Hello and welcome to Shark Tank season 2.
Co-presented by ACKO. Payments partner, Cashfree payments.
Ideas partner, Smallcase. Co-powered by PokerBaazi.
Money partner, Fi Money. Online food partner, Eatfit.
Eyewear partner, Lenskart.
It's a show where a six-step journey from the tunnel to the tank
can change the lives of entrepreneurs.
Which Shark likes what idea? Let's find out!
[ethereal music]
[dramatic music]
Sharks, if somebody asks you,
"My friend, can I borrow this hotel for a few hours?"
What did you think when you heard this line?
Ahem!
Daya, there's something shady!
You travel for business purposes
and you finish your work early but your flight
is scheduled after a few hours. How would you utilise that time?
You'd while away your time in a plush cafe
or go sightseeing forcibly.
Or maybe you'd try to sleep in uncomfortable chairs at the airport.
Usually, we can't find hotel rooms for 4 to 5 hours.
Even if we manage to get one, they are the shady ones.
And you'd never want to stay at those hotels.
Think about those three-star and four-star hotels.
What's the use of unoccupied rooms?
So we thought of optimising the hotel rooms
and introduced Brevistay.
or for your girlfriend. Nobody will judge you.
Moreover, Sharks,
you'd get AC, TV and wi-fi at all our hotels.
Our vision is to optimise the hotels and
make Brevistay the biggest platform for flexible hotel bookings.
[sombre music]
Hi, Sharks! I'm Aditya.
- Welcome to Shark Tank India season 2. - Thank you!
Five of you are here. Where are the others?
- They are busy working. - All the team members are here.
- Are all five of you cofounders? - Yes!
Then I completed my MBA
and did a job in digital marketing
for around 3 to 4 months. I got this idea during that time.
- Right now I'm the CMO at Brevistay. - Very good!
I'm Shubham Agarwal
and I hail from a small village Pirumadara in Nainital.
- I did electrical engineering at Chandigarh University. - Wonderful!
I worked in Magicpin and Cognizant.
I shared this idea with Prateek
and then I joined Brevistay.
My position in this company is of the chief financial officer.
Sharks, my name is Prateek Singh
and I pursued BTECH from Amity University.
Aditya was my classmate.
I worked for a year after my BTECH. Then I started working on this idea.
What is your role?
- CEO? - I'm the CEO.
Is that the reason you are at the centre?
- All of you entered in a formation where you were leading. - Yes!
- All of you must shout, "our leader - He is Prateek Singh.
Sharks, my name is Nikhil and I'm from Lucknow.
I'm 28 years old.
I pursued BTECH in Computer Science from UPTU.
I worked as a software engineer for two years.
Then I started working in Brevistay as CTO.
Sharks, my name is Avnish Kumar.
I did my BTECH in Computer Science from Mansoura University.
I began a start-up after my college.
Later on, I met Prateek.
And then we started working on the idea of Brevistay.
- What is your role? - Chief operating officer.
- COO. - Let me tell you how we met.
Prateek was my batch-mate
and Nikhil was Prateek's friend.
We went on a trip to Manali back in 2015.
We reached early to check into a hotel
and we wanted an early check-in
but they denied us.
We were compelled to book the room for the whole day.
When Prateek and I went for a walk in the evening, Prateek had an idea.
"Other people must also be experiencing what we experienced."
- Avnish, irrespective of your Manali experience... - Yes.
or Prateek's? Who needed it more?
Everybody needs it during college.
- There you are! - Ah!
- You must have needed it too. - Great, my friend!
My life wasn't so fun-filled.
I didn't need it.
You talked about the problem of early check-in.
I don't mind sleeping in a chair in.
Why do we need it?
- Please explain the use cases. - Let me explain the use cases.
For instance, airports and railway stations.
It's so crowded nowadays
that sometimes we don't get a chair to sit in.
Please tell us the most important use case. Tell us about that.
Our 70% customers are romantic couples.
He's nudging you. You may tell us.
[laughing]
I agree that 70% of use cases are couples.
It was 80% last year and 90% before that.
The number of single users is increasing.
