[music playing]
- Hi, Sharks. - Hello.
As an actor, I have always dreamt
of draping a sari on a snow-clad mountain and swaying my long tresses.
But my hair never grew so long.
This is not my real hair. This is Nish Hair, by the way.
Oh, wow!
Yeah.
Oh, wow!
- Cool. - Right?
So, I used to go to wig makers
and they would give me heavy and expensive hair extensions.
It was difficult to sway them.
So, I created hair extensions
for girls like me who have less hair and money.
That's when Nish Hair was born.
[music playing]
Along with my mom.
You heard my problem. What is India's population?
There are 66 crore women.
60% of them have a hair loss problem.
When a woman gives birth, she goes through so much.
Their postpartum hair loss
which new mothers would know what I'm talking about.
For them, I've made a hair topper
- Gift that keeps on living. - Wow!
- It resembles the human scalp. - Oh, wow!
Look, I have genes from my mom and dad as well.
- Oh! - Well.
They want bangs, colour strands,
First time on Shark Tank.
I'm pitching my business to anybody for the first time.
- Oh, wow! - It's a self-made business.
Well said! But we'll prefer some sugar-coating.
Parul, welcome to the finale of Shark Tank season 2.
Thank you, Aman.
Firstly, tell me how the name came up?
Is there a connection between your names or is it general?
My mother calls me Nishu. So, she named it Nish.
Because Hair Extensions by Parul Gulati sounds blah.
[laughs]
You said that you're
a former model or actor, right?
I'm still an actor.
- Oh, nice! - I do web shows.
I've done Punjabi films.
- Girls Hostel is one of the SonyLIV shows. - Oh, wow!
Nice.
Wow, lovely!
- So, you do this as well. - Yes.
And is this a full-time business?
- Yes. - Or is it just part-time?
No, it's a full-time business.
- And acting? - It's full-time too.
[laughs]
How can you do two things full-time?
When you're a mother and you're married,
I'm married to my acting career and this is my baby.
How can I decide which one to choose?
- Good answer. - Right?
I'm from Rohtak, Haryana.
Where did you study?
I studied in Rohtak.
And pursued distance education from the University of Mumbai.
I have not studied business.
- When did you shift to Mumbai? - In 2010.
- For acting? - Yes.
There was an unhappy phase in my life.
I wasn't able to find work.
So, I chopped off my hair at home.
I needed extensions for a shoot
and I told the production house to pay for it but they refused.
I decided that one day... Not really! I got an idea.
[laughs]
Well played! Which year was this?
I got the idea in 2016.
When did you launch it?
When I started, my career was going down.
When it started going up, the business was going up too
so in 2019,
my business started performing.
I was working on six web shows that year.
And my web shows were released in lockdown.
I was at home during the lockdown. Everybody became an influencer.
I became one too on my social media handle.
And I reached out to people through my videos.
Then after the lockdown,
I'm still equally invested in my business
and it is my baby.
How are you different?
My products sell the most.
Hair toppers
are not common. Only 2-3 companies are into it.
Namita, Vineeta, I want to ask you something.
Do you need it?
I use hair extensions.
Now, it's common and used as a fashion element.
Do you know any brands?
I have a brand.
I invested in it in Season 1. HairOriginals.
How is it doing?
You will tell us.
I think they spend a lot on marketing.
I've never spent on marketing.
And despite being with you, they haven't cracked the D2C market.
I'm just saying that
if you search the D2C market, my product
is the most popular online.
Offline, I haven't tapped the market much.
What's the market size?
It's a multi-billion dollar industry.
- How big is the industry? - Across the globe.
- How big is it in India? - I didn't look up the numbers.
- Yes. - I expect you to do basic research.
I'm so sorry.
Okay, tell me your numbers. You must know that.
Yes, I know that.
FY 21-22?
It was 6.7 crores.
- You filed for 6.7 crores as net revenue. - Yes.
And what's the profit of that?
What's the projected revenue for this year?
because I have a larger inventory now.
I have more products.
So, you will make 5 crores this year in the hair business.
Yes.
Then come and sit here. I'll go there.
No, don't say that, sir.
- But, incredible! - Yes, amazing!
- You know, incredible! - Very good!
- You deserve applause. - Great job!
For building a 5-crore profitable business.
The numbers tell me that your execution skills are great.
But without marketing, how did you build a 15-crore business?
My product is very good.
- It's an instant problem-solver. - So it's by word of mouth?
Word of mouth is first.
Then, I used to use it in my videos on Instagram.
So, Instagram is your main source.
- Yes. - How many followers do you have?
- Nice. - You make the reels.
Yes, I'm in every video.
