[theme music playing]
[theme music continues]
[theme music fading]
- Hello. Sharks. - Greetings.
I am here to tell you a tale.
- This tale is 2000 years old. - Wow!
It's the story of Paithani sarees.
The queen of silks,
the heritage of India and the pride of Maharashtra.
This is an emotion that a mother gifts to her daughter
and a mother-in-law gifts to her daughter-in-law.
It has been the pride of kings who emerged triumphant in battles.
[sentimental music playing]
- You must have heard of Kanjeevaram weaves. - Absolutely.
You must also have heard of Banarasi weaves.
But even today, a lot of people
remain oblivious to the Paithani weaves.
[sentimental music playing]
These heritage weaves are a part of our tradition.
And to take that legacy forward,
[sentimental music playing]
The saree market in India is valued at Rs. 38,000 crores.
- It is scattered and unorganised to this day. - Hmm.
Even today, in the e-commerce domain especially,
there is no brand that is reviving heritage sarees
- and selling them. - Hmm.
We basically identified this gap
and we came up with the brand Very Much Indian.
[intense music playing]
Very Much Indian, as the name says,
[intense music playing]
Over time, along with Paithani sarees,
we have also revived many other weaves.
For instance, the Patteda Anchu, Ilkal and handlooms
not limited to Khadi, Tusser and others.
So, our vision is to make this brand
the most trusted traditional brand of India.
We ask of you
Rs. 50 lakh for 3% equity.
[intense music playing]
- Do you speak Marathi? - Yes.
- I'm proud to be from Maharashtra. - Yes.
- And a very proud Punekar. - Yes.
- Let me tell you in Marathi. You look very pretty! - Thank you.
This venture is one of great significance
for our country.
- So, thank you. - Thank you so much.
Tell me your story.
Why did you choose this venture?
I hail from Yeola
which is home to 4000 to 5000 weavers
- who only make Paithani sarees. - Hmm.
- [chuckling] - So...
I did a job for 12 years after I did my Engineering and MBA.
Then all of a sudden,
I came out of my comfort zone and made a strong decision
of doing this.
Quickly. Where did you work?
My last company was MWH.
- I worked there in Communications and Marketing. - I see.
- So, I'll answer this now. - Yes, please.
We met in 2003.
We did the MBA IB course together.
- Okay. - We both wanted to do something in import and export.
That's where we met and in 2008, we got married.
- We have a teenage boy now. - Yes.
- Wow! How old? - 13 years.
- 13 years, sir. - Great.
My major role is moral support and financial support.
[laughter]
- Both are important. - Yes.
I am a banker. A Cluster Head.
10 to 12 branch managers report to me.
As do the teams under them.
Do you wish to move into this full time?
I will answer that, sir.
He will join me the day I can give him a salary.
- Wow! - Nice.
- Well said. - Well said.
- So, Slony. I have a question. - Yes.
- We'll practically show it to you. - Great.
Slony, it's pronounced Paithani.
Just let him know of the pronunciation.
Paithani.
- Paithani. - Peyush, it's from the epiglottis.
[laughter]
We're joined by a senior weaver,
four generations of whose family
- have been into weaving of Paithani sarees. - Wow!
- Nice. - So, we are very proud to call
[applause]
Greetings, sir.
Sharks, today,
he will show us how to do handloom weaving.
Peyush, this the answer to your question.
I think I'll just have to invest in this to make my mom happy.
I think so.
[pleasant music playing]
Wow! It's made by hand like...
In Maharashtra, it's called 'devastra'.
It's offered to God
and then worn by the bride on her wedding day.
It is considered extremely pious.
And these pious clothes are made in our town of Yeola.
It's a matter of great pride for us.
[Marathi song playing]
The weave requires a lot of effort.
It takes a minimum of 5 to 7 days
and can take up to 6 months to a year to complete.
The new generation of weavers don't wish to adopt this art form.
[handloom rattles]
Just like you get a salary in a job,
working here for 8 to 10 hours
can give you the same benefits as that of a job.
And this business can grow in different villages and cities.
We started Very Much Indian with this thought in mind.
On a monetary basis, we give the weavers
the remuneration that they are entitled to.
We started out with 25 weavers.
Today, our weaver community stands at over 400 weavers.
[Marathi song playing]
because 100 hours of weaving...
What's the longest it can go up to?
