[clanging]
Wow!
Attention, Sharks!
Sharks, to remain healthy you must eat
homemade food.
What if I tell you
that your homemade food is unhealthy too?
Yes, it is unhealthy.
The reason is the vessel that we use to cook
and the method of cooking.
Whenever we boil vegetables,
we boil in water
or fry it in oil.
It ends up killing
all the nutrition in it.
Using more oil
causes obesity, cholesterol,
and heart attack which are on the rise.
[music playing]
And using aluminium, Teflon cookware
causes cancer, Alzheimer's,
and such deadly diseases which are on the rise.
That's right.
So, to solve these problems
we've brought India's revolutionary product,
I'm Asha from Bengaluru.
Let me walk you through NutriCook's features.
[music playing]
NutriCook cookware is made of
you don't need a separate cooker.
Just add two glasses of water and place your idli plates.
So, if you want to make carrot halwa
or beetroot halwa,
we constantly mix it.
So,
the natural sweetness gets burnt.
But by placing the steamer
and putting on the lid, this is called simmering.
So that the steam will help
retain the natural sweetness, reducing sugar intake by 50%.
We can make it for you too.
[laughs]
So, this is a compact kitchen.
Everything fits
into a place.
If you want to get ready,
- you can use this as a mirror. - This is too much now!
This is too much!
Come back!
Enough! Come back!
[music playing]
Our vision is to take this to every house.
Right.
with NutriCook.
Wow!
We have 23 years of experience in this industry.
Okay.
For so many years, only foreign companies exist here.
There are no Indian companies.
So, while working in that company,
we started importing this after ten years.
Then we decided to make this product in India.
So, we knew someone in Chennai with strong manufacturing knowledge.
We tied up with him and began our company.
In 2019, our business started well
So, we're here to ask for an investment.
No, sir.
In India, there are two companies apart from us.
But they are selling a foreign product.
The German companies are selling in India.
So, these foreign companies
do they make it especially for the Indian market?
No, sir. Every country has the same design.
Only the handles and meters will change.
Have you tailored it to suit the Indian market?
No, sir. This product anywhere in the world
can cook any cuisine.
Including Indian food.
You were going to give a demo.
For that, I will have to
call my colleague.
Okay, please call.
[music playing]
- Greetings! - She's Bhavani from our team.
- Greetings, sir! - Greetings!
Sharks, now we have placed three induction stoves.
We're not trying to compare the cookware, sir.
Our product is health-focused.
With and without water.
It is to demonstrate how cooking in water kills vitamins
whereas the vitamins are retained when cooked without water.
[music playing]
I'll come and check out the product. Let them talk.
He's using it like a mirror.
[laughs]
- Oh! Really. - A mad Shark.
What are your sales right now?
Right now, our average annual sales are 1 crore.
It's a demonstration product.
Because there are many features.
When you mention oil and water-free,
it's a common prejudice that it won't be tasty.
This entire set is for 32,710 rupees.
What's your cost?
Around 40%, sir.
And what's the cost of a similar non-healthy product?
Around 8000-10,000.
So, this is three-times expensive.
Yes, that's the reason we're showing the demonstration.
[music playing]
The other two competitors
you said that you're the third player.
Yes.
What are their sales numbers?
They're doing 3.5-4 crores every month.
And what's the difference in your price?
- For the same product. - For example,
this small vessel that we're selling here
Our price
as compared to many cookware companies globally
- is the cheapest. - Wow!
How much have you invested?
Until now, we must've invested around 4 crores.
they will look for a particular category.
It's difficult to create a new category.
See, conversion ratio, sir.
We have 2:1 compulsory conversion.
- 50% conversion? - Yes, sir.
- 50% from presentation to sale. - Yes.
- One sale. - One sale in two demos.
- So, 20%. - Yeah.
Lead to sale is 20%.
What's the incentive for the salesperson?
Between 20-30% margin for them.
Ah!
No wonder. That's why you have a 50% conversion rate.
- Because... - He doesn't leave home
and falls at your feet unless you buy it.
But how did you calculate a valuation of 50 crores?
This is a high-volume product.
Below 25,000, customers don't buy it.
They pay at least Rs. 25,000.
And until now,
five people built a business of 1 crore.
Then 50-5000 people can make it dramatic!
You said that every customer pays 25,000.
