklaces..
...large earrings, tiara etc.
And it was running so good over there
that we thought we should give good experience to Indians too.
We did a market testing and checked the results.
then we found out
that in India, only the younger generation
likes the sterling silver and CZ jewelry.
In India, the market of proposal
has recently started to trend.
There is a gap in the market
where you can find proposal rings
but either you will get the flexible ones
which could break
or you will get the ones made of gold and diamond
which are really expensive.
So, we thought that we should start a brand
which will make the jewelry buying experience younger
and more vibrant.
For how long are you running this brand?
It's been five months since we have started this brand.
And we started 'Adastra' five years ago.
I don't like your packaging too much
because the box is very simple.
But the marketing elements and the collaterals
you have put inside are amazing. It's just..
As if you studied marketing also.
I mean, it feels nice.
The colour combination and the.. - Thank you.
And what you have written.. The quirky things
are also very nice. So..
So, good job on that.
- Thank you. - I want to understand
more on you. Do you still have the other business
or did you stop it?
No, 'Adastra' is still there.
We used to run it. But we have put it in automated mode
and assigned it to our mother.
So, she is running that business.
- Yes. - Mother..
- They gave it to their mother. - Yes.
Don't your husbands help you with it?
- My husband.. - I am not married.
Did you not visit 'Shaadi.com'?
I will visit it right after this.
- Right. - That is all there is left now.
So, how much is the 'Adastra' export business worth
and what is the margin today?
So, lifetime sale is 212 crore.
- Tell us about one year. - Just the last year.
During the COVID pandemic, it was two crores.
What about last month?
It was around ten and a half lakh.
What is the average selling price and cost of the ring?
The selling price of 'Thea and Sid'
is somewhere from 1,500 to 6,500 rupees.
And the cost price is
between 350 to 850 rupees.
How much is the gross margin?
Three times to six times.
It's 75 to 80 percent gross margin.
- Eighty five percent. - It's a good gross margin.
- What about the net margin? - It's around 30 percent.
How much revenue do you make per month?
- We make around 1,30,000.. - Your monthly revenue
is 1,30,000 rupees from 'Thea and Sid'.
From 'Thea and Sid'.
Who are the buyers?
Are they ten year olds, twenty, or twenty five..
- Mostly.. - It's a proposal ring, Peyush.
- Why would ten year olds buy it? - Everything is fast nowadays.
Who among you have used a ring to propose?
- I have done it. - Yes, I have done it.
- Have you? - Yes. - I had to do it too.
On bended knee?
- Yes, on bended knee. - Even kids do it. - Peyush..
- Yes, they do. - Even ten year olds.
- All four of them have done it. - I had to kneel down.
But if I had given her a ring like this
- she would have refused. - Oh!
- Why? - Why?
- Well.. - You are right.
I am a little confused about it.
I am a little interested about jewellery.
- I have worked for a jeweller. - Okay.
When someone receives a proposal or when they are getting engaged
they expect an expensive ring at least at that moment.
You are bringing a product to match that expectation.
But it's price is between 6,000 to 10,000 rupees.
So, the market's expectation
and your product do not match.
I think that we should know who your target consumers are.
Who is buying it from you? Because, you are making sales.
Men who are aged between 18 to 24 years
who are still unemployed
- and wants to propose.. - Do they propose at that age?
Proposal and engagement are two different occasions.
During engagement
- they expect an expensive ring.. - Right. - Gold or diamond.
This is for girlfriend.
The proposal is made at a destination
- suitable for photography. - Is 80 percent of your sales
on the Valentine's day?
Yes, obviously.
Basically, what you are doing is that
if someone has to give rings to ten different girls
they can buy ten rings worth ten thousand rupees each.
And they can propose to ten people.
Whoever accepts will get a proper ring.
Yes, that's perfect.
The target market becomes ten times bigger.
I completely agree with one thing.
The millennials, those from the new generation
are looking for everyday jewellery.