We are currently weaving a saree for one of our clients.
The cost stands at Rs. 1.88 lakh.
The saree costs Rs. 1.80 lakh!
My God!
How long will it take to weave?
- Two and a half months. - Wow!
- Good heavens! - [chuckling]
Respect!
Wow! That's just... amazing!
Can this be made in a powerloom?
Not this one, sir.
Even if it is made in a powerloom,
it would not be having pure threads.
You'll have to mix threads with it.
In the Surat market, all the sarees are made using machines.
But they manufacture a lot of duplicate Paithanis.
Banaras, too, manufactures duplicate Paithanis.
- Yes... - But originality...
- Let me tell you how to identify it. - Please do.
The loose end or 'pallu' of this saree is made on handloom.
You will not see a single thread on the back side.
Not even a single thread.
The front of the 'pallu' and the back of the 'pallu'
- is exactly the same. - Wow!
This is the first time I have witnessed how a saree is made.
I have learned so much about sarees today.
Buy this for Priya today.
Yes, I'll buy the company!
[laughter]
We have Paithani sarees
and then we have the Kanjeevaram sarees.
Hows does the process differ for both?
Paithani comes with a lot of peacock motifs.
- You won't see that in Kanjeevaram. - Okay.
- The patterns are different. - Yes, they're different.
- Yes. - Slony, as far as I know, the weft differs as well.
The way you interlace the threads
and what its concentration should be...
- Different handlooms... - Yes.
That, too, is different, right?
You know about this as well!
- [laughter] - He...
- You... - Hey, say it!
"You're no ordinary man, you are great!"
I will train under you. [laughs]
Looking at this loom
got me all emotional today.
I recollected that many years ago, my father...
He, too, has spent 60 years
in the textile business just like your family.
- Yes. - He used to make fabric on handloom in Bhiwandi.
I was very little, I didn't understand much.
But I recollected the moments
- where I used to hold his hand and observe the looms. - Yes.
When I stood there,
I had this sort of epiphany,
and I resolved to become an entrepreneur in that moment.
- Oh! That's sweet. - You reminded me of that moment.
That's so beautiful...
- That's how I know about this. - Yes.
I have grown up...
Around looms and threads.
Let me tell you my story, sir,
- since you told me about yours. - Sure.
My grandfather, at the time of India and Pakistan's Partition,
in search of a job went to Yeola somehow,
because he had nothing.
And then he started this actually.
I'm a little emotional with my... I was very connected.
So, he pioneered this, sir.
[sentimental music playing]
- You quit your marketing job. - Yes.
What motivated you
to bring that legacy back?
Sir, I had to do it.
[sentimental music playing]
I held many exhibitions in the beginning.
I went to the homes of people to sell sarees
because I wanted to do this.
[sentimental music playing]
People used to pass comments.
"This woman goes door-to-door to sell sarees!"
[sentimental music playing]
We didn't buy a house until today
because we invested all our money in the business.
[sobbing]
Every woman gives credit to others for her hard work.
I will take the credit myself.
Then give it to the people who supported me.
[sentimental music playing]
Slony, you're doing a great job.
I believe you're a true entrepreneur.
I also believe that your struggles
shall certainly pay off in the end.
[sentimental music playing]
I have a surprise for both the ladies, Namita and Vineeta.
[upbeat music playing]
Can we have... We have a saree draper?
The brocade and the 'jhumkas' will go perfectly with my outfit.
I will become her investor.
I will bag this deal!
It's the first time on Shark Tank
that we haven't discussed numbers or the business,
and you have yourselves a deal!
[chuckling]
Slony, I saw a nose ring over there.
Will she get that too?
My wife will kill me if I don't get her anything!
[pleasant music playing]
Vineeta, wow!
You guys are looking very pretty.
- Okay. Now, let us do a ramp walk, girl. - Let's do it!
Lovely!
We are so thrilled and we are so glad
that you both are donning our sarees!
If you wish to give me a gift,
then let it be the saree costing Rs. 1.80 lakh.
[laughter]
- Come on! - Sir, I will if you give me a cheque!
[laughter]
Slony, your products are great.
- Let's get to the business now. - Absolutely.
What are your numbers? What does the growth look like?
The sale in the first year was approximately 16 to 17 lakh.
Which year was it?
- This was three years back. - I see.
Was it 2018?