[laughs]
- Good! - Lovely!
What have you done that
draws such engagement and high sales?
As Vineeta said,
earlier people didn't know. I do take pride in that.
In every video, I demonstrated how to use the product
and how to sew it in case of a breakage.
Washing and care instructions.
In any other video, nobody speaks.
I'm comfortable speaking so I explain the product.
Use it like this,
and it can be styled
and how to change it.
What's the channel of your sales? Where are you selling?
My offline sales are Rs. 8 lakhs which I didn't mention. I'm sorry.
You are a boss.
You aren't just the owner but beyond that.
[laughing]
What's your cost for marketing?
I spend Rs. 1.3 lakhs per month on marketing.
You are saying repeatedly
- that you don't do marketing. - Yes.
I disagree with you.
[sombre music]
Since you came here,
you said www.nishhair.com 3 to 4 times at least.
And you have used your presence as an actor on Instagram
as a marketing tool to drive Nish Hair. Congratulations!
- Fantastic marketing instinct! - Thank you for saying that.
Can we see the samples?
Yes, please!
[inspirational music]
Ma'am... Yes, that's a Hair Topper.
You can look at it. Anything.
You can check the big box.
Absolutely!
Thank you, Parul.
Do we fix it like this?
- Oh! Very nice. - Easy, right? Easy to put.
I want you to fix it to Anupam's hair.
- Hold on, please. It won't mess up your hair spray. - Please, Anupam!
I'll fix it on the top.
You have turned me into a joker.
You look super cool.
Please remove it. People will make fun of me.
Can I try the fringe?
Ma'am, I'll transform you first.
Oh, so you are going to transform me.
Oh!
Okay. She fixed highlights to my hair.
[funky music]
Hi!
- It's awesome, by the way. It's so easy to fix. - It's so easy!
Yes.
Thank you! Thank you for getting me the red one.
You fixed this hair extension to Vineeta's hair.
If she buys this hair extension, how much will it cost?
So your average ticket size is around 1,300 to 1,500 rupees.
No. The average customer spend is Rs. 5,000.
- Oh my God! Please show it. - One crore!
- Only this product! - Only this product?
How much does it cost?
From this year onwards, it costs Rs. 12,000.
and it's made on a silk base. It is expensive and it's hand-woven.
What is the making cost?
I want to grow this business to be a Rs. 100 crore business.
I think this room is big enough to accommodate another chair for me.
What problems did you face while doing this business?
I think I can have a better team.
Let me request people on national television to apply at my company.
My team consists of 16 members.
And we are operating
from a small home office.
I face difficulty in finding the right people to grow with.
I think I'm lacking more brains right now.
Parul, you are an incredible entrepreneur.
You have found an amazing white space.
It's the need of the girls and a growing segment too.
In my view, it will become a huge market in future.
I want to join your business.
- You asked Rs. 1 crore for 2% equity. - Yes.
- A dream deal. - He outdid everyone.
I wanted everyone to fight over me.
- It will happen! - It'll surely happen. Hold on!
The competition isn't over yet!
- "You must deal with us first." - Don't rush to close the deal.
I offered you what you asked for.
Secondly, I can help you build the team structure
and provide the technology you need in digital marketing.
You have grown organically till now.
I can help you in expanding as that's my expertise.
Parul, as an entrepreneur,
you are amazing. You are a rock star.
You aspire to be a Shark.
I advised the same to a pitcher in the third deal
- of the first season. - I saw that. Yes.
Have a dream! One must have it.
I saw many entrepreneurs in the US version
who were pitchers and they went on to become Sharks.
You have the potential.
Your business can grow more.
Vineeta and I
will help you grow your business.
Vineeta will brief you about the deal.
Yes. Aman and I will invest together.
You are giving a lesser valuation than me. Right? Just to be clear.
Yes. Just to be clear.
Namita, can I ask you something? Can you say, "for that reason, I'm out"?
Can you please say that?
Don't you want me to give you an offer?
No. If you don't make an offer,
I'd love that!
I think for your business,
you have three capable Sharks and two fabulous deals.
I have no interest in this area,
I don't have the expertise
and for that reason, I'm out.
- Well done! - Perfect!
It was a pleasure meeting you.
But I'm also an investor in Hair Originals.
Oh! Okay.
- And they are your direct competitor. - Yes!
They are bigger in scale
- and their growth is higher too. - Definitely.
It'd be interesting to compete with you.
So I'm looking forward to that and for that reason, I'm out. Good luck!
I love that when you guys say that. I'm sorry!
- Shall I ask you something? - Yes.
In the beginning, you said, "I'm the owner of this business."
- Yes. - And it has been playing on my mind.