It's silver. And your product has a great finish. - Yes.
Why don't you start a jewellery brand?
If you make it a jewellery brand
you can sell the engagement rings as well.
- Okay. - And your brand will grow too.
So, I don't think you are ready yet.
Therefore, I am out.
You said, there are no other products.
We have everything.
We have chain necklaces.
- We have earrings.. - Wow! - But you didn't tell us.
We have an entire range of jewellery.
- You were selling yourself short. - Okay.
Where are the products? Can we see them?
Sure.
Anupam, you are not investing.
- Then why are you interested? - They changed the pitch.
They changed the story.
Let's make it a little structured. - Okay.
- Let's talk about business. - Okay. - Sure.
Indians are really excited about jewellery.
- Yes. - You showed them
too many products. Now they are engrossed. - Okay.
Peyush, are you in or out?
I am still thinking.
I am waiting to hear your decision. - Right now
he is focusing on the designs.
I am trying to understand the business.
What is their dream? What will they become after ten years?
Let's make it simple for Peyush.
The category of jewellery is a high value category. - Yes.
Your new concept is a half baked attempt. - Okay.
You are making a trial If you make some money
in the new business, you will invest less time
in the previous business.
But you won't be able to leave the old business.
That is my guess.
- Yes. - Therefore, I am out.
- No problem. - But..
You should focus on your old business.
- Okay. - It will give you good returns.
- Okay. - Thank you. - In fact..
Your pitch started with lifetime proposal.
Then it became changing of girlfriends
to Valentine proposal.
Then you said that it's not just rings
you have other jewellery as well.
So, I cannot understand the value proposition.
Because of this confusion, I am out.
Well, it is difficult
to understand the target audience of age range 18 to 24.
Do you have an offer?
I left.
Then the entire story changed.
Now, are you in or out?
See, it is a life event
where we use
- expensive jewellery. - Yes.
And the other category is every day jewellery.
This is somewhere in between.
So, they are not prepared yet.
Right now I'm also out.
Well, I don't find this category exciting.
- Jewellery. - Yes.
So, I won't be able to add much value to this
with passion.
That's why I'm out.
I think your business model is solid.
The target audience buys it for different reasons.
They will buy it regardless of whether the proposal gets
rejected or accepted.
You'll get sales for sure.
I want to join you but I'm doubtful.
Convince me.
Why should I invest in this business?
I promise that we will put all possible efforts into this.
We will not let you down for sure.
As you see we are doing this business
without even having an investor.
Also, we paid the mortgage amount and saved our house.
We have no loan liability on us.
We have already built a successful business.
So, we can definitely do it.
And we have a full fledged jewellery manufacturing unit
which we can utilize fully.
Aditya, Ashwini, everything that you have is amazing.
There is no doubt in that.
You guys are fantastic.
But I'm not getting that kick so for that reason
I'm also out.
Thank you.
Thank you so much for all your time. - Thank you.
I hope you all will consider us some day.
- We will. - Thank you.
- Thank you. All the best. - Take care. - Thank you.
People look for expensive jewellery for proposing.
I feel that these girls will make money.
They won't lose money.
But Aman, I think you can't get over the fact
that you did not invest.
But your gut instinct didn't let you.
That's because I felt that
the amount they asked was a little high.
There I got confused a little.
Otherwise it is an investable business.
But they learnt a lot.
Don't feel so bad.
Give me your money.
Hi, Sharks.
My name is Karan.
Karan Bharadwaj.
And I'm the CEO at Experiential Etc.
And I'm Prashant Pandey.
COO of Experiential Etc.
Sharks, 20 years of friendship.
Hardwork.
Undying passion.
And one strong ambition.
With all that we launched Crip Media
in 2017.
Which is now known as Experiential Etc.
It's a such a technology led advertising agency
which in four years worked with more than
150 brands
From beautiful innovative displays like Liveglasses
to crazy technlogies like Holobikes.
Only we have all this.
