1 00:00:33,720 --> 00:00:35,000 [music playing] 2 00:00:35,320 --> 00:00:37,720 'In the last six weeks on Shark Tank India,' 3 00:00:38,040 --> 00:00:40,400 'we saw numerous innovative businesses.' 4 00:00:41,760 --> 00:00:43,240 - '- What the hell! - Hey!' 5 00:00:43,360 --> 00:00:47,440 'The excitement remains intact even after many sensational deals.' 6 00:00:47,720 --> 00:00:48,720 'Stay tuned.' 7 00:00:50,520 --> 00:00:52,080 'MeduLance, with its helpline' 8 00:00:52,160 --> 00:00:54,400 'and the technology support from back end,' 9 00:00:54,480 --> 00:00:57,240 'provides an ambulance on an average of 8 minutes.' 10 00:00:57,320 --> 00:00:59,320 'We have saved the lives of 8 lakh people' 11 00:00:59,400 --> 00:01:01,680 'and also helped 2 lakh covid patients.' 12 00:01:01,760 --> 00:01:04,800 'What a noble cause you're pursuing at such a young age.' 13 00:01:05,240 --> 00:01:07,120 'My name is Pabiben Rabari.' 14 00:01:07,200 --> 00:01:10,360 'I hail from Bhadroi, a small town in Kutch, Gujarat.' 15 00:01:10,440 --> 00:01:12,320 'This bag you see' 16 00:01:12,440 --> 00:01:16,040 - '- is known globally by my name. - Wow!' 17 00:01:16,160 --> 00:01:19,400 'I feel this story is powerful.' 18 00:01:19,480 --> 00:01:21,640 'India might produce a Louis Vuitton too!' 19 00:01:22,440 --> 00:01:24,640 'We have the highest efficacy worldwide' 20 00:01:24,640 --> 00:01:26,960 'and are the most-advanced vision therapy software.' 21 00:01:27,080 --> 00:01:30,040 'We want to be associated with people with a vision.' 22 00:01:30,160 --> 00:01:32,280 [Sharks laugh] 23 00:01:32,800 --> 00:01:33,920 'That was great.' 24 00:01:34,120 --> 00:01:36,840 'I quit studies after the tenth grade.' 25 00:01:36,960 --> 00:01:38,840 - '- Huh! - I turned my woodworking skill' 26 00:01:38,920 --> 00:01:41,120 'and innovation skills into a business.' 27 00:01:41,200 --> 00:01:43,440 'I made Tipayi at the age of 17.' 28 00:01:43,880 --> 00:01:46,320 'It is the job of people to gossip.' 29 00:01:46,400 --> 00:01:49,280 'You went with your instinct. So, congratulations.' 30 00:01:49,360 --> 00:01:50,240 'Thank you so much.' 31 00:01:50,280 --> 00:01:51,320 'We present Perfora.' 32 00:01:51,920 --> 00:01:54,640 'Colgate 2.0 will be made in India and we will make it.' 33 00:01:54,920 --> 00:01:56,480 'Wow! What a lovely vision.' 34 00:01:56,880 --> 00:01:59,160 'We're taking a bet on you.' 35 00:01:59,280 --> 00:02:00,920 'I will give you Rs. 1 crore.' 36 00:02:01,040 --> 00:02:02,960 'I'll take 25% of the company.' 37 00:02:03,040 --> 00:02:06,560 'I don't think you should offload 25% at this time.' 38 00:02:06,640 --> 00:02:08,160 'You're saying anything.' 39 00:02:09,200 --> 00:02:11,480 'That's sour grapes for you!' 40 00:02:12,400 --> 00:02:16,480 'I will offer you a dream deal at the valuation you asked for.' 41 00:02:16,680 --> 00:02:18,760 'Rs. 5 crore for 5% equity.' 42 00:02:19,400 --> 00:02:20,600 'Wow! Huge!' 43 00:02:20,720 --> 00:02:23,400 'Biggest offer on Shark Tank ever.' 44 00:02:23,600 --> 00:02:28,040 'You're the first company to take such an enormous valuation.' 45 00:02:28,120 --> 00:02:29,560 'I hope you realise that.' 46 00:02:31,680 --> 00:02:33,640 [theme music playing] 47 00:02:44,360 --> 00:02:46,560 [theme music playing] 48 00:02:55,120 --> 00:02:57,800 [theme music fades] 49 00:02:59,080 --> 00:03:01,280 Sharks, our first cycle 50 00:03:01,360 --> 00:03:04,120 was not a toy, it was an emotion. 51 00:03:05,240 --> 00:03:07,920 Our first step towards independence. 52 00:03:09,080 --> 00:03:11,040 Kids fall off bicycles. 53 00:03:11,120 --> 00:03:12,800 - Hmm. - They get hurt and they get up. 54 00:03:12,880 --> 00:03:15,080 But they eventually learn to balance. 55 00:03:16,760 --> 00:03:20,080 Parents make children dependent by affixing side wheels. 56 00:03:21,560 --> 00:03:25,240 - Owing to this they take time to learn how to balance. - Hmm. 57 00:03:25,520 --> 00:03:26,680 But I am saying 58 00:03:26,760 --> 00:03:30,840 that you can teach your children to balance a cycle from day one. 59 00:03:30,920 --> 00:03:31,760 Okay. 60 00:03:33,040 --> 00:03:35,920 Here to solve this problem is Tipayi. 61 00:03:36,000 --> 00:03:38,320 [music playing] 62 00:03:41,800 --> 00:03:44,480 I was very fond of engineering gadgets since childhood. 63 00:03:44,560 --> 00:03:46,200 I turned my woodworking skill 64 00:03:46,240 --> 00:03:48,400 and innovation skills into a business. 65 00:03:48,440 --> 00:03:50,560 And I made Tipayi at the age of 17. 66 00:03:50,640 --> 00:03:53,160 [music playing] 67 00:03:53,240 --> 00:03:55,360 Tipayi is a wooden balance bicycle 68 00:03:55,440 --> 00:03:58,080 which intentionally does not have pedals and brakes. 69 00:04:06,200 --> 00:04:09,480 Second, children outgrow their cycles very easily. 70 00:04:09,600 --> 00:04:11,400 But Tipayi's speciality is 71 00:04:11,480 --> 00:04:13,080 that kids between the ages 1 to 5 years 72 00:04:30,960 --> 00:04:33,760 and core muscle strength, and boosts confidence. 73 00:04:35,400 --> 00:04:37,920 Kids can carry their bicycles on their own. 74 00:04:38,000 --> 00:04:40,240 [music fades] 75 00:04:40,320 --> 00:04:44,720 Currently, we deliver pan-India via online and offline channels. 76 00:04:53,720 --> 00:04:58,480 to ask for Rs. 50 lakhs in exchange for 10% equity. 77 00:05:06,080 --> 00:05:07,280 Lovely! 78 00:05:17,320 --> 00:05:18,880 [music playing] 79 00:05:21,080 --> 00:05:22,880 Are you 29? 80 00:05:22,960 --> 00:05:24,040 I am 22 years old. 81 00:05:24,120 --> 00:05:26,520 - Oh! - I made my first bike at 17. 82 00:05:26,640 --> 00:05:27,560 Wow! 83 00:05:28,280 --> 00:05:29,840 Let me explain the product. 84 00:05:30,440 --> 00:05:33,480 This is stage one, tri-bike. 85 00:05:33,960 --> 00:05:36,240 It is for kids between 1 to 2.5 years. 86 00:05:36,280 --> 00:05:39,480 It helps them gain the confidence of balancing the bike. 87 00:05:40,120 --> 00:05:41,920 Then comes stage two. 88 00:05:42,040 --> 00:05:44,280 The tyre goes in. 89 00:05:45,320 --> 00:05:48,440 And it makes for a low rider balance bike as you can see. 90 00:05:51,040 --> 00:05:52,760 Sharks, this is stage three. 91 00:05:53,600 --> 00:05:55,920 It is for kids between 3.5 to 5 years. 92 00:05:56,000 --> 00:05:57,920 The frame of Tipayi flips 93 00:05:58,000 --> 00:06:00,080 and can be adjusted according to the height of the child. 94 00:06:04,840 --> 00:06:08,760 [whimsical song plays] 95 00:06:13,600 --> 00:06:14,640 How cute! 96 00:06:16,680 --> 00:06:17,880 She's like... 97 00:06:19,480 --> 00:06:21,400 - Look... - [Sharks laugh] 98 00:06:21,520 --> 00:06:22,520 Like her... 99 00:06:26,040 --> 00:06:28,480 Wow! Great! Amazing. 100 00:06:29,480 --> 00:06:30,920 Sharks, this is Tipayi. 101 00:06:31,320 --> 00:06:34,320 - You saw how easily the kids rode the bike. - Oi! 102 00:06:34,400 --> 00:06:35,240 Super cute. 103 00:06:35,320 --> 00:06:36,200 How old are they? 104 00:06:36,280 --> 00:06:39,600 These three are 3 years old and she's 4 years old. 105 00:06:41,440 --> 00:06:42,280 Oi. 106 00:06:48,440 --> 00:06:49,880 He has been riding it 107 00:06:50,720 --> 00:06:51,920 and has learned how to ride a bike. 108 00:06:52,760 --> 00:06:53,560 Yes, sir. 109 00:06:53,680 --> 00:06:55,440 - Kids, let's say bye to the Sharks. - Bye. 110 00:06:55,520 --> 00:06:58,080 - Bye. - Bye. 111 00:06:59,640 --> 00:07:02,000 - Bye, Sharks. - Bye, baby Sharks. 112 00:07:02,120 --> 00:07:05,560 - Come on, let's go. - Whoa! 113 00:07:05,640 --> 00:07:07,240 Look at that! 114 00:07:11,000 --> 00:07:12,640 At 17 years, 115 00:07:12,920 --> 00:07:16,520 people want to have fun and study computer engineering. 