1 00:00:10,000 --> 00:00:11,520 [music playing] 2 00:00:24,760 --> 00:00:26,040 [theme music playing] 3 00:00:43,760 --> 00:00:45,360 [music fades] 4 00:00:46,080 --> 00:00:46,960 Hi, Sharks. 5 00:00:47,080 --> 00:00:49,520 I am Vidita and this is my brother Nipun. 6 00:00:49,680 --> 00:00:52,000 We are the founders of Jewelbox. 7 00:00:52,120 --> 00:00:53,480 [music playing] 8 00:00:54,920 --> 00:00:56,200 In 2021, 9 00:00:56,200 --> 00:00:59,680 my husband proposed to me with this big diamond ring. 10 00:00:59,880 --> 00:01:01,720 I thought the ring was fabulous. 11 00:01:01,880 --> 00:01:03,960 After the proposal, I asked him 12 00:01:04,040 --> 00:01:06,800 what was the need to buy such a big diamond. 13 00:01:06,960 --> 00:01:08,880 I was going to say yes to him anyway. 14 00:01:09,400 --> 00:01:13,000 Then he told me that this is a lab-grown diamond 15 00:01:13,440 --> 00:01:17,320 which costs 80% less in comparison to natural diamonds 16 00:01:17,440 --> 00:01:19,160 and is environmentally friendly too. 17 00:01:19,480 --> 00:01:23,120 You must be thinking this isn't a real diamond, 18 00:01:23,360 --> 00:01:24,560 but guess what? 19 00:01:24,760 --> 00:01:26,760 This is also a real diamond. 20 00:01:26,920 --> 00:01:30,120 Lab-grown diamonds are physically, chemically and optically 21 00:01:30,400 --> 00:01:32,880 identical to natural diamonds. 22 00:01:33,000 --> 00:01:35,320 Their shine, durability as well as hardness 23 00:01:35,400 --> 00:01:37,440 are similar to natural diamonds. 24 00:01:37,600 --> 00:01:40,480 These diamonds are also certified by international gemological labs 25 00:01:40,560 --> 00:01:43,800 like IGI and GIA. 26 00:01:43,960 --> 00:01:44,960 When we realised 27 00:01:45,040 --> 00:01:46,960 that jewellery made from lab-grown diamonds 28 00:01:47,040 --> 00:01:49,680 wasn't just sustainable but accessible too, 29 00:01:49,760 --> 00:01:51,760 we saw an opportunity there 30 00:01:51,920 --> 00:01:53,600 and established Jewelbox. 31 00:01:53,720 --> 00:01:54,840 [music playing] 32 00:01:55,200 --> 00:01:57,480 Jewelbox is a conscious luxury brand 33 00:01:57,560 --> 00:02:00,360 that makes fine jewellery from lab-grown diamonds 34 00:02:00,440 --> 00:02:02,360 for everyday and occasion wear. 35 00:02:02,960 --> 00:02:06,120 We offer loads of designs on our website 36 00:02:06,200 --> 00:02:10,480 and help people experience it by way of our experiential stores. 37 00:02:11,200 --> 00:02:13,520 We know the importance of trust in jewellery. 38 00:02:13,640 --> 00:02:17,840 Hence, we made Jewelbox an honest and transparent brand. 39 00:02:18,280 --> 00:02:22,560 All our jewellery is certified and hallmarked. 40 00:02:22,680 --> 00:02:25,000 We also give our customers the options of 80% buyback 41 00:02:25,080 --> 00:02:27,480 and 100% exchange. 42 00:02:28,000 --> 00:02:29,160 Our vision is 43 00:02:29,280 --> 00:02:31,000 to become India's most loved and trusted 44 00:02:31,080 --> 00:02:32,600 lab-grown diamond jewellery brand. 45 00:02:32,800 --> 00:02:34,240 Which is why we are here 46 00:02:34,400 --> 00:02:36,240 to ask for Rs. 1 crore 47 00:02:36,320 --> 00:02:38,760 in exchange for 2% equity in our company. 48 00:02:38,920 --> 00:02:40,440 [music playing] 49 00:02:41,120 --> 00:02:43,800 So, Sharks, a diamond is not just forever, 50 00:02:43,880 --> 00:02:44,920 it is for everyone. 51 00:02:45,040 --> 00:02:46,120 [music fades] 52 00:02:47,120 --> 00:02:49,560 Welcome to Shark Tank, Vidita and Nipun. 53 00:02:49,760 --> 00:02:50,840 - Yes, thank you. - Thank you. 54 00:02:50,920 --> 00:02:52,440 Tell us something about yourselves. 55 00:02:52,560 --> 00:02:54,480 Where are you from and what are your backgrounds? 56 00:02:54,560 --> 00:02:56,040 Sharks, I am 30 years old. 57 00:02:56,120 --> 00:02:57,640 I was born and raised in Kolkata 58 00:02:57,720 --> 00:03:00,080 and I now live in Surat which is the diamond city. 59 00:03:00,280 --> 00:03:01,720 I did my MBA 60 00:03:01,800 --> 00:03:03,960 from the Indian School of Business in Hyderabad. 61 00:03:04,160 --> 00:03:06,040 I'm a Chartered Accountant too. 62 00:03:06,120 --> 00:03:08,080 - Whoa! [soft chuckle] - Oh! 63 00:03:08,400 --> 00:03:11,560 I'm 34 years old and I'm also a Chartered Accountant. 64 00:03:12,040 --> 00:03:14,440 How did you enter the diamond business? 65 00:03:14,560 --> 00:03:17,240 When Aman gifted this to me, I was happy about... 66 00:03:17,320 --> 00:03:18,120 Aman! 67 00:03:19,120 --> 00:03:20,840 My husband's name is Aman. 68 00:03:20,960 --> 00:03:22,120 One more connection. 69 00:03:23,240 --> 00:03:25,960 When my husband Aman gifted this to me, 70 00:03:26,040 --> 00:03:29,160 I was glad that instead of a diamond, 71 00:03:29,280 --> 00:03:31,200 I was wearing an eco-friendly diamond. 72 00:03:31,280 --> 00:03:34,960 Nipun and I were discussing this one day. 73 00:03:35,040 --> 00:03:37,760 We read many articles by jewellers 74 00:03:37,840 --> 00:03:41,400 that said that 94 to 95% of Indians 75 00:03:41,480 --> 00:03:43,520 - do not own diamonds. - Hmm. 76 00:03:43,680 --> 00:03:46,120 Not only are they expensive but are not practical either. 77 00:03:46,200 --> 00:03:48,920 Nowadays, people seek value in everything. 78 00:03:49,000 --> 00:03:50,720 All in all, we felt that 79 00:03:50,800 --> 00:03:54,280 if we could start this business, it'd be headed in a good direction. 80 00:03:55,320 --> 00:03:56,640 So, I just got my... 81 00:03:56,720 --> 00:03:58,160 It was my fortieth birthday recently. 82 00:03:58,320 --> 00:04:00,240 Historically, I only buy real diamonds. 83 00:04:00,360 --> 00:04:04,560 My friends got me my first lab-grown diamond recently. 84 00:04:04,720 --> 00:04:06,080 - Wow! - I'm very interested. 85 00:04:06,320 --> 00:04:07,880 I've also heard that in the US, 86 00:04:08,040 --> 00:04:11,400 there is a tremendous shift towards lab-grown diamonds. 87 00:04:11,560 --> 00:04:13,080 This is a new thing in India. 88 00:04:13,160 --> 00:04:16,840 I haven't heard of any shop that sells lab-grown diamonds. 89 00:04:16,840 --> 00:04:17,920 I was looking for it. 90 00:04:18,000 --> 00:04:20,000 My mom wanted it and I was wondering where they were available. 91 00:04:20,120 --> 00:04:21,360 - Here. - Here! 92 00:04:21,480 --> 00:04:22,720 - Absolutely. - Yes. 93 00:04:22,800 --> 00:04:25,160 Lab-grown diamonds have been around in India since 2008. 94 00:04:25,600 --> 00:04:29,320 Unfortunately, the big retailers were not forthcoming about it 95 00:04:29,560 --> 00:04:30,960 for majorly two reasons. 96 00:04:31,040 --> 00:04:32,840 First, cannibalisation of their sales. 97 00:04:32,920 --> 00:04:34,640 Selling low-value lab-grown diamonds 98 00:04:34,720 --> 00:04:37,600 instead of high-value natural diamonds 99 00:04:37,680 --> 00:04:40,400 would lower their sales and profitability. 100 00:04:40,600 --> 00:04:43,840 Second, having natural diamonds and lab-grown diamonds 101 00:04:43,920 --> 00:04:45,520 - at the same counter... - Yes. 102 00:04:45,640 --> 00:04:49,200 Their consumers will start doubting their purchases. 103 00:04:49,400 --> 00:04:50,600 No jeweller can take the risk 104 00:04:50,720 --> 00:04:53,800 of losing their consumers' trust and confidence. 105 00:04:53,920 --> 00:04:55,880 Why are they called diamonds if they are not diamonds? 106 00:04:56,000 --> 00:04:58,400 Lab-grown diamonds are real diamonds too. 107 00:04:58,480 --> 00:04:59,840 Where are they made? In a lab? 108 00:04:59,920 --> 00:05:00,960 Yes, in the labs. 109 00:05:01,080 --> 00:05:02,360 - Okay. - There's a process to it. 110 00:05:02,440 --> 00:05:05,800 A small seed of a natural diamond is the basic raw material used. 111 00:05:05,880 --> 00:05:09,680 The natural process is replicated under lab conditions. 112 00:05:09,840 --> 00:05:11,800 The seed is placed in a reactor. 113 00:05:11,880 --> 00:05:14,840 The reactor is set to temperatures as high as 2300 degrees Fahrenheit. 114 00:05:14,960 --> 00:05:17,920 A combination of gases such as carbon and methane is added 115 00:05:18,000 --> 00:05:19,160 to apply pressure. 116 00:05:19,320 --> 00:05:21,360 The process of rock formation, 117 00:05:21,360 --> 00:05:23,200 which takes over 10,000 years below the earth's surface, 118 00:05:23,760 --> 00:05:26,400 is replicated under lab conditions to make the stone. 119 00:05:26,520 --> 00:05:28,360 What about the cuts? 120 00:05:28,440 --> 00:05:29,840 Is that done in the lab too? 121 00:05:29,960 --> 00:05:33,000 No. That's a manual process involving cutting and polishing. 122 00:05:33,080 --> 00:05:34,360 The one that happens in Surat. 123 00:05:34,440 --> 00:05:35,640 Yes, Surat. 124 00:05:35,800 --> 00:05:37,400 How much time does it take to form? 125 00:05:37,600 --> 00:05:40,320 It takes around 21 to 24 days for a stone of 1 carat to form. 126 00:05:40,480 --> 00:05:43,120 This is very different from Zirconium 127 00:05:43,120 --> 00:05:44,360 which is a fake diamond. 