1 00:00:34,160 --> 00:00:35,720 My God! What's happening? 2 00:00:37,280 --> 00:00:40,000 You moved our chairs. Who moved our chairs? 3 00:00:46,800 --> 00:00:50,240 - Wow! DARYAGANJ! It's your choice, right? - Yes! 4 00:00:50,360 --> 00:00:52,000 Amazing! 5 00:00:58,440 --> 00:01:01,360 We'd be asked to give a valuation of Rs. 200 crores at least. 6 00:01:01,480 --> 00:01:02,480 - Minimum! - Yes! 7 00:01:02,560 --> 00:01:03,600 Ooh! Nice! 8 00:01:03,680 --> 00:01:04,800 What's up? 9 00:01:04,880 --> 00:01:06,480 Looking good! 10 00:01:06,560 --> 00:01:08,600 [inspirational music] 11 00:01:14,080 --> 00:01:16,120 [ethereal music] 12 00:01:24,520 --> 00:01:27,360 Greetings, Sharks! I'm Raghav. 13 00:01:34,880 --> 00:01:37,600 Sharks, when Indians visit someone, 14 00:01:37,720 --> 00:01:39,640 they take some food items with them as gifts. 15 00:01:39,680 --> 00:01:43,600 So today we are presenting to you DARYAGANJ from Delhi. 16 00:01:43,800 --> 00:01:46,160 [funky music] 17 00:01:46,280 --> 00:01:49,000 So, Sharks, please have some food 18 00:01:49,080 --> 00:01:50,400 and have fun. 19 00:01:50,480 --> 00:01:52,560 Until then I'll narrate a story to you. 20 00:01:54,520 --> 00:01:57,040 It started in 1947. 21 00:01:57,120 --> 00:01:58,640 Shall we eat first 22 00:01:58,720 --> 00:01:59,840 or eat as you narrate? 23 00:02:00,600 --> 00:02:03,680 Actually, I ate four pieces of onions already. I will have more. 24 00:02:03,960 --> 00:02:06,440 Please stay away. I don't want to sit next to you. 25 00:02:07,400 --> 00:02:08,200 Please give us two minutes. 26 00:02:08,280 --> 00:02:11,560 I'm the sufferer. He's sitting beside me after eating onions. 27 00:02:15,320 --> 00:02:17,640 It started in 1947. 28 00:02:17,720 --> 00:02:19,120 There were mixed emotions. 29 00:02:19,200 --> 00:02:21,840 On one hand, the whole of India 30 00:02:21,920 --> 00:02:23,960 was celebrating independence... 31 00:02:24,040 --> 00:02:25,920 [ethereal music] 32 00:02:26,760 --> 00:02:28,560 And on the other hand, 33 00:02:28,920 --> 00:02:31,680 millions of people lost all their belongings 34 00:02:31,760 --> 00:02:33,600 and started a new life 35 00:02:33,720 --> 00:02:36,480 with the remains. 36 00:02:36,600 --> 00:02:40,560 This is how a refugee, Kundan Lal Jaggi 37 00:02:40,680 --> 00:02:44,000 moved to Daryaganj in Delhi from Peshawar. 38 00:02:46,720 --> 00:02:48,120 He had talent. 39 00:02:48,240 --> 00:02:50,360 He could cook delicious food. 40 00:02:50,480 --> 00:02:52,840 [vocalising] 41 00:02:52,920 --> 00:02:54,920 He soon opened a restaurant 42 00:02:55,000 --> 00:02:57,520 along with his two friends. 43 00:02:57,600 --> 00:03:01,680 One fateful night, the restaurant welcomed plenty of guests 44 00:03:02,240 --> 00:03:04,440 but all the food in the kitchen was sold out. 45 00:03:05,600 --> 00:03:07,360 He went into the kitchen 46 00:03:07,440 --> 00:03:10,680 and cooked the leftover pieces of tandoori chicken 47 00:03:10,800 --> 00:03:13,480 in a gravy of tomatoes and butter. 48 00:03:13,760 --> 00:03:15,840 Then he served the same dish. 49 00:03:16,080 --> 00:03:19,080 And, Sharks, guess what was invented? 50 00:03:19,440 --> 00:03:21,920 - Our very own butter chicken! - Butter chicken! 51 00:03:22,000 --> 00:03:23,360 Woo-hoo! 52 00:03:23,480 --> 00:03:26,600 - Woo-hoo! - Yay! Celebrations! 53 00:03:26,680 --> 00:03:28,400 Wow! [carnival music] 54 00:03:28,480 --> 00:03:32,840 The original 1947 butter chicken 55 00:03:32,960 --> 00:03:33,960 for all of you. 56 00:03:34,040 --> 00:03:35,200 What about vegetarians? 57 00:03:35,280 --> 00:03:36,840 - Butter paneer! - Butter paneer! 58 00:03:37,200 --> 00:03:38,880 [amusing music] 59 00:03:39,440 --> 00:03:42,240 And just by chance, dal makhani 60 00:03:42,360 --> 00:03:45,320 - was also invented in the same restaurant. - Wonderful! 61 00:03:45,400 --> 00:03:48,120 Really? Both these dishes were invented in 1947! 62 00:03:48,200 --> 00:03:51,920 And Kundan Lal Jaggi, the man who invented 63 00:03:52,000 --> 00:03:55,200 butter chicken and dal makhani was my grandfather. 64 00:03:55,320 --> 00:03:57,240 - Oh! Nice! - Congratulations! 65 00:03:57,360 --> 00:03:58,240 Congratulations, my friend! 66 00:03:58,320 --> 00:04:01,240 He ran the restaurant till 1992 67 00:04:01,320 --> 00:04:03,000 and then he retired. 68 00:04:04,440 --> 00:04:07,800 He was awarded the Culinary Legend Award in 2015 69 00:04:07,880 --> 00:04:10,120 by the apex body of India. 70 00:04:10,240 --> 00:04:14,200 We were in discussions about reviving his legacy. 71 00:04:14,600 --> 00:04:18,280 Unfortunately, my grandfather died in 2018. 72 00:04:18,360 --> 00:04:20,440 [mellow music] 73 00:04:20,520 --> 00:04:23,800 We launched DARYAGANJ in 2019. 74 00:04:23,920 --> 00:04:26,080 [motivational music] 75 00:04:26,760 --> 00:04:29,840 The most authentic and flavourful restaurant 76 00:04:29,920 --> 00:04:32,880 for North Indian cuisine that, hopefully, you'll experience. 77 00:04:32,960 --> 00:04:35,000 [joyful music] 78 00:04:35,800 --> 00:04:39,520 It is a complete tribute to his culinary legacy. 79 00:04:48,120 --> 00:04:50,280 and five more cloud kitchens. 80 00:04:51,080 --> 00:04:52,600 Where are your restaurants situated? 81 00:04:52,680 --> 00:04:54,840 We are available at five locations in Delhi. 82 00:04:54,920 --> 00:04:56,440 We'll soon be available in other locations too. 83 00:04:56,520 --> 00:05:00,320 We plan to open 100 restaurants in the next five years. 84 00:05:01,880 --> 00:05:03,760 - A hundred restaurants! - Yes! 85 00:05:04,760 --> 00:05:06,920 So, Sharks, our ask is 86 00:05:07,320 --> 00:05:09,560 Rs. 90 lakhs for 0.5% equity. 87 00:05:17,360 --> 00:05:19,000 Sharks, shall we go to DARYAGANJ? 88 00:05:19,960 --> 00:05:22,080 We won't go to DARYAGANJ. 89 00:05:22,200 --> 00:05:24,280 We thank you for bringing 90 00:05:24,360 --> 00:05:25,960 DARYAGANJ here. 91 00:05:26,040 --> 00:05:28,160 - The food is delicious. - Thank you! 92 00:05:28,240 --> 00:05:29,720 I visit your restaurant frequently. 93 00:05:29,800 --> 00:05:31,520 - And your... - Oh, thanks! That's great to know. 94 00:05:31,640 --> 00:05:34,240 He already knew it. That's why they made you the head of the table. 95 00:05:34,360 --> 00:05:35,880 [laughing] 96 00:05:35,960 --> 00:05:38,720 And the butter chicken you serve is a class apart. 97 00:05:39,000 --> 00:05:40,160 You serve two types of butter chicken. 98 00:05:40,240 --> 00:05:42,120 - That's right. - One is the original butter chicken 99 00:05:42,200 --> 00:05:43,600 - and the second is Today's Butter Chicken. - That's great! 100 00:05:43,680 --> 00:05:45,600 You may go and stand with them. 101 00:05:45,720 --> 00:05:46,880 You are absolutely right. 102 00:05:46,960 --> 00:05:49,400 Aman, you have done elaborate research. 103 00:05:49,480 --> 00:05:50,920 No! Let me enlighten you. 104 00:05:54,760 --> 00:05:56,480 I told Aman, "let's eat here." 105 00:05:56,560 --> 00:05:58,400 He said, "no. We must go to DARYAGANJ 106 00:05:58,520 --> 00:06:01,480 two km away. We'll go there by car as they serve yummy butter chicken. 107 00:06:01,560 --> 00:06:03,800 - Are you serious? - I said I'm vegetarian. 108 00:06:03,880 --> 00:06:05,480 "I don't eat butter chicken." 109 00:06:05,560 --> 00:06:07,640 "They must be making good vegetarian food also but I never ate it 110 00:06:07,720 --> 00:06:09,160 but we'll eat butter chicken." [chuckling] 111 00:06:09,240 --> 00:06:11,480 And then he tried to convince me 112 00:06:11,600 --> 00:06:14,240 but I didn't know that you make delicious butter paneer. 113 00:06:14,320 --> 00:06:16,840 That day we didn't go there but 114 00:06:17,160 --> 00:06:20,160 he's genuinely your biggest fan. 115 00:06:20,240 --> 00:06:21,240 - Wow! - We are so grateful. 116 00:06:21,320 --> 00:06:23,120 That's heartening to hear. 117 00:06:23,200 --> 00:06:24,800 Your sales would surely increase now. 118 00:06:24,920 --> 00:06:27,160 And now we are also big fans. 119 00:06:28,600 --> 00:06:30,360 Please tell us the relationship you share with each other. 120 00:06:30,440 --> 00:06:33,560 It'll help us understand. How did you meet? And how did you start? 121 00:06:33,640 --> 00:06:36,720 Anupam, I grew up in Delhi. 122 00:06:37,480 --> 00:06:40,080 I studied at St. Columba's in Delhi. 123 00:06:40,160 --> 00:06:43,680 Amit and I studied there since we were five years old. 124 00:06:43,760 --> 00:06:47,280 I completed high school and then got admission to St. Stephen's College. 125 00:06:47,360 --> 00:06:50,040 Soon I joined a start-up and moved to the US. 126 00:06:50,120 --> 00:06:50,920 What start-up? 127 00:06:51,000 --> 00:06:53,320 - EXL Service. - Okay! 128 00:06:53,400 --> 00:06:55,520 I still work for them. 129 00:06:55,600 --> 00:06:57,160 I always wanted 130 00:06:57,280 --> 00:07:01,440 to revive my grandfather's legacy. Right? 131 00:07:01,520 --> 00:07:04,280 And I wanted to actually bring back the authentic taste. 132 00:07:04,400 --> 00:07:06,840 It went missing from the market. 133 00:07:07,160 --> 00:07:08,720 I discussed this with Amit. 134 00:07:08,800 --> 00:07:12,600 Amit said, "100%! Let's just go ahead and do it." 135 00:07:12,680 --> 00:07:15,600 [motivational music] 136 00:07:16,080 --> 00:07:18,840 Amit is the captain of the ship for DARYAGANJ. 137 00:07:18,920 --> 00:07:20,520 He was a restaurateur. 138 00:07:20,640 --> 00:07:21,880 Are you the investor? 139 00:07:21,960 --> 00:07:23,800 - I bring the family legacy. - The trademark. 140 00:07:23,880 --> 00:07:24,840 You own the trademark. 141 00:07:24,920 --> 00:07:28,040 I give my input to Amit. 142 00:07:33,160 --> 00:07:35,440 He's the founder and promoter. 