1 00:00:10,120 --> 00:00:11,960 [music playing] 2 00:00:25,120 --> 00:00:26,760 [theme music playing] 3 00:00:43,600 --> 00:00:45,000 [music fading] 4 00:00:45,120 --> 00:00:46,120 Dear, Sharks. 5 00:00:46,240 --> 00:00:47,920 From birth to death, 6 00:00:48,000 --> 00:00:49,560 there's one relationship 7 00:00:49,640 --> 00:00:52,720 that sticks by you in joy and sorrow. 8 00:00:52,800 --> 00:00:54,760 It is that of siblings. 9 00:00:55,280 --> 00:00:59,000 We brothers are a living example of this relationship. 10 00:00:59,440 --> 00:01:01,200 Together, we both, 11 00:01:01,320 --> 00:01:02,880 without any food background, 12 00:01:02,960 --> 00:01:05,760 without any VCs and angels, 13 00:01:05,920 --> 00:01:08,760 without any funding, and in a span of 17 months, 14 00:01:08,880 --> 00:01:11,160 opened not one, two, five, 15 00:01:11,240 --> 00:01:13,760 ten, fifty, hundred, 16 00:01:13,840 --> 00:01:15,600 but 150 fast food outlets... 17 00:01:27,600 --> 00:01:29,840 and we are the Co-Founders of ZORKO. 18 00:01:29,920 --> 00:01:31,680 [light-hearted music playing] 19 00:01:47,240 --> 00:01:48,960 Listening to that has made me hungry! 20 00:01:49,040 --> 00:01:50,480 Yes, me too. 21 00:01:52,920 --> 00:01:54,240 [laughs] 22 00:02:06,560 --> 00:02:08,680 Sharks, ZORKO's journey 23 00:02:08,760 --> 00:02:11,240 began in Vesu from just one outlet. 24 00:02:11,360 --> 00:02:12,640 And within no time, 25 00:02:25,920 --> 00:02:29,840 but in the hotel, restaurant and catering industry as well. 26 00:02:29,960 --> 00:02:32,520 And we need your support to achieve that. 27 00:02:33,080 --> 00:02:35,520 Not just their support, brother, we need their money too! 28 00:02:35,600 --> 00:02:36,760 [laughs] 29 00:02:51,600 --> 00:02:54,120 The energy he brought... 30 00:02:54,240 --> 00:02:56,240 Amazing! Mind-blowing! 31 00:02:57,760 --> 00:02:59,040 Whoa! Injections! 32 00:02:59,040 --> 00:03:00,920 - This is a cheese injector. - Wow. 33 00:03:01,240 --> 00:03:02,520 What an invention! 34 00:03:03,560 --> 00:03:04,720 [light-hearted music playing] 35 00:03:07,520 --> 00:03:08,720 What is this? 36 00:03:08,800 --> 00:03:11,040 They're our sauces which we make ourselves. 37 00:03:12,600 --> 00:03:14,800 - The mojito is solid! - Thank you, sir. 38 00:03:14,880 --> 00:03:16,200 - Delicious. - Bestseller. 39 00:03:16,360 --> 00:03:17,440 The sauce is good too. 40 00:03:17,680 --> 00:03:19,040 The burger is yummy. 41 00:03:19,160 --> 00:03:21,080 - Thank you. - The patty inside is yum. 42 00:03:21,200 --> 00:03:23,880 You proved that vegetarian food is yum. 43 00:03:24,000 --> 00:03:26,320 - 100%. - The fries are tasty. 44 00:03:26,400 --> 00:03:27,240 Thank you, sir. 45 00:03:29,240 --> 00:03:30,680 How did you start this business? 46 00:03:30,760 --> 00:03:33,040 I'm a SEBI-registered research analyst. 47 00:03:33,480 --> 00:03:37,200 I used to visit SMEs and small companies 48 00:03:37,280 --> 00:03:39,920 and perform a business analysis. 49 00:03:40,040 --> 00:03:43,640 I even wanted to invest in OYO. 50 00:03:43,760 --> 00:03:45,680 - You wanted to invest in OYO! - Yes. 51 00:03:45,920 --> 00:03:46,800 He... 52 00:03:47,160 --> 00:03:49,200 The call centre staff did not understand what I was trying to say. 53 00:03:52,040 --> 00:03:53,600 Yes, and they were right to think that. 54 00:03:53,680 --> 00:03:55,840 I kept calling but didn't get any revert. 55 00:03:55,920 --> 00:03:58,640 You had already reached 10 billion dollars, so then I... 56 00:03:58,840 --> 00:04:00,440 [Sharks laugh] 57 00:04:01,240 --> 00:04:04,440 What made you think that OYO would become so successful? 58 00:04:04,520 --> 00:04:05,840 I'd normally follow a practice. 59 00:04:05,920 --> 00:04:09,760 If I liked a particular service that I had used, 60 00:04:09,760 --> 00:04:11,800 I'd either mail or call them. 61 00:04:12,360 --> 00:04:14,520 - I have that email with me. - Show us. 62 00:04:14,600 --> 00:04:16,320 - I have a screenshot. - Show us the email. 63 00:04:16,440 --> 00:04:17,320 Sure. 64 00:04:18,720 --> 00:04:20,760 - Which year was this? - 2019. 65 00:04:20,840 --> 00:04:22,880 How much money did you have back in 2019? 66 00:04:22,960 --> 00:04:25,440 Sir, I had a mere Rs. 5 to 6 crores. 67 00:04:25,560 --> 00:04:27,560 - Rs. 5 to 6 crores! - Around 6 crores! 68 00:04:27,680 --> 00:04:28,520 Yes. 69 00:04:30,080 --> 00:04:30,960 Where did you get that money? 70 00:04:31,040 --> 00:04:33,120 Sir, we used to invest. 71 00:04:33,200 --> 00:04:34,280 I started when I was in college. 72 00:04:34,360 --> 00:04:35,800 - Stock market? - Yes. 73 00:04:35,880 --> 00:04:37,080 I started on my own. 74 00:04:37,160 --> 00:04:40,560 I even got a friend to invest Rs. 10 lakhs. 75 00:04:40,640 --> 00:04:42,080 Which year did you start? 76 00:04:42,200 --> 00:04:44,560 - In 2016, sir. - 2016. 77 00:04:44,640 --> 00:04:46,360 - Yes, sir. - Tell us which other companies. 78 00:04:46,480 --> 00:04:48,040 - We will invest in them. - Sir, ZORKO! 79 00:04:58,360 --> 00:04:59,440 cheese, bread and others. 80 00:04:59,520 --> 00:05:02,760 We make something and have it, and we eat to our heart's content. 81 00:05:02,840 --> 00:05:05,600 If we go out with friends, say we're five of us, 82 00:05:05,680 --> 00:05:08,840 we end up getting a bill of Rs. 2,000 to 2,500. 83 00:05:09,200 --> 00:05:12,440 That hit us instantly and we knew we had to do it. 84 00:05:13,040 --> 00:05:15,240 And in the back of our minds, 85 00:05:15,320 --> 00:05:17,880 we were sure we wanted to be entrepreneurs. 86 00:05:32,400 --> 00:05:33,880 They were having issues because of Covid. 87 00:05:34,160 --> 00:05:35,680 The location was ideal. 88 00:05:36,160 --> 00:05:38,760 So, we figured... That very vision thing. 89 00:05:38,880 --> 00:05:40,480 - Covid... - "That very vision thing!" 90 00:05:40,600 --> 00:05:41,960 [hysterical laughter] 91 00:05:42,760 --> 00:05:45,600 Covid is here for the short-term and this outlet will be reopened. 92 00:05:45,960 --> 00:05:48,920 His furniture was already there. He had spent Rs. 20 lakhs on it. 93 00:05:49,120 --> 00:05:51,280 - Did you get it for free? - No, for Rs. 4.5 lakhs. 94 00:05:51,400 --> 00:05:53,720 What was the format and size of the store? 95 00:05:53,800 --> 00:05:55,160 It was 550 square feet of carpet area. 96 00:05:55,280 --> 00:05:57,240 Okay. Tell us how the store fared. 97 00:06:06,600 --> 00:06:07,920 Okay. It was during Covid. 98 00:06:08,000 --> 00:06:09,280 - We started during the second wave. - Okay. 99 00:06:09,400 --> 00:06:10,720 How did you come up with the name ZORKO? 100 00:06:10,800 --> 00:06:13,000 We were having a family discussion. 101 00:06:13,160 --> 00:06:14,720 Mom said one thing. As you say in Marwari, 102 00:06:14,800 --> 00:06:16,840 - "Whatever it is, it will be 'jor ko' (terrific)." - Yes. 103 00:06:16,840 --> 00:06:18,040 - A terrific job. - Right. 104 00:06:18,120 --> 00:06:21,200 To make 'jor ko' sound urban, we replaced the J with Z. 105 00:06:22,560 --> 00:06:24,400 Quickly tell me about your sales. 106 00:06:33,600 --> 00:06:36,960 Our last month's sales were Rs. 2.4 crores. 107 00:06:43,800 --> 00:06:45,880 How many restaurants and franchises do you currently own? 108 00:06:45,960 --> 00:06:47,080 Sir, they're all franchises. 109 00:07:02,560 --> 00:07:03,480 What's your model? 