128 00:05:44,440 --> 00:05:46,920 - That's plastic or crystal. - Oh, that's made of plastic. 129 00:05:47,080 --> 00:05:49,720 How does one know whether the variety is Zirconium, 130 00:05:49,840 --> 00:05:51,880 original or lab-grown? 131 00:05:52,000 --> 00:05:56,880 So, we have brought with us three stones of identical size. 132 00:05:57,200 --> 00:05:59,280 We have cubic zirconia, 133 00:05:59,360 --> 00:06:02,040 lab-grown diamond and natural diamond. 134 00:06:02,360 --> 00:06:04,760 This is a pen tester 135 00:06:04,920 --> 00:06:08,080 which checks the thermal conductivity 136 00:06:08,200 --> 00:06:09,240 of the stone. 137 00:06:09,400 --> 00:06:11,080 It passes heat to the stone. 138 00:06:11,160 --> 00:06:13,400 Depending on how the stone reacts to the heat, 139 00:06:13,480 --> 00:06:16,120 it tells us whether the stone is a diamond or not. 140 00:06:16,320 --> 00:06:19,520 We will use the pen tester on this stone. 141 00:06:20,360 --> 00:06:22,680 - As you can see, nothing came up. - Hmm. 142 00:06:22,800 --> 00:06:25,000 That means this is cubic zirconia. 143 00:06:26,120 --> 00:06:28,520 This is the other diamond. 144 00:06:29,440 --> 00:06:32,440 You see a green light flashing on the pen. 145 00:06:32,680 --> 00:06:34,520 Here it says diamond. 146 00:06:35,000 --> 00:06:38,880 Which means its thermal conductivity is the same as that of diamonds. 147 00:06:39,200 --> 00:06:41,120 Basically, this is a real diamond. 148 00:06:43,520 --> 00:06:45,280 This is our third stone 149 00:06:45,520 --> 00:06:48,600 - which has also tested positive for a diamond. - Wow! 150 00:06:48,720 --> 00:06:51,760 So, both lab-grown diamonds and natural diamonds 151 00:06:51,920 --> 00:06:54,640 are real diamonds for the pen tester. 152 00:06:54,760 --> 00:06:58,200 This is new knowledge for me as well as for those watching you. 153 00:06:58,280 --> 00:07:01,320 It is technically very difficult to differentiate 154 00:07:01,400 --> 00:07:04,040 between a lab-grown and a normal diamond. 155 00:07:04,160 --> 00:07:05,600 [music playing] 156 00:07:06,720 --> 00:07:11,120 Why are your logo and colours so similar to BlueStone? 157 00:07:12,600 --> 00:07:15,120 That expression says you've heard this on many occasions! 158 00:07:15,240 --> 00:07:17,920 I agree it has a resemblance to BlueStone, 159 00:07:18,080 --> 00:07:19,360 but it was not intended. 160 00:07:19,440 --> 00:07:22,840 Now that you mentioned it, I will look at it positively 161 00:07:22,960 --> 00:07:24,960 because I think it builds familiarity. 162 00:07:25,280 --> 00:07:27,960 Could you tell us the price point of the 1 carat diamond? 163 00:07:28,040 --> 00:07:32,120 A natural H colour diamond will cost you around Rs. 3.5 to 4 lakhs. 164 00:07:32,360 --> 00:07:35,600 A lab diamond with us costs Rs. 55,000. 165 00:07:35,720 --> 00:07:36,800 Wow! 166 00:07:37,240 --> 00:07:38,640 Why the variation? 167 00:07:38,760 --> 00:07:39,960 This is one-sixth the cost. 168 00:07:40,120 --> 00:07:42,680 The market for natural diamonds is controlled. 169 00:07:43,040 --> 00:07:44,480 - By whom? - The supply side. 170 00:07:44,560 --> 00:07:45,840 Two to three companies globally... 171 00:07:45,960 --> 00:07:48,360 - Demand and supply basically. - Limited supply. 172 00:07:48,440 --> 00:07:50,680 What about this? Is this not controlled? 173 00:07:50,800 --> 00:07:53,120 A lot of people can afford the manufacturing set-up. 174 00:07:53,360 --> 00:07:56,000 This is definitely an exciting and growing industry, 175 00:07:56,080 --> 00:07:58,080 but it did not pick up on the customers' end. 176 00:07:58,200 --> 00:08:00,840 I've heard that 70% of engagement rings 177 00:08:00,920 --> 00:08:02,240 in the US are now lab-grown. 178 00:08:02,320 --> 00:08:04,000 - That's the US market. India... - It isn't in India. 179 00:08:04,120 --> 00:08:05,120 - India... - Is this correct? Hang on. 180 00:08:05,120 --> 00:08:06,680 Are Radhika's numbers correct? 181 00:08:06,760 --> 00:08:08,320 - No, 36%. - So... 182 00:08:08,400 --> 00:08:10,200 36% is huge. 183 00:08:10,280 --> 00:08:12,280 It's massive, man! It's massive! 184 00:08:12,840 --> 00:08:14,920 Don't people have that concern 185 00:08:15,000 --> 00:08:17,840 that they want an original diamond and not a lab-grown one? 186 00:08:18,000 --> 00:08:21,320 When we started, this research was vital to us. 187 00:08:21,520 --> 00:08:24,560 The market size in the US four years ago was 1%. 188 00:08:25,080 --> 00:08:28,360 And when we were doing our research two years ago, it was 23%. 189 00:08:28,520 --> 00:08:31,560 We noticed that it jumped from 1% to 23% in four years. 190 00:08:31,720 --> 00:08:32,760 We also know 191 00:08:32,840 --> 00:08:35,320 that India always adopts the trends in the Western countries 192 00:08:35,440 --> 00:08:36,840 - to a great extent. - True. 193 00:08:36,920 --> 00:08:39,880 We knew this trend would come to India. 194 00:08:41,440 --> 00:08:45,520 You procure the base diamonds from Surat. 195 00:08:45,680 --> 00:08:48,680 What do you do to make the manufactured jewellery? 196 00:08:48,680 --> 00:08:50,160 Tell us about your supply chain. 197 00:08:50,240 --> 00:08:53,480 So, our procurement is through our empanelled vendors 198 00:08:53,600 --> 00:08:55,720 who are generally the growers of these diamonds. 199 00:08:56,120 --> 00:08:58,040 The designing is completely done in-house. 200 00:08:58,120 --> 00:08:59,520 Once the design is made, 201 00:08:59,600 --> 00:09:02,360 our sorting team issues diamonds on that basis 202 00:09:02,440 --> 00:09:05,320 to empanelled vendors who produce the jewellery. 203 00:09:05,680 --> 00:09:06,880 Once we receive the manufactured jewellery, 204 00:09:06,960 --> 00:09:09,600 our quality team checks it on all the parameters. 205 00:09:09,840 --> 00:09:11,440 If it passes the quality check, 206 00:09:11,520 --> 00:09:14,360 we then send it forward for certification and hallmarking. 207 00:09:14,520 --> 00:09:15,800 You're a stock and sell model. 208 00:09:15,880 --> 00:09:17,960 You stock up, make your own designs 209 00:09:18,040 --> 00:09:19,880 and sell the jewellery. 210 00:09:20,040 --> 00:09:21,680 How are your roles divided? 211 00:09:21,840 --> 00:09:25,760 Nipun oversees finance, operations, strategy and procurement. 212 00:09:25,880 --> 00:09:29,320 I oversee design, marketing, digital business and procurement. 213 00:09:29,440 --> 00:09:30,520 Who's the CEO? 214 00:09:30,720 --> 00:09:31,720 - I'm the CEO. - Nipun is. 215 00:09:31,840 --> 00:09:33,840 I'm the Chief Marketing Officer. 216 00:09:33,960 --> 00:09:35,280 Show us the samples. 217 00:09:35,680 --> 00:09:36,880 [light-hearted music playing] 218 00:09:38,440 --> 00:09:39,600 This is stunning! 219 00:09:40,440 --> 00:09:41,960 [light-hearted music playing] 220 00:09:47,480 --> 00:09:49,160 This is very pretty. 221 00:09:51,040 --> 00:09:52,760 - Wow. - Let's get to the sales. 222 00:09:53,040 --> 00:09:55,960 We did Rs. 97 lakhs last month. 223 00:09:56,680 --> 00:09:57,600 Wow! 224 00:09:57,720 --> 00:10:00,720 In this financial year, our sales have been 225 00:10:00,840 --> 00:10:03,280 Rs. 5.2 crores until now. 226 00:10:04,000 --> 00:10:05,800 Our sales for the last financial year 227 00:10:05,880 --> 00:10:07,320 were Rs. 3.8 crores. 228 00:10:07,400 --> 00:10:09,680 How much will you do in this financial year? 229 00:10:09,760 --> 00:10:11,760 We're expecting sales of Rs. 12 crores. 230 00:10:12,240 --> 00:10:13,680 Tell us your profits too. 231 00:10:13,800 --> 00:10:15,960 We are currently at 15% EBITDA. 232 00:10:16,120 --> 00:10:18,240 You have a shop through which you sell goods. 233 00:10:18,320 --> 00:10:19,480 We have two shops. 234 00:10:19,600 --> 00:10:22,080 You don't make diamonds. You're a retail shop. 235 00:10:22,200 --> 00:10:25,200 We retail jewellery and work on an omni-channel model. 236 00:10:25,200 --> 00:10:27,760 - Retail lab-grown diamonds only. - Yes. 237 00:10:27,960 --> 00:10:30,200 What percent is your online business? 238 00:10:30,320 --> 00:10:33,560 10% by volume but 3% by value. 239 00:10:33,640 --> 00:10:34,600 Ooh! 240 00:10:35,280 --> 00:10:37,560 How many other shops like you are there in India? 241 00:10:37,760 --> 00:10:41,440 If I talk about branded formats and multiple stores, 242 00:10:41,600 --> 00:10:42,640 then about five to six. 243 00:10:42,720 --> 00:10:44,840 The market for artificial jewellery 244 00:10:44,960 --> 00:10:46,600 is highly commoditised. 245 00:10:46,800 --> 00:10:48,200 Is this headed in that direction? 246 00:10:48,280 --> 00:10:50,080 Even if it does get commoditised, 247 00:10:50,280 --> 00:10:53,840 our brand and designs would be so strong that they'd sell. 248 00:10:53,840 --> 00:10:54,960 What's the difference? 249 00:10:55,040 --> 00:10:57,840 - At the end of the day, you're one more jeweller. - Yes. 250 00:10:57,920 --> 00:10:59,560 The first differentiation factor 251 00:10:59,680 --> 00:11:01,920 is, of course, the designs and craftsmanship. 