116 00:07:21,960 --> 00:07:24,360 Did you complete your 12th? You complete it at 18 years. 117 00:07:26,440 --> 00:07:29,240 I quit my studies after the tenth grade. 118 00:07:29,320 --> 00:07:30,440 Huh! 119 00:07:32,480 --> 00:07:36,160 I was really nervous when I decided to tell my parents my decision. 120 00:07:36,800 --> 00:07:40,240 To be honest, the news was very shocking to me. 121 00:07:48,000 --> 00:07:49,480 I tried to force him, 122 00:07:49,560 --> 00:07:52,280 but he remained firm on his decision. 123 00:07:52,440 --> 00:07:55,480 So, then I told her 124 00:07:55,560 --> 00:07:57,480 - let's give him 6 months. - Yes. 125 00:07:57,760 --> 00:08:00,720 Let's see 6 months down the line. 126 00:08:00,840 --> 00:08:02,360 I'm sure he'll come up with something. 127 00:08:02,480 --> 00:08:05,200 [machine whirs] 128 00:08:05,640 --> 00:08:08,480 I did quit school but never stopped learning. 129 00:08:09,000 --> 00:08:13,040 [inspirational song playing] 130 00:08:17,080 --> 00:08:19,120 I took many short courses 131 00:08:19,280 --> 00:08:21,600 and developed woodworking skills. 132 00:08:22,120 --> 00:08:23,600 [machine whirs] 133 00:08:24,080 --> 00:08:28,000 I made many sketches for Tipayi during the research phase. 134 00:08:29,120 --> 00:08:30,920 During the course of my research, 135 00:08:30,960 --> 00:08:33,880 I stumbled upon the concept of balance bikes. 136 00:08:35,720 --> 00:08:39,360 My parents were elated after seeing the cycle. 137 00:08:39,800 --> 00:08:43,480 [inspirational song playing] 138 00:08:55,320 --> 00:08:58,080 I was very happy that he had made something 139 00:08:58,200 --> 00:09:00,560 and that too at such a young age. 140 00:09:00,960 --> 00:09:03,240 He has made it to Shark Tank today. 141 00:09:03,320 --> 00:09:05,720 This at 22 years is a big achievement in itself. 142 00:09:05,800 --> 00:09:08,200 [inspirational music playing] 143 00:09:10,040 --> 00:09:10,920 Wow! 144 00:09:12,720 --> 00:09:14,160 Okay, you did this. 145 00:09:14,240 --> 00:09:16,640 I think I respect your decision. 146 00:09:17,120 --> 00:09:18,080 Thank you. 147 00:09:18,600 --> 00:09:20,600 What you didn't learn in school, you learnt outside. 148 00:09:20,640 --> 00:09:21,680 So, no problem. 149 00:09:22,720 --> 00:09:25,840 No doubt your logo and product are very unique. 150 00:09:25,960 --> 00:09:28,160 [euphoric music playing] 151 00:09:28,240 --> 00:09:31,720 - Thank you. - One can really say that 152 00:09:31,800 --> 00:09:33,440 you put a lot of love into designing. 153 00:09:33,440 --> 00:09:34,880 It's quite a cool bike. 154 00:09:34,960 --> 00:09:36,840 [euphoric music playing] 155 00:09:36,920 --> 00:09:39,440 - Thank you. - I would want my son to have this bike. 156 00:09:41,720 --> 00:09:44,720 Tell me how many years it has been and at what stage the business is. 157 00:09:44,840 --> 00:09:47,680 How does this compare to the bike your son already owns? 158 00:09:47,760 --> 00:09:50,520 I would say this is cooler than Strider. 159 00:09:50,680 --> 00:09:51,600 Alright. 160 00:09:53,120 --> 00:09:55,440 We started in May 2019. 161 00:09:58,960 --> 00:10:02,080 around September and October 2020. 162 00:10:03,000 --> 00:10:06,000 In the first year of business, our sales were Rs. 50,000. 163 00:10:31,840 --> 00:10:35,200 The majority of our business comes from B2B. 164 00:10:35,320 --> 00:10:36,200 Ah! 165 00:10:37,880 --> 00:10:41,640 Because in B2C, Tipayi has not reached its potential. 166 00:10:43,360 --> 00:10:45,680 Does B2B mean you sell to Montessori schools? 167 00:10:45,800 --> 00:10:48,760 We made a major export to the US recently. 168 00:10:49,960 --> 00:10:52,080 Our main margin came through that. 169 00:10:52,760 --> 00:10:55,840 Why would they buy from you when there are loads of companies there? 170 00:10:55,960 --> 00:10:57,680 I, too, ordered a balance bike from the US. 171 00:10:57,800 --> 00:10:59,040 They do have loads of companies, 172 00:10:59,040 --> 00:11:01,320 but the prices of their bikes are very high. 173 00:11:02,240 --> 00:11:03,600 How much does your bike cost? 174 00:11:03,680 --> 00:11:06,680 - One bike costs Rs. 5000. - Not bad. 175 00:11:06,760 --> 00:11:08,080 The bike costs just Rs. 5000. 176 00:11:08,120 --> 00:11:11,000 Then what is the reason for sales being so low? 177 00:11:11,080 --> 00:11:14,080 The awareness of this concept in India is very low. 178 00:11:15,400 --> 00:11:19,040 - You sold only 10 bikes last month. - Yes. 179 00:11:19,200 --> 00:11:20,240 How did you sell those? 180 00:11:20,520 --> 00:11:23,560 Through Amazon and our natural traffic. 181 00:11:23,600 --> 00:11:26,080 All our sales to date are organic. 182 00:11:27,440 --> 00:11:28,840 How big a company is Strider? 183 00:11:28,960 --> 00:11:30,400 They've sold 3 million bikes. 184 00:11:30,480 --> 00:11:32,600 The average value is ยค100. 185 00:11:32,720 --> 00:11:35,320 - Strider is a big company now, right? - Yes. 186 00:11:35,400 --> 00:11:36,960 Why are you not able to grow the business? 187 00:11:48,400 --> 00:11:49,840 How do you make them now? 188 00:11:50,240 --> 00:11:52,320 We currently outsource. 189 00:11:52,400 --> 00:11:55,320 We assemble the bikes in-house. 190 00:11:55,400 --> 00:11:56,800 What's the manufacturing cost per bike? 191 00:12:14,280 --> 00:12:15,960 [intense music playing] 192 00:12:16,560 --> 00:12:18,560 He didn't do anything. He just established the business 193 00:12:18,680 --> 00:12:20,560 and now he's waiting. He doesn't know what to do next. 194 00:12:20,640 --> 00:12:22,800 [intense music playing] 195 00:12:22,840 --> 00:12:24,120 How's your Insta game? 196 00:12:24,360 --> 00:12:25,720 How many followers do you have on Instagram? 197 00:12:25,800 --> 00:12:28,520 - We've not been very active. We have 300 followers. - Why? 198 00:12:28,600 --> 00:12:29,800 - Oh, my! - Why? 199 00:12:29,880 --> 00:12:33,120 We have not done any marketing to date. 200 00:12:33,880 --> 00:12:36,840 We failed to get it booming. 201 00:12:42,920 --> 00:12:44,760 - Right, they're available. - Oh, they are! 202 00:12:44,880 --> 00:12:47,320 In the range of Rs. 2500 to 6000. 203 00:12:47,400 --> 00:12:48,880 - So, they're available. - But it's metal. 204 00:12:48,960 --> 00:12:52,320 - They don't offer the three stages we do. - Oh! 205 00:12:52,440 --> 00:12:54,640 You said you owned a patent. 206 00:12:54,720 --> 00:12:56,600 But this bicycle is available around the globe. 207 00:12:56,720 --> 00:12:59,000 - Then... - I have a design patent for this product. 208 00:13:00,200 --> 00:13:02,280 For stages one to three. 209 00:13:07,240 --> 00:13:08,160 Yes. 210 00:13:08,480 --> 00:13:11,640 There's a saying, 'It is the job of people to gossip.' 211 00:13:12,000 --> 00:13:14,840 You went with your instinct. So, congratulations. 212 00:13:14,880 --> 00:13:15,840 Thank you so much. 213 00:13:17,120 --> 00:13:20,960 - The balancing is the thing. It's concept selling. - Correct. 214 00:13:21,040 --> 00:13:23,920 Moms wouldn't be so comfortable 215 00:13:24,000 --> 00:13:27,280 trying something this new with toddlers. 216 00:13:28,560 --> 00:13:31,400 And you're pretty much pre-revenue. 217 00:13:31,560 --> 00:13:33,400 For that reason, I am out. 218 00:13:34,440 --> 00:13:38,080 There's a popular saying, 'The indulgences of the rich.' 219 00:13:38,440 --> 00:13:42,000 In our country, most people struggle to buy a cycle. 220 00:13:42,040 --> 00:13:46,360 And those who can afford it will buy a global brand. 221 00:13:48,240 --> 00:13:52,920 But when they are imported into India, their price shoots up. 222 00:13:52,920 --> 00:13:54,640 It is more than Rs. 10,000. 