110 00:07:20,800 --> 00:07:22,640 People go to restaurants to eat fresh food. 111 00:07:22,720 --> 00:07:23,960 - Serving them stale food... - Ma'am! 112 00:07:24,080 --> 00:07:27,040 Take any of the big chains in the world, 113 00:07:27,120 --> 00:07:28,280 they serve frozen food only. 114 00:07:28,400 --> 00:07:30,480 - So, even your buns are frozen. - No. 115 00:07:30,560 --> 00:07:32,840 Every city has good bakeries. 116 00:07:33,200 --> 00:07:34,800 Give them a sample of your product 117 00:07:34,880 --> 00:07:36,760 and tell them your consumption in units. 118 00:07:36,920 --> 00:07:39,000 They will make fresh buns for you. 119 00:07:39,080 --> 00:07:40,200 How many franchises did you say? 120 00:07:40,320 --> 00:07:41,920 - 150. - In 17 months. 121 00:07:42,000 --> 00:07:43,200 In 17 months! 122 00:07:43,400 --> 00:07:45,360 What are your average sales per franchise? 123 00:08:07,560 --> 00:08:08,800 Not the rent. 124 00:08:08,880 --> 00:08:11,760 - So, are you saying the rent is covered in the 25%? - Yes. 125 00:08:11,880 --> 00:08:14,280 - It's... - You're saying 25% of Rs. 3 lakhs... 126 00:08:14,360 --> 00:08:17,760 - Rs. 75,000 covers the rent, manpower cost... - Yes. 127 00:08:17,840 --> 00:08:19,440 - Running and electricity... - How's that possible? 128 00:08:19,520 --> 00:08:21,920 - Not possible. - Manpower and rent in Rs. 75,000 is just not possible. 129 00:08:22,000 --> 00:08:24,440 - You need at least 2 to 3 people. - What's the rent of one shop? 130 00:08:24,520 --> 00:08:27,880 Sir, we don't allow anything that's over Rs. 25,000 to 30,000. 131 00:08:27,960 --> 00:08:29,600 What about the salaries of the store staff? 132 00:08:29,600 --> 00:08:30,920 Sir, we need just two people. 133 00:08:30,920 --> 00:08:32,720 It's a chefless kitchen, and they draw Rs. 10,000 each. 134 00:08:32,800 --> 00:08:33,840 What's the size of your shop? 135 00:08:33,920 --> 00:08:35,360 - 400... - 500 square feet! 136 00:08:35,360 --> 00:08:37,320 - 400 square feet... - Our outlet is 500 square feet. 137 00:08:37,400 --> 00:08:38,520 The rest are 250 to 300 square feet. 138 00:08:38,640 --> 00:08:40,200 - Okay, 250 to 300 square feet. - Yes. 139 00:08:43,280 --> 00:08:44,240 - I'll tell you. - Any shop... 140 00:08:44,240 --> 00:08:47,200 - I own a shop in High Street, Surat, of 200 square feet. - Yes. 141 00:08:47,320 --> 00:08:48,680 Its rent is Rs. 70,000. 142 00:08:48,760 --> 00:08:50,640 They're robbing you, ma'am. 143 00:08:50,720 --> 00:08:51,720 [Anupam laughs] 144 00:08:51,800 --> 00:08:53,120 Believe me. 145 00:08:53,320 --> 00:08:56,080 The carpet rate in Surat is Rs. 100 per square foot for posh areas. 146 00:08:56,160 --> 00:08:58,440 What will you give me if I get you a deal? 147 00:08:58,520 --> 00:08:59,800 [Anupam laughs] 148 00:09:00,240 --> 00:09:02,400 Our target segment is such places 149 00:09:02,520 --> 00:09:05,120 where there are no McDonald's, Domino's or other restaurant chains. 150 00:09:05,240 --> 00:09:07,480 We are the McDonald's and Domino's over there. 151 00:09:07,480 --> 00:09:09,400 Show me a store in detail. 152 00:09:09,520 --> 00:09:11,080 - This one's in Borivali. - This is our Borivali outlet. 153 00:09:11,240 --> 00:09:13,200 - This is where... - Where in Borivali? 154 00:09:13,280 --> 00:09:15,520 - Show more. - The exact location... 155 00:09:15,880 --> 00:09:17,280 - Look it up on Google. - It's in front of... 156 00:09:17,440 --> 00:09:19,200 - We'll let you know. - ZORKO Borivali. 157 00:09:19,280 --> 00:09:20,960 - Show us more. - This is at Limbdi Highway. 158 00:09:21,040 --> 00:09:22,760 - Limbdi Highway. - Show some more. 159 00:09:22,840 --> 00:09:24,920 This is what the outlet looks like 160 00:09:25,040 --> 00:09:26,600 with an investment of Rs. 8 to 9 lakhs. 161 00:09:33,560 --> 00:09:35,640 Here's what we did. Our repeat orders... 162 00:09:35,960 --> 00:09:39,480 As in, someone who came to us more than four times a month 163 00:09:39,560 --> 00:09:40,760 is whom we'd approach. 164 00:09:40,920 --> 00:09:41,960 - Wonderful. - Great. 165 00:09:42,080 --> 00:09:45,560 The best part of being in India is 166 00:09:45,680 --> 00:09:47,360 - the amazing word-of-mouth. - Yes. 167 00:09:47,440 --> 00:09:51,800 So, we pitch to those who become our brand ambassadors. 168 00:09:51,920 --> 00:09:55,480 How? If that person doesn't have Rs. 8 to 9 lakhs to invest, 169 00:09:55,560 --> 00:09:58,360 he must have a friend who is interested in doing business. 170 00:09:58,520 --> 00:09:59,800 Either he will invest 171 00:09:59,920 --> 00:10:02,800 or he will pitch to someone on your behalf. 172 00:10:03,360 --> 00:10:06,000 - You have solid fundamental thinking. - It's brilliant. 173 00:10:06,080 --> 00:10:08,880 Take the town of Udalguri in Assam for instance. 174 00:10:09,000 --> 00:10:11,200 - It has a population of 15,000 people... - Hear me out. 175 00:10:11,480 --> 00:10:14,080 In these 17 months, how many franchises 176 00:10:14,160 --> 00:10:16,040 have come to you and told you that you cheated them? 177 00:10:16,120 --> 00:10:16,960 None, sir. 178 00:10:17,040 --> 00:10:19,920 We have not cheated people of their money 179 00:10:20,240 --> 00:10:22,600 - for them to tell us... - Don't you take a franchise fee? 180 00:10:22,680 --> 00:10:23,760 - We do. - Okay. 181 00:10:23,840 --> 00:10:25,280 We take Rs. 3.99 lakhs. 182 00:10:33,400 --> 00:10:36,160 We are spending Rs. 2 lakhs on them. 183 00:10:38,720 --> 00:10:39,600 [chuckles] 184 00:10:39,920 --> 00:10:41,520 I mainly handle the operations. 185 00:10:41,680 --> 00:10:44,560 Once a lead gets closed, 186 00:10:44,680 --> 00:10:47,960 - I handle all the work that comes after it. - Hmm. 187 00:10:48,040 --> 00:10:50,160 - Do you talk to the franchise? - No. 188 00:10:50,160 --> 00:10:51,800 So, who meets them and talks to them? 189 00:10:53,240 --> 00:10:55,280 Do neither of you do this? 190 00:10:55,480 --> 00:10:58,960 No, sir. If someone comes to meet us, 191 00:10:59,080 --> 00:11:00,440 that process does take place. 192 00:11:00,640 --> 00:11:02,800 The explaining bit, 193 00:11:02,880 --> 00:11:04,280 the brochures for instance, 194 00:11:04,360 --> 00:11:06,520 or having a discussion, we have a team for that. 195 00:11:06,600 --> 00:11:07,920 You're in a race 196 00:11:08,000 --> 00:11:09,760 where you want to acquire franchises as quickly as possible. 197 00:11:09,760 --> 00:11:12,040 That could cause problems for you as well. 198 00:11:12,520 --> 00:11:16,280 It might seem like this is all happening too quickly, 199 00:11:16,360 --> 00:11:17,480 but that's not true. 200 00:11:17,680 --> 00:11:20,440 I mean, even 1,000 outlets aren't a big deal for us. 201 00:11:20,560 --> 00:11:23,920 We recently launched a new brand called Portugal Pao. 202 00:11:24,200 --> 00:11:25,720 It sells 'pao' items, sir. 203 00:11:25,840 --> 00:11:27,480 We get such inquiries too. 204 00:11:27,560 --> 00:11:29,320 "We want to open a 'chaat' franchise." 205 00:11:29,400 --> 00:11:31,960 Our target is to have 7 to 8... 206 00:11:32,120 --> 00:11:34,360 Just as there are companies with different brands, 207 00:11:41,000 --> 00:11:42,760 Yes. They have increased a little, sir... 208 00:11:54,920 --> 00:11:57,480 You possess good energy and you work based on SOPs. 209 00:11:57,720 --> 00:12:00,960 As Aman said, "You're running in a race." 210 00:12:01,280 --> 00:12:03,640 Earlier, we thought you were only opening stores. 211 00:12:03,720 --> 00:12:06,080 Now, we found out that you're starting multiple brands too. 212 00:12:06,440 --> 00:12:09,400 In my opinion, re-align your focus. 