252 00:11:02,040 --> 00:11:04,000 We take immense pride 253 00:11:04,080 --> 00:11:06,240 in the quality and the finishing of the goods that we make. 254 00:11:06,360 --> 00:11:08,720 - You don't make them yourselves anyway. - Yes. 255 00:11:08,840 --> 00:11:10,440 It is controlled by us. 256 00:11:10,640 --> 00:11:13,120 Next, we're also positioning ourselves 257 00:11:13,200 --> 00:11:15,160 as a brand with a very high integrity. 258 00:11:15,320 --> 00:11:17,680 Other than providing customers with a certification 259 00:11:17,760 --> 00:11:20,320 and consumer-friendly policies, 260 00:11:20,520 --> 00:11:23,160 we also give them a complete price break-up 261 00:11:23,160 --> 00:11:26,000 which most jewellers in India do not do. 262 00:11:26,120 --> 00:11:28,320 So, at least, at the back of their mind, 263 00:11:28,320 --> 00:11:30,000 they know what they're paying for. 264 00:11:31,320 --> 00:11:32,520 I'll make you an offer. 265 00:11:32,520 --> 00:11:34,360 [pleasant music playing] 266 00:11:34,560 --> 00:11:36,160 Rs. 1 crore for 5% equity 267 00:11:37,520 --> 00:11:41,320 plus royalty at 2% on sales until I get my Rs. 1 crore back. 268 00:11:43,240 --> 00:11:44,680 What is the payback of the store? 269 00:11:44,760 --> 00:11:47,120 The store will reach breakeven within two years. 270 00:11:47,200 --> 00:11:49,440 The profitability starts within two and a half months. 271 00:11:49,520 --> 00:11:51,040 How much money do you invest in a store? 272 00:11:51,160 --> 00:11:52,640 Since all the inventory is company-owned, 273 00:11:52,720 --> 00:11:53,760 Rs. 1.25 crores goes towards inventory 274 00:11:53,880 --> 00:11:55,360 and Rs. 25 lakhs on interiors. 275 00:11:55,800 --> 00:11:57,920 How much worth of stock do you currently have? 276 00:11:58,040 --> 00:12:01,080 We are starting our third store in the next 15 to 20 days. 277 00:12:01,080 --> 00:12:02,360 Its inventory is in progress too. 278 00:12:02,480 --> 00:12:05,280 As of date, we have Rs. 4.4 crores in inventory. 279 00:12:05,360 --> 00:12:07,280 So, you haven't raised funds yet. 280 00:12:07,280 --> 00:12:08,520 We've got a term sheet 281 00:12:08,600 --> 00:12:10,040 and the due diligence has been completed. 282 00:12:10,160 --> 00:12:11,200 That's not called a round. 283 00:12:11,560 --> 00:12:13,760 Yes. The money hasn't hit the bank yet. 284 00:12:13,880 --> 00:12:15,760 We have invested our own money until now. 285 00:12:15,840 --> 00:12:18,240 The term sheet is for Rs. 45 crores pre-money valuation. 286 00:12:18,320 --> 00:12:20,480 Rs. 45 crores pre-money valuation. What's the amount? 287 00:12:20,920 --> 00:12:21,920 - 10%. - Rs. 4.5 crores... 288 00:12:22,000 --> 00:12:22,920 - Sorry! - 4.5... 289 00:12:22,920 --> 00:12:24,480 Rs. 4.5 crores for 9.09%. 290 00:12:30,280 --> 00:12:33,560 The US is witnessing a lab created diamond movement. 291 00:12:33,800 --> 00:12:35,920 I believe it will come to India too. 292 00:12:36,000 --> 00:12:39,440 If you can win the consumers' trust at a faster pace, 293 00:12:39,560 --> 00:12:42,200 - I believe you'll do really well. - She's very right. 294 00:12:42,320 --> 00:12:43,920 Aman has given you an offer. 295 00:12:44,040 --> 00:12:46,640 - If he's okay with it, I'd like to join in. - Sure. 296 00:12:47,960 --> 00:12:49,520 This is the offer you have. 297 00:12:49,640 --> 00:12:50,680 It is a consolidated offer. 298 00:12:50,680 --> 00:12:53,320 Rs. 1 crore for 5% equity at a valuation of Rs. 20 crores. 299 00:12:53,400 --> 00:12:56,400 Royalty at 2% until we get our Rs. 1 crore back. 300 00:12:56,520 --> 00:12:57,640 [music playing] 301 00:12:58,160 --> 00:13:01,360 Vidita, your designs are very good. 302 00:13:01,440 --> 00:13:02,920 - Thank you, Vineeta. - Of course, your branding... 303 00:13:02,920 --> 00:13:06,480 I think the name is a little non-aspirational. 304 00:13:06,600 --> 00:13:09,440 Your logo and colours are too similar 305 00:13:09,560 --> 00:13:11,840 to somebody in the same category. 306 00:13:13,000 --> 00:13:15,000 You are phenomenal founders. 307 00:13:15,240 --> 00:13:17,920 You've signed a term sheet recently. 308 00:13:17,920 --> 00:13:18,960 The due diligence is done. 309 00:13:19,040 --> 00:13:20,840 So, I'm assuming you're calling the Sharks on board 310 00:13:20,920 --> 00:13:22,760 - as a part of that round. - Yes. 311 00:13:22,880 --> 00:13:25,280 I would be happy to join that round 312 00:13:25,400 --> 00:13:27,080 at Rs. 1 crore for 2% equity. 313 00:13:27,160 --> 00:13:28,040 Sure. 314 00:13:28,120 --> 00:13:29,000 Whoa! 315 00:13:31,800 --> 00:13:35,880 You've currently asked for Rs. 1 crore for 2% equity. 316 00:13:36,080 --> 00:13:37,120 I'll offer you that. 317 00:13:37,200 --> 00:13:38,920 I'm ready to collaborate with Vineeta. 318 00:13:39,040 --> 00:13:41,360 - We'll take 2.5% together. - Correct. 319 00:13:41,520 --> 00:13:42,840 [music playing] 320 00:13:43,680 --> 00:13:46,440 We will extend it at your current round itself. 321 00:13:46,520 --> 00:13:48,680 Rs. 1 crore for 2.5% equity. 322 00:13:50,640 --> 00:13:52,960 Plus promoting your lab-grown diamonds 323 00:13:53,080 --> 00:13:55,080 will be the youngest billionaire of India 324 00:13:55,280 --> 00:13:56,240 as a Shark. 325 00:13:56,320 --> 00:13:57,720 Ha ha! 326 00:13:58,040 --> 00:13:59,080 [music playing] 327 00:14:00,920 --> 00:14:04,200 I want to join Ritesh and Vineeta 328 00:14:04,520 --> 00:14:05,480 in their offer. 329 00:14:05,560 --> 00:14:06,440 Huh? 330 00:14:08,080 --> 00:14:09,400 [tense music playing] 331 00:14:09,800 --> 00:14:11,640 My core belief is 332 00:14:11,840 --> 00:14:13,720 that the differentiations will all die. 333 00:14:14,000 --> 00:14:16,400 The only thing that will remain is execution. 334 00:14:16,640 --> 00:14:20,400 Running strong retail operations with a strong supply chain 335 00:14:20,640 --> 00:14:21,760 is all that will remain. 336 00:14:21,880 --> 00:14:23,440 You'll get it at every shop. 337 00:14:23,760 --> 00:14:25,440 Talent will make that possible 338 00:14:25,520 --> 00:14:27,440 which you will need to focus on. 339 00:14:28,440 --> 00:14:30,400 We wish to revise our offer, Aman. 340 00:14:30,480 --> 00:14:32,160 [tense music playing] 341 00:14:34,040 --> 00:14:36,160 We will make a final offer. 342 00:14:36,600 --> 00:14:37,760 Just say yes or no. 343 00:14:37,840 --> 00:14:39,520 If you don't say it, then we will. 344 00:14:39,600 --> 00:14:41,000 [tense music playing] 345 00:14:42,760 --> 00:14:44,360 You wanted to dilute 2% equity. 346 00:14:44,480 --> 00:14:48,040 We offer you Rs. 1 crore for 2.25% equity. 347 00:14:48,200 --> 00:14:49,360 Just say yes or no. 348 00:14:49,440 --> 00:14:51,440 If you say no, then thank you. 349 00:14:51,640 --> 00:14:52,960 [tense music playing] 350 00:14:55,000 --> 00:14:58,160 What if we want to make a deal with all the Sharks? 351 00:14:59,720 --> 00:15:01,200 Let's go with 4% equity 352 00:15:01,360 --> 00:15:02,480 at the same valuation 353 00:15:02,560 --> 00:15:04,640 as you all will have your skin in the game. 354 00:15:06,040 --> 00:15:08,040 - So, you'll take Rs. 2 crores for 4% equity. - Yes. 355 00:15:08,120 --> 00:15:10,520 Rs. 2 crores for 4% or 4.5% equity. 356 00:15:10,640 --> 00:15:11,760 - If all five of you... - 5%. 357 00:15:11,840 --> 00:15:12,920 - Hang on. - Rs. 2 crores for 5% equity. 358 00:15:13,040 --> 00:15:14,400 - Hang on. - If Aman is okay with it. 359 00:15:14,600 --> 00:15:16,080 [pensive music playing] 360 00:15:20,120 --> 00:15:22,600 How does Rs. 2 crores for 5% equity sound? 361 00:15:22,720 --> 00:15:23,600 6%. 362 00:15:23,840 --> 00:15:25,240 [tense music playing] 363 00:15:28,320 --> 00:15:30,200 Now, since you wanted five Sharks, 364 00:15:31,120 --> 00:15:32,000 you have only one deal. 365 00:15:32,080 --> 00:15:34,000 Either it's all of us or no one. 366 00:15:35,120 --> 00:15:37,840 Rs. 2 crores for 6% equity and five of us. 367 00:15:38,000 --> 00:15:39,360 [tense music playing] 368 00:15:41,760 --> 00:15:43,760 - Let's do it at 5%. - No! 6%. 369 00:15:43,880 --> 00:15:45,120 [tense music playing] 370 00:15:46,760 --> 00:15:49,560 We will be way below our existing commitments. 371 00:15:49,640 --> 00:15:52,000 Tell them you have five Sharks on board. It's a different deal. 372 00:15:52,120 --> 00:15:53,440 [tense music playing] 373 00:15:53,920 --> 00:15:55,720 You wanted us together, you've to pay for it. 374 00:15:55,960 --> 00:15:57,320 Let's close it at 5.5% equity. 375 00:15:57,400 --> 00:16:00,120 - Don't negotiate over 0.5%. - Please! Radhika, please. 376 00:16:00,240 --> 00:16:02,960 Half a percent is important to us going forward 377 00:16:03,080 --> 00:16:04,400 to grow the company. 378 00:16:04,520 --> 00:16:06,560 Everybody who comes here asks for all five Sharks. 379 00:16:06,640 --> 00:16:08,600 - Five Sharks will come at a price. - I agree with you. 380 00:16:08,680 --> 00:16:09,880 [tense music playing] 381 00:16:11,080 --> 00:16:12,240 Just say yes or no. 382 00:16:12,400 --> 00:16:13,760 [tense music playing] 383 00:16:20,000 --> 00:16:21,320 Okay, Sharks. Let's do it. 384 00:16:21,400 --> 00:16:22,520 - All right! - Good choice. 