We have really come a long way.
Creating augmented reality experiences in the Indian market
conducting events and exhibitions
and creating engaging games
has been a very exciting experience.
So our ask is Rs. 2 Crores
for an equity dilution of
4 percent in Experiential Etc.
Welcome to Shark Tank.
Thank you, Anupam.
How you got this idea?
We belong to a normal middle class family.
We failed many times but we never gave up.
Our families has been very supportive.
2017 is the time when we wanted to do something
with technology.
We wanted to do a business
which is disruptive.
Our first product was holovision.
We already have done 70 to 80 campaigns using them.
- Wow, the tyre is moving. - Yes.
Just now I noticed. Very good.
Our basic intention was to create
good content for the clients
so that we are considered as a creative agency
and an advertisement technology agency
not just a vendor or a supplier.
My domain has been finance and sales.
That's why I'm the face and the salesman of this company.
I'm the one who takes the strategic decisions.
And Prashant is from a real estate background.
And he is an execution specialist.
That's why he is the backbone of the company.
- I've seen this in PVR. - Okay.
So, are you the ones who introduced this in India?
Yes.
Who is number one in India?
We, as we have a lot of content and we have
worked with a lot of brands.
- This is definitely amazing. - Yes.
In the hologram it's you, right?
Yes. - And
are those spectacles our model or someone else's?
- Yes. Your models. - Thank you.
Good, I'm impressed with that.
But I never used your service.
My marketing team is familiar with the market.
Why didn't you make a pitch to us?
The reason being, when we started advertising
the first thing we thought was, find someone with a big budget.
We approached HUL, ITC and Britannia.
- You don't have money. - I see..
When we got rejected, agencies started approaching us.
We got empanelled in Group M and Dentsu Web Chutney.
Later when we worked for the previous ones
we got empanelled with Tata Motors
Xiaomi and Mondelez.. Our empanelment increased.
We did this all through 2019-2020.
My wife is an avid fan of Lenskart and has been
using your products for long now.
But before we could pitch, you had integrated AR.
What is your revenue?
What is the profitability of this business?
We have been profitable from the very first month of business.
We had a revenue of 18 lakh rupees
and in the very first year, we hit an EBITDA of 9.5 per cent.
In the second year, we did 86 lakh rupees
and our EBITDA was around 8.5 per cent.
In the third year, we did 90 lakh rupees
and our EBITDA was 7.5 per cent.
EBITDA is the net income of a business
after deducting all expenses like marketing
and other expenses.. So the net income
minus four key components that are interest
tax, depreciation and amortisation.
Without taking these into account, your net income is
the EBITDA.
During the initial 6 months of 2021-2022
we have done business close to a crore.
You said Xiaomi is your retailer client. - Yes.
Suppose, in future, if I approach Xiaomi
and offer the same service at a cheaper price
I will get the deal. You will lose the contract.
You may quote a lower price but cannot bring in creativity.
How much percentage of your revenue comes from Xiaomi?
- Around 50 lakh rupees.. - Per month?
No.. In the past six months.
So this year, 50 per cent of your revenue from Xiaomi.
- Single client dependency. - Yes.
Xiaomi goes and the revenue is gone.
Another question on that.
You said you made 150 brands in 4 years. - Yes.
Now you say you are getting 50 per cent from Xiaomi.
If you had built 150 brands
you would not have depended on one customer. Right?
Absolutely. - That means customers are not coming back.
No.. - Is that what it means? - Not at all.
In this year, we have made 50 lakh rupees but
then there are important campaigns we did with HP
Amazon Prime and Sun Edison.
Apart from Xiaomi, we have worked with around 15 brands
this year.
- Do you have any other demo.. - Yes..
Demo of the product. We still don't get it.
Sure. I can also show visuals of our digital services.
This is the AR filter we made for boAT
for noise cancellation.
If you..
When you put the headphones on
you cannot hear outside noise. Just open your mouth.
Fantastic product.