213 00:12:09,760 --> 00:12:11,520 That one store you open 214 00:12:11,960 --> 00:12:14,600 - ought to grow every month. Okay? - Yes, sir. 215 00:12:14,680 --> 00:12:17,400 No store can sustain itself in Rs. 3 to 3.5 lakhs. 216 00:12:19,280 --> 00:12:22,160 You need to try to get one store 217 00:12:22,440 --> 00:12:25,000 to make Rs. 10 lakhs on an average. 218 00:12:25,080 --> 00:12:26,440 If you do Rs. 10 lakhs, 219 00:12:26,560 --> 00:12:28,680 then this business might become sustainable. 220 00:12:28,840 --> 00:12:29,960 That is my view. 221 00:12:30,240 --> 00:12:32,000 - I'm out. - Okay, sir. 222 00:12:32,120 --> 00:12:33,920 - Okay? Best of luck. - Okay, Peyush. 223 00:12:34,400 --> 00:12:37,240 - Your store or franchise... - Yes? 224 00:12:37,320 --> 00:12:39,120 If it does Rs. 2 to 2.5 lakhs in the first year 225 00:12:39,200 --> 00:12:40,760 and Rs. 3 to 3.5 lakhs in the second, 226 00:12:40,920 --> 00:12:43,400 - then its capital return... - Yes. 227 00:12:43,480 --> 00:12:46,040 Unless he does not pay GST, 228 00:12:51,520 --> 00:12:53,920 Your business is very profitable, 229 00:12:54,200 --> 00:12:56,320 but theirs is extremely tough. 230 00:12:56,400 --> 00:12:58,720 So, I am out. Best of luck. 231 00:12:59,000 --> 00:12:59,960 Okay. 232 00:13:00,320 --> 00:13:02,280 Let's go back to the numbers. 233 00:13:02,920 --> 00:13:06,160 You said your business' run rate is Rs. 30 crores. 234 00:13:06,240 --> 00:13:08,000 So, not just a run rate of Rs. 30 crores, 235 00:13:08,080 --> 00:13:09,560 - you will achieve Rs. 30 crores. - Yes. 236 00:13:09,680 --> 00:13:10,960 - Yes. - Tell us your margins. 237 00:13:30,880 --> 00:13:32,840 - Its goal is... - To invest in OYO! 238 00:13:32,960 --> 00:13:33,920 [both chuckle] 239 00:13:34,240 --> 00:13:37,240 We're investing in food businesses 240 00:13:37,320 --> 00:13:39,960 and besides that, we bought a factory 241 00:13:40,880 --> 00:13:43,800 in which we manufacture sauces and patties. 242 00:13:43,880 --> 00:13:46,880 - This new factory that you just bought... - Yes? 243 00:13:46,960 --> 00:13:49,400 - What did it cost you? - Sir, Rs. 2 crores. 244 00:13:49,480 --> 00:13:51,320 You bought the factory for Rs. 2 crores 245 00:13:51,400 --> 00:13:53,120 out of your profits. 246 00:13:53,200 --> 00:13:54,120 Yes. 247 00:13:54,640 --> 00:13:56,200 You, as entrepreneurs, 248 00:13:56,280 --> 00:13:58,520 belong to a different type of breed that disrupts. 249 00:13:58,640 --> 00:14:01,360 When disruption occurs, it leaves you confused at times. 250 00:14:01,480 --> 00:14:04,760 My view here is, either you'll rise or fall. 251 00:14:05,240 --> 00:14:08,800 I have faith that you will grow my Rs. 10 lakhs to Rs. 5 crores. 252 00:14:09,200 --> 00:14:11,400 - Yes, sir. - I wish to invest in you. 253 00:14:12,520 --> 00:14:14,480 - Are you interested, Ritesh? - Yes, I am. 254 00:14:14,560 --> 00:14:16,800 Ritesh and I will discuss this and get back to you. 255 00:14:17,160 --> 00:14:18,040 Sure, sir. 256 00:14:18,360 --> 00:14:20,680 Tell me something. Do you still trade? 257 00:14:20,840 --> 00:14:21,720 - Into? - The stock market. 258 00:14:21,800 --> 00:14:24,600 Sir, we have investments and we do keep an eye on the market. 259 00:14:24,680 --> 00:14:25,960 - Tell me one more thing. - Okay. 260 00:14:26,080 --> 00:14:29,920 Your profit is going to be Rs. 6 crores. 261 00:14:29,920 --> 00:14:31,760 - After tax, it will be Rs. 4 to 4.5 crores 262 00:14:31,840 --> 00:14:33,120 - for the year. - PAT, yes. 263 00:14:34,120 --> 00:14:36,240 - You bought a factory for Rs. 2 crores. - Yes. 264 00:14:36,360 --> 00:14:38,200 - You'll be opening 8 brands. - Yes. 265 00:14:38,360 --> 00:14:41,120 - Along with that, you'll also open a subsidiary venture. - Yes. 266 00:14:41,240 --> 00:14:42,640 You'll do trading along with it. 267 00:14:42,760 --> 00:14:44,560 We will also get into HORECA, sir. 268 00:14:45,200 --> 00:14:47,000 With a profit of Rs. 4 crores, 269 00:14:47,640 --> 00:14:50,000 you plan on getting into venture investing 270 00:14:50,640 --> 00:14:53,240 whereas your current sales are only Rs. 30 crores, 271 00:14:53,320 --> 00:14:54,840 in which half the people are making losses... 272 00:14:55,560 --> 00:14:58,120 - Along with it, you'll be launching 8 more brands. - Yes. 273 00:14:58,800 --> 00:15:00,280 And just the two of you! 274 00:15:00,880 --> 00:15:02,640 Right? In leadership. 275 00:15:02,840 --> 00:15:03,920 - Yes. - Yes? 276 00:15:04,160 --> 00:15:05,880 This just won't work, my friend. 277 00:15:06,720 --> 00:15:08,480 - Okay? - That's why we need your support. 278 00:15:08,480 --> 00:15:09,960 No... 279 00:15:10,080 --> 00:15:11,280 If you needed our support, 280 00:15:11,280 --> 00:15:13,600 you wouldn't have asked for Rs. 1.5 crores for 1% equity. 281 00:15:14,840 --> 00:15:15,840 Okay? 282 00:15:16,000 --> 00:15:17,440 So, something... 283 00:15:17,680 --> 00:15:20,040 Yes, something is really fishy. 284 00:15:20,160 --> 00:15:21,240 [tense music playing] 285 00:15:21,960 --> 00:15:23,120 I wish you the best. I'm out. 286 00:15:23,200 --> 00:15:24,120 Thank you, sir. 287 00:15:24,680 --> 00:15:26,400 Look. I also believe... 288 00:15:26,800 --> 00:15:28,760 In the olden days, movies had dialogues like, 289 00:15:28,840 --> 00:15:31,040 "Trivial things are common in big cities." 290 00:15:31,240 --> 00:15:34,000 Nowadays, small towns are churning out big companies. 291 00:15:34,720 --> 00:15:36,120 - So, we have... - Nice one. 292 00:15:36,200 --> 00:15:37,960 Had you mentioned it earlier, I'd have said this line. 293 00:15:38,040 --> 00:15:40,600 It's the company. I'm influenced by Aman. 294 00:15:40,760 --> 00:15:42,840 - We wish to... - [Sharks laugh] 295 00:15:43,480 --> 00:15:45,880 We wish to give you a consolidated offer. 296 00:15:47,200 --> 00:15:49,160 Our deal is slightly different. 297 00:15:50,200 --> 00:15:52,920 We want to multiply Rs. 10 lakhs to Rs. 5 crores as you said. 298 00:15:53,000 --> 00:15:55,360 - Done. - So, I'll invest Rs. 10 lakhs 299 00:15:55,680 --> 00:15:57,360 and Ritesh will invest Rs. 10 lakhs. 300 00:15:57,720 --> 00:15:59,560 Okay? We will offer you the rest in debt. 301 00:16:00,760 --> 00:16:01,880 Here's our offer. 302 00:16:01,960 --> 00:16:06,520 Rs. 20 lakhs equity for 1% in your company. 303 00:16:18,440 --> 00:16:19,280 Gosh! 304 00:16:19,360 --> 00:16:20,720 - My God! - I love the energy. 305 00:16:20,800 --> 00:16:21,960 Amazing energy. 306 00:16:23,360 --> 00:16:24,680 They won't take the deal. 307 00:16:25,320 --> 00:16:26,480 [suspenseful music playing] 308 00:16:32,160 --> 00:16:33,400 Ritesh and Aman. 309 00:16:33,840 --> 00:16:36,080 Let's put the 1% equity and Rs. 20 crores valuation aside 310 00:16:36,200 --> 00:16:38,360 for a minute. 311 00:16:38,480 --> 00:16:40,520 We'll willingly offer you 1%, 312 00:16:41,760 --> 00:16:45,760 but in return, we want 50 hours each from both of you. 313 00:16:56,800 --> 00:16:58,040 Shadow them. 314 00:16:58,120 --> 00:17:00,760 Yes. We'll willingly offer you 1% 315 00:17:00,840 --> 00:17:02,600 for your mentorship and guidance... 316 00:17:02,680 --> 00:17:03,640 Listen up. brother. 317 00:17:03,720 --> 00:17:07,000 I know what you are saying but I can't commit to any hours. 318 00:17:07,120 --> 00:17:09,680 If I want to, then I will or have you sit with my team. 319 00:17:09,680 --> 00:17:11,200 You can sit with me and learn. 320 00:17:11,320 --> 00:17:12,520 I just can't commit though. 321 00:17:12,600 --> 00:17:14,600 - I don't wish to make a false commitment. - Okay. 322 00:17:14,720 --> 00:17:16,560 If I fail to keep it, you will go around telling people 323 00:17:16,640 --> 00:17:17,880 that I dishonoured my commitment. 