385 00:16:22,680 --> 00:16:23,680 We have a deal finally. 386 00:16:23,760 --> 00:16:25,600 I think you've made the right decision 387 00:16:25,800 --> 00:16:28,280 because you should know it's just beginning. 388 00:16:28,640 --> 00:16:29,480 I agree... 389 00:16:29,560 --> 00:16:31,240 - Thank you... - You'll build a landmark business. 390 00:16:31,360 --> 00:16:32,680 [pleasant music playing] 391 00:16:34,400 --> 00:16:35,400 [camera shutter clicking] 392 00:17:50,600 --> 00:17:52,000 [cycle bell trilling] 393 00:17:53,480 --> 00:17:54,640 Who is it? 394 00:17:55,560 --> 00:17:56,800 [cycle bell trilling] 395 00:18:01,040 --> 00:18:02,600 - Postman! - Postman. 396 00:18:02,680 --> 00:18:04,400 - Postman. - The postman is here. 397 00:18:04,480 --> 00:18:05,440 We'll receive posts. 398 00:18:05,520 --> 00:18:08,000 [cycle bell trilling] 399 00:18:10,040 --> 00:18:11,560 Brings back old memories. 400 00:18:11,800 --> 00:18:14,040 I have brought letters for you all. 401 00:18:14,120 --> 00:18:15,360 How sweet! 402 00:18:15,600 --> 00:18:17,680 - Radhika. - Thank you. 403 00:18:18,800 --> 00:18:21,240 - Vineeta. - Yes, thank you. 404 00:18:22,080 --> 00:18:24,000 - Very pretty with a nice... - Ritesh. 405 00:18:24,160 --> 00:18:25,560 Wow, I have a letter. 406 00:18:25,640 --> 00:18:27,440 - Very nice seal. - Good. 407 00:18:27,520 --> 00:18:29,000 - Olden times seal. - Yes. 408 00:18:29,080 --> 00:18:30,320 - Aman. - Thank you. 409 00:18:30,600 --> 00:18:33,560 - Piyush. - Oh, wow! 410 00:18:33,640 --> 00:18:35,800 - What? - Oh! 411 00:18:35,920 --> 00:18:37,480 - What? - Wow! 412 00:18:37,600 --> 00:18:38,720 Oh my, God! 413 00:18:38,800 --> 00:18:39,800 - Oh, God! - What is it? 414 00:18:39,880 --> 00:18:41,560 My daughter has written it. 415 00:18:41,640 --> 00:18:42,960 Wow. 416 00:18:43,880 --> 00:18:47,600 My son and husband have written me a letter. 417 00:18:47,840 --> 00:18:49,520 My wife, Nidhi, has written it for me. 418 00:18:49,640 --> 00:18:50,800 From my wife, Geet. 419 00:18:50,880 --> 00:18:54,640 I've received it from my professor who had 420 00:18:54,720 --> 00:18:57,120 asked me to become an entrepreneur 22 years ago. 421 00:18:57,240 --> 00:18:58,320 Wow. 422 00:18:59,320 --> 00:19:01,520 [music playing] 423 00:19:06,280 --> 00:19:09,520 [music playing] 424 00:19:16,280 --> 00:19:20,680 Sharks, life is about moving on. 425 00:19:21,680 --> 00:19:24,600 And we move on soon. 426 00:19:24,680 --> 00:19:29,480 But many beautiful things like this letter is left behind. 427 00:19:30,040 --> 00:19:33,280 Tell me when did you receive handwritten letters 428 00:19:33,440 --> 00:19:35,400 the last time? 429 00:19:36,080 --> 00:19:37,120 - Years ago. - Years ago. 430 00:19:37,200 --> 00:19:38,480 Years ago. 431 00:19:38,760 --> 00:19:41,000 We understand that all of you 432 00:19:41,080 --> 00:19:43,560 must be feeling a plethora of emotions. 433 00:19:43,640 --> 00:19:44,960 And we are happy 434 00:19:45,120 --> 00:19:47,680 to be able to convey these emotions to you. 435 00:19:47,760 --> 00:19:52,160 But what if this message came through a text or email? 436 00:19:52,240 --> 00:19:54,360 Would it still be so special? 437 00:19:54,440 --> 00:19:56,120 In this era of texting, 438 00:19:56,200 --> 00:20:00,920 letters are tangible, beautiful, and powerful. 439 00:20:01,040 --> 00:20:04,920 But for many years, while writing and making people write letters 440 00:20:05,000 --> 00:20:07,760 we realized that there's a problem. 441 00:20:07,880 --> 00:20:11,160 Forget writing letters, people are quitting to write. 442 00:20:11,360 --> 00:20:13,520 Sharks, research says that 443 00:20:13,600 --> 00:20:17,960 writing is not just a form of communication or self-expression 444 00:20:18,040 --> 00:20:20,680 but also helps cognitive and emotional development, 445 00:20:20,800 --> 00:20:23,000 analytical and critical thinking, 446 00:20:23,120 --> 00:20:26,600 a powerful tool for learning and therapy. 447 00:20:26,840 --> 00:20:31,280 So, to unite the heart, mind, and the pen, 448 00:20:31,360 --> 00:20:33,040 we started Daak Room. 449 00:20:33,120 --> 00:20:34,680 [music playing] 450 00:20:34,760 --> 00:20:38,880 Greetings! My name is Shivani Mehta. I'm from Allahabad. 451 00:20:38,960 --> 00:20:42,200 And my name is Harnehmat Kaur. I'm from Chandigarh. 452 00:20:42,280 --> 00:20:45,200 And we're the postmen of Daak Room. 453 00:20:45,280 --> 00:20:48,120 [music playing] 454 00:20:50,040 --> 00:20:53,280 At Daak Room, we offer school programs, 455 00:20:53,360 --> 00:20:56,560 campaigns, events, and products 456 00:20:56,680 --> 00:20:58,840 that inspire people to write. 457 00:20:58,920 --> 00:21:00,440 Sharks, to date, 458 00:21:00,520 --> 00:21:04,120 we have made people write more than 8 lakh letters. 459 00:21:05,960 --> 00:21:07,640 And our vision 460 00:21:07,840 --> 00:21:10,520 is to harness this power of letters 461 00:21:10,640 --> 00:21:13,480 to reconnect people with writing. 462 00:21:13,600 --> 00:21:15,520 So, we're asking for 463 00:21:15,600 --> 00:21:19,000 Rs 36 lakhs for 4 per cent equity. 464 00:21:19,120 --> 00:21:20,760 So, Sharks, are you ready 465 00:21:20,840 --> 00:21:22,680 to write letters with us? 466 00:21:24,840 --> 00:21:26,200 Shivani and Harnehmat, 467 00:21:26,280 --> 00:21:29,200 welcome to Shark Tank India. 468 00:21:29,400 --> 00:21:32,720 You have already bowled out all the Sharks on your arrival. 469 00:21:32,840 --> 00:21:35,720 Everyone is happy and emotional. 470 00:21:36,000 --> 00:21:37,320 It's a unique business. 471 00:21:37,400 --> 00:21:40,320 In this digital era, how did you get down to writing? 472 00:21:40,400 --> 00:21:43,080 Harnehmat and I studied together in college. 473 00:21:43,160 --> 00:21:45,880 We were roommates at National Institute of Design, Ahmedabad. 474 00:21:45,960 --> 00:21:49,000 It was around 2013 when 475 00:21:49,120 --> 00:21:51,400 smart phones were becoming a revolution. 476 00:21:51,480 --> 00:21:54,240 Then we saw that our moms were still writing letters to us. 477 00:21:54,320 --> 00:21:56,080 We would surely receive a letter. 478 00:21:56,160 --> 00:21:57,800 We would write back too. 479 00:21:57,880 --> 00:22:00,720 So, the starting was a simple purpose 480 00:22:00,800 --> 00:22:03,360 to spread smiles through letters. 481 00:22:03,440 --> 00:22:05,120 It was a small motive. 482 00:22:05,240 --> 00:22:08,640 For that, we put up a postcard stall at our canteen 483 00:22:08,760 --> 00:22:11,320 while collaborating with our graphic design batchmates, 484 00:22:11,400 --> 00:22:12,840 we started. 485 00:22:13,360 --> 00:22:16,560 From coffee shops and cafes, we went to events. 486 00:22:16,640 --> 00:22:19,800 From events, we went to schools, and then to cities. 487 00:22:19,880 --> 00:22:24,480 The impact of our campaigns and programs kept increasing. 488 00:22:25,040 --> 00:22:27,080 Twenty years ago, how many 489 00:22:27,160 --> 00:22:30,000 letters were being posted as compared to today? 490 00:22:30,000 --> 00:22:31,360 How much has it declined? 491 00:22:31,480 --> 00:22:34,640 Personal communication has declined a lot. 492 00:22:34,720 --> 00:22:38,600 The fact that our postal department has also completely redirected 493 00:22:38,720 --> 00:22:43,680 itself to other services over mail delivery, like banking. 494 00:22:43,760 --> 00:22:46,400 It's proof that letters have declined. 495 00:22:46,560 --> 00:22:48,360 - But... - But your job is not postal. 496 00:22:48,440 --> 00:22:51,120 - Your job is to encourage writing. - Exactly. 497 00:22:51,240 --> 00:22:53,560 This post office is a bit of a distraction. 498 00:22:53,640 --> 00:22:55,240 Not at all. This distraction 499 00:22:55,320 --> 00:22:58,760 is actually extremely attractive for children and adults. 500 00:22:58,960 --> 00:23:01,320 We've worked on many projects where 501 00:23:01,400 --> 00:23:03,480 we've noticed that children are so excited. 502 00:23:03,640 --> 00:23:05,680 Letter writing becomes a medium 503 00:23:05,760 --> 00:23:07,720 to make writing interesting. 504 00:23:07,800 --> 00:23:11,320 And to hook them into other writing activities. 505 00:23:12,040 --> 00:23:15,760 Why did you convert this into a business from a project? 506 00:23:15,840 --> 00:23:18,080 Over time, we organically, 507 00:23:18,200 --> 00:23:22,600 created a network of 1000 plus schools, NGOs, and institutes. 508 00:23:22,680 --> 00:23:25,200 We started receiving demand 509 00:23:25,200 --> 00:23:28,600 that these once in a year writing programs 510 00:23:28,680 --> 00:23:32,640 must become regular and reintroduced to schools. 511 00:23:32,720 --> 00:23:35,320 The curriculum that we've developed now 512 00:23:35,400 --> 00:23:39,080 has writing that works at multiple levels, creative writing. 513 00:23:39,160 --> 00:23:41,520 Writing for personal communication. 