1 00:00:10,000 --> 00:00:11,800 [music playing] 2 00:00:28,880 --> 00:00:30,480 [theme music playing] 3 00:00:50,560 --> 00:00:51,680 [mouthing] 4 00:00:53,080 --> 00:00:54,600 [music fades] 5 00:00:54,840 --> 00:00:58,040 Sharks, I've always been a little extra in life. 6 00:00:58,160 --> 00:00:59,480 [whimsical music playing] 7 00:00:59,600 --> 00:01:01,160 But I have tried my best 8 00:01:01,240 --> 00:01:03,480 to hide this extraness from the world! 9 00:01:03,680 --> 00:01:06,040 Be it my extra size, extra personality 10 00:01:06,120 --> 00:01:07,880 - or my extra ambition. - [chuckles] 11 00:01:07,960 --> 00:01:11,240 Be it society or skinny jeans, I have always tried to fit in. 12 00:01:11,440 --> 00:01:15,800 As I grew up, I realised that I am perfect just the way I am 13 00:01:15,960 --> 00:01:18,160 and that being extra is my X factor. 14 00:01:18,400 --> 00:01:20,000 - Nice. - So, I skipped the skinny jeans 15 00:01:20,120 --> 00:01:23,120 and elevated my looks with chunky jewellery. 16 00:01:23,320 --> 00:01:24,680 I didn't want to wear 17 00:01:24,760 --> 00:01:28,040 the basic, expensive and common jewellery available in the market. 18 00:01:28,160 --> 00:01:31,760 So, using my X factor, I started A Little Extra! 19 00:01:31,880 --> 00:01:33,440 [light-hearted music playing] 20 00:01:39,520 --> 00:01:42,600 A Little Extra is a fun and quirky jewellery brand 21 00:01:48,560 --> 00:01:51,480 our designs are inspired by surrounding elements, 22 00:02:02,440 --> 00:02:04,840 - Ooh! - You could wear our Durga earrings! 23 00:02:05,240 --> 00:02:06,160 [laughs] 24 00:02:06,240 --> 00:02:09,560 I wanted to keep my cool today, so I'm wearing our 'Cool' earrings. 25 00:02:09,640 --> 00:02:12,760 - Superb! - Taking inspiration from such elements, 26 00:02:22,160 --> 00:02:23,680 I started this business 27 00:02:44,160 --> 00:02:45,120 out of your investment? 28 00:03:02,800 --> 00:03:05,720 I wanted to feel cool today, so I wore our 'Cool' earrings. 29 00:03:06,560 --> 00:03:08,000 Let's talk about the jewellery you're wearing. 30 00:03:08,080 --> 00:03:10,360 That diamond or stone might have a design, 31 00:03:10,440 --> 00:03:11,640 but lacks emotion. 32 00:03:12,680 --> 00:03:14,880 The Durga earrings can be worn for Navratri, a 'puja' 33 00:03:14,960 --> 00:03:16,960 or a religious discourse at home. 34 00:03:17,080 --> 00:03:19,520 Every time you wear that, someone will ask you, 35 00:03:19,640 --> 00:03:21,200 "Where did you buy this jewellery from?" 36 00:03:21,320 --> 00:03:23,360 That is the extraness that we bring. 37 00:03:23,720 --> 00:03:25,640 Diksha, you're from Guwahati 38 00:03:25,720 --> 00:03:27,880 which is known as the fashion capital. 39 00:03:28,000 --> 00:03:30,560 Is everyone there a little extra just like you? 40 00:03:30,640 --> 00:03:32,760 How's the culture so strong? 41 00:03:33,640 --> 00:03:37,240 I am not Assamese, I am Marwari but I grew up in Assam. 42 00:03:37,360 --> 00:03:38,600 Have you lived there all your life? 43 00:03:38,800 --> 00:03:41,080 I've been in Delhi for the last ten years. 44 00:03:41,200 --> 00:03:42,360 - My college... - Oh, I see. 45 00:03:42,520 --> 00:03:45,760 That is why your accent is slightly different. 