324 00:17:17,960 --> 00:17:19,320 - I will not do it. - All right. 325 00:17:19,440 --> 00:17:22,720 If I want, I will do it, and if I don't want, I won't do it. 326 00:17:23,200 --> 00:17:25,080 I just wish to support you. 327 00:17:25,160 --> 00:17:27,360 You have good energy, but you need direction. 328 00:17:27,440 --> 00:17:29,320 All this energy that you have 329 00:17:29,400 --> 00:17:31,520 needs to be collated and channelised at one thing. 330 00:17:31,680 --> 00:17:34,040 I'm telling you that you can do it. You have it in you. 331 00:17:34,480 --> 00:17:35,880 Your option is simple. 332 00:17:36,000 --> 00:17:37,720 Look. I am giving you Rs. 10 lakhs 333 00:17:52,040 --> 00:17:54,280 We do hope you could give us a few hours, sir... 334 00:17:54,400 --> 00:17:56,040 - No. I won't commit. - 50... 335 00:17:56,160 --> 00:17:57,160 I will do it, but I won't commit. 336 00:17:57,280 --> 00:17:59,920 - You need to show some faith... - If you have no faith... 337 00:18:00,040 --> 00:18:01,840 I'm telling you, this is going downwards again. 338 00:18:01,960 --> 00:18:04,160 Your graph was fluctuating but it has now hit the bottom. 339 00:18:04,240 --> 00:18:05,760 Last chance. Yes or no? 340 00:18:06,000 --> 00:18:07,800 Sir, give us Rs. 1.5 crores debt. 341 00:18:07,920 --> 00:18:09,680 - You won't give us equity! - We will. 342 00:18:09,760 --> 00:18:11,000 We will give you 1% equity. 343 00:18:11,160 --> 00:18:14,480 We are ready to give you 1% as a mentorship equity, 344 00:18:14,560 --> 00:18:17,000 When we commit to 1%... 345 00:18:17,080 --> 00:18:20,200 We know you will fulfil a commitment if you make one. 346 00:18:20,480 --> 00:18:23,560 If you don't make a commitment, it won't be any fun, sir. 347 00:18:23,680 --> 00:18:25,200 [music playing] 348 00:18:28,200 --> 00:18:30,480 - I have no problem committing hours to you. - Okay. 349 00:18:30,640 --> 00:18:33,920 I will give you a commitment of 20 hours. Okay? 350 00:18:34,120 --> 00:18:36,400 You'll just have to show faith in Aman. 351 00:18:36,480 --> 00:18:39,000 So, tell us your final answer. Yes or no. 352 00:18:39,000 --> 00:18:39,840 Yes or no? 353 00:18:50,040 --> 00:18:52,880 - Ritesh committed 25 hours to you. - 25. 354 00:18:53,120 --> 00:18:54,400 I will not commit to it 355 00:18:54,480 --> 00:18:56,480 but I assure you that I will put in the hours. 356 00:18:57,640 --> 00:18:58,760 Here's the deal. 357 00:18:58,960 --> 00:19:03,440 We're giving you Rs. 1.5 crores in debt at 10% interest 358 00:19:03,640 --> 00:19:05,960 - in return for 1% equity. - Advisory equity. 359 00:19:06,480 --> 00:19:08,760 We'll give you 1% equity, but, sir... 360 00:19:08,960 --> 00:19:10,680 Please commit to 25 hours, sir. 361 00:19:10,760 --> 00:19:11,600 No, I won't. 362 00:19:11,720 --> 00:19:12,880 [tense music playing] 363 00:19:14,160 --> 00:19:16,680 Either tell us that the deal is confirmed or it is not. 364 00:19:16,760 --> 00:19:18,840 - Let's get it over with. - The deal is final, but... 365 00:19:19,200 --> 00:19:21,040 - Aman, you... - This isn't negotiable. 366 00:19:22,240 --> 00:19:23,720 Look. This is starting to bother me 367 00:19:23,840 --> 00:19:26,680 because I feel you do not have the ability to make decisions. 368 00:19:26,880 --> 00:19:28,720 It was nice to meet you. 369 00:19:28,960 --> 00:19:32,200 I believe that you are a little indecisive. 370 00:19:33,400 --> 00:19:35,120 Yes, listen. I am out. 371 00:19:35,440 --> 00:19:36,360 [cheque rips] 372 00:19:38,480 --> 00:19:39,680 I don't get this guy. 373 00:19:41,840 --> 00:19:44,560 - Sir came down to 25 from 50. - Forgive me, I'm out. 374 00:19:44,680 --> 00:19:46,000 [tense music playing] 375 00:19:46,560 --> 00:19:47,680 Make the deal with Ritesh. 376 00:19:47,800 --> 00:19:49,760 - Do it with him. - Ritesh, let's make a deal. 25 hours... 377 00:19:49,880 --> 00:19:52,280 I believe you are indecisive. For that reason, I am out. 378 00:19:53,040 --> 00:19:54,120 Sorry. Thank you. 379 00:19:54,200 --> 00:19:56,160 - All right, bye. - Okay, sir. Thank you so much. 380 00:19:56,240 --> 00:19:57,880 - Good luck. - Thank you. 381 00:19:59,720 --> 00:20:00,960 [music fades] 382 00:20:01,920 --> 00:20:04,200 [birds chirping] 383 00:20:08,280 --> 00:20:10,720 Cricket is a popular sport in Srinagar. 384 00:20:10,800 --> 00:20:12,880 The local cricket scene is big here. 385 00:20:12,960 --> 00:20:14,760 [music playing] 386 00:20:18,680 --> 00:20:20,520 Bats are made of two kinds of willow. 387 00:20:20,640 --> 00:20:22,680 English willow and Kashmir willow. 388 00:20:24,120 --> 00:20:27,160 In Kashmir, you will find willow plantations in many areas. 389 00:20:29,440 --> 00:20:33,360 I have played with both Kashmir and English willow bats. 390 00:20:33,440 --> 00:20:36,640 Kashmir willow is heavier than English willow. 391 00:20:37,600 --> 00:20:39,320 So we have solved this problem. 392 00:20:52,000 --> 00:20:54,480 [music playing] 393 00:21:25,320 --> 00:21:27,240 specifically Tramboo Sports' bats. 394 00:21:27,360 --> 00:21:29,640 To clear a common misconception 395 00:21:29,720 --> 00:21:32,400 that there's a difference between English and Kashmir willow bats. 396 00:21:45,040 --> 00:21:47,640 Saad, Hamaad, welcome to Shark Tank. 397 00:21:47,720 --> 00:21:48,360 - Thank you. - Thank you. 398 00:21:48,440 --> 00:21:50,480 In Srinagar, 399 00:21:50,560 --> 00:21:52,240 you started your business two years ago. 400 00:21:52,360 --> 00:21:54,080 - Yes. - Tell us more about it. 401 00:21:54,200 --> 00:21:57,120 Do you study? At such a young age, 402 00:21:57,240 --> 00:21:59,240 how did you start at 16 or 17? 403 00:21:59,240 --> 00:22:01,560 - I'm currently doing BBA. - Okay. 404 00:22:01,560 --> 00:22:04,040 - And Saad... - I'm in the second year of BBA. 405 00:22:04,160 --> 00:22:04,960 In Srinagar? 406 00:22:05,040 --> 00:22:07,200 I'm studying in Bengaluru and he's studying in Kashmir. 407 00:22:07,280 --> 00:22:09,160 I also play cricket. 408 00:22:09,240 --> 00:22:12,200 So, I've used both English and Kashmir willow bats. 409 00:22:12,600 --> 00:22:15,520 I realized that English willow has a higher price point. 410 00:22:15,600 --> 00:22:17,440 Everybody can't afford it. 411 00:22:17,520 --> 00:22:18,920 Our parents are doctors. 412 00:22:19,040 --> 00:22:21,120 - Okay. - But we've got a family business 413 00:22:21,120 --> 00:22:23,720 that deals with joinery mills, we do wood-related products. 414 00:22:23,840 --> 00:22:26,360 We are one of the largest joinery mills in North India. 415 00:22:32,360 --> 00:22:34,680 you procure that and fabricate it? 416 00:22:34,800 --> 00:22:38,120 Firstly, we select a log of Kashmir willow. 417 00:22:57,680 --> 00:23:00,840 it takes 12 to 18 months. 418 00:23:00,920 --> 00:23:03,400 We complete this seasoning process within a week. 419 00:23:12,920 --> 00:23:15,840 The traditional method is to stack the clefts in open air. 420 00:23:15,920 --> 00:23:18,160 So, it takes about 18 months to get dry enough. 421 00:23:18,240 --> 00:23:19,840 What is your process? 422 00:23:19,920 --> 00:23:22,280 We have a steam-based seasoning plants 423 00:23:30,440 --> 00:23:32,440 are moved to the manufacturing facility. 424 00:23:47,520 --> 00:23:50,960 So, it boosts the quality of our bats even more. 425 00:23:51,040 --> 00:23:54,040 [music playing] 426 00:23:59,840 --> 00:24:02,280 But we're already making Kashmir willow bats. 427 00:24:02,360 --> 00:24:05,040 There are around 300 bat manufacturing units in Kashmir. 