514 00:23:41,640 --> 00:23:43,640 Writing for formal communication. 515 00:23:43,760 --> 00:23:46,200 Writing for inter-personal relationship building. 516 00:23:46,280 --> 00:23:48,800 Even things like writing to your role model. 517 00:23:48,920 --> 00:23:51,640 We gave thousands of kids an option 518 00:23:51,720 --> 00:23:53,360 to write a letter to their role model 519 00:23:53,440 --> 00:23:55,200 and promised to try our best to deliver them 520 00:23:55,280 --> 00:23:57,520 by finding out addresses of public figures. 521 00:23:57,760 --> 00:24:00,320 So, many people wrote to actors, 522 00:24:00,400 --> 00:24:02,400 sports person etc. 523 00:24:03,000 --> 00:24:05,120 Many people wrote to the Prime Minister. 524 00:24:05,200 --> 00:24:07,280 [music playing] 525 00:24:07,360 --> 00:24:10,240 And the Prime Minister actually replied last week. 526 00:24:10,320 --> 00:24:11,520 - That's so nice. - How lovely! 527 00:24:11,600 --> 00:24:14,360 He appreciated what Daak Room is doing and... 528 00:24:14,480 --> 00:24:15,840 Did he mention Daak Room? 529 00:24:15,920 --> 00:24:18,320 Yes, he wrote the letter to us. 530 00:24:18,400 --> 00:24:19,680 Oh, wow! 531 00:24:19,920 --> 00:24:22,200 - Congratulations! Amazing! - Thank you. 532 00:24:22,560 --> 00:24:26,040 I don't understand what service do you exactly offer. 533 00:24:26,120 --> 00:24:27,320 And what's the revenue model? 534 00:24:27,400 --> 00:24:29,160 So, we have three verticals. 535 00:24:29,920 --> 00:24:32,760 Firstly, our educational programs and workshops. 536 00:24:32,840 --> 00:24:34,640 In the education sector. 537 00:24:34,720 --> 00:24:36,560 You do it in classrooms and schools. 538 00:24:36,640 --> 00:24:40,120 Yes. Secondly, our marketing campaigns and events. 539 00:24:40,200 --> 00:24:43,640 For other companies, we incorporate letter writing 540 00:24:43,720 --> 00:24:45,840 and create a marketing pool 541 00:24:45,920 --> 00:24:49,040 which solves our purpose of promoting writing 542 00:24:49,160 --> 00:24:51,000 and also creates their brand presence. 543 00:24:51,240 --> 00:24:55,360 Thirdly, our flagship event, our letter writing carnival. 544 00:24:55,760 --> 00:24:58,920 So, we can start with the video of the letter writing carnival. 545 00:24:59,560 --> 00:25:01,640 [music playing] 546 00:25:03,720 --> 00:25:07,680 [music playing] 547 00:25:09,880 --> 00:25:11,360 Kids get to learn something new 548 00:25:11,440 --> 00:25:13,800 and a new environment that's not possible in schools. 549 00:25:13,880 --> 00:25:16,760 I just want another chance to come to the carnival. 550 00:25:16,840 --> 00:25:18,640 And do all these things again. 551 00:25:18,720 --> 00:25:20,280 Both of my kids are having so much fun. 552 00:25:20,360 --> 00:25:23,280 From 2 years to 11, all the kids are enjoying. 553 00:25:23,360 --> 00:25:26,360 In olden days, people used to love each other so much 554 00:25:26,440 --> 00:25:29,080 that they would pen down their emotions in a letter. 555 00:25:30,080 --> 00:25:32,560 - So, do you charge an entry fee? - Yes. 556 00:25:32,640 --> 00:25:35,840 - How much do you charge? - Between 100 and 250. 557 00:25:35,960 --> 00:25:37,360 And how many people attend it? 558 00:25:37,440 --> 00:25:40,880 More than 8000 people attended a single day event. 559 00:25:41,000 --> 00:25:43,200 - Wow. - Wow. 560 00:25:43,280 --> 00:25:46,280 - Average? - 6000-7000. 561 00:25:46,760 --> 00:25:48,320 This year, 562 00:25:48,440 --> 00:25:52,680 41 per cent of our revenue was from our school program vertical. 563 00:25:52,800 --> 00:25:56,400 From marketing campaigns and events, the revenue is 55 per cent. 564 00:25:56,480 --> 00:25:58,520 And specifically this year's carnival 565 00:25:58,640 --> 00:25:59,920 just made 4 per cent of the revenue. 566 00:26:00,000 --> 00:26:03,960 So, the total confirmed revenue so far is Rs 90 lakhs this year. 567 00:26:04,040 --> 00:26:07,280 And we're on road to make Rs 1.46 crores this year. 568 00:26:07,360 --> 00:26:09,720 And overall, 569 00:26:09,800 --> 00:26:13,320 from 2015 to 2022, 570 00:26:13,400 --> 00:26:15,480 we have generated revenue of Rs 61 lakhs. 571 00:26:15,560 --> 00:26:18,720 Last year, our revenue was around Rs 42 lakhs. 572 00:26:19,000 --> 00:26:22,800 What's your total cash burn or earning this year? 573 00:26:22,920 --> 00:26:26,040 Our EBITDA is around 15 per cent. 574 00:26:26,600 --> 00:26:30,120 So, the revenue is Rs 90 lakhs, 13.5. 575 00:26:31,160 --> 00:26:32,080 So, Shivani and Nehmat. 576 00:26:32,160 --> 00:26:34,480 It used to happen in olden days 577 00:26:34,560 --> 00:26:36,560 where people used to write. 578 00:26:36,640 --> 00:26:38,160 I agree that kids are writing. 579 00:26:38,280 --> 00:26:40,040 It's not a business. 580 00:26:40,160 --> 00:26:43,520 My daughter wrote me the first letter of my life. I liked it. 581 00:26:43,600 --> 00:26:47,480 I'm out right now as I don't feel the same passion for writing. 582 00:26:47,560 --> 00:26:51,680 As you have, so I won't be able to add much value. So, I'm out. 583 00:26:53,160 --> 00:26:57,200 I feel that you guys are confused 584 00:26:57,440 --> 00:27:00,720 whether it's a passion-project or a business. 585 00:27:01,600 --> 00:27:05,080 I won't be able to consider it for an investment right now. 586 00:27:05,160 --> 00:27:07,120 I will surely attend your carnival 587 00:27:07,240 --> 00:27:09,720 and since I'm so passionate about this subject, 588 00:27:09,800 --> 00:27:12,400 if I can advise or be of some support, 589 00:27:12,480 --> 00:27:15,040 including CSR, I'll be more than happy. 590 00:27:15,120 --> 00:27:16,760 So for that reason, I'm out. 591 00:27:16,880 --> 00:27:19,160 But you two are wonderful. And again, thank you for this. 592 00:27:20,880 --> 00:27:22,280 The path that you're on 593 00:27:22,360 --> 00:27:24,600 I think, you need to decide 594 00:27:24,680 --> 00:27:27,320 if it's the right thing to seek investment for this business. 595 00:27:27,720 --> 00:27:30,280 Because three years later, 596 00:27:30,360 --> 00:27:32,560 you must not get into things that you don't wish to, 597 00:27:32,560 --> 00:27:34,600 - just because you've raised money. - Okay. 598 00:27:34,920 --> 00:27:37,680 If you want to, then I have an idea. 599 00:27:37,760 --> 00:27:41,160 You must make Daak Room into a big stationary brand. 600 00:27:41,480 --> 00:27:45,160 And sell commerce products. The profit that you earn from it, 601 00:27:45,240 --> 00:27:47,400 you can use that for your carnival, 602 00:27:47,480 --> 00:27:49,400 and other things to promote. 603 00:27:49,480 --> 00:27:51,440 Yeah, that's a brilliant idea. 604 00:27:51,560 --> 00:27:53,880 Thank you so much, Peyush, for your wonderful inputs. 605 00:27:53,960 --> 00:27:56,720 We'll definitely think about this. It's extremely helpful. 606 00:27:56,720 --> 00:27:57,520 You're welcome. 607 00:27:57,520 --> 00:27:59,440 I completely agree with Peyush. 608 00:27:59,520 --> 00:28:02,640 That you should use these programs as a recruiter, 609 00:28:02,720 --> 00:28:05,360 and create a purpose and story. 610 00:28:05,440 --> 00:28:07,080 But your real business 611 00:28:07,160 --> 00:28:10,240 in high-quality, premium stationery. 612 00:28:10,320 --> 00:28:12,480 So, if you're interested in this, 613 00:28:12,600 --> 00:28:15,840 then I can help you. But it's not currently investable. 614 00:28:16,040 --> 00:28:19,040 So, it will be a royalty deal that I'll offer. 615 00:28:19,280 --> 00:28:21,200 [music playing] 616 00:28:21,480 --> 00:28:24,160 So, your ask for Rs 36 lakhs, 617 00:28:24,280 --> 00:28:26,760 I'll offer you the same. Instead of 4 per cent, 6 per cent. 618 00:28:26,840 --> 00:28:29,120 So that is a valuation of about Rs 6 crores. 619 00:28:29,240 --> 00:28:32,200 And a royalty of 3 per cent on your net revenue. 620 00:28:37,000 --> 00:28:38,240 Good offer. 621 00:28:38,560 --> 00:28:41,200 Firstly, I agree that 622 00:28:41,320 --> 00:28:43,760 letters is a good entry strategy. 623 00:28:43,880 --> 00:28:45,440 So, I'd like to make you an offer too. 624 00:28:45,520 --> 00:28:47,560 [music playing] 625 00:28:47,840 --> 00:28:49,800 My offer is Rs 36 lakhs 626 00:28:49,880 --> 00:28:51,480 the capital that you've asked for 627 00:28:51,760 --> 00:28:55,120 at 6 percent of ownership in your company. 628 00:28:55,360 --> 00:28:56,520 And no royalty. 629 00:28:57,400 --> 00:29:01,120 Thank you so much for the offer, Ritesh and Vineeta. 630 00:29:01,640 --> 00:29:04,600 - So, Vineeta, I'm sorry we don't... - Want to do royalty. 631 00:29:04,600 --> 00:29:05,600 feel like royalty 632 00:29:05,600 --> 00:29:07,080 - should be a part of it. - I appreciate that. 633 00:29:07,160 --> 00:29:08,720 I have to protect my investment. 634 00:29:08,720 --> 00:29:11,840 Of course. We completely understand and appreciate your offer. 635 00:29:11,960 --> 00:29:14,560 Ritesh, can we please ask you to do 5 per cent? 636 00:29:14,680 --> 00:29:16,360 Because we honestly feel that we've 637 00:29:16,360 --> 00:29:18,080 done a very conservative valuation. 