46 00:03:46,400 --> 00:03:47,760 Which college in Delhi were you in? 47 00:03:51,640 --> 00:03:54,720 Sir, I have always had a penchant for storytelling 48 00:03:54,800 --> 00:03:56,880 because of which I took up Journalism and Mass Communication. 49 00:03:56,960 --> 00:03:59,240 My father always wanted me to become a CA. 50 00:03:59,880 --> 00:04:01,200 - Mine too! - I couldn't do it. 51 00:04:01,240 --> 00:04:02,800 I don't like numbers. 52 00:04:02,920 --> 00:04:03,880 Are your parents CAs too? 53 00:04:03,960 --> 00:04:05,600 No, my husband is a CA! 54 00:04:05,760 --> 00:04:09,160 I refused to be a CA, so my dad had my husband become one! 55 00:04:09,520 --> 00:04:11,040 Skills like storytelling and social media marketing 56 00:04:11,120 --> 00:04:12,880 make you want to start an agency. 57 00:04:13,040 --> 00:04:14,600 - Yes. - So, I started an agency. 58 00:04:14,720 --> 00:04:18,480 I ran it for a few years but I wasn't enjoying the work. 59 00:04:18,600 --> 00:04:19,600 When did you start this? 60 00:04:19,720 --> 00:04:22,440 - I started this during Covid in 2020. - Oh, wow! 61 00:04:26,960 --> 00:04:29,200 - and dinner tables are only about business. - Business! 62 00:04:29,280 --> 00:04:30,560 We would go to a restaurant 63 00:04:30,640 --> 00:04:33,240 - and analyse its profit or loss. - Whoa! 64 00:04:33,680 --> 00:04:35,960 - Do you do that too? - Absolutely. 65 00:04:36,120 --> 00:04:37,440 It's in our nature! 66 00:04:37,520 --> 00:04:39,640 I was always fond of jewellery. 67 00:04:39,720 --> 00:04:42,440 Diksha, I don't like your products. 68 00:04:42,640 --> 00:04:44,240 [tense music playing] 69 00:04:44,640 --> 00:04:46,080 I need to see them first. 70 00:04:46,160 --> 00:04:47,240 Yes, sorry. 71 00:04:47,440 --> 00:04:48,640 You scared her, Aman! 72 00:04:48,960 --> 00:04:50,440 [light-hearted music playing] 73 00:04:52,560 --> 00:04:54,560 Oh, wow! Look at the box, Vineeta. 74 00:04:54,680 --> 00:04:57,120 - Yes, it's lovely. - This is our gift box. 75 00:04:57,280 --> 00:04:58,760 This is our regular box. 76 00:04:58,840 --> 00:05:00,640 - This is for you. - You really are a little extra! 77 00:05:00,760 --> 00:05:02,120 - Yes. - Love it. 78 00:05:02,760 --> 00:05:05,760 What is this made of? Give me the 'Love' jewellery. 79 00:05:06,200 --> 00:05:08,680 Sir, you can try the football keychain. You can see this 80 00:05:08,760 --> 00:05:11,400 because we don't have a lot of jewellery for men as of now. 81 00:05:11,480 --> 00:05:13,520 - You can see... - I've done a lot of shopping for Geet. 82 00:05:13,600 --> 00:05:14,680 Whoa! 83 00:05:16,160 --> 00:05:18,040 Do you like this, Diksha? 84 00:05:18,200 --> 00:05:20,920 - They look so beautiful on you! - Oh, it's lovely! 85 00:05:22,960 --> 00:05:25,760 You're wearing Durga, I'm wearing Lord Ganesha. 86 00:05:26,040 --> 00:05:27,280 Really pretty. 87 00:05:29,280 --> 00:05:31,120 Are all your products handmade? 88 00:05:31,240 --> 00:05:33,160 90% of our products are handmade. 89 00:05:50,920 --> 00:05:53,200 Like I said earlier, I don't like your products. 90 00:05:54,960 --> 00:05:55,840 I love your products. 