When you get investors and shareholders of your company today,
you would no longer be the sole owner of your business.
In future, investors might usurp 30% to 40% of your earnings.
Do you have a thought process regarding that?
I'm not looking to sell a lot of it
because I want most of the ownership to belong to me.
What is your lot?
I think I'd keep 80% ownership to myself.
Parul, I think
you are a tough entrepreneur who is a fighter.
You have big dreams.
You can do self-marketing.
I feel that growing
your business from Rs. 50 crores to Rs. 100 crores will be easy.
Right? For you.
- I agree. - But when you move ahead in this journey
to fulfil your dreams, the shareholding ecosystem is such
that you'd have to dilute your equity to raise capital.
For that reason,
I'd like to be out for now.
Secondly, I'm an investor in Hair Originals.
They'll raise one more round soon.
That's one of the reasons.
But the bigger reason
is that you'd face ownership issues in future.
- You must focus on your team. - Yes.
Maybe change your opinion about this and best of luck.
So, Parul, you have two offers.
First is Amit's
which is Rs. 1 crore for 2% equity.
And the second offer is given by Vineeta and me.
Rs. 1 crore for 3% equity.
I know that Amit and Vineeta
have invested in many businesses already.
I want to know about your availability.
You'd get the maximum time from me
because I don't work like a professional investor.
For instance, Anupam has invested in innumerable companies.
[sweeping music]
- I have invested money in many companies. - Are they all growing?
I was just sharing a fact.
Alright. He didn't say it in an arrogant way.
- It's not that... - You didn't say it in a bad way.
I get involved at the ground execution level
with my founders. That's what I do personally.
Luckily, all the businesses I supervised till now
are 100 million dollars plus businesses currently.
You'd get access to the SUGAR team in Mumbai.
I'm not sure how much time I'd spend with you as Sharks
but our teams do exactly the same thing.
So we can help you with distribution and social media.
We have limited time.
We are still building our businesses and we'd grow them
but we'd support you whenever you need us.
Please tell us your decision as the time is up.
Absolutely! So my gut says,
Amit, deal done!
- We'd make a big enterprise. - Thank you!
[photo clicking]
- Thank you so much! - Aha!
Alright, Parul. Welcome to PokerBaazi zone.
You did outsmart the sharks with your
business strategy and entrepreneurship.
But now we need to see,
can you outsmart me in this game?
- Are you ready? Yeah? - Okay.
There are 3 shark tank related statements in front of us.
Statements, not facts. Two of them are true,
and one of them is false. You have to use your brain
and tell us which one is the false statement.
- Are you ready? - We're seriously playing this?
Yes, we are. First statement.
In 2019, Vineeta won
Startup of the Year award.
Statement number two. Aman Gupta,
along with being the co-founder of boAt,
is also the chief marketing officer (CMO).
Amit Jain
made a profit of 1 crore rupees in the stock market.
These are your three statements. Your time starts now.
I think
Vineeta won that award in 2021,
not 2019.
I don't have much knowledge whether Aman Gupta
is also the chief marketing officer
along with being the co-founder.
- Of boAt, right? - Yes.
Then that's true. And Amit Jain
made a profit of 1 crore rupees in the stock market during which year?
I don't know that.
I think this is false.
Amit Jain made a profit of 1 crore rupees in the stock market.
You think that is false.
I'll give you 10 seconds to change your answer if you want.
Last chance.
You have a great poker face. Okay, this is false.
- Are you sure this is false? - Yes, now I'm sure.
- Shall we lock that? - Yes.
So you think Amit Jain has made a profit of 1 crore rupees
in the stock market. Possible, he has a huge company.
But Vineeta winning the Startup of the Year award in 2019...
- Some other year. - Some other year, right?
So, I gave you 10 seconds. You used the 10 seconds.
You changed your answer. According to you,
'In 2019, Vineeta won the Startup of the Year award.'
is a false statement.
The thing is, your answer is incorrect.
You should've gone with your gut.
The wrong statement was, 'Amit Jain
made a profit of 1 crore rupees in the stock market.'
In fact, he lost 1 crore rupees.
The other two statements were correct.
- Congratulations. - Thank you.
[music playing]
Sharks, do you see this apple?
What will you use to cut this apple?
A knife.
Or a saw.
Similarly, Sharks,
if you want to buy something from a nearby grocery store
or go to a nearby metro station.
Why should we use cars or scooters?
It's time to ask ourselves
about the most efficient way to commute in traffic?
Well, Sharks, it's an age-old option, a cycle.
[music playing]
MYBYK is India's first and the biggest
public bicycle sharing service.
You can bring it home by subscribing to a fixed rental.
