[music playing]
[theme music playing]
[mouthing]
[music fades]
Sharks, I've always been a little extra in life.
[whimsical music playing]
But I have tried my best
to hide this extraness from the world!
Be it my extra size, extra personality
- or my extra ambition. - [chuckles]
Be it society or skinny jeans, I have always tried to fit in.
As I grew up, I realised that I am perfect just the way I am
and that being extra is my X factor.
- Nice. - So, I skipped the skinny jeans
and elevated my looks with chunky jewellery.
I didn't want to wear
the basic, expensive and common jewellery available in the market.
So, using my X factor, I started A Little Extra!
[light-hearted music playing]
A Little Extra is a fun and quirky jewellery brand
our designs are inspired by surrounding elements,
- Ooh! - You could wear our Durga earrings!
[laughs]
I wanted to keep my cool today, so I'm wearing our 'Cool' earrings.
- Superb! - Taking inspiration from such elements,
I started this business
out of your investment?
I wanted to feel cool today, so I wore our 'Cool' earrings.
Let's talk about the jewellery you're wearing.
That diamond or stone might have a design,
but lacks emotion.
The Durga earrings can be worn for Navratri, a 'puja'
or a religious discourse at home.
Every time you wear that, someone will ask you,
"Where did you buy this jewellery from?"
That is the extraness that we bring.
Diksha, you're from Guwahati
which is known as the fashion capital.
Is everyone there a little extra just like you?
How's the culture so strong?
I am not Assamese, I am Marwari but I grew up in Assam.
Have you lived there all your life?
I've been in Delhi for the last ten years.
- My college... - Oh, I see.
That is why your accent is slightly different.
Which college in Delhi were you in?
Sir, I have always had a penchant for storytelling
because of which I took up Journalism and Mass Communication.
My father always wanted me to become a CA.
- Mine too! - I couldn't do it.
I don't like numbers.
Are your parents CAs too?
No, my husband is a CA!
I refused to be a CA, so my dad had my husband become one!
Skills like storytelling and social media marketing
make you want to start an agency.
- Yes. - So, I started an agency.
I ran it for a few years but I wasn't enjoying the work.
When did you start this?
- I started this during Covid in 2020. - Oh, wow!
- and dinner tables are only about business. - Business!
We would go to a restaurant
- and analyse its profit or loss. - Whoa!
- Do you do that too? - Absolutely.
It's in our nature!
I was always fond of jewellery.
Diksha, I don't like your products.
[tense music playing]
I need to see them first.
Yes, sorry.
You scared her, Aman!
[light-hearted music playing]
Oh, wow! Look at the box, Vineeta.
- Yes, it's lovely. - This is our gift box.
This is our regular box.
- This is for you. - You really are a little extra!
- Yes. - Love it.
What is this made of? Give me the 'Love' jewellery.
Sir, you can try the football keychain. You can see this
because we don't have a lot of jewellery for men as of now.
- You can see... - I've done a lot of shopping for Geet.
Whoa!
Do you like this, Diksha?
- They look so beautiful on you! - Oh, it's lovely!
You're wearing Durga, I'm wearing Lord Ganesha.
Really pretty.
Are all your products handmade?
90% of our products are handmade.
Like I said earlier, I don't like your products.
I love your products.
- Aww! - [laughs]
We went there and saw your products.
The bride earrings are so cool!
- He loved the OMG earrings. - It's amazing.
- Fire... - The fire earrings are solid too.
How much do these 'Girl Boss' earrings cost?
The doughnut earrings cost Rs. 350.
- Rs. 350. - This one?
Um, Rs. 400.
Great.
Your pricing is set at Rs. 400.
It must be tough to sell online.
Your category must have more offline sales.
We are 100% online.
Around 17 to 18%.
You said you hate numbers, but look, you're good at it.
Tell us about your revenue and profit.
We realised there would be no margins at such low prices.
So, gradually, we very smartly...