143 00:07:35,520 --> 00:07:37,800 And Gurpreet is the corporate chef and the chief operating officer. 144 00:07:37,880 --> 00:07:39,200 Is it a fine-dining restaurant? 145 00:07:39,320 --> 00:07:41,840 It's a casual dining restaurant. It isn't really a fine-dine restaurant. 146 00:07:41,920 --> 00:07:44,360 - Indian Accent is another such restaurant. - Right. 147 00:07:44,440 --> 00:07:47,560 It's difficult to scale up in terms of volume. 148 00:07:47,680 --> 00:07:51,320 Sharks, I was the chef de cuisine in Indian Accent when it launched. 149 00:07:52,240 --> 00:07:53,640 So I know how they operate. 150 00:07:53,720 --> 00:07:55,480 They could open one, two or three more branches. 151 00:07:55,560 --> 00:07:56,960 The DARYAGANJ restaurant aims 152 00:07:57,080 --> 00:08:00,960 to serve the original butter chicken to the maximum number of people in th 153 00:08:01,040 --> 00:08:03,280 That's why our recipes are very simple. 154 00:08:03,360 --> 00:08:06,640 Sharks, trust me. With this brand, I have turned into a farmer. 155 00:08:06,840 --> 00:08:09,800 We have... And I'm serious. [laughing] 156 00:08:09,920 --> 00:08:13,400 We produce the kind of tomatoes we want 157 00:08:13,480 --> 00:08:15,600 and that's the reason, this quality 158 00:08:15,680 --> 00:08:17,800 and this consistency are not easy to copy. 159 00:08:17,880 --> 00:08:20,200 You are the chief marketing officer. 160 00:08:20,280 --> 00:08:22,000 - Strike off the 'I' from 'chief'. - Exactly! 161 00:08:22,080 --> 00:08:24,600 - You could be a chef marketing officer. Right? - No! 162 00:08:30,240 --> 00:08:31,840 What is your price point? 163 00:08:33,160 --> 00:08:34,720 Our price point 164 00:08:34,800 --> 00:08:36,280 is 15% to 20% less 165 00:08:36,360 --> 00:08:38,960 than all our competitors. 166 00:08:39,080 --> 00:08:40,760 Please tell us the price of butter chicken. 167 00:08:54,920 --> 00:08:57,600 the equity structure for this business. 168 00:09:19,400 --> 00:09:22,080 - We have spent around Rs. 13 crores by now. - Oh, wow! 169 00:09:22,680 --> 00:09:23,760 - In this business? - Yes. 170 00:09:23,840 --> 00:09:25,520 How much did you invest personally? 171 00:09:25,600 --> 00:09:29,960 - I invested around Rs. 6 crores to Rs. 7 crores. - Wow! 172 00:09:30,040 --> 00:09:31,000 What about the rest of the amount? 173 00:09:31,080 --> 00:09:35,040 The remaining amount was invested by Vijay Bhalla and his office VVLS. 174 00:09:35,120 --> 00:09:39,360 Amit and some of our friends also invested. 175 00:09:40,160 --> 00:09:42,400 - Firni... Can you serve firni? - I'll bring it for you. 176 00:09:42,480 --> 00:09:45,360 We have been hearing just one thing from you. 177 00:09:45,440 --> 00:09:47,280 Food, food, food! 178 00:09:49,000 --> 00:09:52,560 The person who makes food has the least equity. Can you explain it? 179 00:09:52,640 --> 00:09:55,560 Anupam, I met Gurpreet in New York. 180 00:09:55,640 --> 00:09:57,640 He used to work full-time. 181 00:09:57,760 --> 00:10:01,400 He joined us full-time only recently. 182 00:10:01,640 --> 00:10:03,960 Gurpreet worked 183 00:10:04,040 --> 00:10:05,840 as a consultant till now. 184 00:10:05,920 --> 00:10:08,600 Gurpreet, please elaborate. 185 00:10:08,680 --> 00:10:12,560 When DARYAGANJ was being discussed, I was planning to go to New York. 186 00:10:12,640 --> 00:10:15,160 I was planning to launch my restaurant on Diwali. 187 00:10:15,280 --> 00:10:17,080 And Raghav just walked in and said, 188 00:10:17,160 --> 00:10:19,720 "I want to organise a business party for 80 people." 189 00:10:19,800 --> 00:10:20,800 I hadn't opened my restaurant yet. 190 00:10:20,960 --> 00:10:23,120 I made the arrangements and cooked for his party. 191 00:10:23,200 --> 00:10:25,360 I had no clue that it wasn't a party but my trade test. 192 00:10:25,480 --> 00:10:28,600 He toiled and went to New York but you brought him back. 193 00:10:28,680 --> 00:10:30,560 [laughing] 194 00:10:30,640 --> 00:10:33,040 So you don't have a problem with 2.5% equity. 195 00:10:34,240 --> 00:10:35,800 The word 'siyapa' is interesting. 196 00:10:35,880 --> 00:10:37,200 Please share your sales figures. 197 00:10:46,480 --> 00:10:48,640 So your net revenue for the last month is Rs. 3 crores. 198 00:10:48,720 --> 00:10:50,640 Yes. Our last month's net revenue was Rs. 3 crores. 199 00:10:50,720 --> 00:10:52,600 - Please tell us last year's figures. - Sure. 200 00:10:52,680 --> 00:10:55,400 What is your run rate this year? How far will you reach? 201 00:10:55,480 --> 00:10:57,440 - Please tell us your margins too. - Alright. 202 00:11:38,640 --> 00:11:42,040 to tell you that I want to be an investor because a good product... 203 00:11:42,320 --> 00:11:44,280 - Oh my God! - That's amazing. 204 00:11:44,360 --> 00:11:47,400 - That's amazing. - It adds on. Right? But I didn't get the time. 205 00:11:47,480 --> 00:11:49,880 Unfortunately, you came here today. 206 00:11:49,960 --> 00:11:51,680 Sir, are you nervous? 207 00:11:51,800 --> 00:11:54,560 So I'm in for the deal. 208 00:11:54,640 --> 00:11:56,520 [inspirational music] 209 00:11:56,640 --> 00:12:00,280 I'm not able to understand 210 00:12:00,360 --> 00:12:03,000 why you are asking for such a high valuation. 211 00:12:03,840 --> 00:12:05,560 We have three things 212 00:12:05,680 --> 00:12:07,800 which we think are unique. 213 00:12:07,920 --> 00:12:11,400 We have a legacy that can't be replicated. 214 00:12:13,200 --> 00:12:15,440 Secondly, in our business, 215 00:12:15,520 --> 00:12:19,880 every single restaurant is profitable on its own. 216 00:12:21,760 --> 00:12:24,080 And we are extremely cash flow positive. 217 00:12:24,160 --> 00:12:27,520 But 20% profit isn't a good profit at the restaurant level. 218 00:12:29,360 --> 00:12:30,920 It's considered good at the restaurant level. 219 00:12:31,000 --> 00:12:33,720 Alright. Please explain to him 220 00:12:33,800 --> 00:12:36,440 - the restaurant-level margin structure. - Sure! 221 00:13:19,640 --> 00:13:20,480 I agree. 222 00:13:43,720 --> 00:13:45,520 A family office called One Digi. 223 00:13:45,640 --> 00:13:48,160 Why did you approach family offices instead of institutional ones? 224 00:13:49,240 --> 00:13:50,680 We just felt that it was too early. 225 00:13:50,760 --> 00:13:52,720 You know why the institution won't fund you. 226 00:13:52,800 --> 00:13:54,440 Because the actual 227 00:13:54,520 --> 00:13:57,800 CEO has 20% equity. 228 00:13:57,960 --> 00:14:01,040 And as an investor, you have 50% equity while he has 20% equity. 229 00:14:01,120 --> 00:14:04,000 Practically speaking, your only contribution is the investment. 230 00:14:04,080 --> 00:14:06,080 - Yes! - That's right. 231 00:14:06,160 --> 00:14:08,040 Let's be practical. "They have 70% equity." 232 00:14:08,160 --> 00:14:11,520 Institutional investors think 233 00:14:11,600 --> 00:14:15,680 that the entrepreneur who is toiling to grow the business 234 00:14:15,760 --> 00:14:19,240 should own maximum equity. 235 00:14:34,560 --> 00:14:36,640 I'm not in agreement with your term sheet 236 00:14:36,760 --> 00:14:39,280 and the discount. 237 00:14:39,360 --> 00:14:42,720 Let me make an offer. Rs. 90 lakhs for 1% equity. 238 00:14:51,200 --> 00:14:55,040 - Let me hear all the offers and come back to you. - Sure! 239 00:14:57,360 --> 00:14:58,440 I have made my decision. 240 00:14:58,520 --> 00:15:00,920 Your business is nice and the food is good. 241 00:15:01,040 --> 00:15:05,360 I think the valuation you expect 242 00:15:05,560 --> 00:15:08,760 isn't exciting enough return-wise. 243 00:15:08,840 --> 00:15:10,760 [dramatic music] 244 00:15:11,200 --> 00:15:13,280 There isn't much technology play in this business 245 00:15:13,360 --> 00:15:15,520 so I won't be able to add value to it. 246 00:15:15,600 --> 00:15:17,200 For this reason, I'm out. 247 00:15:17,320 --> 00:15:19,160 [dramatic music] 248 00:15:20,320 --> 00:15:23,040 - But your business is good. - Thank you! 249 00:15:24,680 --> 00:15:27,920 I'll tell you my issue. This is a very cluttered market. 250 00:15:28,000 --> 00:15:30,480 Usually when I invest in a cluttered market, 251 00:15:30,600 --> 00:15:35,160 whether it is skincare or food or fashion or whatever, 252 00:15:35,240 --> 00:15:37,120 I look for a differentiator. 253 00:15:37,320 --> 00:15:39,920 I haven't had butter chicken. I'm a vegetarian. 254 00:15:40,000 --> 00:15:43,160 But at least between dal makhani and paneer, 255 00:15:43,200 --> 00:15:44,800 I didn't find a differentiator. 256 00:15:44,880 --> 00:15:46,360 [intense music playing] 257 00:15:46,440 --> 00:15:49,640 You know, again, this is an industry in which I have no expertise. 258 00:15:49,760 --> 00:15:51,320 So for that reason, I am out. 259 00:15:51,320 --> 00:15:52,840 - But thank you again. - Thank you. 260 00:15:53,000 --> 00:15:53,960 Thank you. 261 00:15:56,240 --> 00:15:57,720 Tell me something. 262 00:15:57,840 --> 00:16:01,560 You believe this is a big opportunity, Raghav. 263 00:16:01,840 --> 00:16:04,880 No matter how big a business you are running as a professional, 264 00:16:05,080 --> 00:16:08,280 if this really is a multi-billion dollar business, 265 00:16:08,280 --> 00:16:09,840 as you have described, 266 00:16:09,960 --> 00:16:12,280 and you've promised to return our investment, 267 00:16:12,360 --> 00:16:14,080 why don't you part with the equity and sit back? 268 00:16:14,200 --> 00:16:16,400 [intense music playing] 269 00:16:16,760 --> 00:16:19,680 - Anupam... - You own 50% of the cap table. 270 00:16:19,800 --> 00:16:21,920 That is the biggest stumbling block. 271 00:16:23,120 --> 00:16:27,000 The reality is I do not have the competence 272 00:16:27,120 --> 00:16:30,360 to run a restaurant business, right? 