We're here seeking 2 crores
How do we move ahead? I can't digest it.
A valuation of 200 crores?
Let's ask the sales.
No, first tell us.
Share the details of your sales.
This year, we're on track to make 8 crores.
7.8 crore in sales.
- So, well done. - Thank you.
I think let's start from the very beginning.
I was in Mumbai in 2010.
And I was pursuing an internship at PwC.
I'm a qualified chartered accountant.
My hostel was in Andheri and my office was in Shivaji Park, Dadar.
From my hostel to Andheri, it was roughly around 1.5 km.
And the same from Dadar to the office.
I would never find a rickshaw or taxi for that distance.
So, I was frustrated and decided to buy two cycles.
One to travel from my hostel to Andheri.
I'll park it there and on the second cycle, go to the office from Dadar.
That's how MYBYK was born.
So, I returned to Ahmedabad after becoming a CA.
I was supposed to join my father.
I became a CA at a young age of 21.
Wow!
- Wow! - Thank you.
- Like me. - Like me too.
Oh, we have geniuses here.
[music playing]
- While working with my father... - Sorry, what does your father do?
My father is a chartered accountant too.
He practices debt finance indication.
Got it.
So, while working with my father
I realised that
earning money wasn't enough.
I want to create a social impact business to be content in life.
I felt that this business is dependent on the government.
If I bring a good policy in a city,
it will become a benchmark to be replicated in other cities.
Correct.
I narrated it to my father
and I think he gave me the best advice of my life.
He asked me what I wanted to do.
I told him that I want to manage the practice and run MYBYK too.
He said that if you've decided to do this, then dive in.
- Don't sail on two boats. - Good!
Great advice!
In 2014, I started MYBYK.
We got 1000 cycles from India's top manufacturer.
In 2017, we did an angel round.
[music playing]
And that was a tough time.
- It's been 8 years to this journey. - Wow!
And we roped in Mr. Sanjay Baweja,
ex-Group CFO of Flipkart as one of the marquee investors.
- Wow! - Wonderful.
It isn't a new model.
I have seen numerous models and the depreciation
I conceived this idea in 2013.
Back then docked bike sharing
by City Bikes and Barclays Cycle Hire, London
were some of the prominent names in docked bike share system.
[inspirational music]
Then a new technology was introduced
It was provided by Mobike.
Yes. It can be tracked with GPRS.
[motivational music]
MYBYK is different
so that the users know the place where they need to park the bicycle.
So currently, our lifetime theft and vandalism ratio
Let me demonstrate with the help of a user journey.
Let's assume that this is MYBYK Hub outside a metro station.
and one negative feedback from one bicycle user.
So the next bicycle user can take an informed decision
regarding the bicycle he wants to choose.
When you select the hub near the metro station,
the unique numbers of all three bicycles will be shown.
If I may request Amit
to please come here as I'd like to walk you through it.
[dramatic music]
You'd select the bike number 6670
and select a plan.
Typically, our focus is on subscriptions
[ethereal music]
And within 4 to 5 seconds, it'd connect via Bluetooth.
It would ask you for reconfirmation.
[ethereal music]
- Got it. - Now this bicycle is unlocked.
Yes. It's unlocked and now we can ride it.
When you want to return the bike,
park the bike at the station, lock it
and press the 'return bike' button.
When you return the bike, the app will check
the bike's location.
If it matches the hub's location, your request would be accepted.
Or else, you'd be held accountable for that bicycle
and you won't be allotted another one.
If they are held accountable, what would you do?
What if he hides it inside his house?
What is the average duration of the subscription?
Repeats and duration.
Typically, our monthly plan sells the most.
We run 3,000 bicycles in Ahmedabad city.
Indore is our next big city with 1,200 bicycles.
We run 1,000 bicycles in Kochi.
Why are you exploring new cities?
Have you captured Ahmedabad fully?
We are following a business model
in which we have to create stations only at public transit junctions.
For example, all 40 stations of both metro routes in Nagpur
are fully covered by us.
If I go to Ahmedabad, will I see your bike on the road?
Sir, three contestants present backstage rode MYBYK already.
Please reveal this mystery.
You increased your company's valuation
from Rs. 50 crores to Rs. 200 crores within a year.
What is the mystery behind it?
We increased our revenue through the rental business since last year.
What do you mean by trading?
We received a 100% capital subsidy in some cities
to execute our project.
We sell bicycles to cities and they pay us in return.
- Got it. - That is the trading part.
It means we earned Rs. 4.4 crores through the rental business.
What about FY 22-23?
Sir, we'll earn Rs. 6.3 crores through the rental business
Yes. We will earn Rs. 7.8 crores
and we did product development.