The increment in price is a mere Rs. 50 to 100
even though it's a 20 to 30% increase.
The customer is unaffected by it.
So, we came up with new designs keeping in mind
that our prices were justified even after the slight increment.
Last time, our product prices were 3x.
Do you think there will be positive growth in future?
Yes, sir. We haven't tapped into e-commerce yet.
The current sales is only through Instagram and our website.
Looks like your social media game is going to be very strong.
- Could you show us? - Yes, sure.
- How many followers? - 199k.
I'll show you the first one, so you'll be able to relate.
We made a video on small Marwari businesses.
[laughs]
The video was about people giving useless wedding favours
despite holding grand weddings!
We'll show you the best wedding favours one could give.
It's evident from his laughter! The video was touching.
I think it's our core.
We want to keep ourselves real and authentic.
We try to model for our products.
Our team members model our designs and my mom does too.
- Good. - And I think that's what people love.
You're right. You see,
when our marketing team makes a video,
they think it will go viral, but it does not.
Judging if something will go viral is very tough.
If you know...
If your videos go viral often, then it's a skill.
- Yes. - Thank you.
There are businesses into artificial jewellery.
Is there a success story?
- There's a brand called Voylla. - How's it faring?
It's a Rs. 100 crore business now.
What percent is fabric, just for clarification?
or TAM of fabric jewellery in India?
No problem, thank you.
Why isn't there growth in this industry?
Is it like the market gets divided before a brand is built?
A lot of players enter the market and do the same thing...
Sir, for us, it is not copying, it is content.
Content to commerce.
Diksha, I will be your customer.
- I love the Durga earrings. - Thank you.
However, I will not be your investor today.
I genuinely feel that given the market,
getting to a scale where the investor can get an exit...
It's at a very nascent stage in India
for this kind of business.
I wish you the best.
- I enjoyed your pitch. - Thank you so much, ma'am.
Along with fast fashion, fast jewellery is also in trend.
- Correct. - Right?
In fast fashion,
building a brand will depend on the time to market.
How soon can you come up with how many designs
- and how soon can you sell out. - Correct.
What's your time to market?
Sir, typically, it takes us 45 days from designing to production.
Yes! That's when your business will grow.
That's when you will build a brand.
I work with freelance designers.
Sir, we're not available on any e-commerce platforms.
Neither Nykaa nor Myntra.
Who's on your CAP table as of today?
Your current business is at Rs. 2 crores.
If you could take it to Rs. 100 crores,
I believe this would be a reasonably attractive business.
You would make a profit of Rs. 25 crores.
For that reason, I wish to make an offer to you.
I know it is hard to win against you when it comes to negotiation!
[laughs]
I have seen many deals.
The valuation will never be more than 3x sales.
If you raise the first round at 4 times of ARR,
It will be really difficult for the investor.
Will you give royalty?
Not my first...
Um...
Inclination.
Why not?
DNA, sir.
[Sharks laugh]
- Only Marwaris can understand each other. - Marwari.
Having royalty also secures one's investment.
Sir, even Spider-Man had to take risks!
- Oh! - [laughter]
My God!
Join in, sir.
No.
I have a feeling I won't be able to exit this category.
[tense music playing]
How will I make money?
You will get a little extra out of your investment.
- I can assure you. - You led with that.
Vineeta, how were you planning on getting returns on your investment?
Women's apparel saw a craze in two to three years
And to build a brand,
we'll have to cross that Rs. 100-crore threshold
on our own.
I don't think any funding will come in before that.
If that is achieved, then there is an opportunity,
because she'll be the only one in this category
who's at Rs. 100 crores plus.
What a predicament!
[pensive music playing]
Diksha, here's the offer.
The second one is Aman and mine, Rs. 48 lakhs for 6% equity.
We will give you an alternative offer.
[music playing]
[music concludes]
- Can I give you a counteroffer? - Go on.
- One would be obviously if all four of you join in. - Yes.