273 00:16:30,440 --> 00:16:32,480 Amit has the competence. 274 00:16:32,720 --> 00:16:34,320 I know him since he was 5 years old. 275 00:16:34,400 --> 00:16:36,080 Sir, that's not where the problem lies. 276 00:16:36,160 --> 00:16:40,040 The problem is you're sitting in New York with 50% equity. 277 00:16:40,120 --> 00:16:42,200 [intense music playing] 278 00:16:42,440 --> 00:16:45,640 Anupam, I am happy to offload 20% to you. 279 00:16:45,720 --> 00:16:48,560 Give me 20% equity in Rs. 50 crores. 280 00:16:48,680 --> 00:16:52,200 I will give you an additional 90 lakhs for your ask and valuation. 281 00:16:53,360 --> 00:16:55,720 I didn't understand. Can you repeat the question? 282 00:16:55,800 --> 00:16:58,120 - Exactly! - That's an offer, Aman. 283 00:16:58,200 --> 00:17:00,800 I told him I'd give him Rs. 10 crores 284 00:17:00,920 --> 00:17:02,920 - for a Rs. 50 crores valuation. - Okay. 285 00:17:03,000 --> 00:17:04,480 - Give me 20%. - Take the offer. 286 00:17:04,600 --> 00:17:06,280 As for the valuation they've asked... 287 00:17:06,320 --> 00:17:07,840 I can't offer this to you. Accept the offer. 288 00:17:09,280 --> 00:17:12,800 Then for 0.5%, I will give you Rs. 90 lakhs 289 00:17:12,880 --> 00:17:14,160 which is a Rs. 180 crores valuation. 290 00:17:21,040 --> 00:17:22,560 It's a lucrative offer, 291 00:17:22,640 --> 00:17:25,840 but the valuation for me is significantly off. 292 00:17:28,640 --> 00:17:33,080 I think the risk-return ratio is completely off balance. 293 00:17:39,280 --> 00:17:40,920 not in favour of the investor. 294 00:17:41,040 --> 00:17:43,120 - So, I am out. - Right. 295 00:17:43,480 --> 00:17:45,360 [tense music playing] 296 00:17:45,800 --> 00:17:47,920 But the food was good. Thank you. 297 00:17:47,960 --> 00:17:49,920 - Do well. All the best. - Thank you. 298 00:17:51,520 --> 00:17:54,720 My belief is if the product is good... 299 00:17:55,520 --> 00:17:57,200 - Right. - Everything else will fall in place. 300 00:17:57,280 --> 00:17:59,800 But as Anupam rightly said, 301 00:17:59,880 --> 00:18:02,600 your intervention will be needed as you have 50% equity. 302 00:18:02,720 --> 00:18:03,920 You are right, Aman. 303 00:18:03,920 --> 00:18:07,680 I am in favour of the secondary sale of shares when the time is right. 304 00:18:15,840 --> 00:18:18,000 [intense music playing] 305 00:18:18,080 --> 00:18:20,080 I can't give you a high valuation. 306 00:18:20,160 --> 00:18:22,120 Vineeta is wealthier and parts with more money. 307 00:18:22,200 --> 00:18:24,800 I can offer you only Rs. 50 lakhs for 1%. 308 00:18:27,080 --> 00:18:28,640 Which is Rs. 50 crores valuation. 309 00:18:29,800 --> 00:18:30,840 The rest will be debt. 310 00:18:31,960 --> 00:18:34,760 - What will the interest rate be, Aman? - Oh, yes. 12%. 311 00:18:40,800 --> 00:18:43,440 Or you could reject them just as you rejected me 312 00:18:43,440 --> 00:18:44,560 and go back to Daryaganj. 313 00:18:44,720 --> 00:18:45,640 You may decide. 314 00:18:45,760 --> 00:18:47,680 [intense music playing] 315 00:18:49,680 --> 00:18:51,960 - Could we take two minutes, Sharks? - Yes? 316 00:18:53,280 --> 00:18:55,520 - Just give us two minutes. Let's go. - Excuse us. 317 00:18:55,600 --> 00:18:58,240 [intense music playing] 318 00:18:58,400 --> 00:19:00,120 Vineeta, how wealthy are you? 319 00:19:00,200 --> 00:19:02,120 You give a valuation of Rs. 90 crores as if it's peanuts! 320 00:19:02,320 --> 00:19:04,800 [intense music playing] 321 00:19:08,520 --> 00:19:11,400 Welcome back, guys. The real Sharks are here. 322 00:19:11,560 --> 00:19:14,160 Aman, we would love for you to be a part of the brand. 323 00:19:14,280 --> 00:19:16,160 But your valuation is genuinely low. 324 00:19:16,280 --> 00:19:19,400 I have no problem with your second condition. 325 00:19:19,480 --> 00:19:22,600 We genuinely wish to make a counteroffer. 326 00:19:22,680 --> 00:19:25,000 [intense music playing] 327 00:19:34,360 --> 00:19:36,920 If you think this is not fair, 328 00:19:37,200 --> 00:19:39,760 then in the next formal round that we raise, 329 00:19:39,760 --> 00:19:43,280 you and Vineeta both can join us. 330 00:19:43,360 --> 00:19:44,440 It'll make it easier. 331 00:19:44,480 --> 00:19:46,840 I am out. You made your pitch to Aman. 332 00:19:48,760 --> 00:19:50,040 - No... No! - No. 333 00:19:50,080 --> 00:19:51,520 Vineeta, we are starting... 334 00:19:51,640 --> 00:19:54,800 We are starting. We are just addressing Aman first. 335 00:19:54,880 --> 00:19:58,280 Then we will come to a close with you. 336 00:19:58,400 --> 00:20:00,080 We are just making it easy. 337 00:20:01,560 --> 00:20:03,480 Aman, if you think 338 00:20:03,560 --> 00:20:05,960 we have a disconnect when it comes to the valuation, 339 00:20:06,200 --> 00:20:09,640 until the next formal round that we raise, 340 00:20:09,680 --> 00:20:13,360 we will give you 12% interest on Rs. 90 lakhs. 341 00:20:14,760 --> 00:20:19,360 And we will offer you a 30% discount on the round 342 00:20:19,480 --> 00:20:20,880 on the valuation at that point. 343 00:20:21,800 --> 00:20:23,440 - Convertible? - Yes. 344 00:20:27,920 --> 00:20:31,080 If you raise a round after a year, the discount will increase further. 345 00:20:31,240 --> 00:20:33,000 - Yes. - And if you don't for a decade, 346 00:20:33,040 --> 00:20:34,640 - that 30... - Yes, you're right. 347 00:20:34,800 --> 00:20:37,480 [tense music playing] 348 00:20:39,400 --> 00:20:40,760 I'll make you a final offer. 349 00:20:40,920 --> 00:20:42,920 [intense music playing] 350 00:20:44,120 --> 00:20:46,040 Rs. 90 lakhs. 351 00:20:46,880 --> 00:20:48,840 At a valuation of Rs. 90 crores. 352 00:20:59,040 --> 00:21:02,960 And we've gone from Rs. 50 crores to 90 crores. 353 00:21:03,360 --> 00:21:05,200 And this is only for the love of food. 354 00:21:05,280 --> 00:21:07,040 [chuckles] 355 00:21:07,440 --> 00:21:11,280 Aman, I have an additional... It's more of a request. 356 00:21:11,800 --> 00:21:13,760 [intense music playing] 357 00:21:13,960 --> 00:21:16,560 We need a certain amount of your time. 358 00:21:16,680 --> 00:21:18,960 Not a lot, even an hour a month will do. 359 00:21:19,040 --> 00:21:21,120 But truly turbo charging 360 00:21:21,280 --> 00:21:24,000 - our marketing strategy... - You don't need to butter him up. 361 00:21:24,120 --> 00:21:27,240 - No. - He has had enough butter in your chicken! 362 00:21:28,200 --> 00:21:29,960 Let me tell you something. 363 00:21:30,520 --> 00:21:32,240 What are you mumbling? 364 00:21:32,320 --> 00:21:35,920 - [laughs] - Basically, we want you both 365 00:21:36,080 --> 00:21:38,920 - to come... - No, I offered you a better valuation. 366 00:21:39,040 --> 00:21:40,960 You spoke to Aman first. 367 00:21:41,040 --> 00:21:43,480 - This is... It's evident. - No... 368 00:21:43,600 --> 00:21:45,360 - No, Vineeta. - Right? I am out. 369 00:21:45,560 --> 00:21:47,520 [intense music playing] 370 00:21:49,200 --> 00:21:50,520 I am certainly out. 371 00:21:50,560 --> 00:21:53,400 I offered you a higher valuation of Rs. 40 crores. 372 00:21:53,480 --> 00:21:54,720 You had an option. 373 00:21:54,840 --> 00:21:57,800 You made a three-minute sales pitch to Aman. 374 00:21:57,880 --> 00:22:01,320 And when I said I am out, you also said you're out. 375 00:22:01,760 --> 00:22:03,880 [intense music playing] 376 00:22:05,040 --> 00:22:07,040 - No, Vineeta. It's not... - No, I am out. 377 00:22:07,160 --> 00:22:08,920 - Gosh! - 100% respect. 378 00:22:09,040 --> 00:22:10,760 - It wasn't the case. - Come on now. 379 00:22:10,840 --> 00:22:12,800 - Butter chicken brand ambassador... - Guys... 380 00:22:12,880 --> 00:22:15,040 - Okay. I'm vegetarian. - Guys, four Sharks are out. 381 00:22:15,080 --> 00:22:16,120 You may speak to Aman. 382 00:22:16,200 --> 00:22:18,280 [intense music playing] 383 00:22:19,600 --> 00:22:23,360 We're not here to waste one another's time, okay? 384 00:22:23,600 --> 00:22:25,200 Nor will I run your business. 385 00:22:25,400 --> 00:22:27,040 [intense music playing] 386 00:22:27,840 --> 00:22:31,680 You thought you'd offer him 2.5% to run the business, 387 00:22:31,760 --> 00:22:33,320 and 20% to them. 388 00:22:33,400 --> 00:22:35,000 And Aman will do 1% marketing. 389 00:22:35,040 --> 00:22:36,000 That's not happening. 390 00:22:38,040 --> 00:22:41,600 I'll be available when you need suggestions or have a discussion. 391 00:22:41,680 --> 00:22:42,680 - Perfect. - I'm a mentor. 392 00:22:42,760 --> 00:22:43,920 - Absolutely. - I'm not one of your guys. 393 00:22:43,960 --> 00:22:45,640 You can't buy me out with 1%. 394 00:22:45,760 --> 00:22:46,560 No way. 395 00:22:48,400 --> 00:22:50,000 - I won't come. - Right. 396 00:22:50,040 --> 00:22:51,840 I'm investing because I'll give you time. 397 00:23:01,960 --> 00:23:03,480 - Deal done, Aman. - Whoa! 398 00:23:08,960 --> 00:23:11,640 [euphoric music playing] 399 00:23:13,400 --> 00:23:14,360 Thank you. 400 00:23:15,000 --> 00:23:16,120 Nice. 401 00:23:18,600 --> 00:23:20,520 Guys, I have a few restaurants. You want to come... 402 00:23:20,600 --> 00:23:22,000 [laughs] 403 00:25:33,920 --> 00:25:35,600 [bubbles rising] 404 00:25:37,080 --> 00:25:38,760 [upbeat music playing] 405 00:25:38,840 --> 00:25:42,480 I'm back at my own school this time which is ISB. 406 00:25:44,160 --> 00:25:48,440 I get really inspired by school and college students. 407 00:25:48,520 --> 00:25:50,560 If I can inspire even one student, 408 00:25:50,640 --> 00:25:51,800 then my job is done. 409 00:25:52,680 --> 00:25:54,880 Ladies and gentlemen, I would like to invite 410 00:25:55,000 --> 00:25:58,040 the CMO and the co-founder of boAt. 411 00:25:58,120 --> 00:26:00,800 A 1.4 billion valued company. 