We developed electric bike as a product
and we would launch it after three months.
So we have grown within a year.
What is your burn rate right now?
One bicycle costs Rs. 11,500 plus GST.
It includes the bicycle and the IoT lock.
At the blended level,
I generated Rs. 521
revenue per bike last year.
- Is it per year? - Per month!
What is the payback? How much time do you need to earn Rs. 11,000?
- I'll take around 48 months. - Four years!
What is its future?
- Our long-term vision is mobility as a service. - Okay.
- We are starting with bicycles which we own and operate. - Fine.
We are doing integration with public transport
to provide their ticketing service through our app.
We may partner with Ola and Uber.
Similarly, we may partner with Zoomcar.
What's the point of partnering with Ola and Uber?
Sir, we may bundle the services.
Mobility as a subscription. A single subscription gives unlimited MYBYK,
unlimited public transport
and a taxi ride for a few kilometres.
Why would they partner with you?
Sir, everyone needs to integrate
because mobility can't be solved by one platform.
They may do it on their own.
You have been trying for many years
and it's good that you have been reattempting.
But this model at your valuation
appears to be high-risk so I'm out.
[suspenseful music]
I think you should consider the fact
that what's the long-term vision?
MYBYK is the highest-rated public bike sharing app on the app store.
It has a 4.5-star rating.
I don't understand
what your business is and what's the TAM?
[music playing]
Your monthly revenue is 25 lakhs.
Means 12 lakh rupees as contribution margin that is, 50%.
[music playing]
When we reduce all the variable costs from net revenue,
cost of making, logistics, performance marketing
and direct channel costs.
We're left with a contribution margin.
You're earning 12 lakhs in Ahmedabad.
Forget the EBITDA. Tell me about the operational profit.
We started with cycles in Ahmedabad.
We didn't spend on marketing or anything else.
- We have grown organically. - I'll tell you one thing, Arjit.
Similar to what Anupam is saying, look at India's societal dynamics.
For two reasons, the TAM will be low in this country.
Number one, India is an aspirational market.
Cycles are still not respected much.
The cultural thought
will take years to be changed.
The second point is the traffic.
The condition of the roads
is not so conducive.
For cycling experience or a bike rental model.
And for that reason, it seems challenging to me
from an investment perspective, so I'm out.
Car sharing,
rentals, motorbike rentals don't work here.
In such a scenario, the rental businesses of such low-cost assets
seem difficult to function in India.
So, I can't join you right now.
But, it's a good mission. Best of luck!
[music playing]
Arjit, I'm also out.
I lost you at Uber, Ola subscription.
You want to steer towards their model.
I like you as an entrepreneur but I don't like your valuation.
So, I'm out.
Thank you, Aman.
Arjit, good job!
I respect your sincerity.
But my problem is that you have raised around 13 crores.
Until now.
And you built a business with 25 lakhs contribution margin.
So, it's clear that there is
no product-market fit.
And there's no scalability.
These businesses
can earn operational profits at a scale.
[music playing]
It requires high scaling and big capital.
I don't see that happening. So, I'm out. Good luck!
I was trying to understand the unit of economics.
There are important things that you're not sharing as a founder.
[music playing]
- The depth of understanding of the business model itself. - Okay.
Your valuation is also off the tangent.
I want to be out. Thank you so much.
- Thank you. - Thank you for this opportunity.
[music playing]
The partnership between Cashfree Payments
and Shark Tank India has been phenomenal.
Shark Tank India has built a great platform in India.
Through this platform, we believe that
many entrepreneurs will start their businesses in India.
And they will grow their businesses too by understanding
and participating in the show.
The biggest win is motivating the people
because it's not difficult to build a business in India.
And there's enough support here
for new businesses and entrepreneurs
so that they can go and be successful in their journey.
Shark Tank Season 1 earned a lot of love from India.
I'm Juggadu Kamlesh from Malegaon.
Shark Tank gave a very big platform
to Kamlesh, a small-town boy.
After witnessing India's love and passion for entrepreneurship,
we decided to make Shark Tank Season 2.
Oh!
After the audition of many inspiring entrepreneurs,
Woah!
Many great business ideas and entrepreneurs came up.
PORTL is a mirror
that helps you workout
and constantly monitors you and gives you real-time feedback
and guidance too.
Very exciting! Unique product.
[music playing]
GEEANI is India's cost-effective, efficient,
and compact electric tractor.
NeoFly is a personalised wheelchair.
It is tailored to a user's body measurements.
You're the face of emerging India.
[music playing]
MeduLance's helpline and backend technology support
provide an ambulance in 20 minutes.
Wow!