Fantastic!
At Rs. 8 crores valuation.
Rs. 8 crores valuation at Rs. 48 lakhs. How much is that?
- Rs. 48 lakhs for.... Original offer. - Oh...
- So, how much is it? 6% equity? - At 6%.
Rs. 60 lakhs for 7.5% equity.
- Whoa! - [music fades]
[theme music playing]
[music fades]
He comes here one way or another!
Finally, we're getting rid of Rahul. So relieved!
- Bye. - Not so soon.
I need your help with something.
After the season is over, I wish to go on a vacation.
I couldn't decide which bag I should take though.
[whimsical music playing]
This is an Assembly bag
and this one is by Nasher Miles.
- They're new players in the old business of bags. - Yes.
They expect to get an investment from you.
So, I was thinking
- Back to back. - Yes.
Both pitchers will get equal time to make their respective pitches
and for you to ask them questions.
After which a buzzer like this will sound.
[buzzer sounds]
It indicates that the time is up.
The one twist here is
you need to hold your investment decision
until both the pitches are complete.
Be it investing in either business,
Whatever your investment decision,
So, if you're ready, may I call the pitchers?
- Yes. - Sure.
[theme music playing]
[music fades]
So, who goes first will be decided by way of a toss.
Ah!
Which one of you will call?
- You? - Me? Yes.
You'll do it. All right.
[suspenseful music playing]
Heads.
[suspenseful music playing]
Tails it is.
This means that Assembly wins.
Assembly, you'll be pitching first.
Nasher Miles, we'll come back later.
- Sure. - Sure.
- My shoes are Japanese. - My pants are English.
- With a red Russian cap on head. - Who is an Indian then?
Our luggage is Indian.
India is changing.
And travel is becoming an important part of everyone's life.
But nobody cares about the luggage.
It lies in the corner of a store.
It just needs some love, attention, and praises.
When you buy luggage in the market,
there are so many options that confuses a consumer.
So, we have a design philosophy that less is more.
Every product must have a core functionality.
we have equally focused on the aesthetics and design.
Because frequent travellers at present
don't consider luggage to be a utility
but a lifestyle product.
For the last 3 years, with this product philosophy,
we have become a part of 2 lakh travellers' lives.
And our vision for the next 3-5 years
is to become the biggest thoughtful travel store in India.
Where we solve all travel-related problems.
So, Sharks, we're asking for
Mohit, Aditya, welcome to Shark Tank's interesting match-off.
Tell me where did you learn
how to manufacture high-quality bags in India.
Our family businesses have been into bags and luggage.
Okay.
My family business
has been into luggage manufacturing for 15-20 years now.
From 2013 to 2019,
I was a part of my family business, where I learnt luggage manufacturing
R&D, technical know-how, and industrial designing.
Which brands were you manufacturing it for?
- Tommy Hilfiger, Benetton. - Okay. Got it.
Aditya was planning for a new brand and so was I, so I said
why do we create two big, separate brands?
Let's build a big brand together instead.
You have another co-founder, right? Abhishek?
I think 1.5-2 years ago,
- we spoke virtually. - Correct.
- And I think
Abhishek was the co-founder.
No, he was an early investor.
I even gave you a feedback.
I'm sure, a lot has changed.
But there were quality issues with your bag.
Correct.
I think I had ordered one or two.
- Have you fixed it now? - Yes. A 100 per cent.
What was the issue?
What I really loved, right?
Their designs were simple, elegant, and clean.
And their shoe bag and toiletry kit that comes with it
is a wonderful surprise to open that and find it inside.
But the shoe bag used to tear quickly, especially their hooks.
Even the bags, the place where the handle is fit,
that's generally the most problematic area of the bag.
It breaks apart.
Yours broke?
Yes. So I had given them that feedback.
Hopefully, they've worked on it.
- Show us the products once. - Yes.
[music playing]
- I love this, the marbling design. - Yeah, it's really nice.