Early morning check-ins are on the rise which happen at 4 am, 3 am
and 2 am.
The biggest problem you face
when you want to book a hotel at midnight
and you try to book a room on any other website,
you don't get a check-in time except 12 pm on the next day.
You may get a check-in on our app within ten minutes.
Is it available in metros? Please tell us your regional distribution.
Our major hotels are in metros.
We've started expanding in tier-two and tier-three cities recently.
What kind of hotels are in metros?
Three-star, four-star and five-star hotels. Please tell us the split.
Mainly we have budget hotels.
- Can we show you a demo? - Sure.
- Please show us. - Thank you!
Namita, let's say...
- Namita... - Let's assume that your flight starts late from Bangalore.
[laughing]
You need a stay for 5 to 6 hours.
Namita, why did they choose you as an example?
You are travelling for business and your flight is delayed.
So you may click on 'input'
and select the city.
Then you may select the date too.
After selecting a date, choose the check-in time as that's our USP.
You chose the check-in time of 2 am and you...
2 am! Namita, what are you up to?
Am I your ideal customer?
- The flight is late. - The flight is delayed.
You may see that five-star hotels are also available.
Rates for three hours, six hours and twelve hours are given.
We'll choose three hours
and we'll be directed to the hotel details page.
You may check the images.
Alright. It's the normal procedure for booking a room.
Then you'd click on 'book now' to book the room. Correct!
- Yes, sir. - You showed Namita's use case of a delayed flight.
Please show us the use case of 70% of people like Amit.
[laughing]
Look! Nobody would believe what he is saying. Aman could do it.
Gosh! I'm a married man.
Please show us the cheapest budget hotel.
Click on 'filters'.
What are the rates?
Rs. 400.
Around 40% to 50%.
I have a question. Why do the hotels
agree to do it?
60% to 70% of hotel rooms
are generally vacant during the day.
Most of the check-ins are at night or late at night.
We can sell the same room multiple times through our platform.
Let's check in quantity terms.
If the owner earned Rs. 1,700 earlier, how much do they earn now?
After using our platform,
- they earn Rs. 2,200 on average. - They earn Rs. 500 extra. Good!
Please explain the legality. Is it legal?
It's completely legal. As per government law,
if you are above 18 years and you have an ID card,
you may check in to a hotel. That's number one.
Even the police don't have the right to disturb your privacy.
- You enlightened the youth of the country. - Yes.
You gave an important lesson today.
You gave them some ideas.
It's very easy.
Any app like MakeMyTrip or other such apps may do it.
They don't do it because the hotels are unwilling.
Please tell us the fundamental problem.
To answer your question, we just told you that we have 3,200 hotels.
The execution is going on.
You are wrong in saying
that MakeMyTrip and Goibibo don't follow it. They do it too.
They are doing the same thing nowadays.
- They launched this service on 15 September. - For six hours.
- Correct! - You may check
- that they have slots of 3 hours, 6 hours and 9 hours. - Correct!
Just like us.
The only difference is
that we give 24/7 flexibility.
I have an important question.
What's the USP of your business?
That you may check in at any time and check out at any time.
Please tell me something.
When we observe, we find out that all the hotels in the world
have a fixed time of 12 pm check-out and 2 pm check-in.
Why have they kept a fixed time?
Why don't they make it flexible?
They don't provide flexibility
because software
They have fixed the check-in time.
It's easy for them to change it.
- SaaS can be changed. - No, it is not easy to change the core system.
- Yes. - It requires a lot of time.
So how do you address it?
You, too, have to use the same system at the end of the day.
To address it, we have built our own system
which we also provide to hotels and we can manage hotels using it.
- That's important. Thank you. - Important...
- Let's get to the financials. - Yes.
Tell us.
- Other than the GMV, tell us what you're left with. - Yes.
But we closed financial year 21-22 at a profit
where our profit before taxes was Rs. 16 lakhs.
Do you know why?
Online travel agencies these days
are highly funded and they expend heaps of money.
Customer acquisition becomes difficult.
I think you should mull over the longevity of this business.
I am out.
I found your business model highly risky.
Don't you worry. The boss is not yet out!