428 00:24:05,120 --> 00:24:08,440 Nobody has a seasoning plant that makes the bat lightweight. 429 00:24:08,520 --> 00:24:10,720 This is our seasoning plant and... 430 00:24:11,000 --> 00:24:13,080 - This is your grandfather's. - Yes. 431 00:24:19,760 --> 00:24:22,520 It has a capital cost of more than Rs 20 crores. 432 00:24:22,640 --> 00:24:23,960 Just to build this oven? 433 00:24:24,080 --> 00:24:25,600 - Yes. - Land and everything. 434 00:24:25,680 --> 00:24:27,000 Forget about the land for once. 435 00:24:27,080 --> 00:24:28,640 - You can lease land. - Then it will cost around 436 00:24:28,720 --> 00:24:29,760 8 to 9 crores. 437 00:24:29,840 --> 00:24:31,760 Eventually, when you scale your business, 438 00:24:31,840 --> 00:24:34,880 - you will have to build your ovens. - Yes, we can increase that. 439 00:24:35,800 --> 00:24:38,320 Let's discuss your product demand. 440 00:24:38,440 --> 00:24:40,840 Who is your customer? Why are they buying your products? 441 00:24:40,920 --> 00:24:41,880 That will help us 442 00:24:42,000 --> 00:24:44,640 - understand better. - Right now, 60 to 70 per cent of 443 00:24:44,720 --> 00:24:47,120 our sales are by those who don't play professionally. 444 00:24:47,200 --> 00:24:48,720 - They just play on the streets. - Consumers. 445 00:24:48,720 --> 00:24:49,920 - Just for fun. - Consumers, right? 446 00:24:50,120 --> 00:24:52,080 For them, we have tennis ball bats. 447 00:25:11,080 --> 00:25:14,360 So, you're saying that bats of this quality 448 00:25:14,520 --> 00:25:17,000 at this price can only be manufactured by you in India? 449 00:25:17,080 --> 00:25:18,280 Just us. 450 00:25:18,360 --> 00:25:19,720 - There's no competition. - No. 451 00:25:19,800 --> 00:25:21,880 But SG in Meerut? 452 00:25:22,000 --> 00:25:22,840 It's English willow. 453 00:25:22,920 --> 00:25:26,480 The wood for English willow can't be made in India? 454 00:25:26,560 --> 00:25:28,480 No, it's imported. 455 00:25:28,560 --> 00:25:30,720 Give me an example of a cricketer who uses Kashmir willow. 456 00:25:30,800 --> 00:25:32,720 Junaid Siddique in last T20 World Cup. 457 00:25:32,800 --> 00:25:35,040 More players will be playing in this T20. 458 00:25:35,120 --> 00:25:37,120 The adoption is increasing with each passing year. 459 00:25:37,200 --> 00:25:39,200 So, how many bats do you sell every month? 460 00:25:39,280 --> 00:25:40,280 Do you sell it online? 461 00:25:40,400 --> 00:25:41,440 - Online. - Right now 462 00:25:41,440 --> 00:25:42,640 around 1000 bats per month. 463 00:25:49,080 --> 00:25:50,920 How much do you sell on Instagram? 464 00:25:51,040 --> 00:25:52,280 Around 70 per cent. 465 00:26:05,600 --> 00:26:06,360 - Yes. - Yes. 466 00:26:06,480 --> 00:26:07,760 How's the profit like? 467 00:26:07,840 --> 00:26:08,920 Around 5-6 lakhs per month. 468 00:26:15,480 --> 00:26:17,360 - Do you pay your grandfather? - No. 469 00:26:17,480 --> 00:26:19,000 - You're not paying your grandpa. - No. 470 00:26:19,200 --> 00:26:20,800 So, that will be deducted from the profit. 471 00:26:20,920 --> 00:26:22,920 You'll negotiate a cheaper deal with your grandpa. 472 00:26:23,000 --> 00:26:25,600 In India, the total market size 473 00:26:25,920 --> 00:26:27,280 for bats, how much is it? 474 00:26:28,120 --> 00:26:29,720 There is no exact number. 475 00:26:29,840 --> 00:26:31,320 Do you have some sense 476 00:26:31,400 --> 00:26:33,960 how many bats are sold in a month approximately? 477 00:26:34,040 --> 00:26:37,280 Kashmir willow bats, more than 30 lakhs last year. 478 00:26:48,760 --> 00:26:50,720 That makes it 25 crores a month. 479 00:26:50,800 --> 00:26:53,600 Kashmir willow bats 480 00:26:53,720 --> 00:26:56,320 approximately. We can have an estimate 481 00:26:56,400 --> 00:26:59,080 that, every year, 482 00:26:59,400 --> 00:27:01,440 Kashmir willow bats worth 300 crores are being sold. 483 00:27:01,560 --> 00:27:03,640 And you're trying to make a place there. 484 00:27:03,720 --> 00:27:06,840 What do you think? Three years from now, 485 00:27:07,440 --> 00:27:08,960 at what pace will you grow? 486 00:27:09,080 --> 00:27:10,800 How do you plan it? How big a business do you plan to make? 487 00:27:10,880 --> 00:27:13,160 Right now, we're growing every month. 488 00:27:13,240 --> 00:27:14,760 - Yes. - Since we started, 489 00:27:14,840 --> 00:27:16,480 there has been no month without some growth. 490 00:27:16,480 --> 00:27:18,240 Where we didn't increase our sales. 491 00:27:18,320 --> 00:27:20,920 Specifically, since we launched our season bats. 492 00:27:21,040 --> 00:27:24,080 So, next year, we're targeting to close around 6-7 crores in revenue. 493 00:27:32,640 --> 00:27:35,440 Because there are many Indians who play cricket there. 494 00:27:35,680 --> 00:27:37,040 They find English willow bats to be expensive there. 495 00:27:37,120 --> 00:27:38,800 How did you find customers in Qatar? 496 00:27:38,880 --> 00:27:40,240 - Someone contacted us. - Online. 497 00:27:40,320 --> 00:27:42,720 - Through Instagram? - Yes, they mailed us. 498 00:27:42,800 --> 00:27:44,440 Within two days, we finalized the deal and dispatched it. 499 00:27:44,560 --> 00:27:46,040 - How many bats did you sell? - 1000. 500 00:27:46,160 --> 00:27:47,080 Did you get a re-order? 501 00:27:47,160 --> 00:27:49,040 - No, it was just last month. - Okay. 502 00:27:49,120 --> 00:27:51,160 Okay, I'll make you an offer. 503 00:27:52,720 --> 00:27:54,400 Because as far as I remember, 504 00:27:54,520 --> 00:27:56,880 the market for bats is around 1500-2000 crores. 505 00:27:56,960 --> 00:27:59,160 And there are two companies with more than 200 crores. 506 00:28:12,560 --> 00:28:13,920 at this young age, 507 00:28:14,000 --> 00:28:16,640 we didn't know the difference between head and toe. 508 00:28:25,160 --> 00:28:27,560 I don't want to rob you. They want 10 per cent fo Rs 30 lakhs. 509 00:28:27,680 --> 00:28:29,000 They're robbing you. 510 00:28:29,120 --> 00:28:31,080 They think you're kids. You're not. 511 00:28:32,160 --> 00:28:34,480 You have to show them that you've got brains. 512 00:28:34,560 --> 00:28:37,040 Okay? I'll give you Rs 30 lakhs for 6 per cent. 513 00:28:43,960 --> 00:28:46,640 Anybody who mentions that you're a kid 514 00:28:46,720 --> 00:28:47,840 is insulting you. 515 00:28:48,360 --> 00:28:50,640 We are accepting you respectfully. 516 00:28:50,800 --> 00:28:52,400 Why was your valuation so bad then? 517 00:28:52,520 --> 00:28:54,640 [music playing] 518 00:28:54,720 --> 00:28:56,480 Valuation has a method. 519 00:28:56,600 --> 00:28:58,080 - We just can't... - Valuation... 520 00:28:58,200 --> 00:29:00,720 We can't say 6, 2, and then 50 crores. 521 00:29:00,800 --> 00:29:01,880 That's not how valuation is done. 522 00:29:01,960 --> 00:29:04,160 Do you want to learn maths or do business? 523 00:29:05,080 --> 00:29:08,240 Have you ever seen someone become a businessman without knowing math? 524 00:29:08,360 --> 00:29:10,920 Listen, I'm making a heartfelt deal. And he's complicating it. 525 00:29:11,000 --> 00:29:13,640 They're negotiating. Is that what you want to do? 526 00:29:16,320 --> 00:29:18,800 I have an offer for you. Rs 30 lakhs 527 00:29:19,120 --> 00:29:21,640 which is also the same as my first investment. 