223 00:13:54,760 --> 00:13:59,200 But didn't you say the same thing is available on Amazon for Rs. 3000? 224 00:14:00,960 --> 00:14:05,200 But that is imported from China and is made of metal. 225 00:14:05,280 --> 00:14:08,040 Because we use high-quality components, 226 00:14:08,160 --> 00:14:10,000 the price obviously increases. 227 00:14:11,240 --> 00:14:15,760 I believe building this business is very difficult. 228 00:14:16,640 --> 00:14:19,080 It might do well abroad. 229 00:14:19,200 --> 00:14:20,080 As in? 230 00:14:20,400 --> 00:14:22,160 It might do better in exports. 231 00:14:22,240 --> 00:14:24,840 But selling it in India seems impossible 232 00:14:24,880 --> 00:14:26,840 at least for the next 3 to 4 years. 233 00:14:29,000 --> 00:14:30,840 So, I am out. Good luck. 234 00:14:32,080 --> 00:14:34,480 My son has been riding without training wheels 235 00:14:34,560 --> 00:14:35,840 since he was 5.5 years. 236 00:14:35,920 --> 00:14:38,640 We bought the balance bike for him before that. 237 00:14:38,760 --> 00:14:41,760 - This is a stepping stone of sorts. - Correct. 238 00:14:41,840 --> 00:14:46,760 I don't think the three stages offer much value-add. 239 00:14:47,280 --> 00:14:50,440 This is a very small market 240 00:14:50,520 --> 00:14:53,720 where you have to create awareness of a balancing bike. 241 00:14:55,000 --> 00:14:57,760 So, building the brand and the business 242 00:14:57,840 --> 00:15:00,040 seems difficult at this stage. 243 00:15:01,000 --> 00:15:03,320 - For that reason, I am out. - Okay. 244 00:15:03,480 --> 00:15:05,280 - Good luck. - Thank you so much. 245 00:15:05,360 --> 00:15:06,720 Okay, three Sharks are out. 246 00:15:06,840 --> 00:15:08,720 Let me tell you what I feel. 247 00:15:09,760 --> 00:15:11,320 It is such a cool bike. 248 00:15:11,760 --> 00:15:12,920 - It can sell. - Right. 249 00:15:13,120 --> 00:15:14,480 You haven't marketed it. 250 00:15:15,520 --> 00:15:19,840 You said yourself that Strider has sold 3 million bikes, right? 251 00:15:21,000 --> 00:15:22,680 Do you know what else Strider does? 252 00:15:22,760 --> 00:15:24,160 They conduct events. 253 00:15:24,240 --> 00:15:27,960 They conduct events and races for kids that are 2 and 3 years old. 254 00:15:28,120 --> 00:15:29,880 They have developed a community. 255 00:15:29,960 --> 00:15:32,640 The business has gone beyond the bike. 256 00:15:32,840 --> 00:15:34,280 Have you partnered with Hamleys? 257 00:15:34,360 --> 00:15:36,880 We have contacted Hamleys and First Cry. 258 00:15:36,960 --> 00:15:39,600 But due to a networking issue, 259 00:15:39,680 --> 00:15:41,880 things don't seem to pick pace. 260 00:15:42,800 --> 00:15:43,920 Why not? 261 00:15:44,000 --> 00:15:46,880 They ask us to send the bikes to the headquarters. 262 00:15:46,960 --> 00:15:49,840 But when we ask them for the address they don't provide it to us. 263 00:15:50,920 --> 00:15:53,240 I don't think you can do it alone now. 264 00:15:54,640 --> 00:15:56,960 - You need to be flexible. - Okay. 265 00:15:57,720 --> 00:16:01,160 I don't understand the valuation you've arrived at though. 266 00:16:02,360 --> 00:16:04,560 I have an investment from season 1. 267 00:16:04,760 --> 00:16:06,600 - Ariro Toys, yes. - Me too. 268 00:16:06,720 --> 00:16:09,320 I think they can sell this product for you. 269 00:16:11,160 --> 00:16:13,480 When we invested, their sales were Rs. 10-12 lakhs. 270 00:16:13,560 --> 00:16:15,720 Now, it is Rs. 50 lakhs a month. 271 00:16:16,680 --> 00:16:20,240 And somewhere I want to help you work with them. 272 00:16:20,320 --> 00:16:23,320 Aman, we invested in Ariro together. 273 00:16:23,360 --> 00:16:26,600 I am okay to partner up on this one with him. 274 00:16:28,280 --> 00:16:31,080 Let me make you a very simple offer. 275 00:16:31,160 --> 00:16:33,160 [intense music playing] 276 00:16:33,240 --> 00:16:34,840 It's not a rich valuation. 277 00:16:34,960 --> 00:16:37,320 I will give you Rs. 5 lakhs in equity. 278 00:16:38,400 --> 00:16:39,600 For 10%. 279 00:16:41,360 --> 00:16:43,120 Rs. 26 lakhs were last year's sales. 280 00:16:43,200 --> 00:16:45,760 Twice the revenue makes the valuation Rs. 50 lakhs. 281 00:16:45,840 --> 00:16:48,840 And Rs. 45 lakhs is debt at 12% credit. 282 00:16:53,720 --> 00:16:56,240 [intense music playing] 283 00:16:57,680 --> 00:17:00,720 Marketing is your weakest point. 284 00:17:01,440 --> 00:17:02,400 That's right. 285 00:17:03,080 --> 00:17:05,840 You have the passion and the design, but no marketing. 286 00:17:05,920 --> 00:17:07,960 Accept whatever offer they make to you. 287 00:17:09,280 --> 00:17:13,240 Prem, we're purely in to support you and nothing else. 288 00:17:14,400 --> 00:17:17,200 We don't wish to get into a business model or run it. 289 00:17:17,280 --> 00:17:20,240 - We want you to tie up with Ariro. - Okay. 290 00:17:20,280 --> 00:17:22,320 So that they can help you. 291 00:17:23,280 --> 00:17:24,920 And they will surely sell it and help you. 292 00:17:25,000 --> 00:17:26,880 They are on Hamleys as well as First Cry. 293 00:17:26,920 --> 00:17:28,840 - You're in dire need of help. - Correct. 294 00:17:29,080 --> 00:17:30,080 The deal is the same. 295 00:17:37,200 --> 00:17:40,280 So, my counteroffer is Rs. 50 lakhs for 15% equity. 296 00:17:44,760 --> 00:17:46,320 Don't get into the valuation bit. 297 00:17:47,920 --> 00:17:50,080 You're barely 22. 298 00:17:50,120 --> 00:17:53,520 People want to play the valuation game, you shouldn't. 299 00:17:54,880 --> 00:17:57,200 I would like to do a deal without the debt. 300 00:17:57,400 --> 00:17:58,680 Look, that's the offer. 301 00:17:58,760 --> 00:18:01,960 - That's the offer. - Either counter it or reject it. 302 00:18:02,320 --> 00:18:04,560 [intense music playing] 303 00:18:05,120 --> 00:18:08,600 - Sharks, I don't think I can do this deal. - I understand. 304 00:18:08,680 --> 00:18:10,120 I'm glad you didn't accept my deal. 305 00:18:11,160 --> 00:18:12,720 You ought to see the world. 306 00:18:13,160 --> 00:18:14,960 There's a world out there 307 00:18:15,080 --> 00:18:17,920 where people are ready to give equity without money, 308 00:18:17,960 --> 00:18:20,200 and we say no to doing the deal. 309 00:18:20,840 --> 00:18:22,440 - Do you know of it? - Yes, sir. 310 00:18:22,520 --> 00:18:23,480 No, how would you know? 311 00:18:23,560 --> 00:18:25,080 - If you did, you... - I know now. 312 00:18:25,200 --> 00:18:28,240 - Yes... If you... - [Sharks laugh] 313 00:18:28,560 --> 00:18:29,400 So, think. 314 00:18:30,200 --> 00:18:33,720 Bring mentors on board who will help and guide you. 315 00:18:34,320 --> 00:18:36,480 - Prem, you received a lot of love. - Okay, best of luck. 316 00:18:36,640 --> 00:18:37,880 - Good luck. All the best. - Thank you so much. 317 00:18:37,920 --> 00:18:39,560 - Good luck. Bye. - Thank you. 318 00:18:39,680 --> 00:18:40,520 - Bye. - Well done. 319 00:18:42,400 --> 00:18:43,920 I feel sad for this guy. 320 00:18:44,080 --> 00:18:46,720 These are the right type of people I want to help. 321 00:18:46,800 --> 00:18:48,400 I wish he had taken your offer. 322 00:18:48,480 --> 00:18:50,480 I know the product will sell. 323 00:18:50,560 --> 00:18:52,800 The product is only half a part of the journey. 324 00:18:52,960 --> 00:18:54,640 Half part is also the entrepreneur. 325 00:18:54,720 --> 00:18:56,800 He lacked marketing but possessed the drive. 326 00:18:56,880 --> 00:18:58,680 He is not in a hurry 327 00:18:58,760 --> 00:19:02,400 and he will learn only through hardship. 