[music playing]
But I said I was out.
[Sharks laugh]
This market is huge.
Undoubtedly.
In Japan, these hotels are called love hotels.
- He has considerable expertise in this field. - Just hurry up!
In Japan... Darn!
Why are you talking about Japan? Evaluate their business.
[tense music playing]
I am evaluating their business.
In Japan, you'll find such hotels...
In every other alley.
Do you know the size of that industry?
We wish to expand only in the Indian market.
That's fine, but you must have studied Japan.
To start this business.
They don't want to study Japan! Talk about India.
- Why are you harping on? They don't know! - Hey...
[intense music playing]
Anupam, the market in Japan is very different than the one here.
- Didn't you study the market? - No.
Okay, no problem.
Can you tell me the size of the market in India?
Yes. The size of the hotel industry in India is 25 billion dollars.
Not that. Only for hourly stay.
- I don't have the exact data. - Ballpark figure.
If you go to see, our revenue last year was Rs. 18 crores.
You could say that the hourly stay market
will be around Rs. 35 to 40 crores for last year.
Okay, thank you.
I, too, am out.
As a user, I feel there is a need for your business.
But the dependence of hotels on online travel agents is so high.
They get so much business through them.
I think competing against them seems risky as of now
with a small funding round of Rs. 1 crore.
For that reason, I am out.
I feel the market is huge.
But I am afraid of this.
The market you've been trying to create for 6 years
will be captured by OTAs once you finish.
and our values have always caused conflict.
You seem like smart people.
You didn't do the research.
I was hoping you knew the numbers.
You should have done that...
If you've come to raise capital.
This is an important lesson. You don't know the industry size.
You claim it's Rs. 30 to 35 crores just because you want funds.
Does it make sense?
What do you want to do in the end?
[tense music playing]
Do you wish to continue as a trader or become a big business?
- The latter. - Yes.
How do you propose to? OTA will capture the market.
You don't know your numbers. How will you do it?
[tense music playing]
Quit this business and start something else.
I believe you'll gain nothing.
Someone else will snatch what you make.
You're wasting your time.
Get out of here. I'm out.
Look. You know what?
I found your persistence impressive.
The Sharks asked you some tough questions.
I really liked that you answered them well.
I don't believe you needed to know Japan's numbers.
[tense music playing]
I see only one solution.
If you wish to grow big, don't take too much time.
You ought to brand it in a way that you're meant only for this.
And for that, you will have to study Japan!
- Oh, God! - Yes, fine!
Regulations, police and other things here are different.
- You need to go to Japan to make love hotels. - Execution...
You're out, Anupam. Please let me speak.
[tense music playing]
I don't see big numbers or a clear strategy.
I liked your team.
I will reconsider if your numbers grow.
But go all out.
For today, I am out but I wish you all the best.
- Thank you, Shark... - Bye, guys.
- Bye. - Thank you.
[theme music playing]
[theme music fades]
- Is your bag heavy? - Yes.
Look. You should wear it like this.
- Hmm. - I faced the same problem.
Then I discussed it with somebody
and realised that this works for me.
We all have baggage, don't we?
Life would have been so much easier if we had someone
- to share them with. - Nice.
- True. - Very nice.
Emotional baggage is the most common among all baggage.
That seems like quite some heavy emotional baggage!
- Very nice representation. - Yes.
What do we do about Aman, our baggage?
[Sharks laugh]
Sharks, we all face emotional problems.
But do you know what is common?
- We feel extremely lonely. - That's right.
We feel like we're the only ones...
If you want to discuss it with someone,
- you wonder if that person will judge you. - Hmm.
Sometimes, we think
of looking for somebody
who has faced a similar problem.
But where do we go finding them?
But that is about to change.
Sharks, I am Punita Mittal.
But who are peers?
They are people like you and me
who've had a firsthand experience of a similar challenge.
They have been through the same challenge already.
SoulUp is not just limited to serious mental health conditions
Mahak and Punita.
- Welcome to Shark Tank season 2. - Thank you.
Now that you got rid of your bags,
do you feel light? Yes?
I can relate personally to the issue of mental health.
I openly share that I've experienced some of these issues.
