1 00:00:29,920 --> 00:00:32,800 [theme music playing] 2 00:00:50,400 --> 00:00:53,080 [theme music continues] 3 00:01:23,000 --> 00:01:26,080 [theme music fades] 4 00:01:26,280 --> 00:01:28,240 - Greetings, Sharks. - Greetings, Sharks. 5 00:01:28,400 --> 00:01:29,560 Greetings. 6 00:01:29,960 --> 00:01:32,360 Sharks, what can you buy for a rupee these days? 7 00:01:32,600 --> 00:01:33,560 Nothing great! 8 00:01:34,440 --> 00:01:37,040 But we bring you happiness for just a rupee. 9 00:01:37,240 --> 00:01:39,280 The happiness that pacifies a crying child. 10 00:01:40,360 --> 00:01:44,200 The joy that comes from bursting a balloon as a child. 11 00:01:45,680 --> 00:01:47,800 You must be wondering what we're talking about. 12 00:01:47,920 --> 00:01:50,840 - Yes. - Everyone's favourite, candy. 13 00:01:52,400 --> 00:01:55,480 Everyone seems to have forgotten this happiness 14 00:01:55,560 --> 00:01:57,840 whereas this is a Rs. 20,000 crores market. 15 00:02:04,160 --> 00:02:05,640 we bring you Dobiee. 16 00:02:06,120 --> 00:02:08,760 [joyous music playing] 17 00:02:09,360 --> 00:02:10,280 Nice name. 18 00:02:10,360 --> 00:02:12,800 Greetings, Sharks. I am Arjun Mukesh Dharamshi. 19 00:02:19,880 --> 00:02:24,120 Dobiee is a confectionery brand that makes a variety of candies 20 00:02:24,200 --> 00:02:26,240 that we have grown up eating. 21 00:02:26,320 --> 00:02:28,160 But Dobiee brings a twist. 22 00:02:28,320 --> 00:02:31,080 We even make double-flavoured candies. 23 00:02:31,280 --> 00:02:32,840 For instance pineapple-coconut, 24 00:02:32,880 --> 00:02:35,440 strawberry with lemon, and pink guava and green guava. 25 00:02:35,600 --> 00:02:38,640 We sell them in a variety of packaging sizes. 26 00:02:39,040 --> 00:02:41,160 [joyous music playing] 27 00:02:41,360 --> 00:02:44,120 Apart from this, we make some unique products 28 00:02:44,240 --> 00:02:45,400 such as toy candies. 29 00:02:45,560 --> 00:02:48,200 They come with two to three toys 30 00:02:48,200 --> 00:02:50,920 along with assorted Dobiee candies. 31 00:02:50,960 --> 00:02:51,840 Okay. 32 00:02:52,400 --> 00:02:55,240 Sharks, we started this business in 2021 33 00:02:55,280 --> 00:02:58,240 and we have sold over 9 lakh packets. 34 00:02:59,680 --> 00:03:04,960 Dobiee is available in 9 states in over 50,000 offline outlets. 35 00:03:12,000 --> 00:03:14,600 We envision making Dobiee the king of candies 36 00:03:14,680 --> 00:03:16,840 and making it available globally. 37 00:03:17,680 --> 00:03:20,720 So, Sharks, we come to you 38 00:03:20,800 --> 00:03:23,120 with an ask of Rs. 72 lakhs for 2% equity. 39 00:03:28,560 --> 00:03:30,640 So, Sharks, let's come together 40 00:03:30,720 --> 00:03:32,440 to make Dobiee the king of sweet times. 41 00:03:36,720 --> 00:03:37,560 - Yes. - Yes. 42 00:03:37,640 --> 00:03:39,840 Do you know what Dobiee means in Gujarati? 43 00:03:39,920 --> 00:03:41,520 - Yes, we know. - Stupid! 44 00:03:41,720 --> 00:03:43,160 - No... - Yes. 45 00:03:43,240 --> 00:03:44,640 It means madness. 46 00:03:44,720 --> 00:03:46,800 No. Dobiee. "You are dobiee." 47 00:03:46,880 --> 00:03:49,400 - Yes, it means mad. - It's stupid! 48 00:03:49,600 --> 00:03:52,240 I've been calling my wife "dobiee" for the last 30 years. 49 00:03:52,800 --> 00:03:54,920 [Sharks laugh] 50 00:03:55,280 --> 00:03:56,920 And we call our husbands silly! 51 00:03:57,000 --> 00:03:58,080 - No! - No. 52 00:03:58,160 --> 00:04:00,160 [Sharks laugh] 53 00:04:01,960 --> 00:04:04,440 - You're father and son. Right? - Yes. 54 00:04:04,520 --> 00:04:06,640 - You look like twins. - Yes. 55 00:04:06,720 --> 00:04:08,080 Thank you. 56 00:04:16,080 --> 00:04:18,760 No, Peyush. Let me tell you about my childhood. 57 00:04:18,920 --> 00:04:21,440 I used to work at a bus depot. 58 00:04:21,560 --> 00:04:22,560 Gosh! 59 00:04:24,000 --> 00:04:26,880 I used to serve soft drinks at the bus depot's canteen. 60 00:04:27,040 --> 00:04:28,000 What are you saying? 61 00:04:29,800 --> 00:04:31,240 They used to stock candies. 62 00:04:31,320 --> 00:04:33,280 I used to wonder how candies were made. 63 00:04:33,360 --> 00:04:35,720 My curiosity led me to a candy factory 64 00:04:35,880 --> 00:04:37,640 where I witnessed the process of candy making. 65 00:04:40,000 --> 00:04:44,120 A while later, I set up a small candy-making factory. 66 00:04:44,400 --> 00:04:46,000 It wasn't my brand. 67 00:04:46,080 --> 00:04:49,080 I used to manufacture candy for other brands on contract. 68 00:04:50,680 --> 00:04:51,800 Then I got married 69 00:04:51,960 --> 00:04:53,480 and sired a son within the first year! 70 00:04:53,640 --> 00:04:55,320 [Sharks laugh] 71 00:04:55,840 --> 00:04:57,320 And life moved on. 72 00:04:57,440 --> 00:05:00,440 My business kept running even though it was small. 73 00:05:00,520 --> 00:05:02,840 He became a mechanical engineer when he grew up. 74 00:05:02,960 --> 00:05:03,840 Nice. 75 00:05:04,480 --> 00:05:06,440 He went to France for further studies. 76 00:05:07,480 --> 00:05:09,920 When he returned to Mumbai, he said let's build a brand. 77 00:05:12,000 --> 00:05:14,480 Then the pandemic set in 78 00:05:14,560 --> 00:05:17,320 and I faced some tragic health issues. 79 00:05:17,360 --> 00:05:18,640 What had happened? 80 00:05:18,760 --> 00:05:19,840 I had a bypass operation. 81 00:05:19,840 --> 00:05:21,160 - Bypass. - Yes. 82 00:05:23,000 --> 00:05:25,040 My arteries were fully blocked. 83 00:05:25,160 --> 00:05:26,120 Gosh! 84 00:05:26,360 --> 00:05:28,440 Arjun, were you with your father at the time? 85 00:05:28,560 --> 00:05:32,440 Dad began experiencing problems in 2018 itself. 86 00:05:33,160 --> 00:05:37,160 I quit my job in France and returned to India in 2018. 87 00:05:38,680 --> 00:05:40,440 Mukesh, how is your health now? 88 00:05:40,520 --> 00:05:42,120 - Do you go for regular check-ups? - Yes. 89 00:05:42,240 --> 00:05:44,880 - 100%. - Has the dietician chalked out a diet plan? 90 00:05:45,000 --> 00:05:46,440 I hope you don't eat your candies. 91 00:05:46,560 --> 00:05:48,160 - I do. - Good God! 92 00:05:49,240 --> 00:05:53,160 Sometimes, you could be suffering from a serious medical condition. 93 00:05:53,320 --> 00:05:56,680 But willpower can help you overcome it, as I did. 94 00:05:56,800 --> 00:05:58,640 I'll give you a piece of advice. 95 00:05:58,720 --> 00:06:03,560 A positive attitude is important, but have candies in limit. 96 00:06:05,240 --> 00:06:07,120 Okay, let's move on. 97 00:06:07,200 --> 00:06:10,560 I gathered that your candy business was doing well. 98 00:06:10,680 --> 00:06:12,200 Are you still doing the business? 99 00:06:12,280 --> 00:06:13,120 - No. - No. 100 00:06:13,160 --> 00:06:15,400 - Do you make the candy in your factory? - Yes. 101 00:06:21,080 --> 00:06:22,720 [music playing] 102 00:06:23,200 --> 00:06:25,600 - What is last month's figure? - Rs. 32 lakhs, sir. 103 00:06:26,480 --> 00:06:27,800 Who do you sell through? 104 00:06:32,800 --> 00:06:35,840 I've never heard of anyone having 50,000 distributors. 105 00:06:38,000 --> 00:06:41,240 With our expertise. We played to our strengths, sir. 106 00:06:52,920 --> 00:06:55,560 We focus on one territory in every state. 107 00:06:55,760 --> 00:06:57,760 We penetrate that area entirely 108 00:06:57,880 --> 00:06:59,720 so as to create an entry barrier for others. 109 00:06:59,880 --> 00:07:03,240 If we try to focus on every area, things won't work out. 110 00:07:03,400 --> 00:07:05,840 - We started with Punjab. - How did you go about it? 111 00:07:06,040 --> 00:07:08,880 We found an agent in Kapurthala. 112 00:07:14,640 --> 00:07:16,120 We sent them a sample. 113 00:07:16,280 --> 00:07:17,960 They stocked it at the store. 