328 00:19:02,560 --> 00:19:04,000 - That's a good thing. - Yes. 329 00:19:04,120 --> 00:19:05,680 - Hardships mould a person. - Yes. 330 00:19:05,760 --> 00:19:07,000 Yes, that's good for him. 331 00:19:07,000 --> 00:19:08,320 - The best part is... - That's fine. 332 00:19:08,400 --> 00:19:11,040 [theme music playing] 333 00:19:23,240 --> 00:19:25,720 [theme music continues] 334 00:19:35,240 --> 00:19:36,960 Sharks, do you know? 335 00:19:37,040 --> 00:19:40,280 When someone from Delhi, Mumbai or Bengaluru falls sick, 336 00:19:40,480 --> 00:19:41,840 they don't get really worked up. 337 00:19:41,920 --> 00:19:43,960 - Hmm. - It's because they have access to the best doctors, 338 00:19:43,960 --> 00:19:46,400 hospitals and healthcare facilities. 339 00:19:46,640 --> 00:19:49,520 But on the other hand, when someone from a small town falls sick, 340 00:19:49,720 --> 00:19:51,400 they have no one to help them. 341 00:19:51,840 --> 00:19:52,840 That's true. 342 00:19:54,040 --> 00:19:56,720 Many people have lost family members due to this reason. 343 00:20:06,720 --> 00:20:07,600 Ouch! 344 00:20:08,480 --> 00:20:09,640 Owing to these reasons, 345 00:20:09,760 --> 00:20:12,560 24 lakh people lose their lives 346 00:20:12,640 --> 00:20:14,560 to preventable healthcare conditions. 347 00:20:15,800 --> 00:20:18,520 - This is a grave problem. - True. 348 00:20:19,240 --> 00:20:21,200 We bring a solution 349 00:20:21,240 --> 00:20:24,040 through our healthcare revolution DigiQure E-Clinic. 350 00:20:24,120 --> 00:20:25,880 [music playing] 351 00:20:36,000 --> 00:20:39,240 We hail from the heart of India, that is Bhopal in Madhya Pradesh. 352 00:20:39,280 --> 00:20:40,160 Wow! 353 00:20:40,760 --> 00:20:43,560 DigiQure E-Clinic is a healthcare centre 354 00:20:53,400 --> 00:20:57,800 and connect patients digitally to reputed doctors in towns. 355 00:20:59,240 --> 00:21:00,920 We ensure the patients get 356 00:21:01,000 --> 00:21:03,360 digital prescriptions, medicines, 357 00:21:03,680 --> 00:21:06,880 lab tests and other facilities there itself. 358 00:21:08,560 --> 00:21:12,480 Apart from this, we provide a subscription to the patients 359 00:21:12,520 --> 00:21:14,840 known as Saksham card. 360 00:22:00,120 --> 00:22:01,440 so that not a single death 361 00:22:01,680 --> 00:22:04,000 takes place due to preventive health conditions. 362 00:22:05,040 --> 00:22:09,120 Sharks, our ask is Rs. 40 lakhs for 4% equity. 363 00:22:16,080 --> 00:22:18,160 Wow! Akanksh and Soumen, 364 00:22:18,280 --> 00:22:20,640 welcome to Shark Tank India season 2. 365 00:22:20,720 --> 00:22:23,880 It's an important mission 366 00:22:24,000 --> 00:22:27,800 as you want to prevent 24 lakh preventable deaths in India. 367 00:22:28,000 --> 00:22:30,400 Please tell us about your journey. 368 00:22:30,480 --> 00:22:32,640 Like how you started. 369 00:22:32,720 --> 00:22:36,080 I was born in a small village in Madhya Pradesh. 370 00:22:36,480 --> 00:22:39,800 I have observed and experienced the problems in a village closely. 371 00:22:40,400 --> 00:22:41,760 I used to live in Madiyado 372 00:22:41,840 --> 00:22:45,080 as a seven-year-old kid. 373 00:22:45,240 --> 00:22:47,360 A home help used to come to our house 374 00:22:47,480 --> 00:22:49,560 and her girlchild used to play with us. 375 00:22:49,840 --> 00:22:52,600 We two were good friends and spent a lot of time together. 376 00:22:52,680 --> 00:22:56,320 I went to my granny's place during my holidays and then came back. 377 00:22:56,640 --> 00:22:58,800 The home help visited our house like always 378 00:22:58,880 --> 00:23:00,520 but her child didn't come this time. 379 00:23:00,600 --> 00:23:03,280 [sweeping music] 380 00:23:04,040 --> 00:23:08,120 Later, I came to know that she suffered from diarrhoea 381 00:23:08,360 --> 00:23:12,040 and that her mother didn't have enough money to go to the city. 382 00:23:13,080 --> 00:23:16,400 As a result, the child died. 383 00:23:16,480 --> 00:23:17,280 Oh my God! 384 00:23:17,360 --> 00:23:19,560 [gloomy music] 385 00:23:21,520 --> 00:23:24,920 When I heard this news at such a small age, 386 00:23:25,280 --> 00:23:28,800 I was adversely impacted by it. 387 00:23:28,880 --> 00:23:31,440 [gloomy music] 388 00:23:31,560 --> 00:23:34,080 To tell you the whole story, 389 00:23:34,160 --> 00:23:36,120 I was good at my studies. 390 00:23:36,200 --> 00:23:38,320 I cleared the all-India entrance to get admission to NIT Bhopal. 391 00:23:38,400 --> 00:23:39,720 - Wow! - Wow! 392 00:23:39,800 --> 00:23:41,360 Amazing! 393 00:23:41,840 --> 00:23:45,200 I pursued B.TECH in electronics and communication engineering. 394 00:23:45,320 --> 00:23:48,040 A middle-class family's dream is a government job. 395 00:23:48,400 --> 00:23:50,840 There was an all-India exam for BHEL 396 00:23:50,920 --> 00:23:52,480 which is a government PSU. 397 00:23:56,280 --> 00:23:59,560 Again, I had a feeling 398 00:23:59,640 --> 00:24:01,960 that I was a part of the crowd. 399 00:24:02,640 --> 00:24:06,160 I wanted to do something to impact millions of people positively. 400 00:24:07,880 --> 00:24:09,840 The family I belong to 401 00:24:09,960 --> 00:24:12,840 never dabbled in business. 402 00:24:12,920 --> 00:24:15,560 They depend on jobs and a government job is considered the best. 403 00:24:16,040 --> 00:24:18,160 So it was a difficult decision to leave a government job. 404 00:24:20,320 --> 00:24:23,000 Two of my cofounders 405 00:24:23,080 --> 00:24:25,000 are also my college mates. 406 00:24:25,120 --> 00:24:29,040 We immediately agreed upon this idea. 407 00:24:29,960 --> 00:24:32,080 One of our cofounders 408 00:24:32,160 --> 00:24:34,360 pursued MS after completing his B.TECH. 409 00:24:34,440 --> 00:24:36,800 - What's his name? - In Computer Science. Saket Asati. 410 00:24:37,320 --> 00:24:40,600 - Alright. - He worked in the healthcare department for 3-4 years. 411 00:24:41,040 --> 00:24:44,120 He's taking care of the technology used to make this portal. 412 00:24:44,280 --> 00:24:46,280 Another of our cofounders 413 00:24:46,360 --> 00:24:49,160 worked in IT MNCs for five years. 414 00:24:49,240 --> 00:24:50,920 All of you left your jobs. 415 00:24:51,000 --> 00:24:54,920 We three left our jobs. We didn't want a fallback option. 416 00:24:55,680 --> 00:24:56,920 It's a huge problem. 417 00:24:57,040 --> 00:24:59,360 I think we can't do it as a side business. 418 00:24:59,480 --> 00:25:01,400 That's right. You have a laudable thought process. 419 00:25:02,400 --> 00:25:05,320 What's the equity split between you three? 420 00:25:17,400 --> 00:25:19,400 Do you three have enough savings? 421 00:25:19,480 --> 00:25:21,280 My wife has a job 422 00:25:21,400 --> 00:25:23,880 and she's running the house right now. I don't take a salary. 423 00:25:23,960 --> 00:25:26,240 She's your first investor actually. 424 00:25:27,160 --> 00:25:28,920 How much money did you three invest till now? 425 00:25:29,000 --> 00:25:30,800 We have invested Rs. 60 lakhs by now. 426 00:25:37,320 --> 00:25:40,480 and spend Rs. 200 to Rs. 300, how much do you earn in a year? 427 00:25:40,560 --> 00:25:41,680 Around Rs. 5.5 lakhs. 428 00:25:41,760 --> 00:25:44,160 Rs. 5.5 lakhs. So it can't be profitable. 429 00:25:57,960 --> 00:26:02,080 and we give them facilities for their marketing activities and camps 430 00:26:02,160 --> 00:26:04,840 and charge them around Rs. 1.5 lakhs to Rs. 2 lakhs. 431 00:26:06,080 --> 00:26:07,760 Do you get a commission on lab tests? 432 00:26:07,880 --> 00:26:10,040 We get around 50% to 60% commission on lab tests. 433 00:26:10,120 --> 00:26:12,400 Please tell us your total revenue and the unit economics. 434 00:26:12,480 --> 00:26:13,880 Please tell us about FY 22. 