It's actually like a little marble, granite.
Yeah, it's lovely.
[music playing]
In India, who are the top 3-4 market players by market share?
The legacy brands
are VIP, Samsonite Group,
Samsonite and American Tourister's collaboration.
VIP is bigger than Samsonite?
No, Samsonite is the world's biggest company.
No, India.
- I'm talking about Indian market. - In India, approximately,
their revenue is around Rs 1500 crores.
- So about the same. - Each. But as an umbrella brand.
- Got it. - Safari is doing well.
Approximately, Rs 1200 crores is their revenue.
They're not competing with legacy brands.
There's a brand called Mokobara. They're killing it.
And they launched around the same time as you.
But they have grown very well. What's the reason?
I think capital infusion is a big reason.
We did it in a bootstrapped manner.
So, you're saying that it's time to build the brand now.
- Yes, it is. - Yes.
And you're doing it.
- Yes, we are. - Yes.
You spoke of three legacy brands, right?
VIP, Safari, Samsonite.
And let's talk about these three new brands.
Mokobara, Assembly, and Nasher Miles.
Between these two groups,
what's the difference between incumbence and legacy brands?
Frequent travellers
prefer design, aesthetics,
and thoughtfulness of luggage
they're prioritizing it.
But boss, your design is not so special. Sorry to say.
Isn't your design bland?
- If you're minimalistic... - A bit subtle.
It's a subtle look.
Correct. We are more into minimal outside and functional inside.
What is your USP? Is it design or functionality?
No, the best part is that we're trying to show a blend.
That we're 50 per cent into design
and 50 per cent into functionality.
If you combine these two, most brands are expensive.
This is our brand positioning.
That we're great design, good functionality, at a right price.
But if you have to choose one,
between design and functionality. What would you choose?
We'll choose design first.
Assembly and Samsonite,
then what will be comparable?
Their luggage within the range of Rs 10,000-20,000
we can certainly compare it
with our luggage that's within the range of Rs 4000-6000.
Their luggage in the range of Rs 30,000-50,000
they've taken patent for a few.
Cosmolite model, or PP curve.
We haven't ventured into that yet.
So, you're better than their luggage at the price range of 10,000-20,000.
But the luggage higher than that price range has better quality.
A 100 per cent.
Pick any piece.
Maybe that one lying next to you.
Same size. What will be the price of different brands and yours?
We're selling this product for Rs 6000.
Rs 18,000-20,000. Wow.
Mokobara sells it for Rs 12,000.
Rs 12,000. So that's premium too. Alright.
- Nasher Miles? - Nasher?
- I don't know about them, Sir. - Okay.
The customer segment of legacy brands
as compared to yours, in terms of age profile, is it different?
Younger audience
between late 20s to late 30s.
We want our source of growth to be directed towards that age group.
Usually, we use a term HENRY.
High Earning Not Reached Yet.
Either they're not able to afford Samsonite
or they might not find it to be a practical price point.
So, our price point will be 40 per cent of Samsonite.
And it will be maybe 30-40 per cent above Safari.
How many SKUs and how do you distribute it?
Currently, our unique SKUs are approximately 10-11.
Available in multiple colours.
And online or offline?
We're not present offline.
What's the channel mix like? How much from the website
and how much from marketplaces?
Before that, Mohit, I, and two other angels
collectively invested Rs 1.4 crores.
Valuation?
The commit is almost Rs 13.5 crores.
What is the projected sales for the next three years?
With this round, we'll reach approximately
- Rs 80 crores annually in... - But?
We have an Indian supply chain
that gives us agility
to be able to do R&D quickly at a low price.
You were mentioning your differences.
But as I look at the brand,
don't you think your logo here,
it's not to be seen anywhere on your bags.
I don't see a strong branding on your bags.
Would it be fair to say that
you're from the manufacturing operations background
we're getting better every day.
- But it's not something... - I don't think so.
What I saw 18 months ago,
I'm seeing the same thing in terms of branding.