114 00:07:18,000 --> 00:07:21,520 We sent them Muskiee and the sales picked up. 115 00:07:21,600 --> 00:07:23,200 They said this product would do well. 116 00:07:23,320 --> 00:07:25,200 There are many candies in the market. 117 00:07:25,360 --> 00:07:26,840 Raw mango, mango and orange flavoured. 118 00:07:27,000 --> 00:07:28,960 But there are no unique flavours. 119 00:07:29,040 --> 00:07:32,400 Before I say anything else, I am thinking we should... 120 00:07:32,480 --> 00:07:34,360 - Let's taste the candies. - Taste the candies. 121 00:07:34,400 --> 00:07:36,680 - All of you will need to come here. - Certainly. 122 00:07:36,800 --> 00:07:38,680 [playful music playing] 123 00:07:40,040 --> 00:07:41,000 What do we do now? 124 00:07:41,360 --> 00:07:43,360 Have you never played piñata? 125 00:07:43,480 --> 00:07:45,120 - What should I do? - I'm an expert. Go on. 126 00:07:45,200 --> 00:07:46,120 Here, you try. 127 00:07:47,040 --> 00:07:49,320 [playful music playing] 128 00:07:50,240 --> 00:07:52,240 - Get back. - Yes, get back. 129 00:07:52,360 --> 00:07:53,440 [thudding] 130 00:07:54,760 --> 00:07:56,920 - In the first go. - I said I was an expert. 131 00:07:57,120 --> 00:07:58,640 Oh! I know this! 132 00:07:59,880 --> 00:08:01,360 - Which one's good? - Muskiee. 133 00:08:01,440 --> 00:08:02,800 First taste Muskiee. 134 00:08:02,960 --> 00:08:04,280 Muskiee followed by this candy. 135 00:08:04,400 --> 00:08:06,440 [playful music playing] 136 00:08:10,600 --> 00:08:12,000 Did you like it? 137 00:08:12,080 --> 00:08:13,600 How is the flavour so good? 138 00:08:13,680 --> 00:08:15,600 - The flavour of fruit... - It's our expertise. 139 00:08:15,840 --> 00:08:17,040 Expertise! 140 00:08:27,080 --> 00:08:28,560 - I like its taste. - The candy tastes good. 141 00:08:28,560 --> 00:08:29,960 He took two. 142 00:08:30,040 --> 00:08:32,400 - I took two too. - Try pineapple-coconut. 143 00:08:32,560 --> 00:08:33,520 I loved it. 144 00:08:35,000 --> 00:08:37,320 You said the candy industry is worth Rs. 20,000 crores. 145 00:08:37,440 --> 00:08:40,800 This industry, to a great extent, is a change industry. 146 00:08:42,400 --> 00:08:44,760 When the shopkeeper doesn't have a change, 147 00:08:45,560 --> 00:08:48,720 he gives you candies instead. 148 00:08:50,240 --> 00:08:52,440 But from the time UPI payments have come into force, 149 00:08:52,480 --> 00:08:56,560 the numbers of all the players in the market have declined. 150 00:08:56,640 --> 00:08:58,480 Anupam, you are absolutely right. 151 00:08:58,600 --> 00:09:00,160 - Okay. - Sales are down by 50%. 152 00:09:00,160 --> 00:09:01,280 50%. 153 00:09:01,440 --> 00:09:02,440 [sighs] 154 00:09:03,920 --> 00:09:05,400 You'll be in the soup, 155 00:09:05,400 --> 00:09:08,400 because establishing a brand in a declining industry 156 00:09:08,640 --> 00:09:10,040 is very difficult. 157 00:09:10,120 --> 00:09:13,640 Sir, as far as we've seen, if your product is good, 158 00:09:13,640 --> 00:09:15,480 the candy market will never shut. 159 00:09:15,560 --> 00:09:17,160 You claim everyone's sales are down by 50%, 160 00:09:17,200 --> 00:09:19,920 but yours is stagnant although it hasn't grown. 161 00:09:20,120 --> 00:09:22,080 - Correct? - We just started. 162 00:09:22,320 --> 00:09:23,240 Alright. 163 00:09:24,040 --> 00:09:26,720 We have faced so many challenges in life 164 00:09:26,760 --> 00:09:28,440 that such things don't easily scare us. 165 00:09:28,520 --> 00:09:30,560 That's wonderful. One last thing. 166 00:09:30,600 --> 00:09:34,160 - You mentioned an SKU with toys. - Yes. 167 00:09:34,160 --> 00:09:36,320 - May I see it, please? - Yes, definitely. 168 00:09:36,560 --> 00:09:39,600 [intense music playing] 169 00:09:42,840 --> 00:09:44,320 - Toy & Joy, sir. - This toy... 170 00:09:44,560 --> 00:09:46,280 - With assorted products. - It's together, right? 171 00:09:46,320 --> 00:09:47,880 - Yes, sir. - Okay. 172 00:09:47,960 --> 00:09:50,400 Mukesh, please answer this question. 173 00:09:50,960 --> 00:09:54,120 Normally, when businesses ask for a valuation, 174 00:09:54,200 --> 00:09:55,680 they quote a round figure. 175 00:09:55,760 --> 00:09:59,240 Could you explain the logic behind 72? 176 00:09:59,320 --> 00:10:01,480 - 7 and 2 is 9. - Yes. 177 00:10:01,560 --> 00:10:03,440 Plus 2% is 11. 178 00:10:03,640 --> 00:10:04,800 His birth date is 11. 179 00:10:04,880 --> 00:10:07,040 Oh! Gosh! 180 00:10:07,120 --> 00:10:10,000 I live in building number 11. 181 00:10:10,080 --> 00:10:10,960 Oh! 182 00:10:10,960 --> 00:10:13,000 And I live on the eleventh floor. 183 00:10:13,440 --> 00:10:15,640 My flat number is 1102. 184 00:10:15,720 --> 00:10:17,960 - God! - Then give us an 11% stake. 185 00:10:18,000 --> 00:10:19,800 [laughs] 186 00:10:21,960 --> 00:10:23,800 Could you tell me the unit economics? 187 00:10:23,800 --> 00:10:25,800 Your monthly sales were Rs. 32 lakhs. 188 00:10:25,800 --> 00:10:28,560 Enlist your expenditure from high to low 189 00:10:28,560 --> 00:10:29,880 and arrive at the profit. 190 00:10:29,920 --> 00:10:33,320 Sir, I can explain better with the example of a packet. 191 00:10:33,440 --> 00:10:34,560 - Alright. - For example, 192 00:10:34,560 --> 00:10:37,400 we sell a packet of 100 candies for Rs. 45. 193 00:10:41,840 --> 00:10:43,760 - Gross margin is 50%. - 50% margin. 194 00:10:44,960 --> 00:10:47,160 - The gross margin is less. - Yes, it is. 195 00:10:48,120 --> 00:10:50,480 - Then come factory expenses. - Yes. 196 00:10:50,600 --> 00:10:53,800 We're bootstrapped so we're not drawing high salaries. 197 00:11:03,040 --> 00:11:05,000 You earn 10%. 198 00:11:05,160 --> 00:11:07,320 An EBITDA at 10 or 20 times that 199 00:11:07,400 --> 00:11:10,400 gets you a valuation of Rs. 4 to 5 crores. 200 00:11:10,640 --> 00:11:11,520 Yes. 201 00:11:15,440 --> 00:11:18,240 The capacity of our facility is 10 tonnes a day. 202 00:11:20,280 --> 00:11:21,920 We're manufacturing 1.5 to 2 tonnes currently. 203 00:11:22,000 --> 00:11:23,760 Oh, wow! Nice. 204 00:11:28,920 --> 00:11:32,280 Every brand has a different requirement. 205 00:11:32,320 --> 00:11:34,120 We need to be devoted to this 206 00:11:34,480 --> 00:11:36,760 and not just focus on our turnover. 207 00:11:42,640 --> 00:11:43,960 then things will get difficult. 208 00:11:44,040 --> 00:11:45,440 Very good. What's your age? 209 00:11:45,520 --> 00:11:47,440 I'm 29, I'll be 30 soon. 210 00:11:47,520 --> 00:11:48,520 Wow! 211 00:11:49,160 --> 00:11:51,920 Arjun, you're an A+ entrepreneur. 212 00:11:52,760 --> 00:11:54,800 You have strong values. 213 00:11:55,000 --> 00:11:57,360 You started with Facebook. 214 00:11:57,400 --> 00:12:00,000 It shows you're a hustler as well as an opportunist. 215 00:12:01,040 --> 00:12:02,680 This category is challenging. 216 00:12:03,000 --> 00:12:05,040 [intense music playing] 217 00:12:05,280 --> 00:12:07,120 You could make 100 to 200 crores. 218 00:12:22,160 --> 00:12:25,080 If you decide to do business in a different category in future, 219 00:12:25,280 --> 00:12:26,680 I would be interested in it. 220 00:12:27,520 --> 00:12:28,600 But I'm out today. 221 00:12:30,120 --> 00:12:34,040 My point of view is that you must run this industry at your own pace. 222 00:12:34,400 --> 00:12:36,320 Please don't look for investors. 223 00:12:36,400 --> 00:12:38,320 [suspenseful music] I agree. 224 00:12:38,680 --> 00:12:41,680 For now, unfortunately, I'll be out. 225 00:12:42,040 --> 00:12:43,160 I'm sad to be out. 226 00:12:43,280 --> 00:12:46,560 Aman, we came here to spread happiness. So please don't be sad. 227 00:12:46,680 --> 00:12:48,440 - I'm very happy. - So nice! 228 00:12:48,680 --> 00:12:50,120 So sweet! 