638 00:29:18,200 --> 00:29:21,000 We feel that Carnival, even though it fluctuates in revenue 639 00:29:21,080 --> 00:29:22,520 is going to really build. 640 00:29:25,080 --> 00:29:26,880 He'll do it. 641 00:29:27,360 --> 00:29:30,480 Look, we'll do it but with a condition. 642 00:29:30,680 --> 00:29:33,320 If your target revenue 643 00:29:33,400 --> 00:29:35,240 - as you said, - 1.46. 644 00:29:35,320 --> 00:29:38,400 1.46 at 15 per cent EBITDA. 645 00:29:44,000 --> 00:29:46,800 I think it's a good challenge for us. 646 00:29:46,880 --> 00:29:48,680 - We'd like to take it. - Yes. 647 00:29:48,800 --> 00:29:51,960 - So, Ritesh, the deal is done. - Yes, deal is done. 648 00:29:52,040 --> 00:29:53,520 - Very nice. - Great. 649 00:29:54,160 --> 00:29:55,880 Good. I'm so happy for you. 650 00:29:55,960 --> 00:29:57,360 Yeah. 651 00:30:12,560 --> 00:30:14,320 My daughter wrote it for me. 652 00:30:14,400 --> 00:30:15,880 Aww. 653 00:30:16,880 --> 00:30:19,640 Dear Dad, my big brother, my best friend, and my hero. 654 00:30:19,720 --> 00:30:22,000 The one who can always make me feel happy. 655 00:30:23,400 --> 00:30:27,200 And make me laugh even when I'm really sulky. 656 00:30:27,280 --> 00:30:30,080 Thank you for having my back, showing me the world 657 00:30:30,240 --> 00:30:31,920 and always making me happy. 658 00:30:32,000 --> 00:30:33,960 You actually are the coolest dad ever. 659 00:30:34,040 --> 00:30:37,040 Bruh. I call her. Between us, it's bruh. 660 00:30:38,280 --> 00:30:40,440 Your warm and tight hugs 661 00:30:40,560 --> 00:30:43,160 and amazing advice are the best. 662 00:30:43,240 --> 00:30:47,160 I'll always be your little Abya. From your, Adaa. 663 00:30:48,400 --> 00:30:51,960 To our darling Radhika, we love you for all your perfections. 664 00:30:52,120 --> 00:30:54,200 We love you for all your imperfections. 665 00:30:54,880 --> 00:30:57,400 Keep soaring higher and make us proud. 666 00:30:57,480 --> 00:30:59,360 Yours always, your true iron man. 667 00:30:59,480 --> 00:31:01,960 This is from my husband and my little baby son. 668 00:31:02,040 --> 00:31:04,160 Aww. This is so sweet. 669 00:31:05,320 --> 00:31:06,960 This letter is from Geet, my wife. 670 00:31:07,720 --> 00:31:09,240 Our little one is on the way. 671 00:31:09,360 --> 00:31:12,240 And you're already juggling the whirlwind of shoots. 672 00:31:12,800 --> 00:31:14,480 With the anticipation of parenthood. 673 00:31:15,640 --> 00:31:16,880 Before marriage, 674 00:31:16,960 --> 00:31:19,560 Geet used to send me letters. She has even written that letter 675 00:31:19,560 --> 00:31:20,400 is our love language. 676 00:31:20,600 --> 00:31:22,320 So, we've written letters to each other many times. 677 00:31:22,400 --> 00:31:25,160 And those letters have better handwriting than mine. 678 00:31:25,240 --> 00:31:26,680 Lots of love. 679 00:31:26,760 --> 00:31:29,640 And most importantly, I'm so happy that you sent me a letter. 680 00:31:30,080 --> 00:31:34,760 My wife just reminded me of a beautiful moment in our lives. 681 00:31:35,080 --> 00:31:37,200 When we found out about our son. 682 00:31:37,800 --> 00:31:40,800 So she has mentioned that my transformation 683 00:31:40,880 --> 00:31:43,400 from a diehard workaholic to a possessive, 684 00:31:43,480 --> 00:31:45,240 paranoid, helicopter father. 685 00:31:45,320 --> 00:31:46,960 [laughing] 686 00:31:47,040 --> 00:31:51,680 Oh! I'm grateful every moment of life for you in our lives. 687 00:31:51,760 --> 00:31:52,960 It's how she ends it. 688 00:31:53,800 --> 00:31:56,320 This is from one of my most favourite 689 00:31:56,480 --> 00:31:59,320 persons ever, because of whom I'm here today. 690 00:31:59,440 --> 00:32:02,440 He was my professor at IIT Madras. 691 00:32:02,520 --> 00:32:06,400 He encouraged me 22 years ago to become an entrepreneur. 692 00:32:06,480 --> 00:32:08,760 And he's 693 00:32:09,960 --> 00:32:13,000 [music playing] 694 00:32:15,280 --> 00:32:16,360 I think, 695 00:32:18,080 --> 00:32:19,600 what he did for me, 696 00:32:19,680 --> 00:32:22,320 if on Shark Tank, 697 00:32:22,400 --> 00:32:24,600 I can do it for 2-3 entrepreneurs 698 00:32:24,680 --> 00:32:27,840 then it will be a feeling of pride. 699 00:32:27,920 --> 00:32:30,120 [music playing] 700 00:32:31,200 --> 00:32:35,600 Sir, I don't know if I made you proud but 701 00:32:35,680 --> 00:32:38,000 I'm very grateful for you. Thank you for everything. 702 00:32:38,080 --> 00:32:39,960 [music playing] 703 00:33:43,280 --> 00:33:46,240 [music playing] 704 00:34:00,720 --> 00:34:03,560 Sharks, today we're here 705 00:34:03,640 --> 00:34:07,840 not just to make you a part of our business 706 00:34:07,920 --> 00:34:11,600 but to make you a part of a revolution. 707 00:34:11,680 --> 00:34:14,120 India's mushroom revolution. 708 00:34:15,840 --> 00:34:20,320 Mushroom is a 1.5 billion year old organism 709 00:34:20,400 --> 00:34:23,760 and in fact, their nutritional value is very high. 710 00:34:23,880 --> 00:34:25,480 Such as fibre content. 711 00:34:25,560 --> 00:34:27,440 For example, according to a study, 712 00:34:27,560 --> 00:34:31,640 if women have 4 grams of mushroom daily 713 00:34:31,720 --> 00:34:33,680 then the of breast cancer 714 00:34:34,080 --> 00:34:36,440 can be reduced by 50 per cent. 715 00:34:37,160 --> 00:34:39,760 But for generations people have been saying 716 00:34:39,880 --> 00:34:42,800 that we must not eat things that grow on ground. 717 00:34:42,880 --> 00:34:46,080 The general perception about mushroom is that 718 00:34:46,160 --> 00:34:48,400 in dark, damp spaces, 719 00:34:48,480 --> 00:34:50,720 they grow on rotting substances. 720 00:34:50,800 --> 00:34:53,120 Ayurveda considers it to be 'Taamsik'. 721 00:34:53,200 --> 00:34:55,520 The perception of mushroom is so inferior that 722 00:34:55,640 --> 00:34:59,600 it's called dog's pee in Hindi. 723 00:35:00,000 --> 00:35:01,360 We're here today 724 00:35:01,480 --> 00:35:05,400 to bring back mushroom, its lost pride through Nuvedo. 725 00:35:07,520 --> 00:35:09,080 - Greetings, Sharks. - Greetings! 726 00:35:09,160 --> 00:35:11,080 I'm Jashid and I'm Prithvi. 727 00:35:11,200 --> 00:35:13,440 We are the co-founders of Nuvedo. 728 00:35:14,320 --> 00:35:17,960 Nuvedo gives Vedas a new form. 729 00:35:18,040 --> 00:35:20,000 So, new and Vedo. 730 00:35:20,080 --> 00:35:22,040 At Nuvedo, we give you 731 00:35:25,840 --> 00:35:28,560 We are the only brand that 732 00:35:28,640 --> 00:35:29,960 grows mushrooms, 733 00:35:30,040 --> 00:35:31,560 make products out of it 734 00:35:31,640 --> 00:35:34,080 and also make supplements in India. 735 00:35:34,200 --> 00:35:38,400 And our products can be bought on online and offline channels. 736 00:35:38,480 --> 00:35:41,040 So, Sharks, Nuvedo's mission is 737 00:35:41,120 --> 00:35:43,840 to take the healing benefits of mushroom to the people. 738 00:35:44,080 --> 00:35:47,880 And our ask is Rs 50 lakhs at 3 per cent equity. 739 00:35:47,960 --> 00:35:48,880 Greetings. 740 00:35:49,000 --> 00:35:51,320 - Numashte! - Numashte! 741 00:35:51,480 --> 00:35:54,200 I've never had mushrooms in my life. 742 00:35:54,280 --> 00:35:56,520 Because people say that mushrooms must not be eaten. 743 00:35:56,600 --> 00:35:58,480 Have you never had mushrooms? 744 00:35:59,840 --> 00:36:03,040 Mushroom curry, Tikka or soup? Nothing? 745 00:36:03,720 --> 00:36:05,400 Many people consider it to be non-veg. 746 00:36:05,400 --> 00:36:05,800 Right. 747 00:36:05,800 --> 00:36:07,000 But tell me more about it. 748 00:36:07,080 --> 00:36:10,320 Mushrooms are not non-vegetarian. 749 00:36:10,800 --> 00:36:15,080 Another thing is that mushroom is not a plant, but a fungus. 750 00:36:15,720 --> 00:36:17,480 When I say that it's fungus, 751 00:36:17,560 --> 00:36:21,880 the first thing that comes to your mind is a disease, bread mold, 752 00:36:21,960 --> 00:36:25,040 - that you don't like. Right? - The visual of fungus is not good. 753 00:36:25,200 --> 00:36:28,040 It's because we lack awareness about it. 754 00:36:28,120 --> 00:36:29,800 So, it hasn't spread. 755 00:36:29,880 --> 00:36:32,240 Where did you harness so much love for mushrooms? 756 00:36:32,320 --> 00:36:34,840 So, 6 years ago, we met 757 00:36:34,920 --> 00:36:38,480 and we were into separate jobs. 758 00:36:38,560 --> 00:36:41,040 I used to work in tech with startups. 759 00:36:41,120 --> 00:36:42,680 How did you meet six years ago? 760 00:36:42,800 --> 00:36:44,640 So, we met on a dating app. 761 00:36:45,200 --> 00:36:48,120 So, I used to work in fast fashion before this. 762 00:36:48,200 --> 00:36:52,440 I've done my engineering from BITS Pilani and MBA from IIM Indore. 763 00:36:52,520 --> 00:36:53,960 I started thinking that 764 00:36:54,040 --> 00:36:57,320 whether what I'm doing is good for society and environment. 