I'm 19 years old. The founders of Zillionaire.
Celebrities wear our jewellery too.
Ranveer Singh, Karan Johar.
I think you guys will build something big.
The products of these entrepreneurs
and their stories are unique.
We started a company called WittyFeed.
We had a profitable annual revenue of 40 crores.
But the company disappeared overnight.
Woof!
But, as a founder, I don't want to give up.
This is the sign
of an entrepreneur.
He always rises.
Flatheads are made of banana fibre,
linen, and bamboo fibre.
Did you make money?
In the last two months, we invested our money.
You seem to be lost.
If you don't get funds here, what's your plan?
The company might shut down.
[music playing]
Like their stories, their valuation
surprised Sharks.
1.2 crores for
0.2% equity.
- Huh? - What's the valuation?
- 600 crores. - [groans]
We're asking for 3 crores
for 1% equity.
What?
2.5 crores for
1% equity.
250 crores.
- 2 crores for 1% equity. - Wow!
1.5 crores for 0.5% equity.
[coughs]
What?
1.5 crores for 0.5% equity.
Explosive valuation!
[music playing]
I will make you an offer.
- Oh! - I...
[cheers]
I need 10%.
I will give you 5 crores instead of 2.
- It's a deal. - [cheers]
In the action-packed Season 2,
there were 103 deals.
- I will make you an offer. - Me too.
Oh my!
This platform
gave wings to many new businesses.
Here's my blank cheque. Fill it out and say goodbye to them!
What?
They taught India the right value of a business.
[music playing]
And ACKO welcomes this change.
They changed the way of buying insurance policies
with their 24-hour claim settlement policy.
In the same way, the life of these entrepreneurs
will undergo a sea change after partnering with Sharks.
[water bubbling]
Energy is the greatest strength of my life.
I get that from my fitness routine.
[music playing]
Between 7 and 8:30 in this house,
it's completely chaotic.
Whose is this?
[music playing]
Can you look at what you're eating?
[music playing]
Okay, baby. Bye!
Oye!
After that, I drink coffee in peace
and leave for office.
We are going to one of our biggest manufacturing factories.
[music playing]
A brand is not built by marketing or advertising.
A brand is built with great products
and those small moments
when your customers fall in love with your products.
[music playing]
I have 52 colours.
My team spends two months to bring perfection to every colour.
[music playing]
I'm very lucky to be able to do things that I love.
So, my journey is my biggest joy.
And my journey is my success.
Hi! I'm Vineeta. Nice to meet you.
[music playing]
Every day, there's a new challenge and problem that come up.
[music playing]
But if you enjoy problem-solving
then it's an adventurous job.
And that's what I wanted in life.
Life should not be boring.
It should be adventurous.
It's 120%.
120%.
[cheers]
Today, Sugar is among the top 3 brands in India.
And I could achieve this impossible task
because my team supported me.
I humbly accept this on the behalf of
incredible 2500 women who work at Sugar.
We're glad that Sugar's here.
Every entrepreneur's journey is painful.
To endure the pain,
every person needs fuel.
My family is my fuel.
Oh my, God!
[music playing]
World's Best Mom! Oh, my God!
Can you come here for a second?
[music playing]
[explodes]
Wow!
[laughs]
I receive unconditional love from my family.
If I don't get that, I don't think I will be happy
with any of my professional achievements.
Woah!
[bubbling]
It's Vineeta.
It's Vineeta's business.
It's either Vineeta's or CarDekho.
- It must be either. - It's CarDekho.
There's a car here.
[music playing]
Do you know who it can be?
Skippi.
- Skippi? - I feel the same.
It's a celebration, not a deal.
[music playing]
[laughs]
[clapping]
Oh, my God!
[music playing]
Don't expect any mercy.
There will be opposite of mercy today.
[laughs]
Sharks, I want to start with a small request.
[music playing]
For a few moments,
can I turn your fellow Shark of 2022,
Vineeta Singh
into my co-founder in 2016?
- Sure. - Wow, that's so sweet.
Of course.
[clapping]
In 2016, Sugar Cosmetics
disrupted the beauty and cosmetic market in India.
To repeat that pitch,
our Shark Vineeta Singh
and her husband and co-founder, Kaushik Mukherjee.
[music playing]
Vineeta, red lipstick?
We are here to make a pitch.
This isn't a wedding venue.
I don't think you have lost the tan from Goa.
You could've used a lighter shade foundation.
Use less makeup. What will people say?
What are you wearing? What will people say?
Use fairness cream or you won't get married.
Reduce your weight.
Put on some weight.
- Study less. - Enough, Vineeta!
Enough!
That is too dramatic! I think they get the point.