229 00:12:51,040 --> 00:12:54,320 I can't invest for the same reason. The TAM is small. 230 00:12:56,360 --> 00:12:59,520 Plus, I'm against the business of candies 231 00:12:59,640 --> 00:13:01,400 conceptually. 232 00:13:01,480 --> 00:13:03,880 But I enjoyed listening 233 00:13:03,880 --> 00:13:05,920 to your original Gujarati accent. 234 00:13:06,040 --> 00:13:07,960 I had fun. Thank you for that! 235 00:13:09,400 --> 00:13:10,880 It's a mass-market product. I don't think 236 00:13:10,960 --> 00:13:13,760 it'd decline. It's a declining market for push candy products. 237 00:13:16,240 --> 00:13:18,920 But your products are pull candy products. 238 00:13:19,200 --> 00:13:21,320 Kids will come and buy these, and ask their moms to buy them. 239 00:13:21,400 --> 00:13:23,160 [thrilling music] 240 00:13:23,800 --> 00:13:25,240 I want to make an offer. 241 00:13:25,320 --> 00:13:26,640 Wow! 242 00:13:27,720 --> 00:13:30,360 I want to give you a valuation in which I'll give you Rs. 72 lakhs. 243 00:13:31,160 --> 00:13:34,080 It'll comprise Rs. 40 lakhs equity in fusion. 244 00:13:34,360 --> 00:13:36,440 And I demand 5% equity. 245 00:13:38,440 --> 00:13:40,320 It means the valuation is Rs. 8 crores. 246 00:13:40,680 --> 00:13:43,320 And I'll give you a loan of Rs. 32 lakhs at 12% interest. 247 00:13:44,440 --> 00:13:48,320 If you give Rs. 32 lakhs at 11% interest, the deal will close. 248 00:13:55,360 --> 00:13:58,520 the toy you give along with it. 249 00:13:59,440 --> 00:14:03,080 You don't understand now but it'd prove to be a profitable business. 250 00:14:04,920 --> 00:14:07,480 If you want to grow your business, follow the idea of Kinder Joy. 251 00:14:07,760 --> 00:14:11,400 - Do you know Wrigley Company? It's a big company. - Yes! 252 00:14:11,560 --> 00:14:15,080 - Anupam, even McDonald's Happy Meal. - Yes. 253 00:14:15,160 --> 00:14:17,520 Kids go there for the Happy Meal. 254 00:14:19,680 --> 00:14:20,840 It's interesting. 255 00:14:29,120 --> 00:14:31,800 Please save your equity. He is taking too much equity. 256 00:14:31,880 --> 00:14:35,480 Who figured out your business to help you? Make your decision. 257 00:14:37,800 --> 00:14:40,880 - Sir, we'd like to counter you two. - Alright! 258 00:14:41,000 --> 00:14:44,000 Rs. 72 lakhs for 5% equity. 259 00:14:57,560 --> 00:15:00,280 - Let them discuss. Come on! - Of course! 260 00:15:06,520 --> 00:15:07,960 Sir, both of you may invest together. 261 00:15:08,040 --> 00:15:09,280 Fine! 262 00:15:10,560 --> 00:15:13,360 If Amit agrees, we can make it 10%. 263 00:15:24,160 --> 00:15:26,280 You may discuss it properly. Take your time. 264 00:15:27,680 --> 00:15:30,120 [suspenseful music] 265 00:15:40,360 --> 00:15:41,280 7%... 266 00:15:42,680 --> 00:15:44,400 [suspenseful music] 267 00:15:45,920 --> 00:15:46,720 What's your decision? 268 00:15:46,800 --> 00:15:49,640 Amit, Rs. 72 lakhs for 6% equity. 269 00:15:54,480 --> 00:15:56,680 I offered Rs. 72 lakhs for 7% equity. 270 00:15:56,760 --> 00:15:59,240 Let's not change the percentage. It'll be fun to work together. 271 00:16:00,360 --> 00:16:02,000 Thank you very much! 272 00:16:02,400 --> 00:16:03,320 It was fun. 273 00:16:03,400 --> 00:16:05,160 Amit, their stance on equity is right. 274 00:16:05,240 --> 00:16:07,760 Just increase by 0.5%. Close the deal at 6.5%. 275 00:16:10,040 --> 00:16:12,560 Fine. As Aman insists, I'll make it 6.5%. 276 00:16:24,240 --> 00:16:25,400 Wonderful! 277 00:16:25,800 --> 00:16:26,800 Awesome! 278 00:16:29,320 --> 00:16:30,880 Alright, boss! Good luck! 279 00:16:30,960 --> 00:16:33,080 [joyful music] 280 00:16:35,840 --> 00:16:37,000 It's okay, dad! 281 00:16:51,640 --> 00:16:53,520 [bubbling] 282 00:16:56,040 --> 00:16:58,240 'Last year, power couple' 283 00:16:58,320 --> 00:17:00,200 'Mr. and Mrs. Kabra' 284 00:17:00,280 --> 00:17:03,400 'came with their innovative product Skippi Ice Pops.' 285 00:17:03,560 --> 00:17:04,840 'Very... Very nice!' 286 00:17:04,920 --> 00:17:06,480 'It reminds me of my childhood.' 287 00:17:07,920 --> 00:17:11,480 'Today, history is made in Shark Tank. Do you know how?' 288 00:17:12,200 --> 00:17:14,840 '- Five Sharks will give you an offer. - Wow!' 289 00:17:15,160 --> 00:17:16,480 'Deal done!' 290 00:17:17,920 --> 00:17:19,760 'They were impressed with the product' 291 00:17:19,880 --> 00:17:22,160 'and an all-Shark-deal was made where the sixth Shark, ' 292 00:17:22,240 --> 00:17:24,280 'Peyush Bansal also invested.' 293 00:17:24,720 --> 00:17:25,680 'Skippi!' 294 00:17:25,760 --> 00:17:27,400 'I tried the product, to be honest.' 295 00:17:27,480 --> 00:17:29,680 'I was eating a Skippi almost every day.' 296 00:17:29,760 --> 00:17:31,760 'I was the first one to invest in Skippi.' 297 00:17:32,440 --> 00:17:35,600 'I trust the entrepreneur. So it's a good investment.' 298 00:17:37,760 --> 00:17:39,960 'On the night, our episode was aired, ' 299 00:17:40,040 --> 00:17:42,280 'we were getting incessant calls.' 300 00:17:42,360 --> 00:17:44,400 'The traffic on our website' 301 00:17:44,480 --> 00:17:46,360 'literally crashed our website.' 302 00:17:46,440 --> 00:17:48,160 [joyful music] 303 00:17:48,640 --> 00:17:50,800 'When our website revived, ' 304 00:17:50,920 --> 00:17:52,680 'we had 3,500 orders.' 305 00:17:52,760 --> 00:17:56,520 'A brand that catered to 20-30 orders daily' 306 00:17:56,640 --> 00:17:58,920 'had to deliver 3,500 orders.' 307 00:17:59,120 --> 00:18:01,080 'We were shell-shocked.' 308 00:18:01,200 --> 00:18:03,160 [vocalising] 309 00:18:04,400 --> 00:18:07,040 'We are proud to say that Skippi is available in seven countries.' 310 00:18:07,240 --> 00:18:09,600 'Kuwait, Oman, Dubai, ' 311 00:18:09,680 --> 00:18:11,600 'Nepal, Bhutan, Singapore' 312 00:18:11,680 --> 00:18:13,160 'and Hong Kong.' 313 00:18:13,240 --> 00:18:15,480 [vocalising] 314 00:18:19,600 --> 00:18:21,840 'Sharks stand by me like a pillar.' 315 00:18:22,080 --> 00:18:24,880 'I can connect to them whenever I want.' 316 00:18:24,960 --> 00:18:26,800 'They spare time for us.' 317 00:18:26,960 --> 00:18:29,200 'They always guide us. What more do we need?' 318 00:18:29,520 --> 00:18:31,760 [vocalising] 319 00:18:36,600 --> 00:18:39,520 'I ask my friends to come to India and try something new.' 320 00:18:39,600 --> 00:18:43,360 'It's enjoyable and we get a purpose in life which is missing abroad.' 321 00:18:43,480 --> 00:18:45,800 [motivational music] 322 00:18:46,680 --> 00:18:48,440 'The platform given by Shark Tank' 323 00:18:48,520 --> 00:18:51,560 'made us a national brand and created awareness' 324 00:18:51,800 --> 00:18:53,760 'that couldn't have been achieved through advertising.' 325 00:18:53,840 --> 00:18:55,840 [motivational music] 326 00:18:58,560 --> 00:19:01,000 [ethereal music] 327 00:19:24,600 --> 00:19:26,640 'Agar firdaus bar roo-e zameen ast, ' 328 00:19:26,800 --> 00:19:28,960 'Hameen ast-o, hameen ast-o, hameen ast.' 329 00:19:30,640 --> 00:19:34,320 Sharks, it means, if there is a paradise on earth, 330 00:19:34,560 --> 00:19:37,760 it's right here. It's the beautiful valleys of Kashmir. 331 00:19:38,200 --> 00:19:40,080 [musical instrument playing] 332 00:19:43,000 --> 00:19:45,560 Our pashmina shawls, spices 333 00:19:45,640 --> 00:19:47,120 and our magnificent rugs 334 00:19:47,280 --> 00:19:50,760 attract tourists from all over the world to Kashmir. 335 00:19:52,040 --> 00:19:55,920 But it's very difficult to take these products out of Kashmir. 336 00:19:56,680 --> 00:19:59,200 Sharks, we are living in an age of quick commerce. 337 00:19:59,280 --> 00:20:00,280 The delivery is done in ten minutes 338 00:20:00,360 --> 00:20:02,040 instead of the earlier one-hour limit. 339 00:20:02,120 --> 00:20:04,920 But ten-minute delivery is just a dream for a Kashmiri. 