For two years, our sales was around 15 to 20 lakh.
After that, during the time of COVID,
our sales saw a boost.
- In 2020-21. - Yes.
- We did a business of Rs. 65 lakhs.. - Wow!
And Rs. 1.5 crore...
- Last year. - 2021-22.
That was the turnover we closed at in 2021-22.
Current year's projection?
Average ticket size?
Rs. 10,000.
Wow!
What's the margin?
It's very low.
It's a very labour-intensive business.
That needs investment.
But there aren't many expenses once the gross margin is covered.
I think you save 10 to 15%.
- Yes, sir. Easily. - Yes.
Slony, I wish to make you an offer.
Yes.
I would like to offer you Rs. 50 lakh,
but I think 3% is not a good valuation
because your sale is only Rs. 2 crore.
- Right? - Right.
- To scale up any further, we'll need to buy stock. - Okay.
- So you want money from here. - In today's date, Very Much Indian
has the complete set-up.
She currently sells 100 sarees on an average in a month.
She can easily sell 1000 sarees.
- In that... - Sales will go up to Rs. 1 crore.
Yes, in a month.
Let me tell you the biggest challenge we face.
Buying such an expensive saree
- online from a new brand is difficult for anyone. - Right.
So, this...
- Building trust. - We need to...
Trust is our challenge.
- If you get associated with us... - Yes.
- Correct. - That'll automatically build trust.
- And even better if I get associated! - Yes.
- Oh, my! - [Slony chuckling]
I'd like to pass.
Maybe if you didn't have this offer..
You know, because you're such an amazing entrepreneur...
- Yes, sir. - And I think everything is checking my list,
- but Namita has made a good offer. - Woman entrepreneur!
- Thank you. - So, I'm out.
[intense music playing]
I think, to make this really big,
you somehow have to take your passion and knowledge,
the handloom process
and the effort that goes into weaving,
and convert the entire communication
to content and social media.
I believe Namita is a great partner for it.
- Thank you. - Her offer is good too.
So, I won't be able to partner with you on this.
But I really hope that Very Much Indian becomes
- India's first digital saree brand that goes global. - Thank you...
- Thank you. - Thank you so much.
Looking at Millenniala and Gen Z,
for instance my nieces, they don't go all that in depth.
So, not only must you market your own products,
but also market the category.
And because I do not have as much interest...
- Okay, alright. - In the industry.
- Correct, sir. - Yes?
- Yes, sir. - So, I'd like to pass because of that reason.
- All the best. - Thank you.
I request Namita if she's okay with partnering up with me.
I wanted to go solo.
She's too much! But I'm also Very Much Indian!
[laughter]
- You know what happened earlier? - Pitch to me.
- Why should I take you? - Till now,
businesses pitched to her on Shark Tank.
Now, I am pitching to her!
- [laughter] - Come on, convince me.
I'll help you understand Gen Z's mindset.
- Okay. - I'll try Amazon and Flipkart.
I'll help build the brand.
And I will do many things for you.
[laughter]
We've been labelled 'Karan-Arjun' in the last season.
- Alright. - Sharks, we wish to make a counter-offer.
- Sure. - [intense music playing]
Rs. 75 lakhs for 10% equity
- with additional funds. - We could scale up faster.
There are way too many challenges.
- That's why... - I agree.
[tense music playing]
- What do you say? - Okay.
- Huh? - Okay.
- Congratulations. - Thank you, sir.
For Namita. For India.
[euphoric music playing]
[theme music playing]
Hi, Sharks. I am Divyajeet.
My parents are always under a lot of stress
- whether I reached school or not or got safely to my classes. - Hmm.
Or whether I ran off with my friends to munch on 'pani puri'.
[laughter]
They don't buy me a phone
out of fear that I might misplace it
- or get addicted to it. - Hmm.
Just like my parents, thousands of other parents
face the same issue.
Here to resolve this issue
is a cute but powerful smartwatch by Watchout Wearables.
No! Don't be confused.
I'm not the founder of this company. I'm just a user.
My uncle is the founder.
[laughter]
You spoke so confidently.
[music playing]
Watchout Wearables manufactures smartwatches for kids
which is built on three fundamentals.
Safety, connectivity and curiosity.
Safety as it has a GPS tracker
by way of which you can track your child's location.
The second inbuilt important feature is connectivity.