435 00:26:14,000 --> 00:26:17,800 We launched the Saksham Card in January 2022. 436 00:26:17,880 --> 00:26:21,840 We generated a revenue of around Rs. 12.20 lakhs. 437 00:26:50,840 --> 00:26:52,440 What's your income per outlet? 438 00:26:52,520 --> 00:26:55,600 The income from one of our mature outlets is Rs 80,000. 439 00:26:55,720 --> 00:26:57,360 - Per month? - Per month! 440 00:27:01,400 --> 00:27:05,120 Sir, our biggest challenge is awareness and creating trust. 441 00:27:05,840 --> 00:27:07,160 Villagers don't trust easily. 442 00:27:07,240 --> 00:27:09,360 For this reason, we had to open a physical set-up. 443 00:27:09,440 --> 00:27:11,640 Otherwise, we wanted to provide our healthcare worker with a bag 444 00:27:11,720 --> 00:27:15,000 so that he could wander around the village as a mobile e-clinic. 445 00:27:15,760 --> 00:27:19,720 Right now, hospitals don't charge you for providing doctors 446 00:27:19,840 --> 00:27:24,040 - as they can get leads to increase their business. - Yes. 447 00:27:24,120 --> 00:27:26,480 - Eventually, it'll lead to wrong behaviour. - Yes. 448 00:27:26,560 --> 00:27:30,720 They'd pressurise the doctor to get more patients and earn more money. 449 00:27:30,920 --> 00:27:32,960 Or they may stop this facility. 450 00:27:33,640 --> 00:27:35,720 Sir, hospitals are joining us 451 00:27:35,800 --> 00:27:39,960 because they are getting an outreach in addition to getting patients. 452 00:27:40,040 --> 00:27:41,120 But you could face this challenge. 453 00:27:41,200 --> 00:27:43,720 - I think... - We could face this challenge for sure. 454 00:27:44,200 --> 00:27:47,120 It's a difficult task operationally. 455 00:27:48,000 --> 00:27:50,160 I think you have two options. 456 00:27:50,240 --> 00:27:53,240 You can make it a business or a support service. 457 00:27:54,040 --> 00:27:55,880 I think it can be a great supporting service. 458 00:27:55,960 --> 00:27:58,040 I'll do it and involve my company too 459 00:27:58,120 --> 00:28:02,280 - but as an investor, will it make a profit? I don't think so. - Okay. 460 00:28:02,360 --> 00:28:05,000 - For now, I'm out. - Okay. 461 00:28:05,160 --> 00:28:10,120 - You said that you invested Rs. 60 lakhs from your side. - Yes. 462 00:28:10,320 --> 00:28:12,960 Rs. 2 lakhs are spent in setting up one clinic. 463 00:28:13,040 --> 00:28:16,080 I understand that you spent Rs. 14 lakhs to Rs. 15 lakhs for that. 464 00:28:16,200 --> 00:28:20,360 Where did you spend the remaining Rs. 45 lakhs? 465 00:28:20,440 --> 00:28:23,520 We have a technology team that developed this platform. 466 00:28:23,600 --> 00:28:25,000 Alright. What's the size of the team? 467 00:28:25,080 --> 00:28:26,040 It has around 15 people. 468 00:28:26,120 --> 00:28:27,880 - The team is in Bhopal? - In Bhopal. 469 00:28:27,960 --> 00:28:30,720 - Okay. - What's their salary per month? 470 00:28:30,800 --> 00:28:33,000 Their average salary is around Rs. 50,000. 471 00:28:33,080 --> 00:28:36,240 - So you spend Rs. 8 lakhs to Rs. 10 lakhs on their salary. - Yes! 472 00:28:37,040 --> 00:28:38,400 You are burning money every month. 473 00:28:38,480 --> 00:28:40,960 - How much? - We are burning around Rs. 1.5 lakhs. 474 00:28:44,200 --> 00:28:47,520 You earn Rs. 4 lakhs so you are burning Rs. 6 lakhs, right? 475 00:28:48,120 --> 00:28:51,560 We run IOTA Informatics in addition to DigiQure. 476 00:28:51,640 --> 00:28:52,800 They take on some projects too. 477 00:28:52,880 --> 00:28:54,040 What is that? 478 00:28:54,760 --> 00:28:58,760 - What is it? - Your ten employees work for other companies too. 479 00:28:58,840 --> 00:29:00,280 That's right. 480 00:29:03,200 --> 00:29:05,120 Who owns that company? 481 00:29:05,200 --> 00:29:06,480 It's the same. We three are the cofounders. 482 00:29:06,560 --> 00:29:08,840 - What is its revenue? - Around Rs. 5 lakhs. 483 00:29:09,640 --> 00:29:13,000 Namita, come on. 484 00:29:13,640 --> 00:29:15,200 I checked all the figures 485 00:29:15,280 --> 00:29:18,160 but I can't find a way to make it a successful business. 486 00:29:18,920 --> 00:29:21,080 If you succeed in winning trust, 487 00:29:21,160 --> 00:29:25,760 maybe the business can be built. 488 00:29:25,840 --> 00:29:29,360 So I want to know what you are doing about it. 489 00:29:29,440 --> 00:29:33,160 Sir, we are building local communities to build trust. 490 00:29:33,240 --> 00:29:36,200 We contact the village head 491 00:29:36,280 --> 00:29:39,120 and take their help in organising camps. 492 00:29:39,880 --> 00:29:41,400 Earlier, only one patient visited our 493 00:29:41,480 --> 00:29:43,440 clinic in a day but now the number is eight. 494 00:29:44,280 --> 00:29:46,080 We are building trust gradually. In the healthcare business... 495 00:29:46,160 --> 00:29:47,800 It would require a lot of time. 496 00:29:48,160 --> 00:29:51,360 - Vineeta and I have an offer for you. - Wow! 497 00:29:52,960 --> 00:29:56,800 Scaling up your e-clinic business and making money is a tough task. 498 00:29:56,880 --> 00:29:57,880 Yes. 499 00:29:57,960 --> 00:30:00,520 Secondly, our offer is conditional. 500 00:30:00,600 --> 00:30:02,400 You need to merge 501 00:30:03,360 --> 00:30:06,280 your IT company with this company. 502 00:30:06,400 --> 00:30:10,320 As you can't have the same founders in two companies. 503 00:30:10,760 --> 00:30:11,840 Okay. 504 00:30:12,920 --> 00:30:16,240 - We liked your cause. - Okay. 505 00:30:16,320 --> 00:30:17,440 And we like you! 506 00:30:17,520 --> 00:30:20,520 You faced this problem in a village inhabited by 1,000 people 507 00:30:21,960 --> 00:30:24,480 so we are betting on you. 508 00:30:25,600 --> 00:30:28,000 Your revenue is Rs. 4 lakhs a month. 509 00:30:29,040 --> 00:30:31,520 As good as pre-revenue. So we have a steep offer. 510 00:30:32,720 --> 00:30:35,000 Rs. 40 lakhs for 20% equity. 511 00:30:38,000 --> 00:30:39,920 I find you genuine 512 00:30:40,800 --> 00:30:42,600 but it's not easy to make a profit in your business. 513 00:30:43,960 --> 00:30:46,960 It will require a good investment and it will take time. 514 00:30:48,560 --> 00:30:51,760 My condition is that the IT business must merge with it. 515 00:30:53,680 --> 00:30:55,520 I'll give you Rs. 1 crore. 516 00:30:55,600 --> 00:30:58,400 [thrilling music] 517 00:31:05,360 --> 00:31:08,280 And I want to invest solo. 518 00:31:09,440 --> 00:31:11,320 I'll give you a revised offer. 519 00:31:13,280 --> 00:31:16,440 Alright, you'll get one more offer. This deal is becoming interesting. 520 00:31:17,680 --> 00:31:19,000 You may stay quiet and enjoy. 521 00:31:19,080 --> 00:31:20,840 It's not a bidding war. I'm not interested in bidding. 522 00:31:20,920 --> 00:31:23,160 Do you understand your business? 523 00:31:23,880 --> 00:31:26,160 The network matters more than technology. 524 00:31:26,240 --> 00:31:28,800 What did you say earlier? It's all about the network. 525 00:31:31,000 --> 00:31:34,640 And I don't think you should offload 25% at this point. 526 00:31:34,720 --> 00:31:35,800 Let me tell you the reason. 527 00:31:36,280 --> 00:31:37,440 But you asked for 20%. 528 00:31:37,520 --> 00:31:38,960 I'm revising it now. 529 00:31:39,040 --> 00:31:41,520 You mean to say you could ask for 20% offload earlier 530 00:31:41,600 --> 00:31:43,680 - but they shouldn't give it to me. - I'm revising the figure. 531 00:31:43,760 --> 00:31:45,320 - No, hold on! - Please answer my question. 532 00:31:45,400 --> 00:31:48,280 You offered Rs. 40 lakhs for 20% equity 533 00:31:48,360 --> 00:31:50,120 but now you are advising them not to offload 20% equity. 534 00:31:50,240 --> 00:31:52,080 - I'm saying something different. - Namita, what are you doing? 