765 00:36:57,400 --> 00:37:00,280 So, that's when we decided 766 00:37:00,360 --> 00:37:02,120 that we have each other, 767 00:37:02,200 --> 00:37:03,800 so why not try something new? 768 00:37:08,840 --> 00:37:12,680 - Button mushrooms. - Yes, button mushrooms and black. 769 00:37:12,760 --> 00:37:14,120 What are these products? 770 00:37:14,120 --> 00:37:16,720 This is our product. 771 00:37:16,800 --> 00:37:18,840 The mushrooms you see here 772 00:37:19,120 --> 00:37:22,520 grew two days ago and have dried up now. 773 00:37:22,720 --> 00:37:23,480 Think about it. 774 00:37:23,560 --> 00:37:24,960 The mushrooms that you buy 775 00:37:25,040 --> 00:37:28,000 - must come to you at least 24 to 48 hours later. - Correct. 776 00:37:28,080 --> 00:37:29,960 They stay fresh for four to five days. 777 00:37:30,280 --> 00:37:32,960 Those button mushrooms are grown in compost 778 00:37:32,960 --> 00:37:36,240 and loads of chemicals and pesticides are used in their growth. 779 00:37:36,360 --> 00:37:37,680 So, this is our product 780 00:37:37,880 --> 00:37:41,920 with whose help you can grow mushrooms at home easily. 781 00:37:42,000 --> 00:37:43,920 We have six SKUs. 782 00:37:44,080 --> 00:37:45,880 This is the Golden Oyster Mushroom. 783 00:37:45,960 --> 00:37:48,800 It contains a compound called ergothioneine. 784 00:37:49,120 --> 00:37:51,320 Ergothioneine is an anti-oxidant 785 00:37:51,400 --> 00:37:54,640 and is studied for its anti-ageing properties. 786 00:37:54,720 --> 00:37:57,560 It is present in nature in the highest amount 787 00:37:57,640 --> 00:37:59,320 in Golden Oyster Mushrooms. 788 00:37:59,400 --> 00:38:00,240 The second thing is 789 00:38:00,360 --> 00:38:03,120 you will never get this mushroom in the supermarket 790 00:38:03,280 --> 00:38:05,680 because its shelf life is less than 24 hours. 791 00:38:05,920 --> 00:38:08,720 - I feel like I'm attending a biochemistry class. - Yes! 792 00:38:09,440 --> 00:38:11,600 If you want to consume this mushroom, 793 00:38:11,920 --> 00:38:13,920 then you could use this kit. 794 00:38:14,000 --> 00:38:15,800 It is a three-step process. 795 00:38:15,920 --> 00:38:17,680 The first step is 796 00:38:18,200 --> 00:38:19,920 to press the perforated section. 797 00:38:23,000 --> 00:38:24,200 Step number two is 798 00:38:24,280 --> 00:38:26,200 to take a blade or a pair of scissors and... 799 00:38:26,280 --> 00:38:28,480 Cut it into an X shape. 800 00:38:28,600 --> 00:38:31,560 - First, you grow the mushroom to eat it. - Grow it! 801 00:38:31,640 --> 00:38:33,160 Follow a process to grow before you cook. 802 00:38:33,680 --> 00:38:36,000 What you see inside is mycelium. 803 00:38:36,080 --> 00:38:39,200 Mycelium is the body of the mushroom and the mushroom is its fruit. 804 00:38:39,280 --> 00:38:42,160 You get mushrooms in nature when it rains. 805 00:38:42,280 --> 00:38:45,000 We take some drinking water in the spraying bottle 806 00:38:45,080 --> 00:38:49,600 and spray it with water 10 to 15 times. 807 00:38:49,880 --> 00:38:51,240 Once you start the process, 808 00:38:51,320 --> 00:38:52,960 within a few days, this is what happens. 809 00:38:54,800 --> 00:38:56,320 [light-hearted music playing] 810 00:38:57,200 --> 00:38:58,680 This is a time-lapse of three days. 811 00:38:59,720 --> 00:39:01,120 When it starts, 812 00:39:01,200 --> 00:39:02,760 - your harvest... - Will it grow out of that? 813 00:39:02,880 --> 00:39:03,800 - Yes. - Yes. 814 00:39:04,120 --> 00:39:05,240 Wow! 815 00:39:06,200 --> 00:39:07,360 It grows in the box itself! 816 00:39:07,440 --> 00:39:09,520 - Yes! - It grows inside it. 817 00:39:09,720 --> 00:39:12,400 You just need to twist and pull it out to use it. 818 00:39:12,600 --> 00:39:13,600 Other than this, 819 00:39:13,680 --> 00:39:15,560 if you don't like mushrooms 820 00:39:15,680 --> 00:39:18,160 but you want to enjoy the benefits of mushrooms... 821 00:39:18,240 --> 00:39:19,640 Medicinal benefit, you mean. 822 00:39:19,720 --> 00:39:20,480 Right. 823 00:39:20,560 --> 00:39:23,880 You can use our other product. 824 00:39:24,000 --> 00:39:25,480 This is Mushroom Tincture. 825 00:39:25,840 --> 00:39:27,960 - Tincture. - This is Cordyceps Mushroom Tincture. 826 00:39:28,080 --> 00:39:30,160 In the 1993 Olympics, 827 00:39:30,280 --> 00:39:32,080 the Chinese Women's Team 828 00:39:32,160 --> 00:39:35,120 won a couple of medals in long-distance running. 829 00:39:35,200 --> 00:39:39,280 The whole world thought they were using some steroids. 830 00:39:39,440 --> 00:39:41,520 When they were asked what they used, 831 00:39:41,520 --> 00:39:44,920 they said they used the extract of cordyceps mushroom. 832 00:39:45,320 --> 00:39:47,080 Cordyceps mushroom extract is used 833 00:39:47,160 --> 00:39:50,320 to boost physical endurance and stamina. 834 00:39:50,400 --> 00:39:55,360 We extract beneficial compounds using a patent-pending process 835 00:39:55,520 --> 00:39:56,920 through ultrasonic waves. 836 00:39:57,040 --> 00:40:00,120 We are the only company in India to have this technology. 837 00:40:00,240 --> 00:40:01,200 Wow! 838 00:40:01,320 --> 00:40:03,360 Okay. Give us some samples. 839 00:40:03,480 --> 00:40:04,400 - Sure. - Yes. 840 00:40:06,080 --> 00:40:07,480 [light-hearted music playing] 841 00:40:09,960 --> 00:40:11,520 - I'll only take a look, my friend. - Sure. 842 00:40:11,520 --> 00:40:12,720 I want to drink the tincture. 843 00:40:12,880 --> 00:40:15,320 Wow! I love this! So pretty! 844 00:40:16,320 --> 00:40:17,800 - This is a real mushroom. - It's real! 845 00:40:17,920 --> 00:40:19,080 Can we eat this? 846 00:40:19,160 --> 00:40:21,560 No! Don't eat raw mushrooms. 847 00:40:21,680 --> 00:40:24,280 - Okay. How... - They have to be cooked and eaten. 848 00:40:25,760 --> 00:40:27,360 - [Aman retching] - [Peyush coughing] 849 00:40:27,520 --> 00:40:29,000 This has a bad smell too! 850 00:40:30,640 --> 00:40:31,520 How much do I add? 851 00:40:31,600 --> 00:40:33,040 - Half a drop more. - Half a drop. 852 00:40:35,840 --> 00:40:36,800 Does this give energy? 853 00:40:36,960 --> 00:40:37,960 - Yes. - Yes. 854 00:40:40,120 --> 00:40:41,000 How does it taste? 855 00:40:41,560 --> 00:40:42,440 There's no taste. 856 00:40:42,520 --> 00:40:44,000 - It's sweet. - Sweet! 857 00:40:44,080 --> 00:40:45,880 - You've not added sugar. - No. 858 00:40:45,960 --> 00:40:47,080 What lends the sweetness? 859 00:40:47,160 --> 00:40:48,000 It's glycerine. 860 00:40:49,400 --> 00:40:52,160 - We work hard here all day. - Exactly! 861 00:40:52,240 --> 00:40:54,960 - It'll energise you. - They drink ten cups of coffee a day. 862 00:40:55,080 --> 00:40:57,120 If I drink this, then I don't need coffee, right? 863 00:40:57,200 --> 00:40:58,800 - 100%. - Yes. 864 00:40:58,920 --> 00:41:02,680 What do you think is the market size for mushrooms? 865 00:41:02,760 --> 00:41:07,000 The market for culinary mushrooms is about ¤ 31 million in India. 866 00:41:07,080 --> 00:41:07,880 That's it! 867 00:41:08,520 --> 00:41:09,680 [tense music playing] 868 00:41:10,200 --> 00:41:12,320 It's just a Rs. 300 crores market! 869 00:41:12,520 --> 00:41:13,640 That is what my worry was. 870 00:41:13,720 --> 00:41:15,080 Nobody eats mushrooms! 871 00:41:16,360 --> 00:41:18,280 Actually, we're in a different category. 872 00:41:18,280 --> 00:41:19,960 - Functional mushrooms. - Yes. 873 00:41:20,040 --> 00:41:21,120 What's the market size? 874 00:41:21,200 --> 00:41:24,840 The Indian market currently stands at ¤ 0.9 billion 875 00:41:24,920 --> 00:41:25,880 for functional mushrooms. 876 00:41:26,040 --> 00:41:27,880 - That's a big market. - Quite big. 877 00:41:28,040 --> 00:41:29,200 - Rs. 7,000 crores! - What! 878 00:41:29,360 --> 00:41:30,520 - Because... - I don't see how. 879 00:41:30,600 --> 00:41:32,400 - So... - How did you arrive at 1 billion? 880 00:41:32,520 --> 00:41:34,280 - Almost 1 billion. - Almost 1 billion. 881 00:41:34,360 --> 00:41:36,200 We used the bottom-up approach. 882 00:41:36,280 --> 00:41:38,840 - Basically, we split the market into urban and rural... - Okay. 883 00:41:38,920 --> 00:41:41,800 Taking the penetration of nutraceuticals in both segments. 884 00:41:42,080 --> 00:41:43,560 - No! - No. Do this instead. 885 00:41:43,680 --> 00:41:45,680 Check which nutraceutical this fits into 886 00:41:45,800 --> 00:41:46,720 and what its revenue is. 887 00:41:46,800 --> 00:41:47,880 That's a better approach. 888 00:41:47,960 --> 00:41:49,040 - You... - How can you do this? 889 00:41:57,640 --> 00:41:58,800 This year's or last year's? 890 00:41:58,920 --> 00:41:59,760 Last year's. 891 00:41:59,840 --> 00:42:01,040 What about this year? 892 00:42:01,120 --> 00:42:02,760 Rs. 15 lakhs so far. 893 00:42:02,920 --> 00:42:04,360 And projected sales for the year? 894 00:42:04,440 --> 00:42:06,840 Rs. 50 lakhs because we launched the mushroom extracts 895 00:42:06,920 --> 00:42:09,200 - just... - We launched it two months ago. 896 00:42:09,960 --> 00:42:11,480 Jashid, you studied at BITS Pilani. 897 00:42:11,560 --> 00:42:13,600 It's hard to get into it. You passed out from there. 