412 00:26:00,920 --> 00:26:03,920 The brain behind the brilliant marketing strategy of boAt, 413 00:26:04,040 --> 00:26:07,560 Aman Gupta, our very own alumnus of class 2011. 414 00:26:09,640 --> 00:26:11,400 I sport my boAt T-shirt to this day. 415 00:26:11,480 --> 00:26:13,680 Now, this guy is taking pictures. 416 00:26:13,760 --> 00:26:16,640 If he puts it up somewhere, that's free marketing for boAt. 417 00:26:16,720 --> 00:26:18,680 Marketing is tough at airports. 418 00:26:18,760 --> 00:26:21,000 It's expensive. So, I stand there myself. 419 00:26:21,080 --> 00:26:23,640 [song playing] 420 00:26:23,720 --> 00:26:24,880 My mantra is simple. 421 00:26:24,960 --> 00:26:27,280 Don't chase after grades, chase after holistic learning. 422 00:26:27,360 --> 00:26:30,680 You can be successful even with lower grades. 423 00:26:34,680 --> 00:26:36,040 I wake up early. 424 00:26:36,560 --> 00:26:37,760 I have to drop her to school. 425 00:26:37,800 --> 00:26:41,040 - It's heavy. You can't take this. - You have to, okay? 426 00:26:41,240 --> 00:26:43,520 - Take some of it out. - No! 427 00:26:43,560 --> 00:26:45,440 Why do you have two lunch boxes? Eat something. 428 00:26:45,560 --> 00:26:46,560 No! 429 00:26:47,160 --> 00:26:48,400 [chuckles] 430 00:26:49,360 --> 00:26:51,080 Aman is scared of everything. 431 00:26:56,040 --> 00:26:57,880 Aman's first instinct is to cover his eyes 432 00:26:58,080 --> 00:27:00,000 and not see what's happening. 433 00:27:00,480 --> 00:27:03,240 [rock music playing] 434 00:27:03,720 --> 00:27:05,720 [upbeat song playing] 435 00:27:05,840 --> 00:27:08,560 boAt boasts a freestyle work culture. 436 00:27:09,880 --> 00:27:12,280 We have a gen Z and millennial crowd. 437 00:27:12,360 --> 00:27:13,840 No one can force them to work. 438 00:27:13,920 --> 00:27:16,320 For them, every day is a Sunday and every day is a Monday. 439 00:27:16,400 --> 00:27:17,760 And that's what I believe in also. 440 00:27:20,920 --> 00:27:23,800 When that happens, you get the best out of a person. 441 00:27:26,040 --> 00:27:29,840 This packaging and the feel is outstanding. 442 00:27:30,160 --> 00:27:31,160 This is boAt. 443 00:27:32,800 --> 00:27:35,760 I am experiencing things in life that I had never dreamt of. 444 00:27:35,840 --> 00:27:37,400 I didn't think I'd be part of Shark Tank. 445 00:27:37,480 --> 00:27:38,920 Or I'd earn all this fame. 446 00:27:39,000 --> 00:27:40,640 Or that our business would grow this big. 447 00:27:40,760 --> 00:27:43,160 But I thought when we start doing well, 448 00:27:43,360 --> 00:27:44,800 we should start manufacturing in India. 449 00:27:47,160 --> 00:27:51,040 People told us that electronics can't be manufactured in India. 450 00:27:53,440 --> 00:27:54,560 We vowed to do it. 451 00:27:54,680 --> 00:27:58,000 It's costly in the beginning. It always is, but we did it. 452 00:28:00,240 --> 00:28:03,280 When we walk on the factory floor 453 00:28:03,400 --> 00:28:06,240 and read "made in India by an Indian brand' on our product, 454 00:28:06,280 --> 00:28:07,480 it makes us proud. 455 00:28:07,560 --> 00:28:10,080 It's a different feeling. 456 00:28:10,160 --> 00:28:13,760 [patriotic song playing] 457 00:28:13,840 --> 00:28:15,680 I live life for enjoyment. 458 00:28:15,760 --> 00:28:18,120 If I don't enjoy something, I don't do it. 459 00:28:18,200 --> 00:28:20,520 I want everyone to live their lives just like this. 460 00:28:20,560 --> 00:28:21,560 Stay happy, be happy. 461 00:28:25,880 --> 00:28:27,920 - Hello! - Hello. 462 00:28:28,720 --> 00:28:30,280 Life is a celebration to me. 463 00:28:30,360 --> 00:28:32,800 And you get the motivation to live life 464 00:28:32,880 --> 00:28:34,680 only if you enjoy it. 465 00:28:36,240 --> 00:28:37,560 The Indian brand boAt 466 00:28:37,640 --> 00:28:40,920 is now the world's second-largest wearable brand. 467 00:28:41,120 --> 00:28:43,120 - Whoa! - Cheers to all of us. Cheers. 468 00:28:43,400 --> 00:28:44,680 Let's celebrate. 469 00:28:44,960 --> 00:28:48,840 And a famous company said, "Do what floats your boat". 470 00:28:49,360 --> 00:28:51,840 Wait, who was it? It was us! 471 00:28:54,480 --> 00:28:56,000 [jangling] 472 00:29:00,080 --> 00:29:02,080 [ethereal music] 473 00:29:03,880 --> 00:29:05,000 Wonderful! 474 00:29:06,240 --> 00:29:07,480 [jangling] 475 00:29:10,960 --> 00:29:13,520 Sharks, I present to you our oldest, 476 00:29:13,600 --> 00:29:16,400 most faithful and most trustworthy companion. 477 00:29:16,480 --> 00:29:18,840 [thrilling music] 478 00:29:18,920 --> 00:29:21,360 It went to the first world war and the second world war 479 00:29:21,440 --> 00:29:23,320 along with the Indian army. 480 00:29:24,800 --> 00:29:26,760 India's first rocket 481 00:29:26,840 --> 00:29:29,240 - was launched with its help. - Wow! 482 00:29:29,320 --> 00:29:32,760 Milk was distributed to every house during the milk revolution. 483 00:29:33,760 --> 00:29:35,680 A cycle is still a means of daily commuting 484 00:29:35,760 --> 00:29:39,120 for 58% of the population. 485 00:29:40,200 --> 00:29:42,960 It lagged behind with the changing times. 486 00:29:43,040 --> 00:29:44,680 [sweeping music] 487 00:29:45,000 --> 00:29:48,480 We are now upgraded to 5G from 2G. 488 00:29:48,560 --> 00:29:50,840 Earlier the food was delivered in 30 minutes. It reduced to 20 then 10. 489 00:29:50,920 --> 00:29:53,360 Maybe soon the food would be delivered in two to three minutes. 490 00:30:04,880 --> 00:30:06,560 It's called DVECK. 491 00:30:23,040 --> 00:30:24,480 I'm the inventor of this machine. 492 00:30:24,560 --> 00:30:26,120 It's my kid and I'm its dad. 493 00:30:26,240 --> 00:30:28,760 [laughing] And I'm also 494 00:30:28,840 --> 00:30:31,200 the founder of my company, DV. 495 00:30:33,080 --> 00:30:35,960 My vision is to make DVECK a household name 496 00:30:36,040 --> 00:30:39,680 so that it reaches my estimated customer base of 8 crore people. 497 00:30:39,800 --> 00:30:41,520 I want to bring about a revolution of speed. 498 00:30:42,760 --> 00:30:45,280 Sharks, my ask is 499 00:30:45,360 --> 00:30:48,920 100 hours of your time for 0.5% equity 500 00:30:58,640 --> 00:30:59,760 That is the plan. 501 00:31:01,400 --> 00:31:03,520 - What is your name? - My name is Gursaurabh. 502 00:31:26,680 --> 00:31:27,920 Now I remember! 503 00:31:28,840 --> 00:31:30,080 [laughing] 504 00:31:30,160 --> 00:31:31,120 That's my comment. 505 00:31:32,800 --> 00:31:34,240 What have I written? 506 00:31:34,320 --> 00:31:36,000 You wrote, 'what a super initiative!' 507 00:31:36,080 --> 00:31:37,600 'What's the next step? And how to reach out?' 508 00:31:37,680 --> 00:31:38,520 Oh! 509 00:31:38,600 --> 00:31:40,840 I couldn't reply to your comment. Then other people... 510 00:31:40,960 --> 00:31:42,240 Why didn't you reply? 511 00:31:43,040 --> 00:31:44,600 The thing is, 512 00:31:44,720 --> 00:31:48,080 I made this video in February 2020. 513 00:31:48,160 --> 00:31:49,680 I uploaded it on 8 February 514 00:31:49,760 --> 00:31:53,400 and I woke up on 9 February with 800 messages on WhatsApp. 515 00:31:54,160 --> 00:31:55,600 Seventy missed calls. 516 00:31:56,840 --> 00:32:00,400 I'm being influenced and getting offers on social media. 517 00:32:00,600 --> 00:32:02,800 People even talked about 1 crore units. 518 00:32:02,920 --> 00:32:04,000 You know, it's influenced. 519 00:32:04,080 --> 00:32:06,600 I don't want to lose focus. 520 00:32:07,520 --> 00:32:10,040 So I took a break and went back to Hisar. 521 00:32:10,120 --> 00:32:11,240 I began redeveloping it. 522 00:32:11,320 --> 00:32:13,680 When I came back to Delhi in June 2020, 523 00:32:13,800 --> 00:32:16,440 I saw the fuss around it. 524 00:32:16,520 --> 00:32:18,240 And I felt bad because I should have responded. 525 00:32:18,320 --> 00:32:20,560 - Can you show the video to everyone? - Yes, sure! 526 00:32:20,680 --> 00:32:22,600 [inspirational music] 527 00:32:30,800 --> 00:32:34,040 Its first USP 528 00:32:38,800 --> 00:32:42,200 It easily fits into an ordinary cycle within 20 minutes 529 00:32:48,880 --> 00:32:51,600 It can be connected to your phone with the help of an app 530 00:32:51,680 --> 00:32:53,360 over wi-fi and Bluetooth 531 00:32:53,440 --> 00:32:54,960 and give useful information. 532 00:32:55,040 --> 00:32:58,760 For example, the location of the cycle, GPS tracking and so on. 533 00:32:58,880 --> 00:33:00,840 [thrilling music] 534 00:33:00,920 --> 00:33:04,520 A major breakthrough is its pedal-charging capability. 535 00:33:04,600 --> 00:33:06,920 Its battery charges with pedalling. 536 00:33:08,400 --> 00:33:09,960 Does it increase the range too? 537 00:33:10,040 --> 00:33:13,120 After we pedal, does it help cross the 40 km limit 538 00:33:13,240 --> 00:33:14,640 and run for another 20 km? 539 00:33:14,720 --> 00:33:16,000 Its power is endless. 540 00:33:16,080 --> 00:33:18,800 You can keep pedalling, keep charging and keep riding it forever. 541 00:33:18,920 --> 00:33:20,480 [thrilling music] 542 00:33:20,560 --> 00:33:23,760 Its most important feature 543 00:33:23,840 --> 00:33:25,680 is that it isn't affected by water, 544 00:33:25,760 --> 00:33:28,720 electricity, dust or mud. 545 00:33:31,680 --> 00:33:34,360 It can endure fire too. 546 00:33:34,440 --> 00:33:35,760 Let me demonstrate. 547 00:33:35,840 --> 00:33:36,880 Gosh! 548 00:33:36,960 --> 00:33:38,800 [suspenseful music] 549 00:33:43,880 --> 00:33:45,560 My friend, please be careful. 550 00:33:45,640 --> 00:33:47,800 - Are you ready? - I was born ready! 