- And you have 2500 customers. - Yes.
What will you do with a crore?
What do you want from the Sharks?
[music playing]
Right now, our problem is
that the monthly expenditure is on the rise
and we have to pay salaries, rents which doesn't allow us to expand.
So, we need some funds
so that we don't have to borrow and pay interest.
Primarily, money is what you need.
- Money. - Funding and your network.
Asha, please serve us the food.
I'll help you.
Aman, please go.
Anupam, do it well.
[laughs]
The carrot on the plate was boiled in water.
And the one in the bowl is without water.
Okay.
- Very fresh and tasty. - I loved it.
Your carrot without water
is very different.
- The chicken is great too. - Thank you.
Thank you, sir.
- Thank you for making it. - Thank you.
- Thank you very much. - We loved it.
[music playing]
So, your demo was great.
Your product definitely has potential.
But your price point
narrows down the market in a country like India.
Also, the health benefits
are not so significant.
Even with our regular utensils, if we use less oil
then healthy cooking is possible.
So, I don't believe in oil-less food.
And for that reason, I'm out. I wish you the very best!
Thank you, ma'am.
So, as Namita said, the price is high.
If I'm not interested, I won't be able to support it.
[sweeping music]
For that reason, I'm out.
I'm out because I won't be able to help you.
2% equity is too less for Rs. 50 crores valuation.
I won't be able to add much value.
I'll surely be your customer. Best of luck! Well done!
Asha and Ravi, I repeatedly asked you,
"what do you want from Sharks? What do you want from them?"
You replied that you need Rs. 1 crore to expand.
You just wanted to give a demo for one hour.
You are done with it
and now your conversion rate will increase.
I can't help you with your business.
You took whatever you wanted.
Thank you for the food but I'm out.
[sweeping music] Thank you!
What's the profit for FY 22 in your books?
Just focus on your chicken and keep shut.
[suspenseful music]
I'm interested in your business.
It would be a combination of things.
It would be promoted as a premium product
whose tutorial videos would be posted on YouTube.
We can launch an affordable range and market them through e-commerce.
Only then you can outgrow the German companies.
I'll give you an offer.
- Wow! - Rs. 50 lakhs
for 10% equity
You came here expecting a valuation of Rs. 50 crores
but you are getting a valuation of Rs. 5 crores.
[sweeping music]
You know that Rs. 50 crores...
Shh!
- Can we just get a minute? - Yes, please!
Thank you!
Shark Vineeta Singh, welcome to Shark Tank.
It's a generous deal. It isn't a Shark's deal.
[suspenseful music]
- Welcome back! - Welcome back!
- We have a counteroffer. - We want to give a counteroffer.
Oh! [sweeping music]
- Woo-hoo! Come on! - Go on!
I maintain my offer
of Rs. 50 lakhs for 10% equity and Rs. 50 lakhs in debt.
Woah! Shark Vineeta Singh!
Okay, we accept it.
We have a deal!
Thank you and welcome to NutriCook.
Awesome! Yes! Congratulations!
Shark Vineeta Singh!
- Thank you! - Thank you! Bye!
[bubbling]
[ethereal music]
Sharks, I want to narrate
the story of my friends Dipali and Manish.
Dipali and Manish
live in the small city of Bastar in Chhattisgarh.
Even after 8 years of marriage, they don't have a child.
Dipali and Manish's story
isn't one of a kind.
In fact, this story holds true
for one out of seven couples in India.
Infertility or childlessness
is a kind of social stigma
which compels couples
to alienate themselves from society.
It's not that infertility doesn't have a cure.
The reasons are
Wow!
IUI which means intrauterine insemination.
It's called 'kritrim garbhdharan' in Hindi.
It's the frontline procedure in infertility treatment.
This procedure is completed in three steps.
requires an andrologist and a gynaecologist.
Our kit consists of
an Ovulation Strip for ovulation tracking.
is to make a portfolio of devices
which help patients
to avoid going to hospitals for first-line treatments.
Sharks, our ask is
Very nice!
- I welcome you three on Shark Tank. - Thank you very much.
Today I want to welcome you in a peculiar style
by sharing my personal story with you.
It's important to share this personal story.
When I was 28 years old,
I tried to become pregnant and I conceived
within two months.
It was a normal pregnancy and everything was fine.