You and your children can both
stay connected by way
And the third
and the latest feature which we came up with
is curiosity.
children can scan objects to learn their meaning and definition.
Wow!
Sharks, I'm sure you must be wondering.
"There are so many watches in the market."
"How is this watch any different?"
Absolutely, Divyajeet.
Our watches have a slot for a SIM card.
The other watches do not.
Sharks, we launched this product in the beginning of last year.
And more than 3000 parents
and their children are using our product.
Our vision is to offer children such a device
that not only keeps them smart but safe as well.
we'd like to give you a demo of one of our functions.
- Yes. - Sure.
[tense music playing]
- You spoke very well. - Thank you.
Thank you, buddy.
Thank you, Divyajeet. Thanks.
Sharks, this is our next gen kids smartwatch.
Its straps are made of breathable, soft silicone
so that kids can wear it comfortably.
If you look at the top, you will see it has elevated edges.
We're aware that kids might drop the watch often.
So as to prevent a direct impact to the screen,
we have given the watch elevated edges.
This is a 0.5 megapixel camera.
Kids can take selfies with it
as well as use it to make video as well as audio calls.
- Nice. - As you can see, between the two buttons is the SIM slot.
You can insert your nano SIM into it.
The button you see on the side is a SOS button.
If the child presses and holds the button for three seconds,
then the parents will get a notification.
Moreover, a 30-second surround sound recording
will also be sent to them
along with the last location.
- So that parents can take action. - Nice.
If you look at the back of the watch,
you'll see an anti-take off sensor.
If anyone takes the watch off the child's wrist,
a notification will be sent to the parents that
the watch has been removed.
Even if the child takes it off himself?
Yes. The parents will know even if their child takes it off.
Ms. Singh, if you'd like to come here,
then we would love to show you a live interface demo.
Okay.
I'll just press the video call icon.
- Just press... - Ma'am, can you please pick it up?
Hi, Baby Shark.
'Hi, Baby Shark.'
- Thank you. - It's working.
There's one very interesting feature which is very important for parents.
This, Class Mode.
For example, if you think that your child will download games
or feel he'll get too engrossed,
then they can turn on Class Mode.
- They feel the child is... - I got it.
- He's too engrossed in the watch... - To study... Got it.
It's very nice.
Abhisek, Divyajeet, welcome to Shark Tank.
- Thank you, sir. - Thank you, sir.
So, if Divyajeet wants to go, it's okay.
You can be here.
- Yes, Divyajeet. - Yes?
- Thank you, Divyajeet. - Thank you.
Abhisek, tell me.
When you were starting a business, how did this need arise for you?
The need dates back to the year 2008
when our family encountered a tragic incident.
In our house in Mumbai,
a fire broke out on account of a short circuit.
At the time, inside the house were Divyajeet,
his older sister, his grandfather and his mother.
But only Divyajeet and his mother survived the misfortune.
- Oh my God! - Oh my God!
[sombre music playing]
The investigation revealed
that smoke was the cause of death.
[sad music playing]
This had me quite shaken.
That the poor soul must have cried for help for so long.
Or at least must have tried to reach out to the world.
For at least 30 to 45 minutes!
Um, but since no one got to know, they couldn't reach out.
[sombre music playing]
So, for children to stay connected with their parents
is extremely important.
Our family went through an extreme situation.
But nowadays, parents are a little paranoid
with regard to their children's safety and connectivity.
So, I thought there ought to be gadgets for children too.
Sorry for your loss.
This mishap reminded me of something.
Why only for children?
Why not for...
Very old people?
It happened to my maternal grandmother two years ago.
- She perished in a fire. - Oh!
[melancholy music playing]
And the thought occurred to me many times.
I spent quite some time with her at the hospital.
She must have cried for help for so long.
[sombre music playing]
And it breaks my heart every time I think about it.
[heartwrenching music playing]
So, why not for old people as well?
Your question is valid.
And hence, as you'll see in the launch of our next product,
we also have a senior citizen smartwatch.
- But there's a slight difference in their safety feature. - True.
- Like... - Falling.
Falling is the most important.
That is why we have an anti-fall alarm.
The moment your parent suffers a fall,
you'll get a notification instantly.
That your father has slipped.
Please reach out.
And not just reach out, it can directly place a call.
You have that option.
- Wow! - Amazing.
And for them,
safety would just not mean steps and others.