One is premium.
Let's forget about those imported brands.
The second one is Mokobara.
Their price is 2x yours.
By selling it at half the price, you're getting a gross margin of 42%
- 50 per cent. - Right? 50 per cent.
And you're breaking even.
So, even in this space, every customer wants aspiration.
If you correct that,
and increase the price by 10-20 per cent.
Increase your gross margin
and get aggressively a larger market share.
In the bottom-most segment. Didn't you wish to do that?
This is exactly our plan. Thank you for acknowledging it.
You have so many investors
then what do you seek here?
I feel that
if our network has a strong
- Lastly, say why you're special. - Say it quickly.
I think Assembly is all about
you know building,
assembly of people, material,
good skills together.
We will surely build it to a 500-1000 crores worth company.
At any cost, in the next 5 years.
- Okay. - Alright.
- Thank you. Good pitch. - Thank you.
[music playing]
Sharks, have you ever picked up
someone else's luggage accidentally at the airport from the belt?
- Hmm. - Or the luggage kept spinning
and you couldn't believe that it's yours.
With these fears, people tie red ribbons to their bags,
pink ribbon, yellow thread,
or put up their name in capitals on it.
Because all the bags look the same, Sharks.
To relieve your beautiful luggage
from these ugly, make-do tags,
we started Nasher Miles.
[music playing]
Greetings, Sharks. My name is Lokesh.
[music playing]
you must've seldom seen or heard.
Not just this, our styles, designs,
will help you spot your bag from a distance.
through our stylish luggage,
we wish to elevate the fashion quotient of Indian travellers.
To fulfill this vision,
we're here to ask for
- Rs 3 crores for an equity of - [sniggering]
- 400 crores. - you need Nasher Miles.
Tell us more about yourself.
- He's my younger brother. - He's my elder brother.
- Abhishek is my first cousin. - First cousin. So family.
Lokesh and Abhishek.
- Yeah. - Yes, we're first cousins.
Are you just colleagues or...
At home, we're husband and wife. At office, we're colleagues.
So, how did you meet and decide
to start a luggage company.
What was the conversation?
When we started,
- Okay. - online was a new thing.
Brands wanted to learn
how to sell online.
And that was the time where
Amazon and Flipkart were just about setting the ground in the country.
So, we acted as aggregators.
- Got it. - So, we used to distribute a lot of.
On Amazon?
- On Amazon and Flipkart. - Yes.
So you were like a superseller on Amazon?
Superseller on Amazon.
During this journey,
we were also distributors for VIP in three years.
We learnt to sell our products.
Now, like a normal retailer, to evolve
we thought of spinning off our private brand.
It was when
luggage was not a big category online.
So, sometimes, you're at the right place at the right time.
And there's a first-mover advantage.
So, that's how our journey started.
That's a smart thing.
- Thank you, Aman. - Yeah, we realized that.
Our vision was to...
So, you chose luggage as a good category, you went back
and where did you get it made?
- We started our journey from China. - Okay.
Around 80 per cent of our entire production
In India, we will manufacture 50-60 per cent.
So, Make in India is becoming a reality.
It is real.
It is a reality. It will happen.
When did you manufacture your first lot?
- We know that, Sir. - Assembly.
And they're funded.
Yet, their sales were not so good.
Without funding, you have managed great sales.
What's the secret?
Our main differentiator since the beginning
is that we focus on style and design.
From the very beginning, our product
pricing is market-fit.
And we have stuck to it.
From a distance, your designs look good.
- Thank you. - Thank you, Aman.
- Show us samples. - The products are nice.
[music playing]
- Matches you. - Very nice.
- Oh, it's matching. - Matching.
I have this. So, I want this.
[music playing]
I have to comment on the product. Outstanding.
- Thank you so much. - Loved it.
Very good product.
- Very good. - Lovely branding. Lovely product.
Tell me something. That unit, for example,
- Yes, Sir. - what's the price in mass market?