340 00:20:07,560 --> 00:20:09,680 'The demography is peculiar and it's a tough terrain.' 341 00:20:09,800 --> 00:20:12,880 'People take a long time to go from one place to another.' 342 00:20:14,120 --> 00:20:17,640 'The roads turn frozen, we get snowfall or rainfall.' 343 00:20:19,360 --> 00:20:22,240 'They deliver bulk orders like the courier companies.' 344 00:20:22,320 --> 00:20:25,640 'It's not like they'll pick up a small item' 345 00:20:25,800 --> 00:20:27,800 'and deliver it to the place we want.' 346 00:20:28,200 --> 00:20:31,720 We introduced FastBeetle to solve this problem. 347 00:20:33,760 --> 00:20:35,680 Hello, Sharks! My name is Samiullah. 348 00:20:41,000 --> 00:20:43,000 FastBeetle is a logistics company 349 00:20:43,080 --> 00:20:46,080 which solves the delivery problems of Jammu and Kashmir. 350 00:20:46,200 --> 00:20:48,920 It could be Kashmir, Uri border 351 00:20:49,000 --> 00:20:51,480 or LOC. There's no place 352 00:20:51,600 --> 00:20:53,400 where FastBeetle can't go. 353 00:20:54,280 --> 00:20:57,000 We do it with the help of our two apps. 354 00:20:57,320 --> 00:21:00,760 Our first app is the FastBeetle app having two interfaces. 355 00:21:01,880 --> 00:21:03,200 The first is the business interface 356 00:21:03,280 --> 00:21:04,520 and the second is the customer interface. 357 00:21:04,600 --> 00:21:08,480 The business interface is focused on businesses. 358 00:21:08,640 --> 00:21:11,680 It helps businesses to deliver their orders. 359 00:21:12,920 --> 00:21:15,160 The second interface is the customer interface. 360 00:21:15,280 --> 00:21:16,880 It's a hyper-local app. 361 00:21:16,960 --> 00:21:19,480 It helps to order and deliver items 362 00:21:19,640 --> 00:21:21,640 from one place to another place. 363 00:21:22,680 --> 00:21:25,000 Our second app is the delivery app. 364 00:21:25,080 --> 00:21:27,800 It's used by our internal delivery riders. 365 00:21:28,840 --> 00:21:32,640 Sharks, we have empowered more than 1,200 businesses till now. 366 00:21:32,720 --> 00:21:35,160 [inspirational music] 367 00:21:37,200 --> 00:21:39,560 We have delivered more than 10 lakh orders. 368 00:21:44,200 --> 00:21:48,080 We delivered products of big brands in every nook and corner of Kashmir. 369 00:21:48,160 --> 00:21:50,320 For example, Flipkart, JioMart 370 00:21:50,400 --> 00:21:53,200 and other such famous brands. 371 00:21:53,400 --> 00:21:55,760 [motivational music] 372 00:21:57,160 --> 00:22:00,880 Sharks, our vision is to reach those places in our country 373 00:22:01,000 --> 00:22:02,920 where delivery apps fail to reach. 374 00:22:03,040 --> 00:22:07,240 So our ask is Rs. 90 lakhs for 3% equity. 375 00:22:12,480 --> 00:22:13,760 - Wonderful! - Awesome! 376 00:22:13,880 --> 00:22:14,720 Superb! 377 00:22:14,920 --> 00:22:18,320 - Samiullah and Abid, welcome to Shark Tank. - Thank you! 378 00:22:27,880 --> 00:22:31,400 - Okay! - Before starting FastBeetle, I worked in Dubai as CTO. 379 00:22:31,640 --> 00:22:34,680 - Wow! - I'm a qualified engineer. 380 00:22:35,000 --> 00:22:36,920 - What about college? - I completed my college in Delhi. 381 00:22:37,000 --> 00:22:38,000 Who is the CEO? 382 00:22:38,080 --> 00:22:41,800 - I'm the CEO. - You're the first CTO who speaks more than the CEO. 383 00:22:41,960 --> 00:22:43,840 [laughing] 384 00:22:44,200 --> 00:22:45,040 Please go on. 385 00:22:45,120 --> 00:22:47,680 I completed my BBA from Kurukshetra University. 386 00:22:47,760 --> 00:22:50,200 I joined my first job in Kashmir's first startup 387 00:22:50,280 --> 00:22:51,640 as e-commerce was booming. 388 00:22:51,800 --> 00:22:53,480 I faced this problem there. 389 00:22:54,480 --> 00:22:58,360 So I called up Abid. I said, "Abid, why don't we start a company 390 00:22:58,560 --> 00:23:00,680 and help our community at the same time?" 391 00:23:00,760 --> 00:23:03,160 - And try to solve this problem. - Very good! 392 00:23:03,400 --> 00:23:05,680 So we resigned in 2018. 393 00:23:05,840 --> 00:23:08,880 He too resigned and we started this company in 2019. 394 00:23:09,880 --> 00:23:12,240 I haven't noticed many businesses 395 00:23:12,320 --> 00:23:14,800 or entrepreneurs coming from Kashmir. 396 00:23:15,240 --> 00:23:16,400 What could be the reason? 397 00:23:16,640 --> 00:23:19,160 The reason is we lack corporate culture. 398 00:23:19,240 --> 00:23:21,320 We don't get modern facilities. 399 00:23:21,400 --> 00:23:24,760 There are very few people like you who could support us. 400 00:23:25,840 --> 00:23:28,680 That's the reason, the youth of Jammu and Kashmir 401 00:23:28,760 --> 00:23:30,800 is dependent on employment. 402 00:23:31,000 --> 00:23:34,200 Didn't you think that you'd face those problems? 403 00:23:36,400 --> 00:23:39,400 [regional language] 404 00:23:39,760 --> 00:23:43,920 'If you want to start something new, start it from your native place.' 405 00:23:44,280 --> 00:23:48,200 'We launched FastBeetle in Kashmir with this thought.' 406 00:23:48,400 --> 00:23:51,160 [musical instrument playing] 407 00:23:54,320 --> 00:23:56,200 People said, "it won't work. 408 00:23:56,280 --> 00:23:58,200 The internet is like oxygen for this business. 409 00:23:58,280 --> 00:24:02,160 How will you survive as the internet access is cut off frequently?" 410 00:24:02,720 --> 00:24:04,800 'We have been experiencing internet unavailability' 411 00:24:04,880 --> 00:24:07,320 'for the last ten years. Even curfews.' 412 00:24:07,400 --> 00:24:10,960 'We decided to take it as a challenge and accept it.' 413 00:24:11,360 --> 00:24:13,560 [inspirational music] 414 00:24:16,760 --> 00:24:19,320 'We'll change the perception of outsiders' 415 00:24:19,400 --> 00:24:22,360 'for this place.' 416 00:24:22,440 --> 00:24:24,680 'It's our responsibility as it's our country.' 417 00:24:24,760 --> 00:24:27,480 'If we don't take responsibility, who will do it?' 418 00:24:28,240 --> 00:24:29,720 Let's come back to your business. 419 00:24:29,840 --> 00:24:32,200 As far as I know, there are three to four noticeable things. 420 00:24:33,120 --> 00:24:34,680 One is the First Mile, 421 00:24:43,280 --> 00:24:45,120 We manage everything on our own in Kashmir. 422 00:24:45,720 --> 00:24:48,360 To reach the places outside Kashmir, we have tied up 423 00:24:48,440 --> 00:24:51,240 with our partners and we have customised pricing. 424 00:24:51,320 --> 00:24:55,240 For example, if I approach a courier company, I pay Rs. 250 per kg. 425 00:24:55,360 --> 00:24:57,640 Also, I have to visit the courier shop. 426 00:24:57,760 --> 00:24:59,600 If we provide the same service through our app, 427 00:24:59,680 --> 00:25:02,760 the customer has to pay just Rs. 150 to Rs. 200. 428 00:25:04,080 --> 00:25:07,280 We do Mid Mile delivery with Jio. They deliver the product 429 00:25:07,400 --> 00:25:09,560 to our warehouse in Jammu. 430 00:25:09,640 --> 00:25:13,280 We take the Mid Mile delivery from our warehouse and do the Last Mile. 431 00:25:13,440 --> 00:25:14,960 - So you do that too? - Yes! 432 00:25:18,520 --> 00:25:19,880 present in Kashmir? 433 00:25:19,880 --> 00:25:21,000 They are there, 434 00:25:21,080 --> 00:25:24,920 but our local geographical knowledge helps us deliver goods faster. 435 00:25:25,000 --> 00:25:26,560 Let me give you a live example. 436 00:25:26,600 --> 00:25:29,280 A few months ago, Jio did business with us. 437 00:25:29,480 --> 00:25:31,800 We transported their goods from Jammu to Srinagar. 438 00:25:31,920 --> 00:25:35,200 They used to hire Delhivery which had a TAT of 7 to 8 days. 439 00:25:53,120 --> 00:25:55,880 Our reach is greater than other companies. 440 00:25:55,920 --> 00:25:57,880 We deliver even to the Uri border. 