- Great.. - Anupam
we have made a Shaadi.com filter for you.
You can do all this on Snapchat.
You cannot do customised branding on Snapchat until
you.. - You can.. You can make your own filter.
- What's this? You made me an owl. - What's on his head?
If you can't find your match there
- Shaadi.com is the perfect place. - Oh.. Okay.
The service you showed Aman..
For how much will you sell it to Aman
and what will your costing be for it?
Even I want to know that.
My costing would be around.. It will be fixed..
Rs. 1500 and I will sell it for around 7 lakh rupees.
- What's the people cost? - Yes. It is Rs. 1500
because it will take around 3 days.
Who works for Rs. 1500..
Rs. 40,000 is the average salary of a.. - I'd like to say
your ideas are phenomenal.
You may not find a deal
- but you will get many orders. - Right.
In my analysis, there is practice
- and business. - A doctor practices.
He will perform surgeries and work in the OPD.
He earns from that. A Chartered Accountant..
Lawyer.. Your idea of business is what I call practice.
There is no reason for investing in practice
because it is, by definition, profitable.
The more effort and time you put in
the more you will earn.
But this is not business.
So for that reason, I am out of this.
What Mr. Ashneer said is right.
You must run it like a business.
It is running good and making profits
but it is not an investible business
for us to enter it.
All the best. I am out for now.
Karan and Prashant, your confidence
your presentation
have impressed me but
scalability.. That means keeping the cost same
- while increasing the sales.. - I'll answer that.
That is not present in this business as of now.
And that is why investing in this, especially
at a valuation of Rs. 50 crore..
I don't see that return, so I am out.
Even I am out.
I still can't digest that your 150 brands
are in the market but 50 per cent of your revenue
comes only from one company.
Customers coming back
is a very important aspect of a service business.
I don't see that here. So I am out.
You are doing everything and this business has no USP.
- There is no margin. - We have big margins.
If the EBITDA is of 8 to 9 per cent
then.. - That's for physical. It is greater for digital.
- Without any funds, we are.. - Listen to the offer.
- Why do you.. - I can make an offer
because there is a lot of risk in it..
And I don't know what the future holds.
I think making it scalable would add value to it.
We can hire best engineers
- to make it real business. - Yes..
Somewhere or the other
we need a technology based intervention to make sales.
People should go online and buy this service.
If Karan goes to sell it, it cannot be scalable.
I can give you two crores.
but I will take at least one third share.
You can counter offer if you like.
I am definitely willing to negotiate
because you and Anupam are the two sharks I was eyeing for.
Very badly so I will make a counter to you.
My counter offer to you
- will be if I can have you both.. - I am already out.
I am willing to offer eight percent.
I will be your customer but not your investor today.
My last offer Peyush, ten percent of equity
and two percent of advisory shares.
I understand and I appreciate.
That was a good pitch with great energy. - Thanks.
The problem is the stage at which your business is at.
- Can you give me your best offer? - Are you open to negotiation?
- No, I am not. - Let us wrap up. - Thank you.
Maybe you can come back next time. - I will.
- I will I promise you. - Thanks, we wish you the best.
- Thank you. - All the best.
What is it?
Harshit, let's go for a run. You are always on laptop.
I am watching a show. I am not coming.
Leave it be!
Harshit, look what I found.
Shaker? Where did you get that?
I got if from an app by running 30 minutes daily.
I need it. So come with me for a run.
Let us go for it.
Let's go.
Hi, Sharks. I am Sanmati.
- I am Harshit. - He is my nephew. - He is my uncle.
So sharks, as you saw, it is common human behavior.
No one works without any motivation.
So we have brought Growfitter rewards app.
An app that looks after health and wealth.
And you get a lot of rewards thus motivating you
and also gives us a health insurance plan.
And for Rs. 240 a month you get
a health insurance cover of Rs. 5,00,000.
And for that what we ask?
Only 30 minutes of physical activity
on our app, like walking, running and cycling.