Later on, I tried to conceive again for three to four years
but I couldn't conceive.
It's rare.
I went through two infertility treatments.
We are administered 25 injections for every treatment
which leads to physical and emotional trauma.
Taboos of crossing legs
and placing your legs up are done. We do stupid things.
And I already had a child.
Imagine the trauma of those parents who don't have children.
My two attempts failed so I gave up.
I said, "I'm happy with one child."
Miraculously, I conceived naturally after a few months.
But I didn't talk about those memories
for ten years.
Because it was traumatic,
painful and it appeared taboo.
- I felt I'll be a little less if I talk about it. - Hmm.
Six months ago...
I have a YouTube channel on women's health called Uncondition Yourself.
I interview doctors and patients on that show.
I couldn't sleep the entire night
because I wasn't sure if I could share my story
when I interviewed them for an infertility episode.
I didn't have enough courage.
My well-wishers advised me not to share as it's my private life.
But I always listen to my heart
and I talked about it for the first time.
I have written about it in my book too.
There are two reasons
why I talked about it openly in public.
Number one,
people must know that it's a traumatic experience.
And those women and their husbands
need support, not judgement.
They shouldn't be ostracised
as they feel that they lack something.
Women like me must talk about it openly
and it's important
for the mental health of the spouse.
[ethereal music]
Well said! Well said, Namita!
Thank you for sharing, Namita.
Let's know more about you.
How has your journey been?
What are your backgrounds? And how did you meet?
Shark, I'm an IIT Kharagpur alumnus.
I have been designing for the last 10 to 12 years.
I got a chance to work on good R&D projects.
I started with Tata Motors.
Then I worked in GE and Underwriters Laboratories respectively.
Sharks, I'm a mechanical engineer from IIT Kharagpur.
I have experience in production, manufacturing, supply chain
and regulatory of 17 years.
I worked in Mahindra & Mahindra, GE
- and American Axle. - Did you two meet at GE or IIT Kharagpur?
We are friends and neighbours too.
We met during our graduation
and then we pursued our MTech together.
He was posted at GE, Bengaluru while I was at GE Oil and Gas, Pune.
I too am a mechanical engineer.
I work on product design and development,
and on vendor development in which I have 10 years of experience.
How did you meet them?
He shared his requirement on social media.
- I applied as per my expertise. - He's a part of our founding team.
He is the first team member who joined.
- You are the CEO. - Yes.
Please tell us more about your company.
Actually, I moved to Germany in 2012.
My wife and I were struggling to conceive our first child
between 2008 to 2012.
When we face a problem, we commit to God,
"Please solve my problem and I'll solve the problems others have."
I made such a promise.
God blessed us with two kids naturally.
Now it's our turn to help others.
Very nice!
My background has been in product design and other such things.
I realised the procedures followed by doctors can be done at home.
So I'm doing this now.
- Wow! - Very nice!
Your solution
is only for IUI.
This is V-Conceive.
R&D, Germany?
I'll go and stand there. I want to have a closer look.
Step 1 involves visiting a gynaecologist.
They tell us about the ovulation period.
Our Ovulation Stripe does the same.
It isn't ours. It belongs to a third party.
Step 2 involves sperm washing.
Sperm washing traditionally requires
an andrologist and a centrifuge.
It's the job of a skilled person.
AndroWash does the job of a skilled person.
You may consider it an automatic washing machine.
Namita, Vikram or any other person
can get the highest motile sperm at the click of a button.
Step 3 is insemination.
Traditionally, an IUI catheter is used to do it.
We replaced it with V-Conceive.
- It's like a menstrual cup which can be inserted. - Right!
So it is sent to the gynaecologist.
- This goes to the consumer. - To the consumer. I got the point.
Are there any other players in this industry? Or you are the only one.
We are the first company in India.
We don't have a competitor.
Why does it cost Rs. 8,000? It's a normal silicon cup.
Why is the price so off?
She has a point.
The price is high as we want to introduce it as a premium product.
If the price is too low, we won't be able to control
how people use the product.
So we wanted to sell the first
3,500 to 4,000 units
to educated customers.
20 multi-specialist hospitals
- It'd become more popular. - Vineeta, it's multi-use too.
It's a multi-use product, right? The cup.
- No, it's a single-use product. - Single-use?
[dramatic music]
- So your customers are gynaecologists. - Exactly!