441 00:25:57,960 --> 00:25:59,800 [music playing] 442 00:26:00,000 --> 00:26:04,000 Big companies deliver in cities and main towns. 443 00:26:04,160 --> 00:26:07,400 But when it comes to villages, they don't deliver there. 444 00:26:07,480 --> 00:26:09,680 - The competition there is zero. - Yes, that's right. 445 00:26:12,160 --> 00:26:14,640 - Do you own the fleet? - No. 446 00:26:14,760 --> 00:26:16,680 It's on rent. Assets are something... 447 00:26:16,760 --> 00:26:17,960 - No heavy asset? - No. 448 00:26:17,960 --> 00:26:20,480 This business doesn't run on heavy assets. Very good. 449 00:26:20,520 --> 00:26:21,640 Yes, that's good. 450 00:26:23,040 --> 00:26:28,360 'Asset-light is when a business does not buy any assets on the books.' 451 00:26:28,680 --> 00:26:32,000 'The reverse is asset-heavy when a business buys all assets' 452 00:26:32,120 --> 00:26:34,120 'on the books.' 453 00:26:34,200 --> 00:26:36,480 'Uber, for instance, is an asset-light company' 454 00:26:36,480 --> 00:26:38,040 'that doesn't own any cars.' 455 00:26:38,160 --> 00:26:39,480 'Meru Cabs, on the other hand, ' 456 00:26:39,680 --> 00:26:42,400 'owns the entire fleet to run their business.' 457 00:26:43,960 --> 00:26:46,680 How many deliveries are possible in a day and how many do you do? 458 00:26:58,800 --> 00:27:00,800 - I believe you've raised investment too. - Yes. 459 00:27:14,080 --> 00:27:15,240 Do you have an ESOP in place? 460 00:27:15,320 --> 00:27:16,920 We set the ESOP at 10%. 461 00:27:17,000 --> 00:27:19,840 - We need senior people in the company. - Got it. 462 00:27:19,960 --> 00:27:22,560 We have a guy named Sunny who's Dutch. 463 00:27:22,600 --> 00:27:25,960 He has worked in the founding team of a big start-up in the Netherlands. 464 00:27:26,040 --> 00:27:27,680 - We gave him ESOP. - What percentage? 465 00:27:27,800 --> 00:27:28,840 6.5%. 466 00:27:28,920 --> 00:27:30,280 You gave him 6.5%! 467 00:27:30,320 --> 00:27:32,440 We couldn't match his salary. 468 00:27:32,560 --> 00:27:34,160 - Well done. - Lovely. 469 00:27:35,160 --> 00:27:37,640 - When was the last valuation? - November. 470 00:27:37,680 --> 00:27:39,360 - November 2021. - Yes. 471 00:27:39,400 --> 00:27:41,200 - And what was the valuation? - Rs. 6 crores. 472 00:27:42,040 --> 00:27:45,360 Has your business grown five times since then... 473 00:27:46,920 --> 00:27:49,040 That you're asking for a valuation of Rs. 30 crores? 474 00:27:49,160 --> 00:27:51,240 Back then our revenue was Rs. 7 lakhs. 475 00:27:51,320 --> 00:27:52,840 - A month? - Yes. 476 00:27:52,960 --> 00:27:55,680 Today, our revenue is Rs. 25 to 30 lakhs. 477 00:28:01,200 --> 00:28:02,080 Rs. 3 crores. 478 00:28:02,120 --> 00:28:04,040 We'll assume our revenue is Rs. 3 crores. 479 00:28:07,840 --> 00:28:09,280 Do you make a profit? 480 00:28:09,440 --> 00:28:11,160 If we talk about the entire year, 481 00:28:11,240 --> 00:28:14,200 then our gross revenue is 54%. 482 00:28:14,280 --> 00:28:16,280 This year's projected sales is Rs. 3 crores. 483 00:28:16,360 --> 00:28:18,400 What do you mean by gross revenue is 54%? 484 00:28:18,480 --> 00:28:19,760 - Gross margin. - Gross margin. 485 00:28:19,760 --> 00:28:21,040 - Gross margin. - Got it. Okay. 486 00:28:23,760 --> 00:28:25,800 [intense music playing] 487 00:28:27,440 --> 00:28:29,520 - We have a burn of Rs. 10 lakhs. - That's our burn. 488 00:28:29,640 --> 00:28:31,440 - In a year. - Rs. 3 crores. Hang on. 489 00:28:31,520 --> 00:28:32,880 Out of Rs. 3 crores, 490 00:28:33,040 --> 00:28:36,320 around Rs. 1.25 crores is the cost of goods sold. 491 00:28:36,480 --> 00:28:37,440 - Okay? - Yes. 492 00:28:37,640 --> 00:28:39,400 What about the other expenses? 493 00:28:39,640 --> 00:28:43,560 Our annual rent comes to about Rs. 20 to 25 lakhs. 494 00:28:43,720 --> 00:28:44,760 And salaries? 495 00:28:44,880 --> 00:28:47,600 The salaries of all the employees is about Rs. 1 crore. 496 00:28:47,680 --> 00:28:49,920 - Rs. 1.25 crores. Okay. - [indistinct] 497 00:28:50,000 --> 00:28:52,600 And Rs. 30 to 40 lakhs is miscellaneous expenditure. 498 00:28:53,560 --> 00:28:56,520 What is your vision? Where do you see yourself in five years? 499 00:28:56,600 --> 00:28:59,440 We want to operate in Kashmir for two more years 500 00:28:59,480 --> 00:29:01,040 and become number one in the Himalayas. 501 00:29:01,240 --> 00:29:05,360 So, what will be your projected sales after two years? 502 00:29:05,800 --> 00:29:08,720 We want to touch Rs. 200 crores in two years. 503 00:29:09,360 --> 00:29:10,840 I visited the Northeast too. 504 00:29:10,880 --> 00:29:13,280 I met with my friend there who is also an entrepreneur. 505 00:29:13,400 --> 00:29:15,160 He's facing the same problem. 506 00:29:15,200 --> 00:29:18,480 Our expertise is operating in harsh weather conditions 507 00:29:18,640 --> 00:29:21,280 where it gets challenging. 508 00:29:21,400 --> 00:29:24,480 I want to replicate this model there as well. 509 00:29:25,400 --> 00:29:28,440 Samiulllah and Abid, I've made my decision. 510 00:29:29,480 --> 00:29:34,480 Inaccessible areas in the Uri border, Himachal and Northeast 511 00:29:34,720 --> 00:29:36,920 could become your USP. 512 00:29:37,120 --> 00:29:39,760 I think you will grow to a certain extent. 513 00:29:39,960 --> 00:29:42,720 But you won't scale beyond a certain point. 514 00:29:42,800 --> 00:29:44,720 [intense music playing] 515 00:29:44,840 --> 00:29:46,440 - So, I am out. - Thank you. 516 00:29:46,440 --> 00:29:48,280 - But it was nice to meet you. - Thank you. 517 00:29:48,360 --> 00:29:49,320 Thank you. 518 00:29:49,520 --> 00:29:52,960 I'm out mainly for this reason. 519 00:29:53,120 --> 00:29:57,560 I don't see what the defensibility of B2B business would be. 520 00:29:58,920 --> 00:30:00,560 But I wish you all the best. 521 00:30:00,920 --> 00:30:02,200 - Thank you. - Thank you so much. 522 00:30:02,560 --> 00:30:06,720 I think we should develop Kashmir's ecosystem. 523 00:30:06,880 --> 00:30:09,000 We need more entrepreneurs from Kashmir. 524 00:30:23,800 --> 00:30:27,240 I've had a few experiences in Kashmir with Lenskart myself. 525 00:30:27,480 --> 00:30:28,680 Do you deliver for us? 526 00:30:29,120 --> 00:30:30,440 - Yes, we do. - Yes? 527 00:30:30,560 --> 00:30:32,120 - In Baramulla. - Yes. 528 00:30:32,760 --> 00:30:34,000 There will be growth. 529 00:30:34,160 --> 00:30:36,520 I believe you will do something big. 530 00:30:36,800 --> 00:30:41,320 - Thank you. - My offer is Rs. 90 lakhs for 10% equity. 531 00:30:47,840 --> 00:30:49,360 for 9% equity. 532 00:30:53,960 --> 00:30:56,000 - Lovely. Congratulations. - Amazing. 533 00:30:56,760 --> 00:30:59,920 I'll revise my offer and match his offer. 534 00:31:00,840 --> 00:31:02,320 Rs. 90 lakhs for 9% equity. 535 00:31:05,560 --> 00:31:07,920 What about the debt component? 536 00:31:09,080 --> 00:31:11,000 He changed the offer. 537 00:31:12,920 --> 00:31:14,160 Thank us. 538 00:31:14,320 --> 00:31:16,120 - Thank you. - You don't have to opt for debt. 539 00:31:17,240 --> 00:31:20,120 Acknowledge that they made you an offer based on my offer. 540 00:31:20,800 --> 00:31:22,160 - Thank you. - Thank you, everyone. 541 00:31:24,160 --> 00:31:25,560 You have three offers. 542 00:31:25,640 --> 00:31:28,880 Peyush's offer is Rs. 90 lakhs for 10% equity. 543 00:31:29,760 --> 00:31:32,320 And Anupam and Aman made the same offer. 544 00:31:32,480 --> 00:31:33,640 - Individual... - My offer is the same as well. 545 00:31:39,560 --> 00:31:41,160 Pick one. 546 00:31:45,120 --> 00:31:46,800 We have a counteroffer. 547 00:31:46,840 --> 00:31:48,320 - Do tell. - What is it? 548 00:31:48,640 --> 00:31:50,480 Rs. 90 lakhs for 5% equity. 