You can also take our health quiz.
We have more than 3,50,000 downloads.
We grow every month by 20 percent.
And we have 15,000 paid subscribers.
And if we speak of a market opportunity
then we see a market of 3,00,000 Crores.
And our target market is 75 Crore Indians
in the age group of 18-60.
So we are here to raise five million
for one percent equity of our company.
But sharks, that is not all.
We will play a small health quiz.
And the one who wins gets the premium prize
our Growfitter mountain bike.
- So sharks, are you ready? - Yes.
So let us begin.
Here is the first question on screen.
What food does not have Vitamin D?
Your options. Mushroom, tofu, caviar and Kale.
- Anupam. - Anupam.
I think it is Tofu.
- The fourth Kale. - Kale! - Aman!
Disqualified. Disqualified.
- Caviar. - Caviar.
Kale is the right answer! Aman!
He is disqualified. He did not say it right.
- I could not read it. - Aman gets point.
Which of this is calcium rich? Broccoli, carrot, onion, tomato?
- Aman was first. - Carrot.
Broccoli.
Ashneer, you are right. You get a point.
Which of these is a compound exercise? Aman!
Squat, biceps curl, leg extensions, calf raise.
- Squats! Squats! - Squats! Squats!
Anupam was the first to answer.
- Pulses are good source of? - B! - Protein!
Proteins! - Anupam is right here!
Now we declare the winner.
Anupam is the winner! Come on, Anupam!
Anupam, please. Please.
And this is our prize.
Anupam, you win this bike.
For the first time someone gave us a cheque.
This is all for participation.
Sanmati, Harshit. Welcome to Shark Tank.
Thank you. - Before we go to product
and discuss your business model
we want to know why you started it.
I'd like to share my story here.
I was very skinny back in school.
And I was bullied a lot.
You remind me of those fitness commercials.
Being bullied a lot.
But I was motivated to transform myself and get fit.
I am a chartered Accountant.
I did a full time MBA from Narsi Monji in finance.
I have done Masters in AI.
And I have published three research papers.
For re-inforced learning.
Aman, we started this program at fitness centers
as reward and cashback.
And then we saw the pain point was the same there.
People do pay but are not coming regularly.
And with our program their attendance doubled.
But in March 2020 pandemic the centers were closed
and our business model was shut.
So we wanted to reward people
for basic activities rather thank fitness centers.
So I studied motion sensing and made a prototype
that tracks, walking, running and cycling to reward users.
And when we presented this to Korean Government
they invited us to Korea
and we developed he app there in four months.
And in India, we launched in mid-January 2021.
Wow!
And this can be tracked on every smartwatch.
What is proprietary in this?
We did using a smartphone.
We wanted to capture larger audience.
As you see not everyone has a health band.
If I put the phone on my dog and make him run everyday
then I will get all rewards.
You will not. - Why?
There is another layer to validate
if you truly are walking or running or not.
Tell me something. Do you charge anything upfront?
Sir, we have a hole and hook strategy.
First user gets short term rewards for free
and then we promote a premium subscription
of Rs. 99 per month
and we already have 15,000 paid subscribers.
So you earn 15,00,000 a month. - Yes.
We had a revenue of Rs. 17,00,000.
But our greater vision is to sell insurance.
This is our customer acquisition tool.
So what is your monthly margin in 17,00,000?
Sir, I use 6,00,000 for rewards.
And the 11,00,000 is my net revenue.
What are the other expenses besides that?
Employee cost and marketing.
We have got influencers and micro influencers
as our partners along with OTT platforms.
- Promoting and spending. - How much is it, monthly?
- Our net burn is 15,00,000. - Net burn is 15,00,000!
Tell us of your funding history.
How much equity you have left?
We have 65 percent and the rest is with investors.
We raised three crores two months ago
at valuation of 30 crores.
And today you are here for a valuation of 50 Crores.
Why are you here? Be honest.