I also believe that
it is prevalent in our country to a great extent.
But people have not accepted it yet.
It's really needed. You're doing some noble work.
How did you set out on this path?
Two factors attribute to it.
- Both professional and personal. - Okay.
Professional, as I've been in the field of health for 13 years.
Prior to this, I was working with a start-up called Healthify.
- Oh! You were with Healthify. - Okay!
We came up with pilates for mental health there.
Personal, of course for I've had ups and downs in life.
How many years did you work at Healthify?
- 4.5 years. - As what? What did you do?
I was in the leadership team.
I was head of data science, AI and innovation.
- Very nice. - Well done.
- When did you complete education? - Great!
How old are you?
- I'm 40 years. - Oh!
- You don't look like it at all. - You look like teenagers.
- How old are you, Mahak? - 29.
Where did you graduate from, Punita?
- I graduated from IIT in 2007. - Which IIT?
- Delhi. - IIT Delhi.
- I'm from there too. - Yes, I know.
- Fantastic. - Terrific.
- You mentioned some personal experiences. - Yes.
- Tell us. Then you speak, Mahak. - I had ups and downs regularly.
During covid,
- I volunteered in a township called Auroville for 1.5 years. - Wow!
- Okay. - I experienced the power of peer connect there
for the first time.
- People there speak openly. - Okay.
I did my research after that and spoke to users.
I was in touch with Mahak
and we were brainstorming, and then we did it some more.
We dived deeper into the research.
How come you were in touch with her? How did you know her?
I know her through a mutual friend.
- Alright. - Okay.
After that,
we researched online as well as spoke to users,
and eventually conceived SoulUp.
What's your background, ma'am?
I pursued engineering at IIT Mumbai.
Oh, my! Lovely.
I worked with Bain & Company which is into management consulting.
I, too, have faced mental health issues.
And I'm a big advocate
- of support groups as well as counsellors. - Yes.
Firstly, congratulations.
The cause you've chosen is very important.
In India, it is considered taboo
to go and see a counsellor.
- It's really silly and we need to normalise these things. - Yes.
- My compliments to you. - Thank you.
I would like to wish all the viewers a Happy Holi.
Wish you all a very Happy Holi.
Keep playing and having fun.
Could you tell me the percentage of people in this market
suffering from mental health issues, for instance, anxiety?
What's the percentage of people in India?
In this... First of all, I would like to reiterate
- that this doesn't cater just to mental health. - Hmm.
- It's across the curve. - Correct.
Even for day-to-day problems.
- For instance, relationships... - Stress!
Stress, life decisions...
- Could you give us a demo of your platform? - Yes.
- Please. - Please.
SoulUp is only available via the website currently.
Suppose I recently... Let's take depression for example.
I was diagnosed with depression.
So, I will click on "Mental Health",
and once I go to the Mental Health tab,
I will start seeing peers associated with it.
You can access the information available for each peer
which includes their experience and the languages they know.
Currently, our website supports 21 languages.
Their slots as well as journey
- and what they have... - How many registered users do you have?
200 peers.
- We've recorded 700 conversations until now. - 700.
- We started in February. - Very early stage.
- Very early. - Too early.
- Very early. - We started in February.
I see somebody I like.
Let's suppose Seema is relevant to me.
I click on "book a conversation".
They pay
Does one need to make a payment?
At any point in time,
you can sign up for the group that is slotted.
We intentionally accommodate only 5 to 6 people in a group
to keep it intimate and keep the discussion rich.
- Okay. - All of which are facilitated by therapists.
Recently, we held groups for epilepsy, disabled people,
dating fatigue
as well as postpartum issues.
We've held different support groups recently.
When it comes to mental health issues,
- how does one know he's suffering from them? - Symptoms.
How will a person know he is depressed?
The people around him will know before him
or will the person himself know that he's depressed?
It can be either of the two scenarios
depending on how communicative
or how cognizant their social support systems are.
Sometimes, you know on your own
or at times, people nudge you to do something about it
because something feels wrong.
But it is a journey.
What are your passion and vision?
- Our vision and belief, Anupam... - Yes?