549 00:31:58,880 --> 00:32:00,720 Who is the counteroffer for? 550 00:32:00,840 --> 00:32:02,240 We want two Sharks on board. 551 00:32:02,240 --> 00:32:04,880 Aman and Peyush. 552 00:32:08,240 --> 00:32:09,760 What about Anupam? 553 00:32:11,360 --> 00:32:13,800 Okay, you both can make the deal. I am out. 554 00:32:13,920 --> 00:32:15,920 [intense music playing] 555 00:32:17,320 --> 00:32:19,400 I am ready to come on board along with Aman. 556 00:32:20,400 --> 00:32:22,440 I don't find your valuation to be fair. 557 00:32:23,960 --> 00:32:26,320 We normally take 12% with two Sharks on board. 558 00:32:26,320 --> 00:32:27,440 Just for you, 559 00:32:27,600 --> 00:32:29,640 we're agreeing to Rs. 90 lakhs for 9% equity 560 00:32:36,800 --> 00:32:37,600 Tell me. 561 00:32:37,640 --> 00:32:39,560 Let's settle for Rs. 90 lakhs for 7% equity. 562 00:32:44,480 --> 00:32:46,840 I'll make you our last offer without asking Peyush. 563 00:32:46,920 --> 00:32:48,640 Rs. 90 lakhs for 8% equity. 564 00:32:56,080 --> 00:32:57,320 Rs. 90 lakhs for 8% equity. 565 00:32:57,440 --> 00:32:59,400 Just go for it at least now. 566 00:32:59,480 --> 00:33:00,600 This is the final offer. 567 00:33:00,680 --> 00:33:02,600 1% won't make a difference. Just go for it. 568 00:33:03,360 --> 00:33:04,640 Yes or no? 569 00:33:06,400 --> 00:33:07,960 Yes or no? 570 00:33:09,320 --> 00:33:12,160 Let's seal the deal for Rs. 90 lakhs for 7.5% equity. 571 00:33:16,400 --> 00:33:19,000 - Fine, let's settle for 7.5%. Come, Peyush. - Okay. 572 00:33:19,080 --> 00:33:20,200 - The deal is done! - Fine. 573 00:33:26,840 --> 00:33:28,680 I visit every year. It's beautiful. 574 00:33:30,200 --> 00:33:33,040 - I think this is one of my best deals. - Thank you. 575 00:33:33,160 --> 00:33:35,600 - You'll build a bigger ecosystem. - Let's... 576 00:33:35,720 --> 00:33:36,680 Thank you. 577 00:33:36,800 --> 00:33:39,120 - Thank you for supporting us. - Thank you for the support. 578 00:33:40,200 --> 00:33:42,720 But you didn't accept my offer. Very bad. 579 00:33:42,920 --> 00:33:45,640 You can also join us in the next round. 580 00:33:45,720 --> 00:33:46,520 Thank you. 581 00:33:46,560 --> 00:33:48,520 - All the best. - Thank you. 582 00:33:48,640 --> 00:33:50,880 [euphoric music playing] 583 00:35:04,560 --> 00:35:06,680 [inspirational music] 584 00:35:14,160 --> 00:35:16,320 [ethereal music] 585 00:35:22,200 --> 00:35:23,760 - Hi, Sharks! How are you? - Hi! Good! 586 00:35:23,840 --> 00:35:25,080 We are fine. How are you? 587 00:35:25,160 --> 00:35:26,760 Mr. Peyush Bansal, let me start with you. 588 00:35:27,000 --> 00:35:29,080 How many times did you use the washroom today? 589 00:35:29,800 --> 00:35:31,360 And how was your experience? 590 00:35:31,440 --> 00:35:33,520 [laughing] 591 00:35:35,120 --> 00:35:36,640 Please share your experience. 592 00:35:36,720 --> 00:35:38,400 Was the flow strong or weak? 593 00:35:38,480 --> 00:35:40,840 - I didn't notice but... - Don't lie! 594 00:35:40,960 --> 00:35:44,080 [laughing] 595 00:35:45,040 --> 00:35:47,840 - Did I make you feel awkward? - Yes, of course! 596 00:35:47,920 --> 00:35:51,400 Sharks, just think about the patients who visit the hospital 597 00:35:51,480 --> 00:35:55,000 - and face such questions. How they must be feeling? - Yes. 598 00:35:55,600 --> 00:35:57,360 Numerous diseases 599 00:35:57,440 --> 00:36:01,000 like repeated urinary tract infections, prostate, 600 00:36:01,160 --> 00:36:03,160 male infertility, female infertility, 601 00:36:03,240 --> 00:36:06,000 and urethral strictures. 602 00:36:06,240 --> 00:36:07,880 For all these diseases, 603 00:36:08,000 --> 00:36:10,520 doctors usually recommend a test 604 00:36:10,640 --> 00:36:13,080 known as conventional uroflowmetry. 605 00:36:21,360 --> 00:36:22,760 But don't worry Sharks! 606 00:36:22,840 --> 00:36:25,920 We have a solution for it, called P-flow. 607 00:36:26,040 --> 00:36:27,840 [upbeat music] 608 00:36:27,920 --> 00:36:29,480 P-flow is the world's first 609 00:36:29,560 --> 00:36:32,040 portable and disposable kit 610 00:36:35,320 --> 00:36:37,800 completely. 611 00:36:37,880 --> 00:36:40,440 Patients can take this kit home 612 00:36:40,560 --> 00:36:42,480 to conduct a test 613 00:36:42,560 --> 00:36:45,560 - and the report is sent to their mobile phone automatically. - Oh! 614 00:36:47,400 --> 00:36:50,080 Greetings, Sharks! I'm Dr. Preeti Rawandale. 615 00:36:56,840 --> 00:36:58,080 So our vision is 616 00:36:58,160 --> 00:37:01,480 to make P-flow available in every household 617 00:37:01,560 --> 00:37:05,440 so that the patients conduct their tests with dignity 618 00:37:05,520 --> 00:37:07,840 and save their organs on time. 619 00:37:07,920 --> 00:37:10,920 Because we believe that prevention is better than cure. 620 00:37:11,000 --> 00:37:11,800 Absolutely! 621 00:37:11,920 --> 00:37:14,400 For our invention, our ask is 622 00:37:14,480 --> 00:37:16,000 Rs. 60 lakhs for 1% equity. 623 00:37:30,720 --> 00:37:32,680 Why did you say that? 624 00:37:32,800 --> 00:37:35,320 [laughing] 625 00:37:35,520 --> 00:37:36,520 Who is the CEO? 626 00:37:36,600 --> 00:37:37,840 She is the heart and soul of the company. 627 00:37:37,920 --> 00:37:40,200 Don't just say it in words. What is the equity split? 628 00:37:40,280 --> 00:37:42,680 - We have 35% each approximately. - Okay. Good! 629 00:37:42,760 --> 00:37:43,960 Are you two urologists? 630 00:37:44,040 --> 00:37:46,360 I'm a urologist and she's an ophthalmologist. 631 00:37:46,440 --> 00:37:47,920 Alright! 632 00:37:50,200 --> 00:37:52,960 - Can we show you the demo if you allow us? - Yes, please! 633 00:37:53,040 --> 00:37:55,080 [inspirational music] 634 00:38:11,400 --> 00:38:14,400 When they urinate he clicks a button and the computer starts recording. 635 00:38:14,480 --> 00:38:16,160 [upbeat music] 636 00:38:16,280 --> 00:38:19,560 It makes a patient cautious and embarrassed. 637 00:38:19,680 --> 00:38:23,360 That results in false positive reports. 638 00:38:23,440 --> 00:38:26,960 In simple words, the patient can't urinate freely. 639 00:38:27,280 --> 00:38:29,280 That's the reason we invented P-flow. 640 00:38:29,400 --> 00:38:31,920 Let's assume we have a patient called Rajesh. 641 00:38:32,840 --> 00:38:34,960 He buys this kit from our online shop 642 00:38:35,080 --> 00:38:36,960 or Amazon. 643 00:38:37,040 --> 00:38:39,120 The kit is delivered to his home. 644 00:38:39,200 --> 00:38:41,000 It is packed in a box. 645 00:38:42,000 --> 00:38:45,960 We have provided some extra funnels in case he wants to repeat the test. 646 00:38:46,280 --> 00:38:48,280 When his bladder is full, 647 00:38:48,360 --> 00:38:51,800 he will hold the funnel in his hand and pee 648 00:38:51,880 --> 00:38:55,360 after keeping the container on a levelled surface. 649 00:38:55,440 --> 00:38:57,240 [ethereal music] 650 00:38:57,320 --> 00:39:00,640 The pee will be collected in the graded columns 651 00:39:00,760 --> 00:39:02,080 inside the container. 652 00:39:02,160 --> 00:39:06,080 Then he has to scan the QR code given in the pamphlet. 653 00:39:06,480 --> 00:39:09,280 After he scans the QR code, a form will be displayed. 654 00:39:09,960 --> 00:39:13,440 He has to fill in his name, age, sex, phone number, 655 00:39:13,560 --> 00:39:16,080 address and other such information in the form. 656 00:39:16,400 --> 00:39:19,240 And there's an option at the bottom 657 00:39:19,360 --> 00:39:21,440 to click a photo and upload it. 658 00:39:21,680 --> 00:39:25,040 Basically, the photo will be sent to the headquarter after it's uploaded. 659 00:39:25,120 --> 00:39:26,040 Whose photo? 