528 00:29:21,920 --> 00:29:24,400 - [muttering] - At 4 per cent 529 00:29:33,560 --> 00:29:35,920 And let me share the reason with you. 530 00:29:36,040 --> 00:29:38,560 I believe that the pace at which they're growing, 531 00:29:38,640 --> 00:29:40,240 2.5 crores this year, 532 00:29:40,400 --> 00:29:42,760 and my aspiration for the next two years 533 00:29:42,840 --> 00:29:45,520 is for you to be able to make 8 to 10 crores of revenue. 534 00:29:45,600 --> 00:29:48,120 And fast forward to two years, 535 00:29:48,200 --> 00:29:50,480 I believe that your multiple will become reasonable. 536 00:29:50,560 --> 00:29:51,640 The valuation that you're planning. 537 00:29:51,760 --> 00:29:55,280 Hamaad, Saad, I'm not here to win deals. 538 00:29:55,360 --> 00:29:57,200 I'm here to make investments. 539 00:29:57,600 --> 00:29:59,880 It was nice meeting you and through you 540 00:29:59,960 --> 00:30:02,080 - I salute the people of Kashmir. - Thank you. 541 00:30:02,160 --> 00:30:05,160 But 4 per cent doesn't make sense as an investment 542 00:30:05,240 --> 00:30:06,520 - looking at your numbers. - Okay. 543 00:30:06,520 --> 00:30:08,160 So, I'm out. 544 00:30:25,360 --> 00:30:28,200 I'll make you an offer. Rs 30 lakhs at 3 per cent. 545 00:30:33,840 --> 00:30:35,880 Peyush is offering Rs 30 lakhs at 3 per cent. 546 00:30:35,920 --> 00:30:36,400 Yeah. 547 00:30:36,440 --> 00:30:38,680 Ritesh is offering Rs 30 lakhs at 4 per cent. 548 00:30:38,760 --> 00:30:40,160 I'd like to change it. 549 00:30:40,240 --> 00:30:42,240 So, I'd like to revise my offer. 550 00:30:42,280 --> 00:30:44,560 For you. The offer is for Rs 30 lakhs. 551 00:30:53,160 --> 00:30:54,440 Peyush is offering Rs 30 lakhs at 3 per cent. 552 00:30:54,560 --> 00:30:56,760 Aman is still at Rs 30 lakhs for 6 per cent. 553 00:30:56,760 --> 00:30:58,040 Hiding his face. 554 00:30:58,280 --> 00:31:00,040 - Okay. Rs 30 lakhs at 6 per cent. - And Vineeta? 555 00:31:00,120 --> 00:31:03,560 And this seems like a vegetable market. So, I won't change my offer. 556 00:31:03,640 --> 00:31:06,080 It will go haywire. So, my offer is Rs 30 lakhs 557 00:31:06,160 --> 00:31:08,800 - for 10 per cent. - I think you're on the right track. 558 00:31:08,880 --> 00:31:11,320 Right? There is no problem. It's an early stage. 559 00:31:11,400 --> 00:31:14,640 There's not much requirement of dilution. It will require money. 560 00:31:14,720 --> 00:31:18,360 I also think, at least 50-60 per cent will be from export. 561 00:31:18,680 --> 00:31:20,800 Right? You have to hit the international markets. 562 00:31:20,880 --> 00:31:22,880 I can help you there probably. 563 00:31:23,000 --> 00:31:24,520 That's what I feel. There's no other problem. 564 00:31:24,560 --> 00:31:25,480 You're not burning money. 565 00:31:25,520 --> 00:31:28,280 You're using your grandfather's resources, 566 00:31:28,360 --> 00:31:31,320 you have to find a solution so that he also gets compensated. 567 00:31:31,600 --> 00:31:32,720 It can't work in the long term. 568 00:31:34,280 --> 00:31:36,760 Okay, think and let us know. 569 00:31:36,880 --> 00:31:37,960 - Okay. - Go on. 570 00:31:38,040 --> 00:31:39,320 A moment. Thank you. 571 00:31:40,560 --> 00:31:42,800 Sir, let me know if you wish to negotiate. 572 00:31:43,000 --> 00:31:45,760 [laughing] 573 00:31:46,240 --> 00:31:47,920 - Huh? - What do we do? 574 00:31:48,280 --> 00:31:50,000 [mumbling] 575 00:31:50,080 --> 00:31:51,480 Oh, Ritesh! 576 00:31:51,560 --> 00:31:52,840 Vegetable market. 577 00:31:52,960 --> 00:31:56,840 Ritesh, you're a billionaire. Who will compete with you? 578 00:31:57,920 --> 00:31:59,800 Wow! That was fast. 579 00:32:00,800 --> 00:32:03,560 Remember who gave you the best offer. 580 00:32:03,840 --> 00:32:06,840 So, Aman and Peyush, would you like to come together? 581 00:32:36,160 --> 00:32:37,920 Don't worry at all. 582 00:32:38,160 --> 00:32:39,360 - Thank you. - Thank you. 583 00:32:39,440 --> 00:32:41,240 - Very impressive! - Good luck, guys! 584 00:32:41,440 --> 00:32:44,280 [music playing] 585 00:34:49,520 --> 00:34:51,240 - Hi, Sharks. - Hi. 586 00:34:53,000 --> 00:34:53,880 Hi. 587 00:34:55,120 --> 00:34:56,160 Hi. 588 00:34:57,560 --> 00:34:58,520 Hello. 589 00:34:59,120 --> 00:35:02,760 This ten seconds of silence is very disturbing for us 590 00:35:02,960 --> 00:35:04,560 and often annoying too. 591 00:35:04,640 --> 00:35:08,640 But do you know that silence has become people's way of life? 592 00:35:09,120 --> 00:35:10,600 WHO believes that 593 00:35:10,720 --> 00:35:13,280 by 2030, one out of eight 594 00:35:32,760 --> 00:35:34,960 It is beyond the means of a common man. 595 00:35:41,520 --> 00:35:43,880 [music playing] 596 00:35:44,000 --> 00:35:45,120 WeHear is a company 597 00:35:54,280 --> 00:35:55,360 This product 598 00:35:55,480 --> 00:35:58,280 bypasses our ears and takes the sound directly to the brain 599 00:35:58,360 --> 00:36:00,800 using bone conduction technology. 600 00:36:22,200 --> 00:36:24,080 that is designed, engineered, 601 00:37:07,000 --> 00:37:09,040 There are more people into it. Aman must know. 602 00:37:09,080 --> 00:37:09,480 Correct. 603 00:37:09,520 --> 00:37:12,800 Bone conduction headphones have been around for 10-12 years. 604 00:37:13,000 --> 00:37:15,520 But our patent is that using this technology, 605 00:37:15,600 --> 00:37:17,440 we have created a hearing solution 606 00:37:17,520 --> 00:37:20,280 for people without physical ears 607 00:37:20,360 --> 00:37:21,800 or without an ear hole, 608 00:37:21,880 --> 00:37:23,320 they can hear without a surgery. 609 00:37:23,400 --> 00:37:25,160 But even the normal headphones 610 00:37:25,240 --> 00:37:27,040 that use bone conduction can be used to hear too. 611 00:37:27,160 --> 00:37:29,600 What's special about your technology? 612 00:37:29,680 --> 00:37:33,760 Sir, using normal headphones, a completely deaf person can't hear. 613 00:37:33,840 --> 00:37:36,000 A normal bone conduction headphone 614 00:37:36,080 --> 00:37:38,040 is like a sunglasses. Anyone can wear it. 615 00:37:38,200 --> 00:37:40,200 But our hearing care device 616 00:37:40,280 --> 00:37:41,440 is like a spectacle. 617 00:37:41,520 --> 00:37:45,080 It will be configured as per your ears 618 00:37:45,200 --> 00:37:47,560 and the sound is processed that way, 619 00:37:47,680 --> 00:37:49,400 and sends it to your cochlea. 620 00:37:49,480 --> 00:37:51,360 So, it's a defect at birth, is it? 621 00:37:51,480 --> 00:37:53,600 Yes, Sir. This defect is called Microtia. 622 00:38:06,120 --> 00:38:09,040 The product that we've launched is the solution for surgery. 623 00:38:18,280 --> 00:38:21,400 Our key focus is surgical solution. 624 00:38:34,160 --> 00:38:34,760 Yes. 625 00:38:39,080 --> 00:38:40,440 Okay. 626 00:38:41,440 --> 00:38:43,040 So, you're listening to some song. 627 00:38:43,120 --> 00:38:45,120 - It's not audible to any of them. - Yeah. 628 00:38:45,200 --> 00:38:48,360 Secondly, we have created two modes, indoor and outdoor. 629 00:38:48,440 --> 00:38:49,640 As soon as you 630 00:38:51,080 --> 00:38:53,880 change it to outdoor mode with a single-button press... 631 00:38:54,960 --> 00:38:56,560 - I can hear it too. - Yes. 632 00:38:56,640 --> 00:38:57,840 It's for outdoor. 633 00:38:57,920 --> 00:39:00,360 But usually, we listen to music in public. 634 00:39:00,440 --> 00:39:02,920 When we put on headphones while running or hiking. 635 00:39:03,000 --> 00:39:05,640 Sir, for this level, we provide earbuds, 636 00:39:05,720 --> 00:39:07,760 so when you're travelling in flight, 637 00:39:07,880 --> 00:39:09,440 once you put on the earbuds, 638 00:39:09,520 --> 00:39:10,920 you have a perfect experience. 