551 00:33:47,880 --> 00:33:49,240 [giggling] Woo-hoo! 552 00:34:14,720 --> 00:34:16,600 [upbeat music] 553 00:34:16,680 --> 00:34:19,880 Let's welcome you, Mr. Gursaurabh Singh. 554 00:34:19,960 --> 00:34:22,760 Welcome to Shark Tank India season 2. 555 00:34:22,840 --> 00:34:25,760 - I want to know about your ask. - Okay. 556 00:34:25,840 --> 00:34:27,840 How did you think 557 00:34:27,920 --> 00:34:29,640 of 100 hours and why? 558 00:34:29,720 --> 00:34:32,280 Why do you think that 100 hours are enough for you? 559 00:34:32,360 --> 00:34:36,760 Sir, my expertise is related to manufacturing and R&D 560 00:34:36,960 --> 00:34:38,960 so it's basically product development. That's one thing. 561 00:34:39,040 --> 00:34:42,560 Secondly, I reduced its cost 562 00:34:42,640 --> 00:34:43,880 to as low as possible. 563 00:34:43,960 --> 00:34:45,760 We can't reduce it further 564 00:34:45,840 --> 00:34:47,920 even if we manufacture it in China or Japan. 565 00:34:48,040 --> 00:34:50,440 The next step is distribution. 566 00:34:50,560 --> 00:34:52,280 I don't have its knowledge. 567 00:34:52,560 --> 00:34:54,320 [whimsical music] 568 00:34:54,400 --> 00:34:56,480 If we tread the same old pattern 569 00:34:56,600 --> 00:34:58,280 where an importer orders the items 570 00:34:58,360 --> 00:35:00,320 and sells them to a dealer who sells them to a sub-dealer, 571 00:35:00,400 --> 00:35:02,400 many layers will be added. 572 00:35:02,480 --> 00:35:05,200 And we'd follow the pattern of the EV industry. 573 00:35:05,280 --> 00:35:06,920 And I'm sorry to say 574 00:35:07,000 --> 00:35:09,240 that the EV industry doesn't care about ethics. 575 00:35:10,280 --> 00:35:12,000 - But... - Hold on, sir! 576 00:35:12,080 --> 00:35:13,520 They don't want to know 577 00:35:13,600 --> 00:35:16,200 the customer's complaints. 578 00:35:17,040 --> 00:35:21,200 There are electric cycles equivalent to my cycle in the market. 579 00:35:21,520 --> 00:35:23,640 - Can you guess the price? - I have no idea. 580 00:35:23,760 --> 00:35:27,320 Rs. 40,000, Rs. 45,000 or Rs. 48,000. 581 00:35:27,840 --> 00:35:29,800 What's the cost of your kit? 582 00:35:29,880 --> 00:35:32,840 My manufacturing cost of the base model is Rs. 9,000. 583 00:35:36,880 --> 00:35:39,560 than any motor in the market including Bosch. 584 00:35:46,160 --> 00:35:47,520 45% or 50%, whatever! 585 00:35:47,600 --> 00:35:49,120 Can't you sell just the motor? 586 00:35:49,200 --> 00:35:50,960 - Won't you profit that way? - I can! 587 00:35:51,360 --> 00:35:52,280 - Again... - Just wondering! 588 00:35:52,360 --> 00:35:54,040 - Anupam, again... - Hold on! 589 00:35:54,120 --> 00:35:56,280 - Let's not digress into... - Buddy, 590 00:35:56,360 --> 00:35:59,080 please let others also speak. 591 00:36:00,160 --> 00:36:03,520 You have come here to pitch. So, we will ask the questions. 592 00:36:04,160 --> 00:36:07,560 You said the EV industry doesn't listen to anyone. Do you? 593 00:36:07,600 --> 00:36:09,400 - You don't either. - Okay, please. 594 00:36:09,480 --> 00:36:11,040 - Be patient. - Okay. 595 00:36:11,200 --> 00:36:13,120 - Tell me. - Maybe we don't understand. 596 00:36:13,240 --> 00:36:14,760 - Absolutely. - Please forgive us. 597 00:36:14,760 --> 00:36:16,000 - Please... - Listen, please. 598 00:36:16,200 --> 00:36:17,840 If you've made a very efficient motor, 599 00:36:17,840 --> 00:36:19,680 - it will have only one supply chain. - Yes. 600 00:36:19,760 --> 00:36:22,640 Wouldn't that make a more efficient business instead of selling cycles? 601 00:36:23,080 --> 00:36:24,560 Have you thought about it? 602 00:36:24,760 --> 00:36:28,720 I can go in the direction where the profits are high. 603 00:36:28,840 --> 00:36:29,640 Okay. 604 00:36:29,720 --> 00:36:31,560 Again, coming back to the point I made at the start. 605 00:36:31,680 --> 00:36:34,960 That's not my vision currently. 606 00:36:34,960 --> 00:36:36,480 Creating an impact is my foremost vision. 607 00:36:36,560 --> 00:36:40,360 - So, you think a Shark giving you 100 hours... - Right. 608 00:36:40,360 --> 00:36:42,520 You might be able to learn this 609 00:36:42,640 --> 00:36:44,200 - owing to their experience. - Absolutely. 610 00:36:44,280 --> 00:36:47,480 - That's why you offered 0.5% equity. - Absolutely. 611 00:36:47,560 --> 00:36:50,960 You must have a number in mind. Our time has value too. 612 00:36:52,480 --> 00:36:53,440 Absolutely. 613 00:36:53,440 --> 00:36:55,840 Don't you have a financial number in mind 614 00:36:55,840 --> 00:36:57,080 of what the valuation should be? 615 00:36:57,520 --> 00:36:59,560 Sir, speaking of valuation... 616 00:36:59,640 --> 00:37:01,840 If a product is in a nascent stage, 617 00:37:01,920 --> 00:37:03,640 it's not possible to ascertain its valuation. 618 00:37:03,800 --> 00:37:04,680 I don't agree. 619 00:37:06,040 --> 00:37:07,640 What did you do before this? 620 00:37:07,720 --> 00:37:09,040 I was in the manufacturing industry. 621 00:37:09,120 --> 00:37:11,680 My prime expertise is mould and die-making. 622 00:37:12,440 --> 00:37:14,760 Aluminium sheet is my expertise. 623 00:37:15,040 --> 00:37:17,440 I've spent 16 years in this field. 624 00:37:17,520 --> 00:37:19,080 My family has no background in this, sir. 625 00:37:19,160 --> 00:37:21,360 I don't even hold an engineering degree. 626 00:37:21,440 --> 00:37:23,040 I hold a degree in literature. 627 00:37:23,800 --> 00:37:25,160 This has always been my passion. 628 00:37:25,160 --> 00:37:26,320 It started with motorcycles. 629 00:37:26,320 --> 00:37:28,400 Then I forayed into motorcycle trading. 630 00:37:28,480 --> 00:37:30,800 From trading, I moved on to parts and their manufacturing. 631 00:37:30,880 --> 00:37:32,200 And from manufacturing to die-making. 632 00:37:33,120 --> 00:37:35,800 I made a switch to electric five years ago. 633 00:37:36,880 --> 00:37:38,480 I have a simple understanding. 634 00:37:38,480 --> 00:37:40,680 If someone is on foot, he can cover a 5 km radius at most. 635 00:37:42,240 --> 00:37:45,320 If someone is on a cycle, he can cover 10 km. 636 00:37:45,400 --> 00:37:48,200 If you can extend that radius, then everything will be accessible. 637 00:37:48,360 --> 00:37:50,520 [euphoric music playing] 638 00:37:50,600 --> 00:37:52,840 Education, bank... 639 00:37:54,040 --> 00:37:56,040 - Life, recreation, everything. - Amazing thought. 640 00:37:56,200 --> 00:37:58,200 [euphoric music playing] 641 00:37:58,320 --> 00:38:00,800 I kept that in mind and began work on this. 642 00:38:00,880 --> 00:38:02,800 Hang on, I have a question. 643 00:38:02,880 --> 00:38:04,840 What was your source of income back then? 644 00:38:04,920 --> 00:38:08,640 I mostly used up all my savings when I started this project. 645 00:38:08,640 --> 00:38:09,960 Then I sold off my assets. 646 00:38:10,080 --> 00:38:12,440 My parents and sister also pitched in. 647 00:38:12,440 --> 00:38:13,840 I took loans from the rural bank. 648 00:38:13,920 --> 00:38:15,160 How much money did you invest? 649 00:38:15,160 --> 00:38:17,240 I spent Rs. 68 lakhs on it, sir. 650 00:38:17,320 --> 00:38:20,400 Is that, over there, an actual working model? 651 00:38:20,600 --> 00:38:23,760 - Can we check its weight? - Yes, sure. 652 00:38:25,200 --> 00:38:26,800 Take it for a spin, Anupam. 653 00:38:28,400 --> 00:38:31,040 [pleasant music playing] 654 00:38:35,320 --> 00:38:36,560 What do I do now? 655 00:38:36,680 --> 00:38:39,080 - Accelerate it like a motorcycle. - Just accelerate. 656 00:38:39,920 --> 00:38:42,360 [whirring] 657 00:38:45,640 --> 00:38:48,560 It's noisy. It is not as smooth as gearless. 658 00:38:50,400 --> 00:38:52,480 - Gursaurabh, why is it making noise? - It's noisy. 659 00:38:52,480 --> 00:38:53,800 This noise will stay, ma'am. 660 00:38:53,960 --> 00:38:55,880 [intense music playing] 661 00:38:56,000 --> 00:38:57,760 - Let's understand this. - Come on. 662 00:38:57,760 --> 00:38:59,440 [intense music playing] 663 00:39:02,840 --> 00:39:05,120 You are making this for Rs. 9000. 664 00:39:06,520 --> 00:39:08,600 Do you think it will have the desired impact? 665 00:39:08,680 --> 00:39:09,600 Yes, sir. 666 00:39:09,680 --> 00:39:13,720 Mr. Munjal of Hero MotoCorp helped me the most. 667 00:39:15,320 --> 00:39:17,720 He said if I can build this for Rs. 15,000, 668 00:39:17,840 --> 00:39:20,480 then not just in India, I could make an impact globally. 669 00:39:28,240 --> 00:39:29,760 - The degree varies. - Yes. 670 00:39:29,840 --> 00:39:32,400 - Will you make separate variants? - No. 671 00:39:32,400 --> 00:39:35,240 The majority of cycles being made in India, 672 00:39:35,240 --> 00:39:37,560 especially if they are of a particular brand, 673 00:39:37,560 --> 00:39:38,800 have consistent frames. 674 00:39:38,880 --> 00:39:41,320 - No, like MTB or hybrid... - Yes. 675 00:39:41,400 --> 00:39:43,960 There is play to make adjustments to a certain point. 676 00:39:44,040 --> 00:39:46,200 But there are others which are not triangular. 677 00:39:46,280 --> 00:39:47,520 They have other designs 678 00:39:47,520 --> 00:39:48,920 and are Chinese. Those aren't compatible. 679 00:39:49,000 --> 00:39:51,880 Okay. I have made my decision. 680 00:39:53,560 --> 00:39:57,360 I cannot commit 100 hours to you. 681 00:39:58,960 --> 00:40:02,440 But you are solving an important problem. 682 00:40:02,520 --> 00:40:05,280 I would definitely like to 683 00:40:05,360 --> 00:40:07,040 wish you the best of luck. 684 00:40:07,120 --> 00:40:10,680 I hope you're able to make this accessible to 8 crore people. 685 00:40:10,760 --> 00:40:12,760 - I am out. - Thank you. 686 00:40:21,800 --> 00:40:23,400 So, you're a marketing guru. 687 00:40:26,000 --> 00:40:27,440 Right? You dare to dream. 688 00:40:27,520 --> 00:40:29,400 You're trying to do something different. 