535 00:31:52,160 --> 00:31:53,560 - Hear me out. - Let them make a counteroffer. 536 00:31:53,680 --> 00:31:55,040 You are being unreasonable. 537 00:31:55,120 --> 00:31:56,960 [dramatic music] 538 00:31:58,240 --> 00:32:00,160 When you scale up, 539 00:32:00,240 --> 00:32:02,600 you'd need more investors. 540 00:32:04,720 --> 00:32:07,320 You'll have to raise funds in future. 541 00:32:07,520 --> 00:32:11,200 Vineeta and I want to revise our offer. 542 00:32:17,720 --> 00:32:19,440 Let me tell you something more. 543 00:32:19,520 --> 00:32:21,800 No offence to Namita and the medical profession. 544 00:32:23,360 --> 00:32:26,400 The disruption of the medical industry 545 00:32:26,840 --> 00:32:28,360 won't happen easily. 546 00:32:30,120 --> 00:32:32,320 The monetisation is stupendous. Right? 547 00:32:32,400 --> 00:32:34,840 That's the reason, I can't work in collaboration with others. 548 00:32:36,400 --> 00:32:38,320 We got the point. Anupam wants to say something. 549 00:32:38,400 --> 00:32:41,240 First of all, tell me the name of the girl. 550 00:32:41,880 --> 00:32:42,840 Do you remember it? 551 00:32:42,920 --> 00:32:44,280 - Geeta! - Geeta! 552 00:32:44,520 --> 00:32:45,720 Hear me out. 553 00:32:45,800 --> 00:32:49,080 I think you are at a pre-product market fit stage. 554 00:32:49,480 --> 00:32:51,040 You still need to finalise the format of your business 555 00:32:52,280 --> 00:32:54,080 but your goal is noble. 556 00:32:54,160 --> 00:32:56,200 - Agreed! - All of us agree. 557 00:32:56,280 --> 00:32:59,120 Your transparency and sincerity 558 00:32:59,200 --> 00:33:00,360 are crystal clear. 559 00:33:00,440 --> 00:33:02,760 [ethereal music] 560 00:33:02,880 --> 00:33:05,600 I think telemedicine didn't work till now 561 00:33:05,680 --> 00:33:09,520 but timing is the most important thing in business 562 00:33:09,640 --> 00:33:12,320 - and that has arrived. - Right! 563 00:33:12,800 --> 00:33:15,800 I don't know what your business model will be 564 00:33:15,880 --> 00:33:18,320 but I want to join you 565 00:33:19,640 --> 00:33:20,840 and I have some conditions. 566 00:33:23,120 --> 00:33:26,600 First, you need to merge the IT services company with this company 567 00:33:26,720 --> 00:33:28,600 and you must continue that work. 568 00:33:30,320 --> 00:33:33,080 Secondly, please don't increase the number of clinics. 569 00:33:35,720 --> 00:33:38,440 The day we get a product-market fit, I'll help you raise money 570 00:33:38,680 --> 00:33:41,040 and then increase the number of clinics. 571 00:33:42,720 --> 00:33:44,480 My third condition 572 00:33:44,680 --> 00:33:46,520 is to let go of your company name 573 00:33:46,600 --> 00:33:49,280 and rename it, Geeta. 574 00:33:53,400 --> 00:33:55,240 If you want to grow as a business, 575 00:33:55,480 --> 00:33:58,080 you must build it on the foundation of her memory. 576 00:33:58,560 --> 00:33:59,760 It'll keep us motivated. 577 00:34:01,240 --> 00:34:03,040 If you fulfil my conditions, 578 00:34:03,120 --> 00:34:05,360 I'll give you Rs. 1 crore 579 00:34:06,040 --> 00:34:09,760 at the valuation you asked for. I'm offering you a dream deal. 580 00:34:09,840 --> 00:34:12,120 [suspenseful music] 581 00:34:12,200 --> 00:34:14,320 I want 10% equity in your company for a valuation of Rs. 10 crores 582 00:34:21,360 --> 00:34:24,000 [suspenseful music] 583 00:34:24,120 --> 00:34:26,920 - You may decide. - Alright! Please give us two minutes. 584 00:34:27,000 --> 00:34:29,640 Vineeta, if I go lower, will you be in or out? 585 00:34:29,760 --> 00:34:30,680 No, I won't. 586 00:34:39,360 --> 00:34:41,920 [dramatic music] 587 00:34:42,720 --> 00:34:44,840 It has taken a dramatic turn. 588 00:34:45,240 --> 00:34:49,200 - You loosened the grip of your hands. Wow! - What was that? 589 00:34:49,840 --> 00:34:51,600 - Please tell us. - What's your decision? 590 00:34:51,680 --> 00:34:53,960 We have a counteroffer for you. 591 00:34:54,040 --> 00:34:55,440 For Namita. Okay. 592 00:34:55,520 --> 00:34:57,760 Rs. 40 lakhs for 10% equity. 593 00:35:08,360 --> 00:35:09,400 Vineeta is out. 594 00:35:10,160 --> 00:35:12,240 You haven't yet understood your business. 595 00:35:13,080 --> 00:35:16,040 - I don't want to negotiate... - Hold on! 596 00:35:26,920 --> 00:35:28,280 - I think Namita is a great partner. - Do you know what it's called? 597 00:35:28,360 --> 00:35:30,480 Do you know? It's a case of sour grapes. 598 00:35:32,320 --> 00:35:34,600 You know the business, I know the business. 599 00:35:34,680 --> 00:35:36,360 - - Network is what you need. - No, boss! 600 00:35:49,240 --> 00:35:50,800 - We'll make this big. - We'll make it. 601 00:35:50,880 --> 00:35:52,400 - By the way, best of luck. - Very good! 602 00:35:52,480 --> 00:35:54,360 [triumphant music] 603 00:35:57,160 --> 00:35:59,520 They have literally killed their business. 604 00:35:59,600 --> 00:36:02,520 By partnering with a medical firm, they have killed their business. 605 00:36:02,600 --> 00:36:05,320 - The worst decision of their life. I'm so sad for them. - Very good! 606 00:36:05,400 --> 00:36:07,080 See, Namita is a great entrepreneur. 607 00:36:07,200 --> 00:36:09,480 The thing is, when you want to disrupt a system 608 00:36:09,560 --> 00:36:12,000 and deal with an age-old unsolved problem, 609 00:36:12,240 --> 00:36:14,320 you need non-linear thinking. 610 00:36:14,400 --> 00:36:15,960 They are following the traditional pattern. 611 00:36:16,040 --> 00:36:19,080 In the traditional pattern, they'll be caught in the incentive loop. 612 00:36:19,160 --> 00:36:22,160 They will have to give incentives to the doctors and the hospitals. 613 00:36:22,240 --> 00:36:23,960 Then how will you serve the poor? 614 00:36:24,040 --> 00:36:27,760 It's good that they didn't accept my deal 615 00:36:27,840 --> 00:36:30,720 because they didn't get my point. 616 00:37:36,040 --> 00:37:39,080 [inspirational music] 617 00:37:54,800 --> 00:37:56,440 - Hello, Sharks! - Hello! 618 00:37:56,520 --> 00:37:58,600 Sharks, we start our day 619 00:37:58,720 --> 00:38:00,560 by worshipping God. 620 00:38:01,800 --> 00:38:03,120 We offer flowers to God 621 00:38:03,200 --> 00:38:05,880 by uttering, "we offer You what belongs to You." 622 00:38:06,400 --> 00:38:09,800 Have we ever thought about the fate of the offered flowers? 623 00:38:11,520 --> 00:38:15,000 Either they are thrown away as trash or immersed in the river. 624 00:38:15,080 --> 00:38:16,560 [suspenseful music] 625 00:38:16,640 --> 00:38:19,960 Sharks, you'd be surprised to know that every year 626 00:38:20,040 --> 00:38:23,280 around 80 lakh tons of flowers is immersed in the rivers. 627 00:38:24,920 --> 00:38:28,480 It contributes to the pollution of our rivers by up to 16%. 628 00:38:29,040 --> 00:38:32,280 Also, the chemical spray done on the flowers 629 00:38:32,360 --> 00:38:34,280 to increase their life 630 00:38:34,360 --> 00:38:37,320 makes the river water acidic. 631 00:38:37,440 --> 00:38:38,960 Sharks, we briefed you about flowers. 632 00:38:39,040 --> 00:38:41,000 Now let's talk about incense sticks. 633 00:38:41,080 --> 00:38:43,560 In the past, incense sticks 634 00:38:43,680 --> 00:38:45,960 were made with herbs and natural perfume 635 00:38:46,040 --> 00:38:49,800 but nowadays, these products are made synthetically. 636 00:38:50,320 --> 00:38:52,080 You'd be surprised to know 637 00:38:52,160 --> 00:38:53,520 that one synthetic incense stick 638 00:38:53,640 --> 00:38:56,040 is four times more harmful than a cigarette. 