639 00:39:10,960 --> 00:39:12,920 You don't compromise on the sound quality. 640 00:39:16,640 --> 00:39:20,800 I don't understand bone conduction. It's just like an audio. 641 00:39:26,400 --> 00:39:29,200 When it doesn't have a medium, it vibrates the air, 642 00:39:29,280 --> 00:39:32,520 else those vibrations will enter your cochlea through the skull. 643 00:39:32,600 --> 00:39:33,680 Okay, there are no speakers in it. 644 00:39:33,760 --> 00:39:35,880 Yes. It has transducers, not speakers. 645 00:39:35,960 --> 00:39:36,760 I see. Got it. 646 00:39:38,080 --> 00:39:39,480 You could've played a nice song. 647 00:39:39,600 --> 00:39:42,000 [giggling] 648 00:39:42,280 --> 00:39:44,520 Our second product, which is our hero product, 649 00:39:44,640 --> 00:39:45,720 is called HearNU. 650 00:39:46,000 --> 00:39:47,400 The HearNU product 651 00:39:47,520 --> 00:39:49,920 is specifically for people with no ears. 652 00:39:50,360 --> 00:39:53,520 It is to be worn on this bone over here. 653 00:39:53,600 --> 00:39:54,800 - The temporal bone. - Hmm. 654 00:39:54,920 --> 00:39:56,560 The device is worn on the temporal bone. 655 00:40:04,760 --> 00:40:05,960 This is a band. 656 00:40:06,080 --> 00:40:07,760 I wear this band on the wrist. 657 00:40:14,320 --> 00:40:16,000 The microprocessor inside it 658 00:40:16,120 --> 00:40:18,280 tunes the audio based on the person's hearing. 659 00:40:33,560 --> 00:40:36,560 - but I can parallelly connect it to the TV, phone or laptop. - Nice. 660 00:40:36,680 --> 00:40:38,360 Kids can use it for education. 661 00:40:38,480 --> 00:40:40,680 They are listening to things around them anyway. 662 00:40:40,800 --> 00:40:41,600 Along with that, 663 00:40:41,720 --> 00:40:44,560 they can hear using other modes of communication as well. 664 00:40:44,640 --> 00:40:48,600 Globally, for anyone in this situation, 665 00:40:48,760 --> 00:40:50,200 other than surgery, 666 00:40:50,320 --> 00:40:53,040 yours is the only other solution in the world to help them hear. 667 00:40:53,120 --> 00:40:53,960 Absolutely, sir. 668 00:40:59,040 --> 00:41:01,520 - And this is the only solution. - Yes, ma'am. 669 00:41:01,640 --> 00:41:03,880 - Is there any other technological solution? - No, sir. 670 00:41:03,960 --> 00:41:07,040 The National Institute of Speech and Hearing in Mysore 671 00:41:07,160 --> 00:41:09,600 has tested it and recommends it. 672 00:41:09,760 --> 00:41:11,880 Ali Yavar Jung Institute of Speech and Hearing, Bandra, 673 00:41:11,960 --> 00:41:13,320 which is a 72-year-old institute, 674 00:41:13,440 --> 00:41:14,960 has tested it too. 675 00:41:14,960 --> 00:41:17,000 Lovely. If you have done that, 676 00:41:17,080 --> 00:41:19,280 - it's commendable. - That's crazy! 677 00:41:25,880 --> 00:41:28,080 How many people in crores cannot afford surgery? 678 00:41:28,160 --> 00:41:29,720 Sir, ideally, 80% of the people 679 00:41:29,840 --> 00:41:31,640 - can't afford it. - Let's assume half of it. 680 00:41:31,960 --> 00:41:34,240 - More than half, sir. - Well done. 681 00:42:36,320 --> 00:42:37,400 What's the secret behind it? 682 00:42:37,480 --> 00:42:39,040 We closed the last round 683 00:42:55,400 --> 00:42:57,880 Sorry. You can call me a sceptic or whatever you want. 684 00:42:58,200 --> 00:43:00,080 You did something commendable 685 00:43:00,200 --> 00:43:03,760 - and made an invention which is extremely rare to see. - Yes, sir. 686 00:43:03,760 --> 00:43:06,480 - You have a lot of patents as well. - Granted. 687 00:43:06,560 --> 00:43:07,880 - They're granted. - Yes. 688 00:43:08,000 --> 00:43:10,240 Yet you only have Rs. 50 lakhs in the bank. 689 00:43:11,000 --> 00:43:12,480 How much did you raise in the previous round? 690 00:43:54,480 --> 00:43:56,160 - He isn't. - I haven't heard of them. 691 00:43:56,240 --> 00:43:57,960 We recently visited Dubai. 692 00:43:58,120 --> 00:44:02,120 We had a lot of interest from a few of the ENT surgeons there. 693 00:44:02,200 --> 00:44:03,040 They had invited us. 694 00:44:03,120 --> 00:44:04,880 How did you arrive at this valuation? 695 00:44:04,960 --> 00:44:07,280 We have done over Rs. 5 crores in sales until now. 696 00:44:11,600 --> 00:44:13,640 - Last month? - Rs. 93 lakhs in September. 697 00:44:13,720 --> 00:44:15,480 Rs. 89 lakhs in August 698 00:44:15,640 --> 00:44:17,960 and Rs. 14.25 lakhs in July. 699 00:44:19,040 --> 00:44:20,600 I don't understand one thing. 700 00:44:20,720 --> 00:44:22,160 It is generally observed 701 00:44:22,240 --> 00:44:25,400 that IP-related businesses are heavily VC-backed. 702 00:44:25,520 --> 00:44:26,360 - True, sir. - Exactly. 703 00:44:26,440 --> 00:44:28,640 Tier 1 VCs are looking for... 704 00:44:28,720 --> 00:44:30,080 They'd pounce on it. 705 00:44:30,320 --> 00:44:31,760 Would pounce on it. Absolutely! 706 00:44:32,120 --> 00:44:33,440 We already have interest. 707 00:44:33,520 --> 00:44:35,920 I'm going to France to meet three health-tech investors. 708 00:44:36,000 --> 00:44:37,400 Forget about that. 709 00:44:37,560 --> 00:44:38,480 France... 710 00:44:38,560 --> 00:44:40,960 - You go to Dubai and France... - Yes. 711 00:44:41,120 --> 00:44:42,600 Is there a shortage of funding in India? 712 00:44:42,680 --> 00:44:44,880 Why haven't you... Did you meet the VCs here? 713 00:44:51,040 --> 00:44:53,400 So, we went to people who believed in us 714 00:44:53,480 --> 00:44:55,680 - rather than... - I feel that your technology 715 00:44:56,360 --> 00:44:59,120 is lacking in certain aspects. 716 00:45:01,160 --> 00:45:02,800 There surely is an alternative. 717 00:45:03,240 --> 00:45:07,120 This is the reason it is hard to conclude 718 00:45:07,240 --> 00:45:10,360 whether this will be the technology that will capture this market... 719 00:45:11,040 --> 00:45:11,840 - Okay. - In my opinion. 720 00:45:11,960 --> 00:45:14,280 In your view, how big will this business become? 721 00:45:14,560 --> 00:45:17,680 The audiology market has three main segments. 722 00:45:32,920 --> 00:45:36,560 This market imports goods worth Rs. 5,000 crores in India every year 723 00:45:36,760 --> 00:45:38,840 and this number is growing. 724 00:45:41,400 --> 00:45:42,840 We're working on two aspects. 725 00:45:42,920 --> 00:45:44,640 The first one is feature-oriented. 726 00:45:44,800 --> 00:45:46,760 It is a 16-channel programmable device. 727 00:45:46,880 --> 00:45:50,160 You can tune to 16 different bands in both ears. 728 00:45:50,320 --> 00:45:51,720 - Also... - The new launch, right? 729 00:45:51,800 --> 00:45:54,120 - Yes, the one which will be launched. - Okay. 730 00:45:54,240 --> 00:45:57,320 It also has the Bluetooth feature and rechargeable batteries. 731 00:45:57,400 --> 00:45:58,760 So, all those features are there. 732 00:45:58,880 --> 00:46:01,760 What's the price difference between your hearing device and others'? 733 00:46:23,480 --> 00:46:25,400 Tell us about your sales. 734 00:46:25,480 --> 00:46:27,520 How much comes from India and how much is exported? 735 00:46:27,600 --> 00:46:31,720 The sales of the last two months came from international markets. 736 00:46:31,920 --> 00:46:34,080 The August sales are from Kenya. 737 00:46:34,240 --> 00:46:36,120 The September sales are from Dubai. 738 00:46:36,200 --> 00:46:38,240 How much business do you get from within India? 