Accordingly, tell me what's the market price as compared to yours.
- Yes. - Which brand
- relates to that market? - Let me explain clearly.
In mass market, popular brands
- are Safari, the biggest brand. - Okay.
There's Aristocrat.
There's a brand called Kamiliant, a part
of American Tourister-Samsonite Group.
When you compare Nasher Miles, Assembly and Mokobara,
your differentiation in terms of
- target customer age group... - Yes.
Marketing as a percent to sales
- and distribution... - Correct.
Do you have a differentiation in these three areas?
- You mentioned Mokobara. - Yes.
They operate at a 10% price point
where brands like Samsonite and Carlton play.
- That's a niche market. - Okay.
We operate in the 30% price point market
and that's where we would like to operate. That is number one.
In terms of distribution,
The majority of our target customers
and your marketing communication content compared to them?
We have spent close to 14% on marketing.
We signed a brand ambassador just this year, Rishabh Pant.
Oh, nice.
You don't have skills in offline business.
When you cap out the online market...
You already might be number one in certain categories right now.
- 100%. - So, when you cap out,
how will you learn offline business?
Let me lay out our offline strategy for you.
No. You can open exclusive EBOs of Rs. 30 lakhs.
In which locations will your EBOs be?
We've been selling on our website
for the last 18 months that is since April.
Over a period of 18 months,
we have captured the postal codes
And if... That's why we've come to you.
If we set up EBOs, then our unit dynamics...
You'll open them in malls.
- No, not in malls. High Street. - Then where?
- High Street. - High Street because...
Samsonite and other brands set up kiosks of Rs. 2 lakhs
because of the high traffic and that's where it sells.
Vineeta, the idea is to open EBOs in High Street
are spread across 800 to 1,000 stores.
Our thought process is
to go to retail stores, to have distributors,
and we want this cycle to be completed.
100%.
- Could everybody clarify one thing? - Yes?
Every luggage manufacturer claims to give a lifetime warranty.
- What does it mean? - Yes.
I have not understood till now. Do you take the bag back?
- The bag Vineeta has... - Yes?
It's made up of polypropylene.
This will never crack.
If it does, then you will replace it.
What are you doing, Anupam?
- It needs to be done. - [screaming]
- It regains its shape. - Don't fall!
- Okay. - Oh, that's the...
- So, you're saying if this cracks... - Will there be no dent?
If it cracks,
- we'll replace the bag. - You'll replace it.
- No questions asked. - No questions asked policy.
- I'm going to name four or five brands. - Okay.
How much will you take out of Rs. 100 crores?
- We don't take cash. - We never...
- No. - What we earn is all...
Is it because you have to invest again?
Rs. 7 lakhs...
- Per month. - Per month.
- And... I... - Anupam, we live in South Mumbai.
- Oh! - [Sharks laugh]
- SoBo! - Look. Let me tell you one thing.
I've been setting up companies and selling them for 20 years.
I still take the same salary as you.
- Oh! - You draw Rs. 7 lakhs.
- Rs. 7 lakhs salary, Rs. 7 lakhs... - Per month!
- Per month and after that... - Rs. 7 lakhs.
At the end of the year, we take a month's bonus.
And you take a month's bonus.
Yes. One to two months' depending on the performance.
Good job, guys. Good job.
Crazy!
Last ten seconds. What would you like to say?
Join us.
I guarantee you we both will make money.
- Whoa! - Nice.
- We both will make money. - We closed it in five seconds.
Five seconds back.
- Good job. - Well done!
- We give you 5% back. - Well done.
- That's our assurance. - Thank you, guys.
- Thank you so much. - Bye.
- Thank you so much. - Good job.
Very good job.
[music fades]
This category is exploding.
Too many investors is what I feel.
at least on the design part.
Your design is lacking on lifestyle elements.
They have too much of a minimalistic vibe.
Your product is mostly being bought online.