689 00:40:29,520 --> 00:40:31,120 So, hats off to you. 690 00:40:31,320 --> 00:40:33,840 I can share my network with you. 691 00:40:33,920 --> 00:40:37,440 In terms of EV space, Pune is the EV hub. 692 00:40:37,520 --> 00:40:42,360 It's really difficult for me to commit to 100 hours. 693 00:40:43,160 --> 00:40:44,160 I wish you the best. 694 00:40:44,240 --> 00:40:46,400 But I am out for that reason. 695 00:40:53,040 --> 00:40:57,120 Sir, not unless I complete the testing to my satisfaction. 696 00:40:57,200 --> 00:40:58,200 When will it be? 697 00:40:58,320 --> 00:41:01,560 I am hoping it should be done by April 2023. 698 00:41:01,680 --> 00:41:02,840 What's left to test? 699 00:41:02,960 --> 00:41:04,720 The number of kilometres. 700 00:41:04,840 --> 00:41:08,440 It's highly difficult to penetrate the rural belt I've targeted. 701 00:41:08,680 --> 00:41:10,200 We can't accept returns from the dealers. 702 00:41:10,320 --> 00:41:12,760 They don't have the bandwidth to accept returns 703 00:41:12,880 --> 00:41:14,680 or provide customer care. 704 00:41:14,760 --> 00:41:17,280 This should be a bulletproof product 705 00:41:17,400 --> 00:41:19,920 at least from my end and I need that satisfaction. 706 00:41:20,040 --> 00:41:21,400 Coming to the number of kilometres. 707 00:41:21,480 --> 00:41:23,040 We have covered 18,000 km until now. 708 00:41:23,120 --> 00:41:26,560 If that goes up to 40,000 km, I'll be more confident. 709 00:41:32,880 --> 00:41:34,600 Or I am not able to follow. 710 00:41:36,240 --> 00:41:38,600 But the first prototype was ready in February. 711 00:41:38,720 --> 00:41:40,640 - Yes, the video came out after the first prototype. - And... 712 00:41:40,720 --> 00:41:43,600 - Okay. It has been around 9 months. - Right. 713 00:41:43,720 --> 00:41:47,240 Okay. From then until this day, 714 00:41:47,400 --> 00:41:49,760 haven't you been able to cover 40,000 km? 715 00:41:51,280 --> 00:41:52,760 - Something is amiss. - Right. 716 00:41:52,840 --> 00:41:54,560 There is a missing piece to the puzzle. 717 00:41:54,640 --> 00:41:55,920 What is it? Please explain. 718 00:41:56,800 --> 00:42:00,080 Sir, if the manufacturing doesn't incorporate a testing phase, 719 00:42:00,360 --> 00:42:01,920 then it becomes a challenge to explain. 720 00:42:02,000 --> 00:42:03,200 I'll give you one example. 721 00:42:03,560 --> 00:42:04,760 Let's talk about batteries. 722 00:42:04,840 --> 00:42:07,200 You're aware that lithium-ion comes from China. 723 00:42:07,280 --> 00:42:09,320 We buy the cells and make our battery packs. 724 00:42:09,640 --> 00:42:12,680 We receive a spec sheet along with the cells stating their life. 725 00:42:13,080 --> 00:42:15,480 Sellers claim it will last for 3000 cycles. 726 00:42:15,800 --> 00:42:18,320 The only way to find out is to run 3000 cycles 727 00:42:18,440 --> 00:42:20,640 just to make sure the claim is genuine. 728 00:42:20,960 --> 00:42:23,600 Only on the basis of that can I provide a warranty, decide the price 729 00:42:23,680 --> 00:42:26,280 and also finalise the vendor. 730 00:42:26,640 --> 00:42:29,000 It takes three hours to charge a battery completely 731 00:42:29,080 --> 00:42:31,240 - and two hours for it to discharge. - Yes. 732 00:42:31,320 --> 00:42:33,880 Sir, tell me how to accelerate that process. 733 00:42:34,040 --> 00:42:36,080 How do I take 15,000 hours down to 14,000? 734 00:42:37,240 --> 00:42:38,840 Only doing this will bring certainty. 735 00:42:38,920 --> 00:42:41,760 When you had a keen interest, 736 00:42:42,120 --> 00:42:44,720 why didn't you act on it? 737 00:42:44,800 --> 00:42:47,480 Had you borrowed money then and formed a team, 738 00:42:47,600 --> 00:42:49,240 don't you think 739 00:42:49,320 --> 00:42:51,440 you'd have made progress in making the desired impact? 740 00:42:51,520 --> 00:42:52,840 I would have, right. 741 00:42:52,920 --> 00:42:54,320 Are you saying you are at fault? 742 00:42:54,400 --> 00:42:55,240 I am at fault. 743 00:42:55,320 --> 00:42:57,720 I was very distracted for the first six months. 744 00:42:57,960 --> 00:43:01,320 I received so many offers. It was the first time for me. 745 00:43:01,400 --> 00:43:03,520 - You got overwhelmed. - I did, yes. 746 00:43:03,600 --> 00:43:06,960 Okay, we accept your justification. Let's get to the point now. 747 00:43:07,760 --> 00:43:09,800 Who's going to finance this in March or April? 748 00:43:11,040 --> 00:43:14,560 Sir, if somebody can do it, then things will be better. 749 00:43:14,640 --> 00:43:17,200 - If not, I'll keep... - No, I'm not... This is Shark Tank! 750 00:43:18,000 --> 00:43:19,960 You're supposed to come and ask for money. 751 00:43:21,160 --> 00:43:23,760 You said you wanted 100 hours, it was not us! 752 00:43:24,080 --> 00:43:25,600 Yes, right. 753 00:43:26,880 --> 00:43:29,320 Now you're saying it'd be great if you could get money. 754 00:43:29,480 --> 00:43:32,360 I have a strong feeling you're making up a story 755 00:43:32,480 --> 00:43:33,840 and not telling us the complete truth. 756 00:43:33,920 --> 00:43:36,240 [intense music playing] 757 00:43:37,520 --> 00:43:39,640 Over what period do you need 100 hours? 758 00:43:39,720 --> 00:43:42,560 Sir, for one year, if you could give me two hours a week. 759 00:43:42,720 --> 00:43:44,920 Over emails or any query, I may have. 760 00:43:45,040 --> 00:43:46,320 Suppose I have a question on D2C. 761 00:43:46,400 --> 00:43:48,440 I will need guidance from someone I can trust. 762 00:43:48,520 --> 00:43:50,240 Okay, I'll make you an offer. 763 00:43:50,400 --> 00:43:51,400 Thank you. 764 00:43:51,880 --> 00:43:54,000 It's because you mentioned it. 765 00:43:54,440 --> 00:43:57,440 One thing you said stayed with me and I have forgotten the rest. 766 00:43:58,200 --> 00:44:02,200 A man can only be as successful as far as his reach goes. 767 00:44:04,280 --> 00:44:07,880 Okay? If a person is confined, what can he do in life? 768 00:44:08,720 --> 00:44:10,600 This was truly profound. 769 00:44:10,680 --> 00:44:13,800 Very few people in our country have the good fortune to travel that far. 770 00:44:13,880 --> 00:44:17,120 So, if you can raise Rs. 1 crore, 771 00:44:18,480 --> 00:44:20,200 I will commit 100 hours to you 772 00:44:20,280 --> 00:44:22,680 for exactly what you asked for, 0.5%. 773 00:44:24,120 --> 00:44:26,040 But it's conditional on you raising that 1 crore. 774 00:44:31,800 --> 00:44:33,520 I'm not pushing you into any territory! 775 00:44:34,680 --> 00:44:36,600 You are pushing yourself into a territory. 776 00:44:36,760 --> 00:44:39,480 [intense music playing] 777 00:44:41,120 --> 00:44:43,400 You asked for time which I am willing to give you. 778 00:44:43,480 --> 00:44:45,920 But I am guessing you will also need money. 779 00:44:46,120 --> 00:44:47,960 You need to learn this lesson on your own. 780 00:44:48,240 --> 00:44:50,040 [intense music playing] 781 00:44:50,960 --> 00:44:54,040 I think you don't understand business. 782 00:44:55,280 --> 00:44:56,280 Absolutely. 783 00:44:56,680 --> 00:44:59,320 But you understand manufacturing. 784 00:44:59,560 --> 00:45:02,400 You don't wish to be distracted from it come what may. 785 00:45:02,480 --> 00:45:04,640 You seem to have a phobia 786 00:45:04,760 --> 00:45:07,640 that the moment you commercialise this, you will get distracted. 787 00:45:07,720 --> 00:45:08,520 Yes. 788 00:45:08,600 --> 00:45:11,160 - Do you work in Hisar now? - No, Delhi. 789 00:45:11,360 --> 00:45:13,360 Are you willing to move to Gurgaon? 790 00:45:14,560 --> 00:45:16,320 Not a problem. I don't see it as a problem. 791 00:45:16,400 --> 00:45:19,760 I'm setting up a factory in Bhiwadi. It's almost ready. 792 00:45:20,120 --> 00:45:23,800 We have a vacant floor measuring 1,50,000 square foot. 793 00:45:23,920 --> 00:45:26,960 We will lend you that space and not take rent from you. 794 00:45:27,320 --> 00:45:32,520 India's top manufacturing talent and business talent work 795 00:45:32,800 --> 00:45:33,680 in that factory. 796 00:45:33,960 --> 00:45:35,640 They will work alongside you. 797 00:45:36,840 --> 00:45:39,760 Work there for another year or a year and a half. 798 00:45:39,880 --> 00:45:42,240 And the day you are ready, 799 00:45:43,280 --> 00:45:46,240 the first cheque for the investment.. Here is my condition. 800 00:45:46,320 --> 00:45:48,280 Aman and I will give you the first funding. 801 00:46:00,320 --> 00:46:01,920 as well as a financial plan. 802 00:46:02,000 --> 00:46:04,440 You will get to do what you're interested in. 803 00:46:04,520 --> 00:46:06,360 But I have just one condition. 804 00:46:06,520 --> 00:46:08,680 [intense music playing] 805 00:46:08,800 --> 00:46:10,040 That you'll need to listen. 806 00:46:10,240 --> 00:46:12,400 [intense music playing] 807 00:46:12,520 --> 00:46:17,400 And I'll visit that factory, let's say, once a week. 808 00:46:18,160 --> 00:46:21,200 When I visit, I will meet you and review things even with the team. 809 00:46:21,280 --> 00:46:23,800 I will spend an hour with you to discuss your problems. 810 00:46:23,880 --> 00:46:26,480 It could also be half an hour. I won't set a timer. 811 00:46:28,000 --> 00:46:31,400 See, over a period of 18 months, 100 hours will be covered. 812 00:46:31,560 --> 00:46:33,280 - I think... Yes. - There are two of them. 813 00:46:33,360 --> 00:46:34,560 - 50 hours each. - 100 hours... 814 00:46:34,640 --> 00:46:36,320 - It's a big deal. - It will be split. 815 00:46:37,760 --> 00:46:40,040 Okay, that's awesome. They'll help you a lot. 816 00:46:40,120 --> 00:46:41,360 Anupam, are you out? 817 00:46:41,520 --> 00:46:43,600 Yes... No, let them make an offer first. 