Is that the future of emotional wellness and health
is peer-to-peer support.
That is the future.
While some aspects lack scalability
and others fail to add value,
peer support sits at a sweet spot.
Why don't you believe the future could be technology-based?
It can be technology-enabled, but mental health is something...
- Personal touch. - Where human connect is central.
It can be scaled using technology.
I have two quick questions. What's the competition?
Not just within India, but globally as well.
Throw light on such support groups.
Second, what's your revenue model? How do you make money?
Within peer-to-peer,
if we look at the global market,
there are quite a few vertical players.
For instance, inflow for ADHD specifically.
Or running peer programmes for medical conditions,
or for diabetes and asthma.
They're big companies and are making money.
Not billion-dollar companies yet,
but they have raised venture capital,
- have good partnerships... - Got it. Second question.
How do you make money?
We have two revenue models.
The price point is Rs. 2000 to 3000.
Out of our current margins,
50% commission goes to the facilitator
Yes, we are open to it.
Our model is peer-led, peer being central.
We envision it will be a big nucleus
- where a lot of... - Peers will be the acquisition bit.
- But therapy will bring in the real money. - Any high-value...
Any high-value product can then be plugged into this big globe
- of one-on-one interactions. - Got it, okay.
What makes you think this will scale up exponentially?
What are the key numbers you're tracking
to track that inflection point?
and will require a lot of manual seeding initially
to a network of at least 10,000 peers.
- I'll come with you. - The network will take care of itself
in terms of bookings as well as repeat business.
Okay, you don't have any business now.
I don't know how you can build a business,
but there are two things.
One, the market is huge.
It will be astronomical 20 years from now.
- Yes. - The very reason being
- increase in stress, anxiety and problems. - Correct.
Second, you've both worked in start-ups.
You could, as entrepreneurs,
build a solid company, if this is your passion
and you keep going at it.
On that basis,
Anupam and I would like to make you an offer.
[music playing]
Don't feel bad as it's Holi!
I wish the viewers of Shark Tank India and Sony Television
a Happy Holi.
Your ask was Rs. 50 lakhs.
Anupam and I will take 20% equity,
I'm willing to come solo.
I can offer Rs. 25 lakhs for 10% equity
- I don't know how you'd pay off the - Debt will be interest-free.
[tense music]
All of them gave you different offers.
You are an IITian
who left a lucrative job to start this. You have struggled a lot.
We aren't sure about the business angle but we believe you'll succeed.
[clock ticking]
We'll give you Rs. 50 lakhs and no debt. It's utter rubbish.
How would you pay it off? We'll give you Rs. 50 lakhs
I'd match their offer.
- I want to be a solo investor. - Whose offer did you match?
Rs. 50 lakhs for 15% equity.
Namita, please make one offer only.
- Don't make two offers. - Whatever they want!
Forget the debt. You can't service the debt.
- Now make your decision quickly. - Remember...
We helped you get a good deal.
Please don't forget who initiated the string of decent deals.
Please tell us your decision.
They still didn't like the offers.
The right partners are sitting before you.
I don't want this deal to turn into a vegetable market deal.
[thrilling music]
Do you want to be out or match their offer?
Aman and Amit offered Rs. 50 lakhs for 9% equity.
Vineeta and I offer Rs. 50 lakhs for 10% equity.
Please make a decision as it's crunch time.
Please don't forget you are getting two Sharks. You'd get more value.
[suspenseful music]
I want to be associated with this cause
and I want to close this deal alone.
It's worth the 5%.
- You are worth it. - Thank you!
Woo-hoo!
Namita snatched the deal in an instant.
I know! [laughing]
- It was a good deal. - It was my deal.
- That was something. - I want to make it big.
[sweeping music]
[ethereal music]
Once upon a time, there was a girl
in a land far far away.
She was fond of reading books.
She read everything.
Newspaper, posters
and even the ingredients printed on the label of the shampoo bottle.
[laughing]
But as far as books were concerned,
she had limited options.
No points for guessing that girl is me.
Oh! I thought you were talking about Vineeta.
The ingredients of a shampoo.
Hi, Sharks! My name is Surabhi.