It would mean temperature, blood pressure, heart rate...
Let me answer you.
The watches being introduced in the wearables industry,
even we're introducing wearable watches in the industry,
they do have these features.
But the kids watches segment has just started.
[tense music playing]
What's your age, Abhisek?
I am 32 years.
What were you doing before this?
I'm a Chemical Engineer and gold medallist
from Sardar Patel University.
Then I did my MBA and worked with Essar Steel.
I did MBA in Sales and Marketing from SCMHRD, Pune.
And then I worked with Pidilite Industries as well.
First, tell me whose design this is
and what is your moat in it.
Sir, the entire design is curated by us.
What's its price?
The selling price in the market currently is around Rs. 10,000.
- Rs. 10,000? - Yes.
- Wow! - Rs. 10,000!
You get a normal smartwatch for Rs. 3000 nowadays.
It boils down to technology.
They use Bluetooth technology, sir, the Rs. 4000 one.
If you give that watch to a seven-year-old,
he will play with it and enjoy himself.
- But where is the safety and connectivity? - Hmm.
It's a good point.
Won't they keep calling every five minutes and troubling you?
Turn on the Class Mode!
No, you don't need the Class Mode.
It has a feature called 'Call Forbidden'.
All you have to do is switch it on.
The child can't call you, but you can call him.
But what if after you activate Call Forbidden
and the child wants to call you for safety reasons?
He still has SOS at his disposal.
Even in Class Mode,
you will have one feature that will allow you
- to send texts to your parents. - Oh!
I admit this is a new category.
So, there is no market size.
But do you have a proxy
to calculate the market size on the basis of which?
Look, the category we're aiming at, 6 to 13 years age group,
India's highest population segment falls under it.
- 20%. - 20 crore people.
Let us assume
they are urban kids for the time being.
Let's suppose 30% are urban.
Out of that, let's suppose 3% are wealthy.
And because my product is there at this moment,
the 3% wealthy people will take this.
- Okay? - 18 lakh people.
Out of that, maybe 20%...
You'll take your... Not everyone will buy your watch.
- You can take 20%. - Let's take 20%.
- That's 3.6 lakh. - Yes.
If you consider the average price as low as Rs. 6000 or something...
Rs. 5000.
[intense music playing]
Okay, Rs. 5000.
Even then there's a significant market
which turns around to be somewhere between 100 crore.
That's a small market.
[intense music playing]
In a market of 100 to 150 crore people,
your company will barely have a turnover of Rs. 10 or 20 crore.
So, on a valuation of Rs. 40 crore...
- Yes. - You're raising funds now.
How does an investor get an exit?
[intense music playing]
The current valuation is based on our sales.
For example, our last data.
We started in Jan last year and we did Rs. 1.1 crore.
And we've made Rs. 1.4 crore...
- Oh, okay. - In the last financial year.
What was last month's figure?
Rs. 25 lakhs.
And before that?
Before that, it was Rs. 5 lakhs because we had changed the model.
What was the profit in August?
EBITDA, if you would ask, it would be 35%.
That was EBITDA?
Yes. And net margin was around 25%.
What's the current month's sales?
We have booked sales of Rs. 30 lakhs this month.
Okay. Projected sales for next month?
Rs. 30 to 40 lakhs.
- So, your sale is much lower then. - Yes.
Let me tell you my decision.
[intense music playing]
I know this market well.
Reduce the price a bit if you can. Scale it up.
- Yes. - As a normal Indian consumer,
people won't buy it now.
[intense music playing]
Go kill it in this market before anybody else.
- Yes, sir. - Grow as much as you can.
All the best. Thank you. I'm out.
Thank you. Thanks for the advice.
Look, your product is good.
I believe I will become a user too.
My son is little now.
If I give it to him, he will call me incessantly
and make things difficult.
But the TAM is a bit tricky.
I think the market size will increase at Rs. 2500.
[intense music playing]
I'd like to pass for now.
I don't think I can match your valuation ask.
[intense music playing]
So, I'm out.
Number one, the price is high.
Second, please simplify. There are too many features.
Focus on safety.
[intense music playing]
Rs. 40 crores is not justified.
So, I'm out.
[intense music playing]
How much money did you invest in setting up the factory
which is your manufacturing facility?
Our manufacturing space is on rent
because these are high-value, low volume items.