639 00:38:56,120 --> 00:38:57,800 No way! 640 00:38:58,440 --> 00:39:00,640 We found these problems in temples 641 00:39:00,720 --> 00:39:02,880 and we found the solution too 642 00:39:02,960 --> 00:39:04,880 and it led to the inception of Nirmalaya. 643 00:39:05,000 --> 00:39:07,320 [upbeat music] 644 00:39:31,400 --> 00:39:34,040 We recycle the flowers offered at 'nirmalayas' aka temples 645 00:39:34,120 --> 00:39:36,720 - and make our incense products. - Good job! 646 00:39:37,240 --> 00:39:40,000 We produce essential oils for aroma therapy 647 00:39:40,080 --> 00:39:43,240 and attars to replace chemical-based perfumes. 648 00:39:44,560 --> 00:39:47,120 We mix the flower powders to make organic Gulal 649 00:39:47,200 --> 00:39:49,200 - during Holi. - Bravo! 650 00:39:49,280 --> 00:39:50,840 Sharks, we want to make Nirmalaya 651 00:39:51,000 --> 00:39:53,680 India's number-one organic fragrance company. 652 00:39:53,840 --> 00:39:55,000 Today our ask is 653 00:40:01,120 --> 00:40:04,440 Sharks, let's spread Nirmalaya's aroma to every house. 654 00:40:04,680 --> 00:40:06,520 It means a valuation of Rs. 40 crores. 655 00:40:08,200 --> 00:40:12,560 Rajeev, Bharat, Surbhi, welcome to Shark Tank season 2. 656 00:40:12,640 --> 00:40:14,440 How do you know each other? 657 00:40:14,520 --> 00:40:15,800 Did you three meet at Bansal Classes? 658 00:40:16,400 --> 00:40:17,280 What? 659 00:40:18,200 --> 00:40:20,480 How could you forget your fourth Bansal? 660 00:40:20,600 --> 00:40:22,520 There are many Bansals in India. 661 00:40:23,240 --> 00:40:25,120 Take the fourth Bansal along. 662 00:40:25,240 --> 00:40:27,000 - Sure, sir. - We'd be very glad. 663 00:40:28,240 --> 00:40:29,640 Tell me how you know each other. 664 00:40:29,720 --> 00:40:31,640 - Surbhi and I are married. - We're husband and wife. 665 00:40:31,720 --> 00:40:33,840 - Rajeev is a family friend. - Okay. 666 00:40:33,920 --> 00:40:36,560 You're God's devotee. Who hurt you? 667 00:40:36,680 --> 00:40:40,800 The story goes like this. We recently received an order. 668 00:40:40,920 --> 00:40:43,360 - A big 22 feet truck arrived. - Yes... 669 00:40:43,440 --> 00:40:45,520 - A big container. First... - He wanted to take a selfie. 670 00:40:47,160 --> 00:40:49,360 - The truck was full... - He climbed the truck and slipped. 671 00:40:49,440 --> 00:40:50,560 Oh, no! 672 00:40:50,640 --> 00:40:52,680 Nirmalaya's first order was huge. 673 00:40:52,680 --> 00:40:55,840 You'll be shocked to know which company's order it was. 674 00:40:55,920 --> 00:40:57,120 It was Emcure's, ma'am. 675 00:40:57,120 --> 00:40:59,920 - Whoa! - [hysterical laughter] 676 00:41:06,800 --> 00:41:09,640 - Yes. Definitely, ma'am. - Oh, my! 677 00:41:09,760 --> 00:41:11,640 I don't know! 678 00:41:12,640 --> 00:41:14,080 Explain the business to us. 679 00:41:14,160 --> 00:41:15,640 Show us your products too. 680 00:41:17,240 --> 00:41:18,240 The business is 681 00:41:18,240 --> 00:41:21,440 that we collect flowers from over 300 temples in Delhi NCR, 682 00:41:25,600 --> 00:41:27,960 The base of all our products is flower powder. 683 00:41:28,080 --> 00:41:30,360 - Do you pay temples? - No, sir. 684 00:41:30,360 --> 00:41:33,320 Earlier, they'd pay money to clear out those flowers. 685 00:41:33,400 --> 00:41:36,800 They are happy now to be spared of that expense. 686 00:41:36,880 --> 00:41:40,120 [music playing] 687 00:41:40,200 --> 00:41:43,800 What you're holding is our Fragrance of India incense sticks. 688 00:41:43,800 --> 00:41:46,320 We have a total of 18 fragrances in incense sticks. 689 00:41:48,640 --> 00:41:49,520 Nice. 690 00:41:49,960 --> 00:41:50,840 What is this? 691 00:41:50,960 --> 00:41:54,080 Those are essential oils which we use for aroma therapy. 692 00:41:54,160 --> 00:41:56,040 - The packing is good. - Thank you, sir. 693 00:41:56,120 --> 00:41:58,280 Cow Dung Havan Cup. 694 00:42:02,800 --> 00:42:05,760 - You will source from wherever you get. - Yes. 695 00:42:05,760 --> 00:42:08,840 Only the incense part is made of recycled flowers. 696 00:42:08,960 --> 00:42:11,800 We blend and make essential oils and attars. 697 00:42:13,920 --> 00:42:15,760 Is there a moat in the supply chain? 698 00:42:25,960 --> 00:42:30,040 Actually, all our products are certified by CSIR. 699 00:42:30,200 --> 00:42:32,920 - Who? - Council of Scientific & Industrial Research. 700 00:42:33,040 --> 00:42:34,080 It's a government body. 701 00:42:34,160 --> 00:42:36,320 Anyone can make incense sticks from flowers. 702 00:42:36,320 --> 00:42:38,280 But flowers emit a burning smell. 703 00:42:38,400 --> 00:42:41,400 Not everyone knows how to overcome that burning smell. 704 00:42:42,520 --> 00:42:45,160 We have a recipe 705 00:42:45,280 --> 00:42:48,320 which we have developed over 2 to 3 years. 706 00:42:48,960 --> 00:42:50,040 You mentioned 707 00:42:50,040 --> 00:42:52,640 that one incense stick is equivalent to smoking four cigarettes. 708 00:42:52,640 --> 00:42:55,880 The toxic, synthetic incense stick available in the market. 709 00:42:56,880 --> 00:43:00,080 Does burning your incense stick or products 710 00:43:00,200 --> 00:43:02,120 generate no toxicity? 711 00:43:02,240 --> 00:43:04,600 Anupam, we have lab reports. 712 00:43:04,680 --> 00:43:08,400 Our Havan Cups have less than 5% carbon content. 713 00:43:09,440 --> 00:43:12,640 Normally, incense sticks contain 80 to 90% carbon content 714 00:43:12,640 --> 00:43:14,560 - because they're made from charcoal. - Yes. 715 00:43:14,640 --> 00:43:18,200 - So, yours is comparatively less harmful. - Yes, right. 716 00:43:19,840 --> 00:43:21,040 Let's talk about sales. 717 00:43:21,040 --> 00:43:24,080 You've asked for Rs. 40 crores. What were your sales? 718 00:43:36,880 --> 00:43:40,240 Rs. 21 lakhs were around 6 months sales and... 719 00:43:40,320 --> 00:43:43,320 Looking at annualised sales, Rs. 40 lakhs to Rs. 2 crores 720 00:43:43,400 --> 00:43:44,760 is more than 5 times. How? 721 00:43:45,920 --> 00:43:50,240 In January 2021, we explored the area of online sales. 722 00:43:50,320 --> 00:43:53,760 We thought since it's a touch-and-feel product, it wouldn't s 723 00:43:53,840 --> 00:43:55,800 But the online channel brought us significant demand 724 00:43:55,880 --> 00:43:57,760 and Havan Cup is the best-selling product. 725 00:43:57,840 --> 00:44:01,120 30% of our revenue comes online through Havan Cups. 726 00:44:02,040 --> 00:44:04,280 What percentage of your business is online as of now? 727 00:44:11,840 --> 00:44:13,000 Our CM2 is positive. 728 00:44:13,080 --> 00:44:14,160 What does that mean? 729 00:44:14,280 --> 00:44:16,960 After deducting the online marketing expense, our margins are positive. 730 00:44:17,040 --> 00:44:19,080 They are loss-making, but not significantly. 731 00:44:19,200 --> 00:44:20,520 Our burn is not too high. 732 00:44:20,640 --> 00:44:22,360 What were last month's sales? 733 00:44:30,600 --> 00:44:32,080 But sales were Rs. 80 lakhs 734 00:44:32,080 --> 00:44:34,160 - as September is a festive month. - Right. 735 00:44:34,240 --> 00:44:37,800 That's not a fair comparison. Tell me for August. 736 00:44:37,920 --> 00:44:39,920 It was Rs. 51 lakhs. 737 00:44:50,280 --> 00:44:52,600 Who buys these products and why do they buy from you? 738 00:44:52,680 --> 00:44:54,280 We have three categories of customers. 739 00:44:54,360 --> 00:44:56,960 The first category buys for aroma therapy. 740 00:44:57,800 --> 00:45:00,320 The fragrance of our incense sticks 741 00:45:00,400 --> 00:45:03,880 lasts for 24 to 48 hours in an enclosed space. 742 00:45:04,880 --> 00:45:07,440 The second category is those people who buy it for puja 743 00:45:07,440 --> 00:45:09,480 and they fall in the medium or high-income level group. 