91 00:05:55,960 --> 00:05:57,720 - Aww! - [laughs] 92 00:05:58,360 --> 00:05:59,800 We went there and saw your products. 93 00:05:59,880 --> 00:06:03,640 The bride earrings are so cool! 94 00:06:03,960 --> 00:06:06,400 - He loved the OMG earrings. - It's amazing. 95 00:06:06,440 --> 00:06:08,160 - Fire... - The fire earrings are solid too. 96 00:06:27,920 --> 00:06:29,720 How much do these 'Girl Boss' earrings cost? 97 00:06:29,800 --> 00:06:31,560 The doughnut earrings cost Rs. 350. 98 00:06:31,640 --> 00:06:32,680 - Rs. 350. - This one? 99 00:06:32,800 --> 00:06:34,040 Um, Rs. 400. 100 00:06:34,160 --> 00:06:35,160 Great. 101 00:06:35,960 --> 00:06:38,840 Your pricing is set at Rs. 400. 102 00:06:38,920 --> 00:06:41,520 It must be tough to sell online. 103 00:06:41,640 --> 00:06:43,800 Your category must have more offline sales. 104 00:06:43,960 --> 00:06:45,320 We are 100% online. 105 00:07:27,360 --> 00:07:29,120 Around 17 to 18%. 106 00:07:34,960 --> 00:07:38,440 You said you hate numbers, but look, you're good at it. 107 00:07:39,320 --> 00:07:40,720 Tell us about your revenue and profit. 108 00:08:12,000 --> 00:08:15,720 We realised there would be no margins at such low prices. 109 00:08:15,800 --> 00:08:17,080 So, gradually, we very smartly... 110 00:08:17,160 --> 00:08:19,960 The increment in price is a mere Rs. 50 to 100 111 00:08:20,040 --> 00:08:21,560 even though it's a 20 to 30% increase. 112 00:08:21,640 --> 00:08:23,840 The customer is unaffected by it. 113 00:08:23,920 --> 00:08:27,360 So, we came up with new designs keeping in mind 114 00:08:27,520 --> 00:08:30,440 that our prices were justified even after the slight increment. 115 00:08:30,520 --> 00:08:33,720 Last time, our product prices were 3x. 116 00:08:40,400 --> 00:08:42,400 Do you think there will be positive growth in future? 117 00:08:42,520 --> 00:08:45,120 Yes, sir. We haven't tapped into e-commerce yet. 118 00:08:45,240 --> 00:08:48,280 The current sales is only through Instagram and our website. 119 00:08:48,360 --> 00:08:50,840 Looks like your social media game is going to be very strong. 120 00:08:50,920 --> 00:08:52,280 - Could you show us? - Yes, sure. 121 00:08:52,400 --> 00:08:54,520 - How many followers? - 199k. 122 00:09:00,480 --> 00:09:02,720 I'll show you the first one, so you'll be able to relate. 123 00:09:02,840 --> 00:09:05,240 We made a video on small Marwari businesses. 124 00:09:05,320 --> 00:09:06,320 [laughs] 125 00:09:06,440 --> 00:09:10,440 The video was about people giving useless wedding favours 126 00:09:10,560 --> 00:09:12,040 despite holding grand weddings! 127 00:09:12,160 --> 00:09:15,600 We'll show you the best wedding favours one could give. 128 00:09:52,200 --> 00:09:55,520 It's evident from his laughter! The video was touching. 129 00:10:00,080 --> 00:10:01,600 I think it's our core. 130 00:10:01,760 --> 00:10:04,600 We want to keep ourselves real and authentic. 131 00:10:05,040 --> 00:10:09,320 We try to model for our products. 