739 00:46:38,320 --> 00:46:39,440 Sir, as per our model, 740 00:46:39,560 --> 00:46:42,280 we tie up with stockists from every city. 741 00:46:42,560 --> 00:46:44,840 When we were granted the patent in May 2022, 742 00:46:44,960 --> 00:46:47,800 we began locking one stockist in every city. 743 00:46:47,920 --> 00:46:49,840 That way, we covered 11 cities 744 00:46:49,960 --> 00:46:53,440 and ensured a sale of 1,200 devices. 745 00:46:53,640 --> 00:46:55,880 - After that... - Did they sell those devices to others? 746 00:46:55,960 --> 00:46:57,960 Yes, they started selling to others. 747 00:46:58,080 --> 00:47:00,120 Reorder... They started selling... 748 00:47:00,240 --> 00:47:01,600 - Ludhiana has just started. - Hang on. 749 00:47:01,760 --> 00:47:03,680 And did sales are two different things. 750 00:47:05,240 --> 00:47:06,360 What were your reorders? 751 00:47:06,560 --> 00:47:09,120 We got reorders from four stockists. 752 00:47:09,200 --> 00:47:11,640 - 400 devices... - So, only 400 out of 1,200 devices were sold. 753 00:47:12,480 --> 00:47:14,680 Okay, Raj. You're a wheeler-dealer. 754 00:47:14,840 --> 00:47:18,560 I don't quite get what you do or how you do it. 755 00:47:19,280 --> 00:47:21,520 A revolutionary and IP-based company like this 756 00:47:21,680 --> 00:47:24,600 with such an unconventional funding manner! 757 00:47:24,960 --> 00:47:26,840 It's something I've never seen. 758 00:47:27,720 --> 00:47:30,520 Finally, I can't be of much help to you. 759 00:47:30,640 --> 00:47:31,880 For these reasons, I'm out. 760 00:47:33,080 --> 00:47:34,000 All the best. 761 00:47:34,120 --> 00:47:35,080 Thank you so much. 762 00:47:35,160 --> 00:47:36,640 Raj and Kanishka, 763 00:47:37,280 --> 00:47:39,200 unlike Anupam, 764 00:47:39,400 --> 00:47:41,040 I'm not sceptical about your product. 765 00:47:41,040 --> 00:47:42,640 I am quite optimistic that 766 00:47:42,760 --> 00:47:45,720 out of the 2.5 crore people, your solution will reach 767 00:47:46,000 --> 00:47:49,560 at least 1.5 crore people who cannot afford surgery. 768 00:47:49,840 --> 00:47:51,000 Having said that, 769 00:47:51,080 --> 00:47:54,080 your valuation is already at Rs. 268 crores. 770 00:47:54,160 --> 00:47:57,160 For me, as an investment, 771 00:47:57,640 --> 00:48:01,760 the returns will not justify this entry valuation. 772 00:48:02,000 --> 00:48:03,320 For that reason, I am out. 773 00:48:03,480 --> 00:48:04,880 - Best of luck. - Thank you. 774 00:48:04,960 --> 00:48:06,360 As a personal investment, 775 00:48:06,480 --> 00:48:10,600 agreeing to a valuation of Rs. 250 crores for 1% equity 776 00:48:10,680 --> 00:48:12,560 seems a little expensive to me right now. 777 00:48:13,120 --> 00:48:15,880 I would not be able to invest. Sorry, I'm out. 778 00:48:16,120 --> 00:48:16,920 Sure, sir. 779 00:48:17,000 --> 00:48:19,120 I think if I invest in your business, 780 00:48:19,280 --> 00:48:21,680 I will have to devote a significant amount of time to it 781 00:48:22,560 --> 00:48:26,040 which I don't think is justified considering the 250-crore valuation. 782 00:48:26,160 --> 00:48:28,280 As somebody who wants you to win, 783 00:48:28,560 --> 00:48:30,800 I am on the board of some sovereign fund companies abroad 784 00:48:30,880 --> 00:48:33,680 where similar challenges exist. 785 00:48:33,760 --> 00:48:37,960 I am ready to introduce you to them as a friend and a supporter, 786 00:48:38,120 --> 00:48:40,520 but because my time 787 00:48:40,640 --> 00:48:43,280 would not meet the expectations of ownership 788 00:48:43,360 --> 00:48:44,920 I would have from your business, 789 00:48:45,040 --> 00:48:46,480 that is why I am out. 790 00:48:47,400 --> 00:48:49,120 Okay, let's talk then. 791 00:48:50,640 --> 00:48:52,120 Does the company have any burn? 792 00:48:52,240 --> 00:48:53,960 Since the last two months, we are positive. 793 00:48:54,040 --> 00:48:55,520 What's your three-year goal? 794 00:48:55,520 --> 00:48:56,800 For FY 2024-25, 795 00:49:17,760 --> 00:49:19,120 Okay, I'll make an offer. 796 00:49:19,320 --> 00:49:20,480 Ooh! 797 00:49:22,160 --> 00:49:24,120 - I have a few conditions. - Sure, sir. 798 00:49:24,400 --> 00:49:26,640 India has to be a big focus for you. 799 00:49:27,120 --> 00:49:28,520 When I asked you about your vision, 800 00:49:28,600 --> 00:49:30,880 you went on about Rs. 150 crores and a billion dollars. 801 00:49:30,960 --> 00:49:32,480 You never once said, "I'll solve the problem" 802 00:49:32,560 --> 00:49:34,440 "of x number of people in three years." 803 00:49:35,120 --> 00:49:38,680 We will make this product that you are yet to launch, a big focus, 804 00:49:38,880 --> 00:49:41,120 because even this is a big problem. 805 00:49:41,400 --> 00:49:44,480 The hearing aids available for Rs. 50,000 to 60,000 806 00:49:44,920 --> 00:49:47,080 are not affordable. 807 00:49:47,200 --> 00:49:49,920 - The inexpensive ones aren't good. - They don't work. 808 00:49:50,160 --> 00:49:52,800 I can help you a great deal and you know all the reasons why. 809 00:49:52,880 --> 00:49:53,760 Correct. 810 00:49:53,840 --> 00:49:55,640 The problem is the valuation. 811 00:49:57,040 --> 00:49:59,320 Just because we're friends, I could give you Rs. 500 crore too, 812 00:49:59,440 --> 00:50:00,800 but that doesn't make your valuation. 813 00:50:01,360 --> 00:50:04,160 You need to see 814 00:50:04,320 --> 00:50:07,200 how are you valuing me as an investor. 815 00:50:07,480 --> 00:50:10,560 I'll offer you Rs. 1 crore for 1% equity 816 00:50:11,680 --> 00:50:15,360 and the remaining Rs. 1.5 crores as debt at 9% interest 817 00:50:20,080 --> 00:50:20,920 What will it be? 818 00:50:21,080 --> 00:50:24,080 If we agree on Rs. 2.5 crores at 1% equity right now, 819 00:50:24,240 --> 00:50:26,840 we could keep additional advisory equity 820 00:50:26,920 --> 00:50:27,960 over a period of time... 821 00:50:28,080 --> 00:50:30,320 - Good offer, good reply. - In which our performance and... 822 00:50:30,400 --> 00:50:33,040 That's the offer I made to you. It's kind of the same. 823 00:50:33,720 --> 00:50:34,600 What's your counter? 824 00:50:42,360 --> 00:50:45,120 Give me 1.5% advisory equity and I'll give you Rs. 2.5 crores. 825 00:50:53,120 --> 00:50:54,880 Okay. You have a deal, sir. 826 00:51:04,760 --> 00:51:06,280 Instead of 2.25 lakh sales, hopefully, 827 00:51:06,360 --> 00:51:07,960 we'll provide 10 lakh people a solution. 828 00:51:08,080 --> 00:51:09,520 That's a small number! 829 00:51:09,640 --> 00:51:10,680 [laughs] 830 00:51:10,960 --> 00:51:12,880 [joyous music playing] 831 00:51:14,160 --> 00:51:15,240 [camera shutter clicking] 832 00:51:17,680 --> 00:51:18,880 [music fading] 833 00:52:33,520 --> 00:52:35,440 - Sir, welcome. - Thank you. Thank you so much. 834 00:52:35,520 --> 00:52:36,640 Without further ado, sir, 835 00:52:36,760 --> 00:52:39,440 Aranab Sen from Kolkata wishes to ask you this. 836 00:52:49,600 --> 00:52:51,960 - it makes decision-making very easy. - Hmm. 837 00:52:52,040 --> 00:52:55,440 I will talk about three principles that I strongly believe in. 838 00:52:55,640 --> 00:52:57,200 Firstly, I believe 839 00:52:57,400 --> 00:53:00,600 that respect ought to be a non-negotiable trait. 840 00:53:00,880 --> 00:53:03,920 I believe it gives us the chance to live in civility 841 00:53:04,120 --> 00:53:06,680 and a social environment. 842 00:53:06,760 --> 00:53:09,200 There's no problem in criticism or having a little fun, 843 00:53:09,320 --> 00:53:12,560 but all of that without compromising on respect, or without disrespect. 844 00:53:12,760 --> 00:53:13,760 Respect has to be given. 845 00:53:14,000 --> 00:53:15,680 The second is resilience. 846 00:53:16,120 --> 00:53:17,480 Many difficulties come