Sir, we are here for funding.
To have a shark like you on our CAP table.
You know it's Shark tank and yet you offer one percent.
- We can discuss. - Not worth our time.
And that is the reason I am out. I wish you the best.
Sanmati and Harshit.
At this valuation, burning Rs 15,00,000 a month?
I am not comfortable.
My investment is for more cash flow. I am out.
I feel that I have seen the models.
The problem is X. Solution is Y.
Revenue model is Z.
So you have a triangular model
making nothing from solution.
You are giving money.
You will earn money by third party model
by tying up with insurance companies and try to get
the recover for the rewards.
Because the free stuff cannot go for lifelong.
So I am out.
Let me tell you what you are doing.
Way better than we could.
He does have a simpler way. Beware.
There are very few people to run with a phone in pocket.
Very few health fanatics like Peyush and Vineeta.
We want to sit and eat desserts.
- Speak for yourself. - You can eat butter chicken.
- Walking is universal. - Look at the market.
And it is all fine.
But you drive a behavioral change.
At the end, what are you selling? Insurance.
And no one wants that.
We often have that a friend of our mom selling it
- and we end up buying it. - It even happens today.
So you are trying to build up loyalty
that makes earning very difficult.
Since I will have to work hard.
And what do I get? An insurance!
I am not excited and yet I have to work hard.
So I am out of it.
You know how you can make a business out of it?
Someone gives you Rs. 100.
He can drop off the next month.
Go and give it to Zomato and Swiggy.
Saying that people are not going to run.
You can sell them stuff.
There it can work but not for insurance.
And that's the reason I am out.
So four sharks are out.
I think you have immense energy.
- That's a good thing. - Yes.
But your business model is little..
I mean, it's like confused sperm.
It's confused.
Confused sperm.
This term is used in 'Vicky Donor', right?
You lost me at insurance.
We want to change user's health habit.
We have seen. If you give them small rewards.
They roam with the shaker saying they have got it.
They say they have got this watch.
They display their gifts.
Every user is taking premium subscription.
And the best part is..
The user pays throughout the year.
Because if he doesn't pay after 3 months
his long term awards get expired.
It's a hook and hold strategy.
Everything is true.
Why have you put health insurance in this?
If there is no insurance at the end
this business model is flawed. Right or wrong?
No, as you can see, we have 15,000 premium users.
There is 8 per cent convergence of active monthly users.
We will focus on that.
And you can also see which user likes which reward.
Food, fashion, beauty, electronics..
We have a huge market in electronics, Anupam.
- We have every brand. - What did you call me?
Aman. Sorry.
No, the name is confusing. It's okay.
I am giving you a conditional offer.
Our R and D team will validate the technology.
And the users.. As you are claiming
about the attention ratio.
They will deep dive and investigate.
Perfect.
Give the offer.
Rs. 50 lakh for 2 per cent.
What do you say?
It's okay if Aman is joining us.
- Aman, it's a deal! - All right!
All right, pal.. Great stuff!
Thank you.
We were trying to make a partnership with 'Boat'.
Perhaps 'Shark Tank' was the platform. - You have
crossed the river. You have found the boat.
No, Aman's story is very similar.
I have done CA and MBA.
I used to follow him.
Guys from IIT and IIM have done enough.
It will be CAs' turn now.
- Good job, guys! - Thank you, Aman. - Thank you.
- India will become healthy now. - Bye.
We have done it.
Show the cheque.
Greetings. My name is Yash.
Greetings. My name is Alisha.
And this is our start-up, C3 Med-Tech.
Sharks, we are lucky
that we can see this beautiful world.
But there are blind and visually impaired people
who can't experience this.
But there are 80 per cent among them
whose vision can be protected
if they get their eyes examined on time.
In hospitals, there are equipment
named slit lamp and fundus camera
which are used for eye check-up.
These devices are large, heavy and expensive.
To use these, you need eye-doctors
or experienced technicians or optometrists.