Everything is mostly made in an area of 300 square feet.
- Within 300 square feet! - Yes.
In that space, because it's a very small item.
Our current production is 500 units a month.
You make this in-house!
- Yes, in-house. - Wow! Very good.
Do you understand coding and know how to do it?
Can you make UI, UX and firmware?
I have knowledge about UI and UX,
but I don't know have much knowledge about coding.
I do not belong to that background.
Still you made this watch! Unbelievable!
Lovely! Commendable.
I think one needs common sense to make any product, sir.
Your education doesn't matter.
If you have knowledge, you just need to tell.
There are people sitting.
[intense music playing]
Let's make you an offer of Rs. 2 crore.
- Vineeta will explain the details. - Yes.
So, our offer is Rs. 10 crore valuation
which is Rs. 1 crore in equity for 10%.
5% Anupam's and 5% mine.
And on top of that, another 1 crore in debt
Your biggest challenge is
that the churn of parents of the children
in the age group of 5 to 10 years.
There is no repeat, meaningfully.
By the time you buy the watch,
your child will outgrow it and you'll get him a phone.
So, because Anupam and I both have kids in that age group,
we as parents feel this has potential.
It's a fantastic offer.
[intense music playing]
Think and let us know. The decision is yours.
[tense music playing]
- I... - You can see the sales upto now.
We've already made sales of 1.4 crore,
and we have more in the pipeline.
Let me tell you a simple thing, Abhisek.
Who determines the valuation?
The founder doesn't determine it, the market does.
If you had a valuation of Rs. 20 or 30 crores,
you'd already have gathered funds.
[intense music playing]
The investor will give the valuation.
Accepting or rejecting it is up to you.
[intense music playing]
I'll have to think about it. If I can take some time...
You can step out and get back to us.
[intense music playing]
- Dad, are you awake? - 'Yes.'
Yes. They have made me an offer.
- Will you take it for your child? - My deal is different.
How is it different?
Parents are emotional just like you.
The price point will come down.
- Abhisek, what do you say? - Tell us.
Well, I spoke to my father.
Although he doesn't have much knowledge of business,
he said, you know...
"Go with what your heart says."
"Give it another try. Ask them."
"It is not bad to speak your mind."
Oh!
It's like once you aspire
and have eyes on the destination, there's no turning back.
You are steadfast.
- Lovely. That's great. - Nice.
I want to do this. We would be the king in this.
Erm, that's my bet to you.
And believe me, sir and ma'am,
you must've heard of "dark horse".
I am that dark horse.
I'm in for the long haul. So, believe me...
Would we have agreed to invest Rs. 2 crore
if we didn't know it already?
[tense music playing]
- Can you make it 1 crore plus 1 crore in debt... - Debt...
For 7.5% equity?
[intense music playing]
Okay, sir.
Just as you're
willing to bet on me,
I, too, am willing to bet on this. The deal is final.
It'll be worth it for you as well.
I like that...
I think you made a good decision.
[euphoric music playing]
The safety of children.
You started out with a really great thought,
and congratulations.
[theme music plays]
Hi, Sharks!
When the pandemic hit people realised
that they should change their lifestyle
to stay healthy and fit.
Okay.
But it is difficult to do this.
In order to achieve this
people join classes,
and follow expensive diets.
It helps them reduce weight,
but their bank balance goes down tremendously.
What next? To solve this problem
we came up with SoupX.
SoupX is India's first personalised Soup-based Meal Brand.
We make healthy soups
to replace your meals.
And that too depending on your fitness goal!
Not just that, we also provide freshly prepared
calorie counted, and no artificial preservative soups.
Which our Chefs and Nutritionist
have carefully curated.
After testing it in the market for five months,
SoupX started in December 2021.
Now, we have more than 99 varieties
of healthy soups available.
Our customers, can order on demand,
or buy a subscription.
[music plays]
healthy soup-based meal brand.
And we are here to fulfil this mission.
Our ask is Rs. 75 lakhs
to make India a 'Souperstar'?
Wow!
- Thank you so much! - Thank you so much, sir.
Tell me something, where did you get this idea of making soup?
We were both in Lucknow,
and we were working from home during the pandemic.
Okay!
We participated in Food Distribution Drive.
We distributed an immunity booster soup one day.
A couple of days later we received called
asking us if we can distribute soup again.