818 00:46:45,840 --> 00:46:48,560 I would like to hear what you have to say 819 00:46:48,640 --> 00:46:52,360 - because I felt a strong connection with you. - Okay. 820 00:46:52,560 --> 00:46:54,680 - I'm not... - Please don't misunderstand me. 821 00:46:54,800 --> 00:46:56,200 - No. - Not at all. 822 00:46:57,240 --> 00:46:59,000 I felt we were compatible. 823 00:46:59,080 --> 00:47:00,920 - Okay. - Your manner of speaking... 824 00:47:01,040 --> 00:47:02,920 - Sometimes, you reject offers too. - Yes. 825 00:47:02,960 --> 00:47:05,280 The way you talk, the way it is... 826 00:47:05,360 --> 00:47:08,480 I personally felt that with you, 827 00:47:08,560 --> 00:47:11,080 I could ask you the same question even three or four times. 828 00:47:11,160 --> 00:47:13,000 - If we are on the same page... - Correct. 829 00:47:13,080 --> 00:47:17,160 You will not lose your cool and accommodate a guy like me. 830 00:47:17,240 --> 00:47:18,600 - That's what I felt. - Absolutely. 831 00:47:18,720 --> 00:47:20,240 But my problem is 832 00:47:20,320 --> 00:47:22,120 that if you don't have money, 833 00:47:23,280 --> 00:47:25,120 how will you grow the business? 834 00:47:26,760 --> 00:47:30,360 I think that if you're not able to figure out the monetary part, 835 00:47:30,440 --> 00:47:32,320 - then you should accept that offer. - Right. 836 00:47:32,400 --> 00:47:34,120 We can help you if you need it. 837 00:47:34,200 --> 00:47:36,720 - If you don't want it, then that's great. - Peyush... 838 00:47:36,800 --> 00:47:38,000 What is your and Aman's offer? 839 00:47:38,080 --> 00:47:40,480 Okay, give us 0.5% equity. 840 00:47:40,560 --> 00:47:43,160 You get to a stage. We'll devise your business plan. 841 00:47:43,360 --> 00:47:45,720 We'll bring Mr. Munjal on board if you so wish. 842 00:47:45,800 --> 00:47:47,520 - We will help you. - Sir, it's settled now. 843 00:47:47,600 --> 00:47:50,120 I think if Aman and Peyush are there, 844 00:47:50,280 --> 00:47:52,840 they can help me do the things I'm unable to do. 845 00:47:52,920 --> 00:47:54,600 [intense music playing] 846 00:47:55,200 --> 00:47:58,240 I commit to raising Rs. 1 crore. 847 00:47:58,400 --> 00:48:00,560 [music playing] 848 00:48:00,680 --> 00:48:01,840 - Okay, done. - I commit. 849 00:48:01,920 --> 00:48:03,280 - So, we have a deal. - Who do you want? 850 00:48:03,360 --> 00:48:04,840 For all three. 851 00:48:04,920 --> 00:48:06,040 - All three! - Yes. 852 00:48:06,120 --> 00:48:08,320 I'll listen to you as well as them. 853 00:48:08,480 --> 00:48:11,240 You said Rs. 1 crore, I'll raise Rs. 1.5 crores. 854 00:48:11,400 --> 00:48:14,040 [music playing] 855 00:48:14,120 --> 00:48:15,600 - Let's do it then. - Done. 856 00:48:15,680 --> 00:48:17,920 - Frankly, I'm flabbergasted. - Instead of the cheque, 857 00:48:18,000 --> 00:48:18,840 - give him a hug. - Sir. 858 00:48:18,920 --> 00:48:21,440 - Just do it. - This is the first time, sir. 859 00:48:21,560 --> 00:48:23,200 - It hasn't happened before. - Come on. 860 00:48:23,280 --> 00:48:24,840 - The rules are changing. Let's do it, sir. - We... 861 00:48:42,760 --> 00:48:43,840 Boys! 862 00:48:44,560 --> 00:48:45,880 What's going on? 863 00:48:46,040 --> 00:48:47,840 Alright, all ready. 864 00:48:47,920 --> 00:48:49,240 Here's what happened. 865 00:48:49,360 --> 00:48:52,080 I offered him my house... 866 00:48:52,240 --> 00:48:55,200 - Estate, office... - Yes. He refused. 867 00:48:55,280 --> 00:48:57,040 "Only Anupam can endure me!" 868 00:48:57,120 --> 00:48:59,040 [laughs] 869 00:49:00,200 --> 00:49:01,680 I think there's still some confusion. 870 00:49:01,760 --> 00:49:03,520 What's the offer as per you? 871 00:49:03,760 --> 00:49:04,920 As far as I know, 872 00:49:05,000 --> 00:49:09,040 I want him to gain exposure to that kind of environment. 873 00:49:09,280 --> 00:49:11,360 Let him understand how things work. 874 00:49:11,440 --> 00:49:13,680 After that, we will have to figure it out. 875 00:49:13,800 --> 00:49:17,880 But collectively, maybe it is 33 hours each, 876 00:49:17,960 --> 00:49:19,360 but I don't think it'll work like that. 877 00:49:19,440 --> 00:49:20,240 It won't work like that. 878 00:49:20,320 --> 00:49:22,720 My opinion differs slightly. I'll tell you two things. 879 00:49:22,840 --> 00:49:25,720 Firstly, I don't think he should be at your factory. 880 00:49:25,840 --> 00:49:28,400 - Yes, I agree. - He's the kind of person... 881 00:49:28,480 --> 00:49:31,080 He knows engineering. That's not the problem. 882 00:49:31,160 --> 00:49:35,120 What he has made in Rs. 9000 is earth-shattering. 883 00:49:35,480 --> 00:49:40,160 He needs direction, and guidance for the go-to-market distribution. 884 00:49:40,280 --> 00:49:43,000 And he needs to understand how to run the business. 885 00:49:43,160 --> 00:49:45,920 - We'll figure this out together. - We'll divide the hours. 886 00:51:18,640 --> 00:51:22,920 [theme music fades] 887 00:51:24,480 --> 00:51:26,360 - Hi, Sharks. - Hi. 888 00:51:26,480 --> 00:51:28,760 Chairs are of great significance in our country. 889 00:51:29,400 --> 00:51:30,960 [Sharks laugh] 890 00:51:31,040 --> 00:51:34,280 - Whether it's a politician's chair.. - Or of the Sharks. 891 00:51:34,360 --> 00:51:36,160 - Or of the Sharks. - Correct. 892 00:51:38,720 --> 00:51:41,120 When it comes to your personal chair, 893 00:51:41,200 --> 00:51:42,920 that fear no longer applies. 894 00:51:43,080 --> 00:51:46,720 Whereas we all know that we spend 11 hours a day on that chair. 895 00:51:46,840 --> 00:51:49,120 - Yes. - Either working or gaming. 896 00:51:49,200 --> 00:51:50,160 Correct. 897 00:51:50,280 --> 00:51:52,720 So, sir, to upgrade your old chairs, 898 00:51:52,800 --> 00:51:55,360 we present to you Cellbell Chairs. 899 00:51:55,440 --> 00:51:57,240 [music playing] 900 00:52:00,800 --> 00:52:03,440 - Greetings, my name is Pawan Demla. - Greetings. 901 00:52:03,520 --> 00:52:05,280 I am Ishwardas Demla. 902 00:52:25,720 --> 00:52:30,000 Sharks, we have sold over 1 lakh chairs. 903 00:52:43,280 --> 00:52:45,440 Are you claiming that these are extremely comfortable? 904 00:52:45,560 --> 00:52:47,320 Yes, you can try it. 905 00:52:47,400 --> 00:52:49,640 [pleasant music playing] 906 00:52:50,720 --> 00:52:52,280 Put this chair here. 907 00:52:52,440 --> 00:52:54,760 [pleasant music playing] 908 00:52:59,080 --> 00:53:00,720 The king has graced his throne. 909 00:53:00,800 --> 00:53:02,880 - You look very nice. - I'll call it king. 910 00:53:03,000 --> 00:53:05,280 [Sharks laugh] 911 00:53:05,360 --> 00:53:06,880 You may begin. 912 00:53:07,720 --> 00:53:09,520 Welcome to Shark Tank season 2. 913 00:53:09,640 --> 00:53:12,200 I think they are your sons. 914 00:53:12,320 --> 00:53:13,440 - Yes. - They are my sons. 915 00:53:13,560 --> 00:53:17,720 Ishwardas, tell us how you got into this business. 916 00:53:17,800 --> 00:53:20,680 What were you doing before this and why did you start it with them? 917 00:53:20,760 --> 00:53:24,400 I have 30 years of experience in transport. 918 00:53:25,800 --> 00:53:27,240 From Gujarat to Karnataka... 919 00:53:27,320 --> 00:53:31,240 I received chairs in the logistics from all the states for servicing. 920 00:53:31,360 --> 00:53:32,920 I observed 921 00:53:33,000 --> 00:53:35,520 that chairs sell a lot in the furniture industry. 922 00:53:36,440 --> 00:53:38,880 Did you work as the movers and packers 923 00:53:38,960 --> 00:53:41,320 - or handled the trucks? - I used to deal in trucks. 924 00:53:41,440 --> 00:53:44,640 My kids started this business so I'm helping them. 925 00:53:44,720 --> 00:53:46,640 My nephews are handling the other business. 926 00:54:23,000 --> 00:54:25,840 - Wonderful. - As my kids are educated, they brought me here. 927 00:54:25,960 --> 00:54:28,640 Otherwise, I didn't have the capability to reach here. 928 00:54:28,760 --> 00:54:31,160 [ethereal music] 929 00:54:31,240 --> 00:54:33,200 How is transport linked to chairs? 930 00:54:33,280 --> 00:54:35,400 I handled different kinds of items in the transport business. 931 00:54:35,480 --> 00:54:37,720 - And mostly there were chairs. - Okay. 932 00:54:37,800 --> 00:54:39,920 Ishwardas, if you are dealing with headphones too, 933 00:54:40,000 --> 00:54:42,960 please don't start a headphones business. 934 00:54:45,560 --> 00:54:49,160 The business of chairs is too crowded. 935 00:54:49,680 --> 00:54:52,000 What's your speciality? 936 00:54:52,080 --> 00:54:55,080 The perception that the industry is crowded 937 00:54:55,160 --> 00:54:57,120 is misleading. 938 00:54:57,200 --> 00:55:00,800 As we know the industry inside-out now, there are only 4-5 big players. 939 00:55:00,920 --> 00:55:02,120 You are right. 940 00:55:02,200 --> 00:55:04,400 And they aren't interested in online business. 941 00:55:04,520 --> 00:55:07,800 - The online companies aren't manufacturing it. - Why? 942 00:55:07,880 --> 00:55:10,920 They aren't evolved enough 943 00:55:11,040 --> 00:55:12,640 to do D2C business 944 00:55:12,760 --> 00:55:14,800 because the model they are using to operate 945 00:55:14,920 --> 00:55:17,440 is where they just pack the chair in the box and deliver it. 946 00:55:17,520 --> 00:55:19,360 We disassemble the chair fully 947 00:55:26,040 --> 00:55:28,320 - Do they assemble it themselves? - Yes! 948 00:55:28,400 --> 00:55:31,640 I feel that your USP isn't the chair but online selling. 949 00:55:31,720 --> 00:55:34,160 Firstly, we know how to sell online 950 00:55:34,240 --> 00:55:36,800 and secondly, people don't want to buy chairs online. 951 00:55:36,880 --> 00:55:38,520 Many people are still hesitant. 