660 00:39:26,120 --> 00:39:28,280 - One must click a photo of the P-flow container. - Okay! 661 00:39:29,840 --> 00:39:32,320 So the doctor analyses the photo 662 00:39:32,520 --> 00:39:34,760 - and then prepares a report. - Yes! 663 00:39:40,800 --> 00:39:42,320 and tested them with the help of this kit, 664 00:39:42,400 --> 00:39:44,120 and then tested them on the electronic machine too. 665 00:39:44,200 --> 00:39:46,960 And it showed more than 95% accuracy. 666 00:39:47,040 --> 00:39:48,440 Isn't it less? 667 00:39:48,520 --> 00:39:49,880 It's the right percentage. 95% is okay. 668 00:39:49,960 --> 00:39:52,880 - 95% is good accuracy. - That's right. 669 00:39:57,440 --> 00:40:00,280 The average cost of uroflowmetry in India 670 00:40:00,360 --> 00:40:02,200 is around Rs. 1,000 671 00:40:02,320 --> 00:40:04,480 to Rs. 1,100 for a single test. 672 00:40:05,200 --> 00:40:06,800 And they do it in front of a technician. 673 00:40:06,880 --> 00:40:08,240 What's the price of this kit? 674 00:40:08,320 --> 00:40:11,080 It costs around Rs. 1,000 but we're trying... 675 00:40:16,560 --> 00:40:17,680 Yes! 676 00:40:18,680 --> 00:40:19,800 What's the manufacturing cost? 677 00:40:19,880 --> 00:40:20,920 We need Rs. 130 678 00:40:28,800 --> 00:40:31,280 We started the production post-Covid. 679 00:40:31,360 --> 00:40:34,480 Our first batch was dispatched in January 2022. 680 00:40:34,560 --> 00:40:37,200 We sold 650 pieces by September. 681 00:40:37,280 --> 00:40:38,920 [sweeping music] 682 00:40:44,600 --> 00:40:46,040 and through our network. 683 00:40:46,120 --> 00:40:48,080 Alright. So you haven't yet started selling it in the marketplace. 684 00:40:48,160 --> 00:40:50,720 That's because we haven't researched enough on this product. 685 00:40:50,800 --> 00:40:52,040 [sweeping music] 686 00:40:52,120 --> 00:40:54,600 What's your guess? How much will your company grow? 687 00:40:54,680 --> 00:40:56,840 And how much revenue will it make in three years from your viewpoint? 688 00:40:56,920 --> 00:40:59,720 Sir, let me give a simple calculation to you. 689 00:40:59,800 --> 00:41:02,960 There are around 10,000 urologists in our country. 690 00:41:04,040 --> 00:41:06,960 We need just 500 prescriptions from the urologists. 691 00:41:07,040 --> 00:41:10,120 And its profit margin is around Rs. 500. 692 00:41:10,240 --> 00:41:10,960 Got it! 693 00:41:11,040 --> 00:41:13,040 That would be the per-day calculations. 694 00:41:18,880 --> 00:41:20,480 I'm talking about the profit. 695 00:41:20,560 --> 00:41:22,840 - Revenue? Rs. 5 lakhs! - Yes! 696 00:41:22,920 --> 00:41:24,960 If you try and generate 697 00:41:25,040 --> 00:41:27,640 its usage for every household, 698 00:41:27,720 --> 00:41:30,480 it could be a new category which isn't present now. 699 00:41:30,600 --> 00:41:33,640 People might use it the way they use thermometers. 700 00:41:33,720 --> 00:41:35,200 Yes! That's right. 701 00:41:35,280 --> 00:41:37,240 [sweeping music] 702 00:41:42,920 --> 00:41:46,280 I completed my MBBS at B.J. Medical College, Pune. 703 00:41:46,400 --> 00:41:48,040 - It's a great college! - Thank you, ma'am! 704 00:41:48,160 --> 00:41:49,680 [ethereal music] 705 00:41:49,760 --> 00:41:51,640 I completed my MS 706 00:41:51,760 --> 00:41:53,920 at Sassoon General Hospital, Pune. 707 00:41:54,000 --> 00:41:57,120 I completed M.Ch. in Urology after that. 708 00:41:57,240 --> 00:41:58,800 That was through an all-India entrance exam. 709 00:41:58,880 --> 00:42:00,560 I completed it at Bombay Hospital. 710 00:42:01,160 --> 00:42:05,320 I also completed DNB in urology from AIIMS, New Delhi. 711 00:42:05,800 --> 00:42:09,040 Then I went to Singapore and pursued a fellowship. 712 00:42:09,120 --> 00:42:10,960 After that, I got an offer 713 00:42:11,040 --> 00:42:13,200 to go to Detroit as a robotic surgeon. 714 00:42:13,320 --> 00:42:16,320 I turned down that offer and I went back to Dhule to practise. 715 00:42:16,480 --> 00:42:17,400 What did you do in Dhule? 716 00:42:17,480 --> 00:42:20,760 I started a 20-bed urology setup in Dhule, initially. 717 00:42:20,880 --> 00:42:21,960 Wow! 718 00:42:22,040 --> 00:42:25,440 We kept expanding it to make it a 110-bed setup 719 00:42:25,560 --> 00:42:28,120 by the year 2015. 720 00:42:28,200 --> 00:42:30,360 It's a urology and nephrology setup. 721 00:42:30,440 --> 00:42:32,040 Plus, it's multi-speciality. 722 00:42:32,120 --> 00:42:34,000 So you're still running this hospital? 723 00:42:34,080 --> 00:42:34,920 It's still functioning. 724 00:42:35,000 --> 00:42:39,040 We established our private limited company in 2009. 725 00:42:39,120 --> 00:42:41,280 And we went public in 2015. 726 00:42:46,680 --> 00:42:48,680 - Do you own this company? - Yes! 727 00:42:48,800 --> 00:42:51,120 What's the value of your company? You may share it as it's public. 728 00:42:51,200 --> 00:42:53,320 - Rs. 125 crores. - Rs. 125 crores! 729 00:42:54,560 --> 00:42:57,560 Do you want money for a public company? 730 00:42:57,640 --> 00:42:58,480 No. It's a different company. 731 00:42:58,560 --> 00:43:00,160 They are the same. It's a private limited company. 732 00:43:00,280 --> 00:43:03,840 No. Actually, it's a grey zone. We need time to decide. 733 00:43:06,040 --> 00:43:07,720 What is your plan now? 734 00:43:07,800 --> 00:43:09,280 Will you form a new company? Or what? 735 00:43:09,400 --> 00:43:10,640 Please clarify! 736 00:43:11,760 --> 00:43:14,280 - We have two options. - Alright. 737 00:43:14,360 --> 00:43:16,960 We may form a subsidiary company 738 00:43:17,040 --> 00:43:20,280 - and grow this company with the board's permission. - Alright! 739 00:43:20,360 --> 00:43:24,280 - Secondly, its intellectual property is held by me. - Oh! 740 00:43:24,360 --> 00:43:26,000 [suspenseful music] 741 00:43:26,080 --> 00:43:29,640 So it can be a separate private limited company. 742 00:43:29,720 --> 00:43:32,840 Why do you have the intellectual property separately? 743 00:43:32,920 --> 00:43:35,200 Sir, I have given 18 patent applications 744 00:43:35,320 --> 00:43:36,720 and five of them are granted. 745 00:43:36,800 --> 00:43:38,120 All of them are in my name. 746 00:43:38,200 --> 00:43:40,200 If you're just a promoter, it's okay. 747 00:43:40,280 --> 00:43:42,360 But are you working in the company 748 00:43:42,480 --> 00:43:45,520 officially as MD or a CEO? Are you extracting a salary too? 749 00:43:46,640 --> 00:43:48,800 Yes. I'm extracting a salary from my company. 750 00:43:48,920 --> 00:43:51,920 - What is your role? Are you the MD or the CEO? - I'm the MD. 751 00:43:52,040 --> 00:43:54,920 But still, you're filing patents under your name on the side? 752 00:43:56,360 --> 00:43:57,520 In the same area? 753 00:43:59,880 --> 00:44:01,200 But they can get it under an individual's name. 754 00:44:01,280 --> 00:44:04,000 - Sir, we can do it. It's allowed. - It's legal. 755 00:44:04,120 --> 00:44:05,400 Yes, it's okay. 756 00:44:06,320 --> 00:44:08,360 Doctor, you studied so much. 757 00:44:08,480 --> 00:44:11,200 You got patents and did innovations too. 758 00:44:11,480 --> 00:44:12,480 You are the MD. 759 00:44:12,600 --> 00:44:14,560 You're also running a public listed company. 760 00:44:14,920 --> 00:44:16,320 Additionally, you innovate too. 761 00:44:16,440 --> 00:44:17,960 Sir, how do you manage to do everything? 762 00:44:20,000 --> 00:44:20,800 Bravo, sir! 763 00:44:20,880 --> 00:44:22,200 I just told you half of my work. 764 00:44:22,280 --> 00:44:24,000 [laughing] 765 00:44:25,840 --> 00:44:27,960 Please tell us everything. Doctor, we want to hear you. 766 00:44:28,040 --> 00:44:29,040 What else do you do? 767 00:44:29,120 --> 00:44:32,320 Sir, he's a Guinness World Records holder twice. 