898 00:42:13,680 --> 00:42:15,800 People have reached the moon and here you are growing mushrooms. 899 00:42:17,400 --> 00:42:18,800 Don't you find it strange? 900 00:42:18,920 --> 00:42:20,280 - Not at all. - No. 901 00:42:20,360 --> 00:42:22,400 - Why not? - If people like us don't take that risk, 902 00:42:22,480 --> 00:42:24,760 - we'll always be status quo... - Taking a risk... 903 00:42:24,880 --> 00:42:27,120 I believe you're very well educated 904 00:42:27,200 --> 00:42:28,840 and you have gained so much knowledge that 905 00:42:28,920 --> 00:42:31,800 you want to put science, chemistry and biology into everything. 906 00:42:31,920 --> 00:42:33,120 There's no market! 907 00:42:33,200 --> 00:42:34,360 No matter what product you choose, 908 00:42:34,440 --> 00:42:36,200 you first see the TAM, the market size, 909 00:42:36,440 --> 00:42:38,960 your growth, how much business you can generate, 910 00:42:39,080 --> 00:42:40,320 and how much you can grow. 911 00:42:40,440 --> 00:42:42,640 You're here after sales of Rs. 25 lakhs. 912 00:42:43,800 --> 00:42:47,320 Do you still genuinely feel these products will sell? 913 00:42:48,640 --> 00:42:50,760 - That's not what will generate revenue. - Not these. 914 00:42:50,840 --> 00:42:52,760 - We actually... - This is totally dead. 915 00:42:52,840 --> 00:42:54,760 - This won't sell. - It just will not sell. 916 00:42:55,040 --> 00:42:56,920 - Let me tell you how... - Clarify... Yes. 917 00:42:57,000 --> 00:42:59,040 - What's the future plan and vision. - What is our strategy. 918 00:42:59,920 --> 00:43:03,040 We're currently working with a whole bunch of brands. 919 00:43:03,160 --> 00:43:06,720 The big brands in India that make beverages 920 00:43:06,800 --> 00:43:09,360 want to add mushroom extracts to their products. 921 00:43:10,200 --> 00:43:12,200 The problem here is 922 00:43:12,200 --> 00:43:14,400 that there is no market for edible mushrooms. 923 00:43:14,520 --> 00:43:17,120 Such a gimmicky product will not sell in India. 924 00:43:18,040 --> 00:43:19,560 The third market, 925 00:43:19,640 --> 00:43:21,840 if that prevents cancer, 926 00:43:21,960 --> 00:43:24,160 boosts stamina and lowers stress levels... 927 00:43:24,280 --> 00:43:28,600 Pharma companies are launching every kind of nutraceutical. 928 00:43:28,680 --> 00:43:31,320 Then why not mushroom-based is the question. 929 00:43:32,240 --> 00:43:34,960 It's because all the research is ten years old. 930 00:43:35,040 --> 00:43:37,400 Why? You said that in the 1993 Olympics, 931 00:43:37,480 --> 00:43:38,280 - mushroom... - China. 932 00:43:38,360 --> 00:43:40,360 China is in a different bubble. 933 00:43:40,560 --> 00:43:42,880 The math of your market sizing... 934 00:43:43,000 --> 00:43:44,520 There is no market for culinary mushroom. 935 00:43:44,520 --> 00:43:46,440 I didn't understand the math for the other market. 936 00:43:47,440 --> 00:43:51,320 I feel that in the framework, the target market is insignificant. 937 00:43:51,400 --> 00:43:52,600 It's really small. 938 00:43:53,360 --> 00:43:56,400 It looks like a product in search of a problem. 939 00:43:56,920 --> 00:43:58,800 I wish you the best of luck and I'm out. 940 00:44:00,080 --> 00:44:01,280 I have the same problem. 941 00:44:01,480 --> 00:44:02,680 I forget to drink water. 942 00:44:02,760 --> 00:44:04,480 I'll definitely forget to water this. 943 00:44:05,760 --> 00:44:07,000 This market does not exist. 944 00:44:07,240 --> 00:44:09,720 As for the nutraceutical markets you spoke about, 945 00:44:09,800 --> 00:44:10,680 they are unexplored. 946 00:44:10,800 --> 00:44:12,080 I don't know where you're headed. 947 00:44:12,840 --> 00:44:14,560 I cannot invest a rupee into this business. 948 00:44:14,640 --> 00:44:18,520 I found this to be a very absurd business. 949 00:44:18,600 --> 00:44:19,960 This isn't a business. So, I'm out. 950 00:44:21,040 --> 00:44:24,160 See, I think you chose a new interesting category. 951 00:44:24,240 --> 00:44:27,720 Mushrooms are gradually gaining popularity. 952 00:44:27,880 --> 00:44:29,720 I think this product can be very useful 953 00:44:33,840 --> 00:44:36,680 - including in India now, beginning to grow. - Yes. 954 00:44:36,760 --> 00:44:37,760 I am out today 955 00:44:37,840 --> 00:44:40,280 because you're still figuring out what needs to be done, 956 00:44:40,360 --> 00:44:41,200 but best of luck. 957 00:44:42,240 --> 00:44:45,120 I am not feeling mushy towards mushrooms 958 00:44:45,240 --> 00:44:47,760 or Nuvedo as of now. 959 00:44:48,120 --> 00:44:49,040 I'm out as well. 960 00:44:49,120 --> 00:44:51,960 This business is not currently investable. 961 00:44:53,040 --> 00:44:54,160 I genuinely believe 962 00:44:54,280 --> 00:44:57,360 that a business needs acumen more than it does luck. 963 00:44:57,480 --> 00:44:59,120 You can't build a business on hope. 964 00:44:59,200 --> 00:45:01,280 You need to stay invested for a really long time. 965 00:45:01,560 --> 00:45:04,960 If the awareness grows, then you have an upside. 966 00:45:05,080 --> 00:45:07,080 You lack clarity today. 967 00:45:07,200 --> 00:45:08,880 I am out for that reason. 968 00:45:09,760 --> 00:45:12,800 A small piece of advice for your future pitches. 969 00:45:12,880 --> 00:45:16,520 You spent a lot of time in pitching this 970 00:45:16,640 --> 00:45:19,320 whereas your main product is this. 971 00:45:19,400 --> 00:45:20,760 - Right. - A nutraceutical product 972 00:45:20,840 --> 00:45:22,880 in my opinion, and your display suggests that too. 973 00:45:23,040 --> 00:45:25,880 So, if you pitch to an investor in the future, 974 00:45:25,960 --> 00:45:27,080 please place this at the back. 975 00:45:27,160 --> 00:45:28,680 - It's done now, no problem. - Don't show this. 976 00:45:28,760 --> 00:45:29,680 Don't even show it. 977 00:45:29,760 --> 00:45:31,280 - Focus on that. - Right. 978 00:45:31,360 --> 00:45:33,080 Revolve your pitch around that product. 979 00:45:33,480 --> 00:45:34,960 - Many best wishes. - Thank you, sir. 980 00:45:35,040 --> 00:45:36,840 - Thank you, everyone. - All the best. 981 00:45:36,960 --> 00:45:37,760 'NuMushTe.' 982 00:45:37,840 --> 00:45:38,960 - 'NuMushTe.' - 'NuMushTe.' 983 00:45:39,080 --> 00:45:40,000 Thank you. 984 00:47:11,280 --> 00:47:12,360 [music fades] 985 00:47:16,080 --> 00:47:17,840 Joining us is a very special guest. 986 00:47:17,920 --> 00:47:20,560 MD & CEO of Edelweiss Mutual Fund, Ms. Radhika Gupta. 987 00:47:20,560 --> 00:47:21,760 - Welcome, ma'am. - Thank you. 988 00:47:21,840 --> 00:47:26,520 Ma'am, the question has been asked by Mr. Rudra Chheda from Lucknow. 989 00:47:26,880 --> 00:47:28,280 - Here goes. 'Greetings, ma'am.' - Yes. 990 00:47:28,360 --> 00:47:32,080 'I am the sole earner in a family of three members.' 991 00:47:32,320 --> 00:47:36,400 'How much savings do I need to lead a peaceful life?' 992 00:47:36,680 --> 00:47:38,480 Out of your total income, 993 00:47:38,640 --> 00:47:41,440 keep the amount for taxes and expenditures aside. 994 00:47:41,520 --> 00:47:43,200 Set a target for yourself. 995 00:47:43,280 --> 00:47:46,960 I will save say 20%, 30% or 50% 996 00:47:47,040 --> 00:47:48,360 - and invest that money. - Okay. 997 00:47:48,440 --> 00:47:50,840 No amount towards investment is meagre. 998 00:47:51,000 --> 00:47:54,000 Start investing in a monthly SIP. 999 00:47:54,080 --> 00:47:56,800 You will cultivate a habit of investing that way. 1000 00:47:56,880 --> 00:47:58,960 Could you tell Rudra what an SIP is? 1001 00:47:59,040 --> 00:48:01,960 Sure. SIP is a systematic plan 1002 00:48:02,040 --> 00:48:05,360 by which you can invest in any mutual fund. 1003 00:48:05,440 --> 00:48:08,040 There are many mutual funds that can be invested in monthly. 1004 00:48:08,160 --> 00:48:10,240 If you have an income of Rs. 10,000, 1005 00:48:10,320 --> 00:48:12,000 you can even start an SIP of Rs. 500. 1006 00:48:12,080 --> 00:48:14,080 I would also suggest that 1007 00:48:22,800 --> 00:48:26,120 Do not invest it into equity or any investment with a risk. 1008 00:48:26,200 --> 00:48:27,840 Either keep it in your bank account 1009 00:48:27,920 --> 00:48:30,040 or you could put it into something called liquid funds. 1010 00:48:30,120 --> 00:48:33,800 Make a safe investment which you could withdraw at any time. 1011 00:48:33,880 --> 00:48:35,040 So, there are two things. 1012 00:48:35,120 --> 00:48:38,200 You have a contingency fund for short-term expenditures 1013 00:48:38,320 --> 00:48:41,880 and an equity investment for the long term. 1014 00:48:41,960 --> 00:48:43,680 Nice. You heard it from the lady herself. 1015 00:48:43,800 --> 00:48:45,840 Thank you so much for sending in your question, Rudra. 1016 00:48:45,920 --> 00:48:48,520 We'll see the rest of you in the next Ask The Shark 1017 00:48:48,600 --> 00:48:50,360 with a new question and a new Shark. 1018 00:48:50,440 --> 00:48:51,200 Thank you so much, ma'am. 1019 00:48:51,280 --> 00:48:52,080 Thank you.