[music playing]
Women have been
conditioned to listen to such taunts.
[music playing]
But the country is changing.
Today, girls are not confined to their homes.
And our independence
has impacted the beauty industry heavily.
[music playing]
In the last 8 years,
despite 24% annual growth
the colour cosmetics industry
has 40%
unbranded, unsafe, and non-FDA products.
[music playing]
And to fulfil these demands
we launched Sugar Cosmetics.
Greetings, Sharks! I'm Kaushik.
[music playing]
High-quality, long-lasting makeup
that is tailored for Indian skin.
And it matches Indian skin tones.
Including the deepest skin tones.
And we're the only beauty brand in India
that delivers our products directly to your house.
Direct to the consumer's home.
So, our vision
at Sugar Cosmetics
is to empower young women's self-confidence and self-love
through our products.
[music playing]
So that women can wear bold red lipstick
or hot pink lipstick without any hesitation.
[music playing]
So, Sharks,
Our ask is Rs. 1 crore
and build
Sugar.
Young India's favourite beauty brand.
[music playing]
- Sir, you're looking great. - Thank you.
Your Indian flag looks great. Jai Hind!
We have to revolutionise the country.
You're young entrepreneurs...
Okay, move on.
Okay.
[laughs]
Let's move on.
Tell me.
Are you husband and wife?
Yes, sir.
When did you start this business and why makeup?
Especially you, Kaushik.
[music playing]
So, Anupam, before this venture
we have had our individual startups.
We got married in 2011.
And when we decided to build together
we just decided...
Just a moment. What were you doing earlier?
We met at our business school.
- And after that... - Which business school?
We studied at IIM-Ahmedabad.
Oh! Wow!
Who was pursuing the other?
[laughs]
Aman, we weren't in the same batch on campus.
Vineeta was a batch senior to me.
Between us,
the junior pursued the senior.
Ah!
It depends on who you're asking.
You will hear different versions.
[laughs]
2012.
I think I'm an indirect investor in that, isn't it?
- Yes, sir. - Yes.
- Couldn't you find anything else?
Smacking red colour on the face,
what did you think? What do your parents have to say?
[music playing]
They always feared
that I would fail.
But I have failed so many times already
so I think they've given up on me.
[music playing]
We have been entrepreneurs earlier
so this decision-making, not just as a couple
but decision-making clarity among co-founders
and having a clear, defined CEO is very important.
Who is the CEO here?
I'm the CEO.
[music playing]
Have you closed your former company?
No, FAB BAG is a lab for us.
We are learning a lot.
And Sugar has developed from that.
One more advantage of Fab Bag
is that when we manufacture a product,
we need to produce a minimum order quantity.
It's too high and goes up to 10,000 to 15,000 rupees.
Companies like ours can't block so much working capital.
- Got it. - We may take Rs. 10,000
and give Rs. 9,000 to Fab Bag customers
and save Rs. 1,000 to sell later.
It's strategically important for us.
Why did you name your company SUGAR?
It means 'chini'.
[chuckling]
We thought of a different name for our brand in the beginning.
The name was Kickass Cosmetics.
[laughing]
Aman, five names were shortlisted.
Stoked, Kickass, Fabulicious and Sugar.
[ethereal music]
It seemed young,
it gives energy and pepper.
When we conducted polls,
we got some important feedback.
Their feedback was,
"It seems like we have heard this brand name before."
[upbeat music]
That was very important for us
because recalling a brand
- is super tough. - Very nice.
So we decided to go with SUGAR.
[sweeping music]
- Did you bring some gifts for us and our wives? - Yes, of course!
Please give us.
Aman, it's for you.
Namita, you are wearing beautiful pink lipstick
but I'm giving you our company's nude lipstick.
It is ranked
as one of the top ten lipsticks.
[motivational music]
Wonderful. The packaging is good.
Thank you! Peyush...
[motivational music]
I love this!
You look gorgeous!
I don't wear light colours usually.
Just look at this.
It's a brilliant product.
Thank you!
Please share your sales figures.
This year,
we will earn a net revenue of Rs. 8 crores.
Wow!
because both of them are related to each other.
What's your margin?
The gross margin for SUGAR is 65%
and it could reach 70% at the current scale.
What is the ticket size?
For SUGAR, this lipstick costs Rs. 800
and the kohl pencil costs Rs. 400.
What is your average ticket size?
Our average order value is Rs. 1,100
- Yes. - Who gave it?
India Quotient.
At what valuation?
How could you jump the gun and ask for a valuation of Rs. 50 crores?
[dramatic music]
It's so risky as the margin is just 5%.
You made sales of Rs. 75 lakhs
and Rs. 9 crores annually.