952 00:55:39,440 --> 00:55:43,080 Today we want to get rid of the trust barrier 953 00:55:43,160 --> 00:55:45,040 regarding furniture or office chairs. 954 00:55:45,120 --> 00:55:47,720 So we have focused on the entry-level point 955 00:55:47,840 --> 00:55:49,680 of the low-price category. 956 00:55:49,760 --> 00:55:51,720 If we successfully sell a low-priced item, 957 00:55:51,800 --> 00:55:55,760 - based on their experience they'd tr another piece of furniture. - Right! 958 00:55:55,880 --> 00:55:56,680 - Okay? - Alright. 959 00:55:56,760 --> 00:55:57,920 Please explain the categories. 960 00:55:58,000 --> 00:56:00,760 Firstly, we have basic chairs. 961 00:56:00,840 --> 00:56:03,480 I mean the chairs for employees 962 00:56:03,560 --> 00:56:06,720 and for managers. This one, this one and that one. 963 00:56:06,840 --> 00:56:07,880 What is their price? 964 00:56:08,000 --> 00:56:09,680 It costs Rs. 4,000. 965 00:56:14,480 --> 00:56:16,920 After that, we have chairs 966 00:56:17,000 --> 00:56:20,000 for TL and the manager. They choose between these two chairs. 967 00:56:20,080 --> 00:56:21,120 How much does it cost? 968 00:56:21,240 --> 00:56:23,520 That one costs Rs. 8,000 and this costs Rs. 10,500. 969 00:56:26,920 --> 00:56:28,560 We sell gaming chairs too. 970 00:56:28,640 --> 00:56:30,800 One, two, three 971 00:56:30,880 --> 00:56:32,280 and the fourth one is made in India. 972 00:56:32,400 --> 00:56:34,160 We manufactured it in India at our factory. 973 00:56:34,280 --> 00:56:35,400 Those aren't manufactured in India. 974 00:56:35,480 --> 00:56:37,040 - All three are imported. - Alright. 975 00:56:37,120 --> 00:56:38,720 These two are boss chairs. 976 00:56:39,960 --> 00:56:41,240 What chair is he sitting on? 977 00:56:41,320 --> 00:56:42,600 He is sitting on a gaming chair. 978 00:56:42,680 --> 00:56:43,640 Gaming? 979 00:56:43,720 --> 00:56:44,960 How much does it cost? 980 00:56:45,040 --> 00:56:46,280 Which one? It costs Rs. 16,000. 981 00:56:48,040 --> 00:56:50,720 Is there a particular chair that is a bestseller? 982 00:56:50,800 --> 00:56:52,760 What's the percentage for gaming chairs? 983 00:57:37,160 --> 00:57:40,240 which includes the commission and advertisements of the marketplaces. 984 00:57:40,760 --> 00:57:43,320 Please tell us the market size. It'll help us know 985 00:57:43,440 --> 00:57:45,320 the total market size in India. 986 00:57:45,400 --> 00:57:46,560 Do you mean the percentage of our business? 987 00:57:46,680 --> 00:57:48,280 I'm talking about the market and not your business. 988 00:57:48,360 --> 00:57:50,600 When we started this business, 989 00:57:50,720 --> 00:57:53,960 we researched and came to know in 2019 990 00:57:54,040 --> 00:57:57,080 - that it's Rs. 10,00,000 crore market in India. - What... What? 991 00:57:57,160 --> 00:57:59,080 - What... What... What? - Rs. 10 lakh crores! 992 00:57:59,160 --> 00:58:00,560 We had Googled it. 993 00:58:00,680 --> 00:58:01,960 The chair market? 994 00:58:02,040 --> 00:58:04,480 - The market for chairs because... - Rs. 10 lakh crores! 995 00:58:04,560 --> 00:58:06,960 - Yes! - Do you know how much Rs. 10 lakh crores is? 996 00:58:07,040 --> 00:58:07,880 It's humungous. 997 00:58:20,320 --> 00:58:21,600 My... 998 00:58:21,720 --> 00:58:23,440 Please rethink your statement. 999 00:58:23,560 --> 00:58:26,080 There could be data miscalculation at this stage. 1000 00:58:26,160 --> 00:58:28,920 You must have the right estimate as you came to Shark Tank. 1001 00:58:30,160 --> 00:58:32,720 Forget about Google. Just make a guess 1002 00:58:32,800 --> 00:58:34,320 - on how big it could be. - I'm not guessing. It's clear. 1003 00:58:34,400 --> 00:58:37,400 According to my research and through discussions with my friends. 1004 00:58:37,480 --> 00:58:38,320 Around 5 million... 1005 00:58:38,400 --> 00:58:41,480 Around 50 lakh IT employees could buy chairs. 1006 00:58:41,560 --> 00:58:44,360 Even if the market size is for 10 million chairs... 1007 00:58:44,480 --> 00:58:45,520 Yes, sir. 1008 00:58:45,600 --> 00:58:47,320 10 million means 1 crore. 1009 00:58:47,400 --> 00:58:49,640 Chairs aren't replaced annually. 1010 00:58:49,720 --> 00:58:52,040 If we assume that the replacement cycle is 5 years, 1011 00:58:52,120 --> 00:58:53,800 you'd sell 2 million chairs annually. 1012 00:58:53,920 --> 00:58:55,560 So the market size is Rs. 1,000 crores. 1013 00:58:55,640 --> 00:58:56,920 Let's exaggerate it. 1014 00:58:57,000 --> 00:58:58,440 The market size is between Rs. 1,000 crores to Rs. 2,000 crores. 1015 00:58:58,520 --> 00:58:59,960 - Yes! Perfect! - Right? 1016 00:59:00,040 --> 00:59:01,560 What's the percentage of gaming chairs? 1017 00:59:01,640 --> 00:59:03,960 Gaming would be 20% to 25%. 1018 00:59:04,480 --> 00:59:05,320 No. 1019 00:59:05,440 --> 00:59:07,080 Gaming is evolving in India. 1020 00:59:07,160 --> 00:59:11,360 - The starting point of the market was IT employees. - Yes! 1021 00:59:11,440 --> 00:59:13,080 So gamers aren't counted, right? 1022 00:59:13,160 --> 00:59:14,680 Pawan and Chirag, if you don't know, say so. 1023 00:59:14,760 --> 00:59:17,920 - Say, "I don't know the market size. Please excuse us." - Okay. 1024 00:59:19,680 --> 00:59:22,360 I think you need to be focused right now. 1025 00:59:22,720 --> 00:59:24,600 If you are making gaming chairs, focus on that. 1026 00:59:24,680 --> 00:59:27,240 Because to be fair, it's a commodity business. 1027 00:59:27,360 --> 00:59:28,920 Many people are doing this business. 1028 00:59:29,000 --> 00:59:31,160 People who don't sell online now 1029 00:59:31,240 --> 00:59:34,080 will surely learn to do online business in the next five years. 1030 00:59:34,320 --> 00:59:37,280 You must choose if you want to strengthen your business 1031 00:59:37,400 --> 00:59:39,440 in the supply chain or for a particular chair. 1032 00:59:40,000 --> 00:59:41,560 I'm out of it today 1033 00:59:41,640 --> 00:59:43,720 because I don't see a core differentiation 1034 00:59:43,800 --> 00:59:46,000 and there's no clarity in you. 1035 00:59:46,760 --> 00:59:47,880 I have two problems. 1036 00:59:48,520 --> 00:59:50,800 My first problem is 1037 00:59:50,880 --> 00:59:53,600 as Peyush said, it's a cluttered market. 1038 00:59:53,680 --> 00:59:56,840 And I don't think I can help you. 1039 00:59:56,960 --> 00:59:58,720 That's the foremost thing. 1040 00:59:58,800 --> 01:00:01,720 My second problem, as an investor, 1041 01:00:01,800 --> 01:00:05,720 - we come with an expectation that we'd get an exit. - Right. 1042 01:00:05,800 --> 01:00:09,120 I don't see clarity in this venture 1043 01:00:09,240 --> 01:00:11,320 regarding my exit. 1044 01:00:11,400 --> 01:00:14,320 And for that reason, it doesn't excite me as an investor 1045 01:00:14,400 --> 01:00:18,080 so I'm out but fantastic sales. Congratulations! 1046 01:00:18,800 --> 01:00:21,400 - I liked your chair a lot. - Thank you so much. 1047 01:00:21,480 --> 01:00:24,440 I'm out for now. Let me tell you the reason. 1048 01:00:24,560 --> 01:00:26,200 In a commodity category, 1049 01:00:26,280 --> 01:00:28,840 build the brand ASAP 1050 01:00:28,960 --> 01:00:30,320 and create differentiation in your product. 1051 01:00:30,400 --> 01:00:33,000 The differentiation in the product like the technology used. 1052 01:00:33,080 --> 01:00:34,520 The ergonomic fit. 1053 01:00:34,600 --> 01:00:37,440 Why is it good? How many hours you may sit in it? The reasoning. 1054 01:00:37,520 --> 01:00:39,320 Please focus on these two things, 1055 01:00:39,400 --> 01:00:42,160 the brand and the product. Everything else will fall in place. 1056 01:00:42,240 --> 01:00:43,720 Agree, sir. 1057 01:00:44,000 --> 01:00:46,720 Let me share my opinion too. 1058 01:00:46,840 --> 01:00:48,920 I find your approach completely wrong. 1059 01:00:49,000 --> 01:00:50,400 [eerie music] 1060 01:00:50,480 --> 01:00:53,800 Let me tell you the strategy you must use. 1061 01:00:53,880 --> 01:00:57,480 First of all, you must focus on a gaming chair. 1062 01:00:57,560 --> 01:01:00,200 Then you must do reverse engineering on it. 1063 01:01:00,440 --> 01:01:02,320 Try to discover its components and technology used. 1064 01:01:02,400 --> 01:01:06,840 Then re-engineer it using first principles 1065 01:01:07,120 --> 01:01:11,040 and create Rs. 5,000 chairs for employees 1066 01:01:11,120 --> 01:01:12,800 in just three colours. 1067 01:01:12,880 --> 01:01:14,680 Okay? Minimum SKU. 1068 01:01:14,800 --> 01:01:18,520 Then transform the same chair to make it fancier 1069 01:01:18,640 --> 01:01:21,200 and introduce it as a gaming chair costing Rs. 10,000. 1070 01:01:21,280 --> 01:01:23,120 Again, three SKUs only. 1071 01:01:23,200 --> 01:01:25,560 Finally, make a chair costing Rs. 20,000 1072 01:01:25,640 --> 01:01:27,280 which is completely customised. 1073 01:01:27,400 --> 01:01:29,200 Meant for the king of gaming 1074 01:01:29,280 --> 01:01:31,960 who can spend enough money. Right? 1075 01:01:32,160 --> 01:01:33,400 That should be your approach. 1076 01:01:33,480 --> 01:01:36,080 When you do these things, you'd be able to build a brand 1077 01:01:36,160 --> 01:01:38,040 and your product will be appealing. 1078 01:01:38,120 --> 01:01:40,120 People wouldn't think twice 1079 01:01:40,240 --> 01:01:41,960 before buying it. 1080 01:01:42,040 --> 01:01:43,720 They can just click and order it. 1081 01:01:43,800 --> 01:01:45,600 Only then you may build your brand. Right? 1082 01:01:45,680 --> 01:01:47,760 I find that approach missing. 1083 01:01:49,360 --> 01:01:51,280 Okay? For this reason, 1084 01:01:51,800 --> 01:01:54,160 I can't be a part of your business. 1085 01:01:55,160 --> 01:01:56,240 - Alright? - Yes. 1086 01:01:56,320 --> 01:01:57,400 Sir, thank you for the feedback.