And you can't take any image or video
in their basic version.
Because of these features
for telemedicine purpose
home screening and in eye camps
it's difficult to use these devices. - Correct.
Considering all this
C3 Med - Tech has developed
smart phone based, portable and affordable
ophthalmic devices.
We have two devices. One is C3 vision.
The other one is C3 fundus cam.
The best part is, you can use any smart phone
android or ios.
As you can see, these are portable
and light in weight.
You can see the bags too.
You can take anywhere and do eye screening. - Yes.
- If anyone wants come.. - I want to come. - For demo.
There are many start-ups in this phase.
- And.. - Please, sir. - No one gives solution.
- You have made in India? - Yes.
This portion of yours.. You need to touch here.
Slightly upward.
This is not fundus. This is C3 vision.- No.
- This is vision. - I see.
Basically, if you show this image to the doctor
he can diagnose the basic eye problems.
Because of the smartphone.. If you go to any rural
and remote area
the technician available there
can share the image with the doctor.
As you have seen, it's a user-friendly device.
High education level is not required.
The one who can use smartphone can use this device.
- And fundus? - Yes, this our fundus device.
Fundus is mydriatic. It needs to be dilated.
It can't be done without dilation. - Yes.
We want to supply it to the ophthalmic
and medical fraternity.
So that everyone has an access to the basic eye check-up.
So that we can enter rural and remote areas too.
We are looking for 35 lakhs
for a 6 percent equity.
Yash and Alisha, welcome to Shark Tank. - Thank you.
Are you scientists or innovators?
What got you thinking about this.
I have done my Master's in Engineering.
- In mechanical Engineering. - Where did you do it from?
- University of Michigan. - Okay.
I did my thesis in Telemedicine.
- Okay. - I learnt it there.
How to design hardware
for low resource areas.
I have built it on the concept of less is more.
Why work on it. No start-up in the world has succeeded in it.
Why work on it? - To create a difference in the society.
- To build something like this. - Why?
- Any past experience? - None but
to be honest this is all I know.
Because that's what I studied.
- Okay. - Very good answer.
How did you two meet? - We are husband and wife. - Okay.
I am a BBA and an MBA in Marketing.
- I handle company's marketing. - Where did you do it?
From Ahmedabad. - You both are from Ahmedabad. - Yes. - Yes.
What as per you us the use case for it?
Is it to find which glasses you will have to wear?
- Or surgery... - No... - Or something else?
Using the image you get here, the doctor can detect
- Cataract, Diabetic retinopathy. - Okay.
Glaucoma. And majority eye-diseases
that causes blindness.
We have made it for them.
The big professional equipment... - Yes.
Whatever that captures as an image needed for diagnosis..
- Is it captured in this? - No.
Let me show you a comparative image.
Left has the image by our machine.
The one you see on the right is very high end and expensive
machine's image.
How expensive?
- About 4 to 5 lakhs. - Slit lamp?
- It's only worth Rs. 85, 000. - With the imaging system.
- How much is yours? - Rs. 25, 000
You're selling it for 26, 000.
How can you call it cheap?
This is an introductory price. Once we reach the scale
- We'll work on the pricing. - What is your cost now?
In small quantity, I get it for 15,500 with packaging.
You need to reduce it to 50 percent. - Yeah!
The problem in India is pretty huge.
We are talking about 600 million people
with eye-problems. It's not a small number.
You are selling it at 26, 000. When an Ola driver buys a car
the bank finances it.
With equipment no one can finance it. No end value.
What business will it generate? You can't sell glasses. - No.
As per the new health allied rules
where only an ophthalmologist can use it.
Optometrists can't do it. Even when
- it does not involve dexterity. - No.
Have you thought about it?
We got feed back from tier 2 and tier 3 cities
they will bring us 65 percent sales.
- Right. - Because a small town's doctor
will find it less expensive in digitising his practice.
The imaging equipment costs too high.