I'm 26 years old and I'm from Kot Narahwa village in Gopalganj.
- Wow! - Wonderful!
Sharks, our start-up tries to solve
the problems of readers in two ways.
and also merchandise inspired from them.
We have delivered more than 70,000 orders till now
is to develop an impactful reading culture in India.
To achieve this our ask is
- Welcome, Surabhi and Desh. - Thank you, sir!
I observed that you were praying
before you started the pitch.
Right. I reached here coming from a small village
and it's in itself a big deal for me.
Where is Gopalganj situated?
Is it Mr. Lalu Prasad's Gopalganj?
- Yes. That's right. - Oh, my!
It's a district situated at UP and Bihar's border.
My village Kot Narahwa is a small village
with a population of 1,200.
Were you born in that village?
- Yes. - Did you complete your studies there?
Females of my generation 1995-96
and older generations weren't given English-medium education.
Oh!
It was more than enough that they educated the boys.
My mom hails from Patna.
She went against my grandparents and got me educated.
- She gave me an English-medium education. - Wow!
In Patna?
- No. Gorakhpur. - Gorakhpur!
I think you are lucky to have a strong mother.
This is what we need. Every girl must study so that India progresses.
That's right, sir.
I have a question for Desh.
- What's your qualification? - I did my schooling in Mirzapur.
Then I went to Kota to prepare for the IIT entrance but didn't succeed.
I met Surabhi there
and coincidentally, we met in a bookshop.
- Okay. - Wonderful!
We were looking for the same book. It was Hemingway's book.
- The Old Man and the Sea. - Very nice book.
And it was the last copy.
[chuckling]
- What happened next? - We became friends.
She said she had the plan to start this. She wanted to make a website.
I knew how to make websites.
I promised to help her and I felt that I faced a similar problem.
When I was a child, my parents asked me
to study Maths, Physics
and read everything except novels.
I used to read Nanhe Samrat and Champak magazines secretly.
- Chacha Chaudhary! - Super Commando Dhruva!
[chuckling]
Sir, I always wanted to be an entrepreneur.
To be honest,
since I heard about Bill Gates in 2003-2004,
- I wanted to do something. - So sweet!
Wow!
- What about the book you were searching for? - Sir, she took it.
- She took it. - Oh, yes!
- I took it! - I like that.
Are you two friends or...
- Sir, we are friends. Best friends. - Best friends!
Fantastic!
[chuckling]
I wish the viewers of Sony TV and Shark Tank India
a very happy Holi.
I wish the viewers of Shark Tank India and Sony TV
a happy Holi.
Let me tell you something honestly.
I have never read a book in my whole life.
I went to an MBA college
and they asked me to read a book.
Supposedly, our reading improves if we read books.
I read it in 2.5 months.
Oh! [chuckling]
I didn't read any book after that.
I'll read only one book and that's mine when it gets published.
Oh, my!
Sir, we'd read it too.
Did you read The Dolphin and the Shark?
- Sir, we... - Actually, I brought a copy to get it signed.
Oh! That's so sweet!
Who else doesn't read books?
I also don't read books.
I'm an avid reader.
- Sir, can we show you the box? - Yes, please!
[ethereal music]
Aman, he didn't give you the box.
It's very heavy. [laughing]
They didn't give Aman a box.
It's so heavy.
- It's too heavy. - Quite heavy.
They know those who don't read books.
They didn't give it to Amit and me.
[laughing]
- Wow! - Wow! Amazing!
- What a message! Incredible quote! - Yes, sir!
Who did the branding?
- Sir, I did it. - I think it's beautiful.
It's lovely branding.
'Obstinate headstrong girl'. That's me.
In Hindi, we call them stubborn.
[laughing]
- I'm stubborn! - Of course!
Why would I buy on your online platform?
India publishes limited books.
The number of trade books in the US and the UK including fiction
and non-fiction is 250 books per month by a single publisher.
When the same list of books is published in India,
only two of them are bestsellers
and some old books from popular authors are sold.
Our USP is that
we go a step ahead and sell those books
which aren't available on other platforms
and if a random seller lists those books,
the price is inflated.