132 00:10:09,400 --> 00:10:11,640 Our team members model our designs and my mom does too. 133 00:10:11,720 --> 00:10:14,400 - Good. - And I think that's what people love. 134 00:10:14,520 --> 00:10:15,840 You're right. You see, 135 00:10:15,920 --> 00:10:18,160 when our marketing team makes a video, 136 00:10:18,280 --> 00:10:21,040 they think it will go viral, but it does not. 137 00:10:21,800 --> 00:10:24,480 Judging if something will go viral is very tough. 138 00:10:24,600 --> 00:10:26,520 If you know... 139 00:10:26,600 --> 00:10:29,120 If your videos go viral often, then it's a skill. 140 00:10:29,240 --> 00:10:30,320 - Yes. - Thank you. 141 00:11:20,400 --> 00:11:22,040 There are businesses into artificial jewellery. 142 00:11:22,160 --> 00:11:24,000 Is there a success story? 143 00:11:24,120 --> 00:11:26,120 - There's a brand called Voylla. - How's it faring? 144 00:11:26,240 --> 00:11:27,800 It's a Rs. 100 crore business now. 145 00:11:27,960 --> 00:11:30,160 What percent is fabric, just for clarification? 146 00:11:36,040 --> 00:11:37,880 or TAM of fabric jewellery in India? 147 00:11:49,400 --> 00:11:50,520 No problem, thank you. 148 00:11:51,040 --> 00:11:52,440 Why isn't there growth in this industry? 149 00:11:52,560 --> 00:11:56,400 Is it like the market gets divided before a brand is built? 150 00:11:57,600 --> 00:11:59,560 A lot of players enter the market and do the same thing... 151 00:11:59,680 --> 00:12:02,160 Sir, for us, it is not copying, it is content. 152 00:12:02,280 --> 00:12:03,360 Content to commerce. 153 00:12:15,920 --> 00:12:18,040 Diksha, I will be your customer. 154 00:12:18,120 --> 00:12:21,440 - I love the Durga earrings. - Thank you. 155 00:12:21,440 --> 00:12:23,840 However, I will not be your investor today. 156 00:12:24,760 --> 00:12:28,320 I genuinely feel that given the market, 157 00:12:28,400 --> 00:12:32,160 getting to a scale where the investor can get an exit... 158 00:12:32,440 --> 00:12:34,960 It's at a very nascent stage in India 159 00:12:35,040 --> 00:12:37,040 for this kind of business. 160 00:12:37,160 --> 00:12:38,440 I wish you the best. 161 00:12:38,520 --> 00:12:41,280 - I enjoyed your pitch. - Thank you so much, ma'am. 162 00:12:41,880 --> 00:12:44,960 Along with fast fashion, fast jewellery is also in trend. 163 00:12:45,080 --> 00:12:46,200 - Correct. - Right? 164 00:12:54,680 --> 00:12:56,400 In fast fashion, 165 00:12:56,760 --> 00:12:59,960 building a brand will depend on the time to market. 166 00:13:00,080 --> 00:13:02,680 How soon can you come up with how many designs 167 00:13:02,760 --> 00:13:04,920 - and how soon can you sell out. - Correct. 168 00:13:05,000 --> 00:13:06,480 What's your time to market? 169 00:13:06,560 --> 00:13:10,640 Sir, typically, it takes us 45 days from designing to production. 170 00:13:13,960 --> 00:13:15,600 Yes! That's when your business will grow. 171 00:13:15,680 --> 00:13:17,120 That's when you will build a brand. 172 00:13:23,120 --> 00:13:25,600 I work with freelance designers. 173 00:13:31,200 --> 00:13:34,240 Sir, we're not available on any e-commerce platforms. 174 00:13:34,320 --> 00:13:35,760 Neither Nykaa nor Myntra. 175 00:13:53,480 --> 00:13:55,800 Who's on your CAP table as of today? 176 00:14:02,480 --> 00:14:04,720 Your current business is at Rs. 2 crores. 