And not individual customers because only doctors can pay Rs. 5,000.
Exactly!
Please tell us about its efficacy.
Is it 95% or 99%? Do you have data?
Its efficacy is 16% on the first attempt.
versus your 16%?
If we talk about this device,
the result is the same whether the doctor uses it or the patient.
Please tell us about your sales.
These are our total sales since May 2020.
Gosh! It's too low.
Yes, that's right.
What were your sales last month?
Last month there were zero sales.
[suspenseful music]
Why are the sales so low?
- Actually, there have been regulatory changes. - Alright!
There's a delay in our manufacturing license so we stopped sales.
- What about your September sales? - Rs. 2 lakhs.
So your monthly run rate until this regulatory change
was around Rs. 2 lakhs per month.
Our monthly run rate was around Rs. 5 lakhs.
Yes, it was around 4 to 5 lakh rupees.
Why is 'R&D, Germany' printed here?
[suspenseful music]
We started our work in Germany
and made the prototype there.
But there's no link to Germany now.
No, there's a link to Germany.
- What is it? - I still stay there.
Oh!
We have been operating remotely since 2017.
Sohan and Chandan stay in India but I stay in Germany.
- Do you three do this business full-time? - Yes.
- Don't you have a job? - No.
There are some exceptions but generally speaking.
Why are you staying there?
Anupam, timing is the problem.
I started the business in 2017
and registered the company in 2018.
We first fundraised in 2019.
Earlier, I had funded the company.
That's okay but what's the current scenario?
- Are you planning to move to India? - Yes!
When will you move here?
- I'm searching for funding. - How much?
We are raising Pre-Series A funding.
For how much?
We are raising Rs. 8 crores at Rs. 50 crores valuation.
What was the valuation for the round raised in 2019?
We raised it at a valuation of Rs. 30 crores.
How much did you raise?
but I feel that you aren't fully in.
[sweeping music]
You are waiting for the round.
If it gets raised, you'd move or else, you'd stay in Germany.
My friend, it's worrisome for me.
I'm not waiting for the round as I wouldn't have left my job in 2017.
So, I'm a fearless, dead hen.
You can eat it however you want.
I quit my job.
The problem is that
COVID happened when we were about to shift.
Talk about the present.
Yes, we want to launch ourselves
and we need visibility because I have two kids.
A person can't win the war after he's dead.
[laughs]
So, I'm planning to move to India soon.
Whether I move to India or not,
this is my job.
Look, you're beating about the bush.
You're making statements. Listen to me!
Don't talk rubbish.
Tell me whether you're going to come or not.
In black and white, I'm coming.
You're just talking about random things.
You're talking about chicken, battle, and random things.
Okay, I have decided. The market is exciting.
But it's not going down well.
I'm not able to trust you.
Your co-founders or whatever that you call them
hold 6%.
You're holding all the equity.
You invested the money and started it, so it's fine.
But you're not all in.
Okay? So, I'm out.
Your innovation is amazing.
The way you've detailed the product is amazing.
But your way of business
is not aligned with me. So, I'm out.
And I also think that Namita will be a better partner for you.
So, I'm out.
I generally support
entrepreneurs who go all in.
You're waiting for the funds to make a decision.
So, I think you're doubtful about this business too.
For that reason, I'm out.
Vikram, tell me something.
Do you believe that it needs to be made affordable?
Yes, we can do it anytime.
Because the making cost in under our control.
How much does the semen wash cost a gynaec?
Androwash
- is on a rental business model. - What is it?
They have to pay 3000-5000 rental per month.
- A gynaec has to pay. - Yes.
And for the Smart Tube,
it will cost 1200 for a piece.
I will make you an offer.
I'll offer you 50 lakhs for 1.67%.
There are many issues.
You don't have sales, efficacy issues,
and we're both aware that it's not a consumer product.
Your target is gynaecologists.
And you need an investor who is invested long-term.
And we need to explore the interiors.
So, there's a lot of work.
As a token, as a partner,
to give you my support and network
I would like to step in at a valuation of 20 crores.
And I would like to offer you
20 lakhs for 1% equity.
[music playing]
- What will happen now? - He will reject it.
He will take Namita's offer.
I think Vineeta's valuation is good too.
[music playing]
Thank you very much for both the offers.