[sweeping music]
You have filled it with merchandise
but only a few books are kept inside the box.
There are only two books.
We named the boxes after different types of coffee.
[upbeat music]
If you don't want merchandise but only books,
you may add only books to your box.
How much does this box cost?
- So the customer will pay around Rs. 1,500 to Rs. 1,600. - Yes!
Shall I give you a demo of my website and the app?
Yes, please!
Sir, I told you about ChapterOne earlier.
It's our retail platform.
When you open our app,
first of all, you'd see the categories or genres.
Fantasy, Manga and other such genres.
Some books are available with us exclusively.
The special edges
and special endpapers are available only with us.
What do you mean by special edges?
Basically, they have special prints
- which can't be found in India easily. - Got it.
Our second product is The Big Book Box as you can see.
This is its website.
We pick a theme every month. We chose Dark Academia for August.
about all the books
and the merchandise too.
Sir, that's my work.
I always say that I'm the heart of the business
and he's the brain of the business.
- Okay. - Nice!
Unfortunately, this market
is declining even though we want to boost the reading culture.
My company has many employees younger than 25 years
and I gifted them books on every secret Santa
until I got feedback,
"Ma'am, nobody likes to read books. Please don't gift books."
It's a fact.
What is your opinion? How big is this market?
Is it growing or declining? How will this culture change?
According to Nielsen survey,
the market for physical books is increasing.
[sweeping music]
- How much? - Last year, it grew around 26.1%.
- Huh? - What?
- Yes! - Really?
- Yes. - They must be electronic books.
- This growth is in India? - Yes.
Can you give me a figure in crores?
The TAM is around 13 crores of people who read
- and who know about books. - No.
- In terms of value. - The value is about 8.8 billion dollars.
But there's a catch.
It's all textbook slake.
[tense music playing]
Tell us about this category barring textbooks.
It's around 3.2 billion dollars.
Quite a big number.
It doesn't seem quite right.
It seems implausible.
Tell us your business numbers.
Our gross margin was around Rs. 1.05 crores.
How much of it was through the online store
and subscriptions respectively?
As you know, I am not quite fond of books,
although my family reads.
Secondly, I feel it's a declining business.
People would prefer e-books in the near future.
So, for that reason, I am out.
- Thank you. - We understand, sir.
Let's get to the subscription use case in India.
When a person makes a payment six months in advance,
they expect around a 50% discount.
Surabhi and Desh, I have understood your passion,
but I need to understand what the end goal is here.
I'm sure you know this business is a tad difficult.
[intense music playing]
Sir, we want to build a tech-enabled platform.
We want to build an ecosystem for readers.
What do you want to do in life?
Do you wish to build a successful company
or drive a culture
that develops interest among children to read books?
We wish to drive a culture
- and also wish to make a successful business. - Both!
We spoke to the publishers from whom we sourced these books.
They told us
- the sky is the limit when it comes to books. - Okay.
Take Barnes & Noble Booksellers and Waterstones for instance.
The culture is simply booming.
India's literacy rate is on the rise
with the number of educated people rising, especially youngsters.
Looking at this demographic, books are only going to get bigger
- and better... - Barnes & Noble is struggling.
- It's bankrupt. - It has shut down.
- Barnes & Noble is finished. - Almost bankrupt.
Yes.
But on their online platform,
you're still able to get a ton of amazing books.
You will literally not get those editions of books anywhere.
I think their number of 26% growth
in actual books isn't accurate.
I talk
to people about books in general.
It's a dying culture, unfortunately.
I think it's a shrinking TAM.
And what you mentioned about your USP,
a few books that are not easily available...
- Ma'am, a few are available. - Yes.
- Most are not available. - Most of them are not.
I don't know. People usually want to go for bestsellers
and bestsellers, most of the time, are available.
As an investor, I don't think my money will multiply 100x.
For that reason, I am out.
No, I would like to disagree.
Huh? What happened?
Do you know why she said that?
The sales of her book...
[Sharks laugh]
- That's why she said it's a dull business! - Yes...
- My book is a bestseller. - Okay.