How will your product sell if it has limited visibility?
I feel your designs can be further improved.
I am out for that reason.
Thank you, Ritesh.
I found it quite disappointing that you didn't talk about quality.
In such businesses, quality is your only business plan.
I don't think that
right now, I want to bet on this.
Best of luck. I'm out.
I am also out, for the same reason as Aman.
I think at this point, you have too many investors.
All the best.
- Thank you. - Sir, all your roads end here.
I could bet on you
but I can't take the risk of betting complete equity,
because so far, execution has not been spot on.
I want my money to be secure.
Along with 1% royalty on sales
- So... [mumbling] - Hmm.
[pensive music playing]
Anupam, thank you for the offer.
We want to work with you.
I mean, in the past, we approached you for that reason.
Our constraint in this round is that
other investors are coming on board at a certain value,
and from a royalty-structure perspective also,
it will be a little difficult to find that middle ground.
If you wish to reconsider coming in..
I could.
- I'll change the terms. - Hmm?
Rs. 85 lakhs for 1% equity at the same valuation you asked.
if we committed to it.
If you can try without royalty, we'd be happy to...
[suspenseful music playing]
I cannot.
It's a no without royalty. So, good luck. Thank you.
- Thank you so much for the feedback. - Thank you.
Thank you.
[suspenseful music playing]
[gripping music playing]
Look, it's a simple deal.
Your valuation of Rs. 400 crores is way too high for us.
This is Shark Tank. We're not PE investors.
PE investors can do 400 crores.
If you want us to partner with you,
then it should be a win-win for both of us.
It is not just this way or that way.
- There's always a third way. - Correct.
The third way is such that both of us stand to gain from it.
100%.
We suggest that you take Rs. 3 crores for 1% equity.
We four will get 0.25% each.
Give us royalty along with that... You're profitable as it is.
- I'll tell you the offer. - Go on.
- I'll go solo. - He wants to go solo.
- I can give you Rs. 1 crore for 1% equity. - Okay.
And rest, I can give you debt at 10% for 2 years.
I think we would like to gracefully not accept the offer.
would you give us royalty?
[tense music playing]
Rs. 300 crores valuation,
but royalty is non-negotiable and you get Aman.
At the stage we are at right now,
we feel that royalty for us is as good as paying interest
which we are already doing.
You could give us both debt and equity.
We are very open to it.
- Okay. - Royalty is something
we are a little uncomfortable with right now.
I'm not sure I want to be a part of it.
Here's the thing, Namita.
If we take off the royalty,
we wish to know what you could offer us.
What rate of interest would you give us on the debt?
If 11% percent works for you, we're okay with it.
No problem at all.
[pensive music playing]
Let's discuss this.
- I don't know what's going on... - The same...
Let's go out and...
If we go out, we cannot come back. Please.
Wait. Let's hear the final offer.
We'll get 1x...
Aman is giving you the offer.
Okay.
Now, you'll have to go with all five of us.
- Okay. - Otherwise, it's a take it or leave it.
This is a combined offer from all five of us.
We will give you Rs. 3 crores
at a valuation of Rs. 200 crores.
Plus we will take royalty at 1%
We understand the value that you all will bring.
Our ask was Rs. 400 crores.
You agreed to Rs. 300 crores.
Now, you made us an offer of Rs. 200 crores.
If we can come at a Rs. 250-crore valuation...
There must be pain...
- Yes. We're compromising too. - On both sides.
You came down from 300 to 200.
and try to make a brand with a decent valuation for investors.
Try to make a structured company.
Don't get petty.
Let's do it. Come on, guys. We've got to move on.
[suspenseful music playing]
- Thank you so much. - Bye.
'It was really fun.'
When two companies
from the same industry pitch one after the other,
there's a different joy
in hearing them out and understanding the industry.
[joyous music playing]
There was a vast difference in their thinking and execution.
And, finally, business is all about execution.
And I think Nasher Miles won on that.
[music fades]