[music playing]
Namita, let's make a deal.
[music playing]
"The pure of the Lord are victorious."
- Greetings, Sharks! - Greetings!
Before we start, I need permission.
- Can I sit down and talk to you? - Yes.
Sure.
Thank you.
Thank you, Sharks.
For giving me this chance.
Wait. You can speak in a minute.
- Take deep breaths. - We're not in a hurry.
[music playing]
I'm a Sikh.
And my visible identity is my headgear,
well-groomed beard, and this kada.
Our masters granted us this identity.
It's global and unique.
We just need to keep this identity alive.
And for that, we have to maintain it.
In the last 400 years, there has been no brand
that helped Sikhs maintain this identity.
By offering us high quality products.
You must've always seen Sardars
with a well-maintained beard.
But to maintain this beard,
they use gums and hair sprays.
And these hair sprays are alcohol-based.
They are harmful to the skin and respiratory system.
I know many Sikhs
who suffer from asthma now.
One of them is me.
If you look at the present day Sardars, they're very stylish.
They are brand and health conscious.
They are looking for high quality products
that helps them maintain their identity.
To cater to this, we launched Singh Styled in 2016.
and I'm the founder of Singh Styled.
He's my colleague.
- Greetings, Sharks! - Greetings!
[exhilarating music]
Singh Styled focuses on two needs.
by grooming and styling them.
Today, Ashwath and I are here to ask for
- welcome to Shark Tank. - Thank you!
I have a question. Normally, people bring
their cofounders with them.
Then how come you brought your operations head with you?
Sir, we maintained a benchmark
in Singh Styled right from the start
that all our employees are partners.
I could be the founder
but I can't progress without Ashwath.
- When did you start your business? - We launched in 2016.
Charanjeev, plenty of men nowadays,
grow beard.
It's now a style which is Bollywood-inspired
- or Tollywood-inspired or whatever. - I agree.
Many companies
have been providing such products for the last six to seven years.
How are your products different from them?
The way Sikhs maintain their beard is very different.
We have beard oil too. But we call it a nourisher.
[music playing]
So, the nourisher
we recommend applying it at the night when the beard is open.
It's a healing agent.
So, we don't call it a beard growth oil and stuff.
The growth is God-given.
Our other products are beard-setter
which is a non-alcoholic and gum-free.
So, my beard is set now.
[music playing]
You won't find it with Beardo, The Man Company,
or any other brand.
But there are brands selling alcohol-free, styling gel.
It must be alcohol-free. But the gum in it...
- See, there are two things. - They use wax, right?
If I apply wax, sweat will open it up.
So, to make this formulation
because we didn't want gum. It took us 4.5 years.
- 4.5 years? - Yes, just to crack it.
Ashwath, show us the products.
[music playing]
This is Kesh Healer.
When you use a beard setter and leave it on all day,
it becomes rough.
So, we're using Kesh Healer to smoothen it.
[music playing]
These are Dastars.
The cloth turban that we wear,
this is to elongate the crown life and maintain its fragrance.
- Yes. - Doesn't this cause asthma?
There's no irritation.
Because this is alcohol too.
Yes, but this is not very harmful.
But it's alcohol after all. You said that it's non-alcoholic.
See, there will be certain chemicals that are dependent on alcohol.
But it's not similar to the ones that we're using. The hair sprays.
Okay.
How many SKUs?
In the beard care category, we have 6.
Traditionally, Sikhs used to
wear unbranded, cotton turbans.
Turbans have always remained unbranded.
Then why do you think you can create a brand?
So the idea is that
our QC
when we saw turbans for the first time,
we noticed that the colour used to fade quickly.
The cloth was mixed.
It wasn't pure cotton.
We decided that we will sell
pure cotton turbans.
Charanjeev, this is highly commoditised.
when he started selling turban cloths.
So, this business gave him money.
So, we were raised on this money.
Secondly, a girl from a Sikh family
married me. My wife is from Chandigarh.
So, I'm highly grateful.
[music playing]
Tell me that this cloth
as she was saying, is very commoditised.
And my dad left this business
because of commoditization.
And the margin was minimal.
So, rebranding this thing
seems difficult.
In your business,
how much does the turban contribute to sales?
And what's the margin?
So, it's worth 8-10%.
Yes, but we don't want to stop it because
it's a form of service.