[Sharks laugh]
As far as my understanding goes,
if you sell 5000 books in India,
then your book is a bestseller.
- Right, Namita? - Yes.
In the US or the West,
a book becomes a bestseller
when you sell one hundred thousand or a million books.
- The market is very small. - Correct.
There's another problem which you haven't addressed.
50 to 70% of the market
- is made up of unauthorised booksellers. - Yes.
At signals, Churchgate station
and other stations too, you will see shops selling books.
All of them are unauthorised
and to a certain extent, illegal.
Yes.
What is your take on it?
I would like to add a point here.
When my book got published, I had a choice.
I could add an extra 10,000 words and convert it into a hardback.
There's a prestige that comes along with it as it costs Rs. 800.
Or roll it out for Rs. 300 as a paperback.
I chose paperback because the reality is
that I wanted more people to read it.
The market for books in our country is price sensitive.
You're selling books for Rs. 1500 and 1600
which is hard to sell in a price-sensitive market.
She opted for paperback
also because buying 5000 copies of your own book is cheaper!
[Sharks laugh]
To make it a bestseller!
With friends like them, who needs enemies?
- Founder, the stage is yours. Answer me. - Yes.
Unauthorised and copyright violation.
Anupam, what you said is absolutely correct.
You'll be surprised to know
that people sell pirated copies online as well.
And if you do, it's evident from the cover itself.
There definitely are people who buy these books.
Hopefully, when they read those pirated books,
may their interest in reading...
Okay, Surabhi and Desh. I'm impressed by your passion.
But I feel
you have not been able to understand the business completely.
Or what kind of market is needed
for an investor to get good returns.
I am out for that reason.
You need to give it a serious thought
whether you wish to really tread this path.
Of raising funds from investors
and building a business solely focused on returns.
I think your passion
for inculcating an interest in reading
can also be achieved by building a successful business.
Many celebrities would love to join your cause
and I think you can bring about a change.
You don't have to become the next company that raised a funding round.
So, good luck.
As an investor, I'll be honest.
I want the young generation watching to be motivated by you
and establish such businesses
because starting businesses that fetch profits
of a crore or two is easy.
It's a big amount. It isn't small.
I don't see this as a business
where I will get high returns on my investment.
I'll be available for your help.
You can contact me personally too.
I want to be associated with your mission
in another way, not by investment.
- Congratulations on building what you've built, guys. - Thanks.
- Very proud of you. - Thank you.
- Good fun. - Thank you, guys.
- Thank you so much. - See you guys.
Namita, I'd like to take this opportunity
to get this signed by you.
- Oh, that's so sweet! - Aw!
Oh my God!
- Thank you. - Thank you so much, Namita.
[music playing]
You've come from afar.
I can't let you go without taking you to the ACKO Change Makers Wall.
Let's go. Okay?
Do you think buying books from you can change
a non-reader’s attitude and how they perceive things?
I believe that through ChapterOne,
we make the reading experience innovative for our customers.
We give them a bookmark with a quote from a book they purchase.
It makes people more curious about the book.
By doing so, we add value to the book.
So, we are absolutely sure that we can successfully
convert non-readers into readers.
You are trying to bring a change!
ACKO would like to welcome this change.
I would like to request you to write a small message
and sign an autograph for us on ACKO Change Makers Wall.
- Thank you! - Thank you!
ACKO has more than 80 million satisfied customers.
I hope your books spread happiness too.
We wish you the very best!
Want to be a Shark?
So download or update the SonyLIV app
and get ready to be a home shark.
'Today's Shark Xperience'
'features Pakhi's question from Bolpur, Anupam.'
'Many companies are laying off their employees nowadays.'
'What do you do if you have to fire someone?'
Great question.
Layoffs or firing in America are done in a really direct manner.
You will receive a communication on your personal email
that you must not come to work starting today
and you will receive severance pay for x number of months.
Losing a job is detrimental to one's financial condition,
but some people never recover from the damage
it causes to their dignity.
Look, there was a time when we, too, had to lay off people.
It was during the global financial crisis of 2008.
Our planning was in place.
when I am needed to do it,
but whilst displaying empathy.
I let employees know why it needs to be done.