How did you make that soup?
It was made from lentils, but we named it immunity booster.
We used Ashwagandha herbs.
Okay!
So, with basic research you...
- Yes! We didn't make it from a business point of view. - Okay.
When the customer called
that might have given us the idea.
For around three months we used to just research.
We observed two things.
If anyone wants to change their dietary lifestyle,
it becomes very expensive.
And soup is a very healthy product.
There is no healthy soup brand.
By combining these two, our objective was
to make healthy meal less expensive.
By combining soup, we came up with SoupX meal.
Which is soup plus a healthy side.
That curated a complete meal replacement plan.
[music plays]
After that, I did Summer Exchange in Entrepreneurship
from ISB, Hyderabad.
Currently, I handle Technology and Operations at SoupX.
We have cold soup and hot soup.
- We also have hot soup. - Give it before it cools down.
Sure. Let me bring it.
We also have cold soups
which is very popular.
- This is for you, Vineeta! - Oh wow! Thank you!
- Customised. - Which one did you give her?
- Lotus Root and Walnut! - Aman,
- this is for you. - Smoked Chicken Soup.
Gazpacho.
Hmm!
[music plays]
I didn't like it, bro!
[dramatic music plays]
My issue is that it is very sweet.
[dramatic music plays]
The one I am having is delicious. Try it.
- It is delicious. It isn't very sweet. - This one is very sweet.
[dramatic music plays]
Hmm! This is not nice. What I got is very nice.
What is there in this?
Smoked chicken.
Why is it not nice?
- It is nice, but... - I am not liking it. Not good.
[dramatic music plays]
It tastes good, but it is cold.
I am not used to it. But it tastes good.
[dramatic music plays]
This is a game of formulation and taste.
These soups are made from a base.
We have around 14 bases, to give you a number.
Only the head Chefs know
There must be a modular way.
Yes! Now what happens is the expert chefs
are only housed at central kitchen.
- Where they make a DIY kit. - Okay.
Its shelf life is 6 months for our B2B node supply only.
Now, it becomes very easy. Even if a novice chef comes,
Nice! This was fun.
we have a SoupX meal. The concept is that the soup is a central figure.
In small sizes, we serve healthy sides.
Like, we have garlic breads,
or as healthy sides we have veggie bowls.
There are small sizes of salads.
Or whole wheat sandwiches.
You will see around 30 to 40 percent calorie reduction.
If you buy something from the weight loss category.
What I understand here is
that your understanding of health is superficial.
You are talking about sides
like meat or garlic bread.
And you think these are healthy choices.
As far as I know... I have done a lot of research on this
All this is nonsense.
[tense music plays]
What do you work as which will make you a health expert?
I am saying that this is not the healthiest thing.
- But it is healthier than the dinner you usually have. - Correct.
Even if it isn't, you become healthy.
Our ancestors used to say we should have a light dinner.
But we eat junk at night.
Can you scan and show us its nutritional value?
We will show you the website! This is our website.
Where we are proposing our core proposition like freshly prepared,
no artificial preservations, etcetera.
[music plays]
If we scroll down,
we can see what are the popular categories in our menu.
The website is good.
Can you open something and show the nutritional value?
I will do this.
It reads, healthy can be inexpensive.
If you scroll down, there are two options.
I want to see the nutritional value of a soup.
I just showed you...
No! Just show the nutritional value of a soup.
Why are you avoiding that?
[tense music plays]
I am confused. Are you asking about calories?
That is my fundamental problem with you guys.
[tense music plays]
She asked you thrice about nutritional value.
- What is the composition of this? - My bad.
My bad sorry. I didn't understand the question.
Please answer that question.
It has 6.5 grams of protein.
13.9 grams carb, and 19.3 fat.
We multiplied protein by nine.
[suspenseful music plays]
- We multiplied carbs and fats with four, so... - Why?
- Because one gram protein... - No! Wrong.
Yeah!
I have made a decision.
You cannot be in the health business
without knowing the fundamentals of it.
I want the founders to be such
that they know left, right, and centre of the business.
[dramatic music plays]
You still haven't gotten there. And that is why I am out!
[tense music plays]
I wish you the best. I hope you prove me wrong.
Tell me about your sales.
I think you have good sales. I have a feeling.
Last month we made a sale of Rs. 8 lakhs.
Not bad.
And before that, it was Rs. 7 lakhs.