744 00:45:09,560 --> 00:45:11,840 The third category buys for the cause. 745 00:45:11,960 --> 00:45:13,480 It causes less pollution 746 00:45:13,480 --> 00:45:17,480 and 80% of our workforce comprises women. 747 00:45:17,480 --> 00:45:18,840 People buy for that cause too. 748 00:45:26,000 --> 00:45:28,560 Just the market for incense sticks is Rs. 11,000 crores. 749 00:45:33,200 --> 00:45:34,680 and US is the biggest importer. 750 00:45:35,840 --> 00:45:38,480 India exports to over 150 countries. 751 00:45:38,560 --> 00:45:40,440 So, Rs. 11,000 crores is the global market. 752 00:45:40,560 --> 00:45:42,320 - Yes, global market. - Alright. 753 00:45:42,440 --> 00:45:44,320 Is it characterised by growth or degrowth? 754 00:45:44,400 --> 00:45:45,800 Who is the leader and what's their share? 755 00:45:45,800 --> 00:45:47,760 No, it's growing by 15% annually. 756 00:45:47,840 --> 00:45:50,200 How much is Cycle's business? 757 00:45:50,280 --> 00:45:52,400 Around Rs. 950 crores. 758 00:45:52,560 --> 00:45:55,360 Okay. So, the rest is fragmented and unorganised. 759 00:45:55,440 --> 00:45:57,440 Yes, there are a few big players. 760 00:45:57,520 --> 00:46:00,080 The rest are fragmented markets. There are a lot of local players. 761 00:46:00,200 --> 00:46:02,000 Do local players comprise 60 to 70%? 762 00:46:02,080 --> 00:46:03,040 70%. 763 00:46:03,160 --> 00:46:04,840 - 70% local players. - Right. 764 00:46:06,240 --> 00:46:07,640 Let's get to your competitors. 765 00:46:07,640 --> 00:46:09,560 I would like to know how many and who they are. 766 00:46:09,640 --> 00:46:11,800 There's just Phool, who is our direct competitor. 767 00:46:11,800 --> 00:46:14,200 - That's it. Just one competitor? - That's it, yes. 768 00:46:15,560 --> 00:46:18,040 Why do you say that? Tell me something. 769 00:46:18,120 --> 00:46:21,320 What is your price point for a box of incense sticks? 770 00:46:21,400 --> 00:46:23,880 Our MRP is Rs. 150 for 40 sticks. 771 00:46:28,400 --> 00:46:30,160 - That's why it's... - And Phool? 772 00:46:30,240 --> 00:46:32,120 Phool is Rs. 165 for 40 sticks. 773 00:46:32,200 --> 00:46:36,040 Okay. So, your market is premium incense sticks. 774 00:46:36,040 --> 00:46:36,920 Exactly. 775 00:46:37,560 --> 00:46:39,720 What's the market for premium incense sticks? 776 00:46:45,600 --> 00:46:46,600 From whom and how much? 777 00:46:46,600 --> 00:46:49,120 We closed a round in July 2022. 778 00:46:49,200 --> 00:46:51,040 Artha Venture led the round. 779 00:46:51,040 --> 00:46:52,960 And Shiprocket and some angels invested too. 780 00:46:53,040 --> 00:46:55,320 - Isn't it run by Mr. Damani? - Yes. 781 00:46:55,520 --> 00:46:56,800 How much money did you raise? 782 00:47:24,440 --> 00:47:27,000 The term sheet we signed was in April 783 00:47:27,080 --> 00:47:29,080 and our sales were Rs. 40 lakhs a month back then. 784 00:47:29,280 --> 00:47:31,440 Even during the festive season, March sales. 785 00:47:31,520 --> 00:47:33,840 Our current sales are near about Rs. 80 lakhs. 786 00:47:35,520 --> 00:47:37,200 No, that was just for one month. 787 00:47:37,320 --> 00:47:39,240 No, October will fetch higher sales. 788 00:47:39,320 --> 00:47:41,120 How much do you spend on marketing each month? 789 00:47:41,240 --> 00:47:43,240 Almost Rs. 8 to 10 lakhs. 790 00:47:48,920 --> 00:47:50,560 They're puja articles and are used daily. 791 00:47:50,640 --> 00:47:51,960 But we're just 1.5 years old. 792 00:47:52,080 --> 00:47:55,120 Okay. Rs. 1 crore is your monthly business... 793 00:47:55,200 --> 00:47:57,000 - It's Rs. 70 lakhs now. - Yes. 794 00:47:57,000 --> 00:47:58,360 How much do incense sticks contribute? 795 00:47:58,440 --> 00:48:00,680 Yes. Tell us SKU-wise sales. 796 00:48:16,200 --> 00:48:18,800 Our online and offline business bring 50% each. 797 00:48:28,520 --> 00:48:30,960 - You've done a very good job. - Thank you. 798 00:48:31,080 --> 00:48:33,000 I am out 799 00:48:33,080 --> 00:48:36,040 because I don't think you need money to grow this business. 800 00:48:36,600 --> 00:48:38,480 And there's already a big competitor. 801 00:48:39,320 --> 00:48:41,280 The total TAM is Rs. 1000 crores. 802 00:48:41,400 --> 00:48:44,720 Let's assume you both have Rs. 500 crores each. 803 00:48:44,880 --> 00:48:46,840 I see TAM as an issue too. 804 00:48:47,520 --> 00:48:50,320 You already have the funds to get to that point. 805 00:48:50,400 --> 00:48:53,360 I don't really think you should even raise funds today. 806 00:48:53,880 --> 00:48:55,160 That's why I am out. 807 00:48:55,160 --> 00:48:57,400 I won't be able to help you even if I did invest. 808 00:49:09,800 --> 00:49:12,920 and is growing by 15% year on year, 809 00:49:13,000 --> 00:49:14,920 then the market is very exciting. 810 00:49:15,040 --> 00:49:17,560 The problem is 811 00:49:18,160 --> 00:49:20,120 whether it will be organised or not. 812 00:49:21,240 --> 00:49:22,440 And if it does, 813 00:49:22,440 --> 00:49:25,400 would you be one of the players? 814 00:49:25,960 --> 00:49:28,640 I don't quite understand that right now. 815 00:49:29,200 --> 00:49:32,840 What I found really surprising was 816 00:49:32,920 --> 00:49:35,920 that your offline business is entirely corporate business. 817 00:49:36,520 --> 00:49:38,360 I think that is a big negative. 818 00:49:39,840 --> 00:49:43,000 In my view, making margins there is very difficult. 819 00:49:43,120 --> 00:49:45,600 Second thing, at Rs. 70 lakhs scale, 820 00:49:45,600 --> 00:49:48,240 in this business where your raw material is free... 821 00:49:48,320 --> 00:49:50,320 Barring the collection charges, the rest is free. 822 00:49:50,400 --> 00:49:51,880 You're still not profitable. 823 00:49:52,040 --> 00:49:54,160 This is also a big negative for me. 824 00:49:54,320 --> 00:49:57,840 I don't think business can be built on funding from VCs. 825 00:49:57,920 --> 00:50:00,240 You raised funds, congratulations. 826 00:50:00,320 --> 00:50:02,920 But don't get into that. Make this profitable. 827 00:50:03,000 --> 00:50:04,720 I am out. Good luck. 828 00:50:05,360 --> 00:50:07,280 You'll keep getting orders from Emcure. 829 00:50:07,280 --> 00:50:08,720 So, don't worry about that. 830 00:50:09,520 --> 00:50:11,040 The TAM is significantly less 831 00:50:21,880 --> 00:50:23,120 But I hope you do. 832 00:50:23,320 --> 00:50:25,640 I can't help you any more 833 00:50:25,720 --> 00:50:28,040 than being a good, loyal customer. 834 00:50:28,120 --> 00:50:30,600 So, I wish you the best. I am out. 835 00:50:32,520 --> 00:50:34,760 I am out too. 836 00:51:11,400 --> 00:51:13,320 Put up their photo here as well. 837 00:51:14,640 --> 00:51:16,520 We ought to worship them! 838 00:51:16,600 --> 00:51:19,440 It's great they gave you 28 crores for such a small business. 839 00:51:19,520 --> 00:51:21,920 For that reason, I am also out. 840 00:51:22,880 --> 00:51:24,720 Just try to earn money, but not burn money. 841 00:51:24,880 --> 00:51:26,560 That is what I will say. Thank you. 842 00:51:26,800 --> 00:51:29,560 - Thank you. - Thank you. Best of luck. 843 00:51:51,440 --> 00:51:53,120 [bubbles rising] 844 00:51:53,200 --> 00:51:55,600 'Anupam, today's Shark Xperience' 845 00:51:55,720 --> 00:51:58,120 'features Prakash's question from Chandigarh.' 846 00:51:58,200 --> 00:52:01,400 'Shaadi.com has many competitors as of date.' 847 00:52:01,520 --> 00:52:03,800 'How do you deal with competitors?' 848 00:52:03,880 --> 00:52:05,640 Greetings, Prakash. 849 00:52:05,760 --> 00:52:07,680 That's an important question 850 00:52:07,760 --> 00:52:10,360 because every business has to deal with competition. 851 00:52:10,440 --> 00:52:11,720 The first thing is