[music playing]
At what stage is the business?
COVID led to a crazy boom for D2C companies.
The major sales
is of turbans and beard care.
Our highest sales of 14 lakhs
was done by selling the beard setter.
Because when you go on a Zoom call,
you have to set your beard.
So that received the maximum push.
Our turbans were not so much in demand.
But in the next year,
Okay.
By the way, with our customers internally,
we have raised a round.
And how much did you raise?
As of now, it's 1 crore.
And we directed around 20% of the company to them.
How many followers do you have on Instagram?
Around 8000.
All the youngster
related stuff is managed by Ashwath.
You have not used the digital space properly.
I think your biggest gap is a team.
Correct.
You took 6 years and you have 8000 followers.
You didn't do anything about it.
In the first four years...
- It happens in 6 months. - They all have come from word-of-mou
- They're not from the internet. - Why aren't you bringing more?
We have just started.
The problem is capability. You're not hiring a team.
How will you become big on Instagram?
Sir, there will be a digital marketing head.
That person will understand our story
and turn it into digital content.
So, we need a content head.
Charanjeev, I have decided.
[dramatic music]
- Firstly, I respect the Sikh community a lot. - Right.
But I can't invest in your business today.
And the reason is twofold.
- First, you need marketing urgently. - Correct!
You have a big market of even non-Sikhs.
- Right. - If you position properly,
I'd urge you
- to focus on fundamentals. - Correct!
Please don't be in a hurry for fundraising.
- That is my feedback to you. - Right!
And for that reason, I'm out.
[dramatic music]
I believe
the businesses which are a labour of love
need some patience
because your overall market could be declining
- but you are doing it passionately. - Right.
You have already raised Rs. 1 crore and diluted 20% equity.
You are earning 7 to 8 lakh rupees per month
in spite of shipping to innumerable countries.
I think it's already too much.
[adventurous music]
I think it isn't investible now. For that reason, I'm out.
Why did you come to Shark Tank?
You have money and investors too. What do you need from us?
We need people, advisors, mentors
and investors. We already grew our business from zero to one.
It hasn't grown from zero to one yet.
- I agree. - Personal care market is worth Rs. 800 crores per month.
So Rs. 7 lakhs per month isn't good enough.
When you reach Rs. 50 lakhs per month,
you'd have grown from zero to one.
You may have to change your thought process at a fundamental root level.
I'll make a conditional offer to you.
My offer won't match the last round.
I think it's a rich valuation for your current revenue.
I'll give you Rs. 50 lakhs for 20% equity
As Vineeta said, your business needs to grow from zero to one.
It doesn't fall between 1 to 10.
He offered you Rs. 50 lakhs for 20%.
Aman is still...
I was waiting for the last moment
- as I would have offered if nobody offered. - Right.
My advice to you is to hustle.
Grow it from zero to one. It hasn't reached there yet.
[adventurous music]
[suspenseful music]
As you have an offer now, I'm out.
I'll help you do
whatever he just advised
because it's important.
Charanjeev, what is your decision? You have one offer.
I offered 5% and I can make it 7% to 8% at the most.
I can't go beyond that.
Your business is an early-stage one.
The problem is it is level-one problem.
[sweeping music]
You can make a final counteroffer.
I'll give you Rs. 50 lakhs for 10% equity
with a condition that I'll be able to invest
- Is that okay? - Done!
It's a deal that nobody likes but somebody likes.
[exhilarating music]
Thank you so much!
[exhilarating music]
- Thanks! - Thank you!
- Great job! - Good job!
Good deal, Peyush!
'In today's Shark Xperience,'
'Peyush, Prince from Sriharikota has a question for you.'
'Why do you ask entrepreneurs about their vision always?'
'What's the mystery behind it?'
'Can't vision change when the business pivots?'
To be honest, I ask about their vision for multiple reasons.
I get to know the way of thinking of an entrepreneur by their vision.
How they think and how vast their vision is.
I experienced it in Lenskart.
When I started out, I aimed to solve the problem of vision correction.
As soon as we got the investors,
we forgot about our vision and started building a business.
And we started selling watches, bags,
jewellery and other such items.
Once I was sitting with my investor and mentor
Ronnie Screwvala at his home.
because of a big purpose or cause.
When you become passionate about the cause,
it brings about a revolution.