He can uplift his practice in 34, 000
in a way.
They are educating a patient showing a photo.
To convert and convince them for a treatment.
Centre for site picked us this January.
They bought five devices at one go.
They are starting this for eye-cams and tele medicines.
You're doing good work. There's need for it.
I have very little understanding in this area.
We have two experts here, in health care
and in vision.
I don't think there's anyone better than them.
I'm out for this reason.
I wish you the best.
Peyush\, I want to ask you
why so many start-ups fail
in this area.
The foremost problem is vision correction.
They haven't solved it yet.
Here, they'll take a picture
- which someone will analyse. - Correct.
software with AI have been created
that can do pattern recognition
and tell the likelihood of diabetic retinopathy.
Correct.. - Or of Glaucoma or cataract..
However, this is yet to be perfected.
When investors invest in such companies
they think that..
Like now, they've sold 500 or so devices
and go into sales.
They start putting more money into sales than they
can for research and development.
This is a very profitable business for
an ophthalmologist..
- Is this the issue globally too? - Yes, it is..
They all want to sell devices..
They all get into sales
expecting success but hitting saturation point.
I understand your business.
Then invest some money into it.
Yash and Alisha
I don't think Rs. 35 Lakhs will do anything.
There's a need for high public-private partnership
and massive funding
to solve this problem at a deeper level.
For that reason, I'm out.
Since she's unable to invest in this
I obviously won't be able to bring proper value to this.
For that reason, I'm also out.
I'll tell you my decision. I'm also out of this.
Because I don't understand this field enough.
Thank you.
What are your sales figures so far?
Of Rs. 22 Lakhs.
Will you be okay with it if I say that you shouldn't sell it?
Sir, we can balance out..
Let me tell you, I wouldn't be interested in you
selling this device at the moment. - Okay.
We could target one problem
cataract, for an instance. It's a huge issue in India.
Or fundus photography..
Diabetic retinopathy is a big problem in India.
That problem, for an instance.
Make the best device in the world for that problem..
As well as the cheapest..
Rs. 26,000 can't be called cheap in India.
It's cheaper than that.
If that could be your interest, I could invest money.
I'll make the offer, then.. What's your ask?
Rs. 35 Lakhs..
Rs. 35 Lakhs for one-third of the equity.
More money would have to be invested too..
- Can we take.. - Discuss with each other.
Peyush\, if no one globally has solved this problem
why are you confident that they'll..
- I'm confident of myself. - He'll work in one direction
- on one problem.. - I'm confident that
if I make them focus on one problem
rather than selling this box..
I don't get something.
He can't get anyone to do this for Rs. 35 Lakhs.
That's not my field!
I sell these glasses.
This is a problem of different magnitude. - Right.
This isn't my field of work.
How are you confident, then?
Peyush\, if no one globally has solved this problem
They're in the field of vision problems.
My business isn't
for this problem.
Can you agree for around 15 or 20 per cent of equity?
No.
Let me tell you, there's a lot of work to do here.
I don't see a revenue stream right now.
I obviously won't be able to bring proper value to this.
I want to help with that.
I can help you with customer trials and focusing.
I know all start-ups and entrepreneur in the world.
I've got all their devices in my office
all of which I've tested.
I've got optometrist, who can test these devices..
They'll give you feedback and provide data.
To build a layer of AI on top of this, in the future
you'll need a lot of data.
So there's a lot of what can be done in this direction.
So your ask of equity is not negotiable?
What have you decided?
Thank you for your help but..
I'll decline the offer.
Okay.
- Well, you've been brave.. - It's great..
You've got courage, which is very important.
Well, you guys can reach an agreement outside too.
Good luck.
- All the best.. - Thank you..
Keep up the good work.
- Thank you. - Bye.
Our vision, as a company, is a bit different.
- It didn't align with theirs.. - Right..
For that reason..
And Peyush asked for 33 per cent of equity..
That was a lot for us..
For that reason, we didn't take his offer.