768 00:44:32,400 --> 00:44:33,960 - Very good! - Wow! 769 00:44:36,520 --> 00:44:38,440 One of his records is, 770 00:44:38,520 --> 00:44:42,080 he extracted 1,72,155 stones from one kidney. 771 00:44:42,160 --> 00:44:44,360 - One lakh! - From one kidney! 772 00:44:46,440 --> 00:44:47,320 Just one kidney. 773 00:44:47,400 --> 00:44:50,480 Sir, they were of different sizes. 774 00:44:50,560 --> 00:44:52,840 - Many of them were minute. - Gosh! 775 00:44:52,960 --> 00:44:53,960 Some of the stones were big. 776 00:44:54,040 --> 00:44:56,800 The second record is for the largest kidney removal. 777 00:44:56,880 --> 00:44:58,440 Oh, my God! Wow! 778 00:45:00,120 --> 00:45:03,320 You already have enough money. I'm assuming so. 779 00:45:03,400 --> 00:45:05,520 So what do you want from Shark Tank? 780 00:45:06,600 --> 00:45:08,840 I'm a core academician. 781 00:45:09,080 --> 00:45:11,960 And she's also a core academician and administrator. 782 00:45:13,240 --> 00:45:15,120 Marketing isn't our field. 783 00:45:15,200 --> 00:45:17,040 We don't have the expertise. 784 00:45:17,120 --> 00:45:20,520 And that's where the help of people like you is required. 785 00:45:21,480 --> 00:45:23,120 Amit is going to make an offer. 786 00:45:23,240 --> 00:45:24,240 What is the valuation you're giving? 787 00:45:24,360 --> 00:45:25,280 Hey! Let him... 788 00:45:25,360 --> 00:45:27,800 - Hold on! Let me discuss valuation. - Actually, offering 789 00:45:27,880 --> 00:45:29,480 a deal with Namita will be beneficial for them. 790 00:45:29,640 --> 00:45:31,000 So let's discuss before making an offer. 791 00:45:31,120 --> 00:45:33,040 Please give us two minutes. Other people are showing interest here. 792 00:45:33,120 --> 00:45:34,800 [tense music] 793 00:45:41,800 --> 00:45:43,480 I loved meeting you two. 794 00:45:43,600 --> 00:45:44,880 - Thank you, sir! - Thank you! 795 00:45:44,960 --> 00:45:47,000 I think your team is superb. 796 00:45:47,080 --> 00:45:50,360 I think your invention will make a huge impact. 797 00:45:50,440 --> 00:45:52,720 Especially, in developing nations. It would be useful not just in India 798 00:45:52,800 --> 00:45:55,440 but in all developing nations. That's my point of view. 799 00:45:55,520 --> 00:45:57,480 Your cause is noble for mankind. 800 00:45:57,880 --> 00:46:00,200 So Namita and I have a combined offer. 801 00:46:01,160 --> 00:46:02,800 And we have certain pre-conditions 802 00:46:02,880 --> 00:46:05,400 so that there's no confusion later on. 803 00:46:05,880 --> 00:46:07,320 You will have to provide the right structure 804 00:46:07,440 --> 00:46:10,160 so that we earn money after investing in your business. 805 00:46:10,240 --> 00:46:11,920 And you will have to show us the exit path 806 00:46:12,000 --> 00:46:13,840 to help us earn money eventually. 807 00:46:13,920 --> 00:46:17,040 The patents you filed for must be approved. 808 00:46:17,120 --> 00:46:19,520 Because you said that it's the first of its kind. 809 00:46:19,600 --> 00:46:21,080 [sweeping music] 810 00:46:21,840 --> 00:46:25,240 On the basis of all these things, 811 00:46:25,520 --> 00:46:26,800 our offer would be 812 00:46:27,880 --> 00:46:30,360 to get 10% equity 813 00:46:41,200 --> 00:46:43,680 We liked you so we two made you an offer. 814 00:46:44,120 --> 00:46:47,320 You're getting a tech plus a brand-builder 815 00:46:47,440 --> 00:46:49,360 and a healthcare expert too. 816 00:46:49,440 --> 00:46:51,720 It's an unbeatable combination. 817 00:46:52,240 --> 00:46:54,640 So please accept our offer. 818 00:46:54,720 --> 00:46:56,560 [sweeping music] 819 00:46:57,920 --> 00:46:59,680 Today I want to be out. 820 00:47:00,480 --> 00:47:02,840 Primarily because the structure is too complex. 821 00:47:02,920 --> 00:47:04,640 [dramatic music] 822 00:47:05,000 --> 00:47:07,240 But congratulations! 823 00:47:07,320 --> 00:47:08,800 Thank you! Keep going. 824 00:47:08,880 --> 00:47:10,360 - Thank you so much, sir! - Thank you so much! 825 00:47:12,120 --> 00:47:13,880 Ashish, I'm in awe 826 00:47:13,960 --> 00:47:15,720 to hear the list of things you do. 827 00:47:15,800 --> 00:47:18,680 Because I can't even do three to four things properly. 828 00:47:18,800 --> 00:47:20,600 Your list of achievements compels me to say 829 00:47:20,680 --> 00:47:22,760 that you're an unbelievable personality. 830 00:47:24,680 --> 00:47:26,160 But I'm out for now. 831 00:47:26,680 --> 00:47:28,680 Because the product-market fit isn't completed. 832 00:47:28,760 --> 00:47:30,480 It's a work in progress. 833 00:47:30,560 --> 00:47:32,920 And I think he can help you at this stage. 834 00:47:34,800 --> 00:47:37,000 You created a conflict of interest. 835 00:47:37,080 --> 00:47:38,200 You are already a public company. 836 00:47:38,280 --> 00:47:41,320 You want to raise funds but you aren't clear on how you'll do it. 837 00:47:41,400 --> 00:47:44,440 It doesn't match my interests. 838 00:47:44,520 --> 00:47:46,400 [suspenseful music] 839 00:47:46,480 --> 00:47:48,720 I think you lack clarity 840 00:47:48,800 --> 00:47:52,480 and maybe you were misled to come to Shark Tank. 841 00:47:52,560 --> 00:47:54,440 I'm not clear what the reason is. 842 00:47:54,520 --> 00:47:56,440 I don't understand 843 00:47:56,520 --> 00:47:58,920 the structure you want and why you want it. 844 00:48:00,400 --> 00:48:01,880 So I want to be out for now. 845 00:48:29,440 --> 00:48:31,040 - One hundred per cent, it will. - For how much? 846 00:48:31,120 --> 00:48:32,400 It'll close at the offer we made. 847 00:48:32,480 --> 00:48:34,280 - What do you think? - We'll close the deal. 848 00:48:44,400 --> 00:48:45,400 They are back! 849 00:48:46,760 --> 00:48:48,040 The cheque is ready. 850 00:48:55,000 --> 00:48:57,920 - Please think of us first. - No! 8%! 851 00:48:58,000 --> 00:48:59,720 [dramatic music] 852 00:49:08,280 --> 00:49:09,480 We want to give you 3%. 853 00:49:10,320 --> 00:49:12,440 3%! Is 3% your final offer? 854 00:49:12,520 --> 00:49:15,360 Is it non-negotiable or you can change it? 855 00:49:15,480 --> 00:49:16,640 Almost negligible. 856 00:49:26,760 --> 00:49:28,320 We don't want to get less than 6%. 857 00:49:29,040 --> 00:49:30,160 They made the offer. 858 00:49:30,280 --> 00:49:33,520 They gave a counteroffer to your counteroffer 859 00:49:33,600 --> 00:49:35,800 of Rs. 60 lakhs for 6% equity. 860 00:49:35,880 --> 00:49:37,080 - Five! - 5%! 861 00:49:38,040 --> 00:49:39,600 No! We need our value. 862 00:49:39,720 --> 00:49:40,920 Six is a good offer. 863 00:49:42,200 --> 00:49:45,160 You may make the final decision as that's our last offer. 864 00:49:45,240 --> 00:49:46,920 [dramatic music] 865 00:49:59,240 --> 00:50:01,040 So go with the flow! 866 00:50:01,160 --> 00:50:03,560 [epic music] 867 00:50:06,880 --> 00:50:09,480 And thank you so much for believing in us. 868 00:50:10,720 --> 00:50:11,720 Thank you so much! 869 00:50:30,920 --> 00:50:32,320 'Let's watch Shark Xperience.' 870 00:50:32,440 --> 00:50:34,280 'Debjoy from Siwan has a question.' 871 00:50:34,400 --> 00:50:38,080 'Namita, you reiterated in Shark Tank season 1' 872 00:50:38,160 --> 00:50:40,800 'that you don't have a particular expertise to get out of a deal.' 873 00:50:40,880 --> 00:50:42,440 'You were trolled for saying that.' 874 00:50:42,520 --> 00:50:44,520 'Is it important as an investor' 875 00:50:44,600 --> 00:50:47,480 'to have expertise in every sector?' 876 00:50:47,560 --> 00:50:49,880 Debjoy, you asked a very good question. 877 00:50:49,960 --> 00:50:53,240 Many times I said that I don't have the expertise. 878 00:50:53,440 --> 00:50:55,960 If I don't have the expertise, it's fine. 879 00:50:56,080 --> 00:50:58,840 Why should I be ashamed to accept that? 880 00:50:58,920 --> 00:51:02,240 It's not stupidity. In fact, it's a courageous act.