Is your business growing or you came here to while away time?
- Anupam, let me tell you two things. - Go on.
Firstly, the beauty industry's
CAGR for the last
Anupam, our growth rate...
Last year, our revenue was Rs. 3 crores
and before that we earned Rs. 1.5 crores.
Our revenue is doubling every year.
No. I think there is something fishy.
There is something wrong.
[suspenseful music]
Your valuation was Rs. 15 crores.
Did you meet the investors after that?
Sir, we raised the round at Rs. 15 crores valuation in 2013.
Didn't you raise funds after that?
- No. - We tried.
What happened? Why were you rejected by them?
[dramatic music]
The venture capitalists say
that the e-commerce market is too small in India right now.
Building a brand is an expensive fare
and big FMCG companies are ruling the market.
"So you can't compete."
Secondly, a husband-wife team faces resistance.
That's the reason, I came to Shark Tank.
Actually, there is a relationship risk.
[dramatic music]
If you have disagreements, we will be done for.
Cofounders can have disagreements.
- That's right. - We are a great team
- because we have complementary skill sets. - Good point.
We respect each other's skill sets.
My offer is three times as per the next year's multiple.
You are breaking all stereotypes.
I believe
that one day you'd be seated next to us on Shark Tank.
so I'll give you the valuation you asked for.
If yes,
you may accept her offer.
[suspenseful music]
Anupam and Namita, thank you so much for the offer.
Ours is a small brand.
If we get a five-Shark deal,
we could use the PR.
[suspenseful music]
- Please share your unit economics with me. - Yes, definitely.
In your order value of Rs. 1,100,
what are your expenses? And how much do you save?
[sweeping music]
[tense music]
We are left with Rs. 30 lakhs.
Oh my God! What is your burn rate?
We aren't burning cash. We are profitable.
- No. Burn... - We need funding
- for inventory. - You mentioned burn.
5% profit.
- We have a profit of 5%. - Aman,
- we aren't burning cash. - He has a problem.
He doesn't listen and reacts. Later, he backtracks from his statement.
We are profiting on paper.
It's on paper
but the demand...
I got the point. Let me share my story with you.
I think it's relatable.
Yes, please.
When we started out,
people said the same thing, "online brand can't grow much".
And many wise people like him discouraged me.
I won't discourage you.
Alright?
You need online e-commerce marketplaces.
And I'm the king of branding.
[suspenseful music]
I liked you.
You aren't so talented.
I will work on the feedback.
We are discussing businesses of 2016.
What brand did he launch?
BoAt launched recently in the competitive market.
[adventurous music]
Here is the offer.
[dramatic music]
I'm giving you
Um...
You must ask us if we are ready to take him in.
[laughing]
Aman, I'm ready.
I want to join Namita and not him.
[laughing]
My offer is
Rs. 5 crores for 5% equity.
[dramatic music]
'In today's Shark Xperience segment, '
'Vishakha from Korba'
'has a question for all the Sharks.'
'What kind of a relationship'
'do you share with your co-Sharks?'
I have a good relationship with all the Sharks.
Sometimes we fight over a good deal.
We go out together, gossip, share our experiences and learn.
Peyush is a nice boy.
We two are like friends.
We made 28 offers together.
Out of which 24 deals were closed.
We aren't just Sharks, we two are killer Sharks.
Anupam and I closed maximum deals together in season 1.
Surprisingly, even in season 2,
we closed maximum deals together.
The chemistry between Anupam and me and also between our teams is great.
I often coax Vineeta, "you are in Shark Tank."
I send her notes explaining to her
to do this and do that.
But she is all heart.
She doesn't know how to play games.
She isn't pretentious.
And I love her for that.
Aman is a crook.
[chuckling]
He calls himself one so I can't contradict him.
I think Aman has a fierce competitive spirit.
His character
has helped him succeed in business,
make a brand and be himself.
Anupam and I have a competitive relationship.
"Let's battle out"
"to check who is more capable."
Amit was a bit scared in the beginning.
But as Shark Tank progressed,
he changed gradually.
He grew.
I enjoyed doing the show with him.
I was a new Shark in the beginning
and I needed time
to understand
the dynamics of the show.
How do people interact with each other?
When I understood the game,
I employed the attacking strategy.
My relationship
with Anupam is such
that he keeps preaching to me.
I get bored of him during pitches.
'Please stop it."
And that was the end of Shark Tank India 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.
I'm going to launch a start-up
as I'm motivated.
I just need to crack an idea. Everything else is sorted.
And as Bollywood said, "remember me in your prayers."
This is me, Rahul Dua, the host of season 2
signing off. Take care.