And prior to that around Rs. 6 lakhs.
- What profit does the business make? - The gross margin
is around 70 to 75 percent.
- Very good! - So, good.
Now that EBITDA is positive how much do you save every month?
EBITDA is still negative.
- We put in around 1 to 1.5 lakhs each month. - Why?
Because we pay commissions.
After that, we pay the Chef and the others. It is Rs. 2 lakhs.
We advertise less. We spend around Rs 70,000 on advertisement.
We spend the rest on raw materials we need.
This is where I have an issue
Burn! Why is burn getting fashionable?
We don't burn on our level.
- I go to work and with that salary... - What?
[dramatic music plays]
Yes!
This is not considered positive.
This is not really negative either.
After that, I was set to join,
but due to macroeconomic scenarios, we couldn't get funding.
Because of this, we were wondering what to do.
[dramatic music plays]
So, we sat down and discussed
that I will put a significant portion of my salary into it.
Because my domains are stratergy, marketing, and finance.
I used to work online till 9 pm.
Because from 11 to 4, every day, till today,
we sit and work.
I sit with the nutritionist
and see how to go about it. He handles operations.
I get it. We also started by doing some moonlighting.
Both of you are genuine.
Both of you make a cute team.
It is not easy to make Rs. 8 lakhs in the soup business.
That's an annual revenue of Rs. 1 crore.
You are doing that part-time. This is commendable.
You are hustling to your fullest potential.
I cannot add value to this.
Which is why I am out of this.
I didn't really get the taste.
I am scared of businesses that have burn rates.
So, for that reason, I am out.
As a Shark, as an investor, we bet on the founders.
[suspenseful music plays]
And you didn't know about your product.
As Anupam said, that bothered me.
Once there is that depth,
this can grow for sure.
But I felt this is very sweet.
Because of these two reasons, I am out.
Four sharks are out.
Only talk to Vineeta now.
I think it is at an early stage right now.
[dramatic music plays]
I am not convinced
that you will be able to do this, especially with your day job.
I will quit it. I will anyway quit my day job.
You have been saying you will leave it.
You got Rs. 25 lakhs, but you still didn't leave it.
They have expenses now.
But is not fair to the investor from whom he raised Rs. 25 lakhs.
I will quit it. I spoke with him about this.
He gave that condition. Don't take a salary.
I will resign tomorrow itself if you offer...
- Will you resign if you get funding? - I will resign.
Money is the problem and nothing else.
What do you think, Vineeta?
[suspenseful music plays]
Something is happening.
[suspenseful music plays]
Ah! I am not really...
Please!
Oh, God!
Please! If you think the valuation is wrong let me know.
I am being honest! We will work on the product.
Sweet!
If you open 16 nodes
how much will be the total expense? How much will EBITDA be?
Just imagine, when we order 16 nodes
the COGS will go down drastically.
Hmm! So, you will run a profit!
We will be profitable in around three months.
I will give you an offer.
Rs. 50 lakhs in equity.
I will take 20 percent of the company for that.
We will build it patiently.
In fact, I recently heard
Kabir's couplet.
I don't read it that much. But it goes like this.
Oh mind, be patient. Results take some time to show up.
Even if the gardener pours the plant with hundred buckets of water,
the fruits will come only when the right season arrives.
Amazing! Lovely!
- Yes! - You have to learn about the product.
And you have to scale it through content. I can help you with that.
We will take five seconds.
Five seconds? I like that.
Do we want to do less valuation from an existing investor?
No, we need that much.
Vineeta, we have a counteroffer for you.
[dramatic music plays]
Can you make it Rs. 50 lakhs for 18 percent equity?
We are okay with the remaining debt.
Rs. 25 lakhs for 12 percent interest.
My dad used to say health is wealth.
So, I like investing in businesses that have to do with health.
- I will do that a lot this season.- Congratulations, guys!
- Thanks a lot! - But! Just to clarify! The offer is
I am very excited!
- a flexible approach. - Well done!
Good people to back.
Just work on the soup I got. It was bad.
Same.
'In Shark Xperience,
we will learn about the Sharks better.'
'Namita, Megha from Gurugram, Haryana,
would like to know,
how you balance work and family life?'
Megha, this is a lovely question.
To be honest, let me give you my example.
There is nothing called balance.
Sometimes I prioritise work,