177 00:14:04,960 --> 00:14:06,840 If you could take it to Rs. 100 crores, 178 00:14:06,920 --> 00:14:09,440 I believe this would be a reasonably attractive business. 179 00:14:09,560 --> 00:14:11,360 You would make a profit of Rs. 25 crores. 180 00:14:11,440 --> 00:14:14,120 For that reason, I wish to make an offer to you. 181 00:14:15,680 --> 00:14:18,720 I know it is hard to win against you when it comes to negotiation! 182 00:14:18,800 --> 00:14:19,920 [laughs] 183 00:14:33,120 --> 00:14:34,840 I have seen many deals. 184 00:14:35,000 --> 00:14:38,480 The valuation will never be more than 3x sales. 185 00:14:39,480 --> 00:14:44,040 If you raise the first round at 4 times of ARR, 186 00:14:49,920 --> 00:14:51,800 It will be really difficult for the investor. 187 00:15:05,200 --> 00:15:06,360 Will you give royalty? 188 00:15:07,880 --> 00:15:09,400 Not my first... 189 00:15:09,840 --> 00:15:10,720 Um... 190 00:15:11,480 --> 00:15:12,320 Inclination. 191 00:15:12,520 --> 00:15:13,320 Why not? 192 00:15:14,680 --> 00:15:15,640 DNA, sir. 193 00:15:15,720 --> 00:15:17,080 [Sharks laugh] 194 00:15:17,160 --> 00:15:19,320 - Only Marwaris can understand each other. - Marwari. 195 00:15:19,760 --> 00:15:24,000 Having royalty also secures one's investment. 196 00:15:24,080 --> 00:15:26,440 Sir, even Spider-Man had to take risks! 197 00:15:26,560 --> 00:15:27,960 - Oh! - [laughter] 198 00:15:28,360 --> 00:15:29,360 My God! 199 00:15:30,520 --> 00:15:31,400 Join in, sir. 200 00:15:31,640 --> 00:15:32,560 No. 201 00:15:32,680 --> 00:15:36,160 I have a feeling I won't be able to exit this category. 202 00:15:36,240 --> 00:15:37,560 [tense music playing] 203 00:15:37,680 --> 00:15:38,960 How will I make money? 204 00:15:39,080 --> 00:15:41,440 You will get a little extra out of your investment. 205 00:15:41,560 --> 00:15:43,640 - I can assure you. - You led with that. 206 00:15:44,320 --> 00:15:46,640 Vineeta, how were you planning on getting returns on your investment? 207 00:15:46,720 --> 00:15:51,040 Women's apparel saw a craze in two to three years 208 00:16:00,960 --> 00:16:02,120 And to build a brand, 209 00:16:02,200 --> 00:16:04,520 we'll have to cross that Rs. 100-crore threshold 210 00:16:04,600 --> 00:16:06,240 on our own. 211 00:16:06,320 --> 00:16:08,400 I don't think any funding will come in before that. 212 00:16:09,680 --> 00:16:12,840 If that is achieved, then there is an opportunity, 213 00:16:12,920 --> 00:16:15,200 because she'll be the only one in this category 214 00:16:15,280 --> 00:16:16,680 who's at Rs. 100 crores plus. 215 00:16:17,360 --> 00:16:18,760 What a predicament! 216 00:16:19,160 --> 00:16:20,400 [pensive music playing] 217 00:16:30,560 --> 00:16:31,600 Diksha, here's the offer. 218 00:16:41,560 --> 00:16:44,720 The second one is Aman and mine, Rs. 48 lakhs for 6% equity. 219 00:16:45,520 --> 00:16:47,480 We will give you an alternative offer. 220 00:16:47,560 --> 00:16:48,920 [music playing] 221 00:16:58,520 --> 00:16:59,680 [music concludes] 222 00:17:00,320 --> 00:17:02,000 - Can I give you a counteroffer? - Go on. 223 00:17:03,880 --> 00:17:06,880 - One would be obviously if all four of you join in. - Yes. 224 00:17:19,120 --> 00:17:20,000 Fantastic! 225 00:17:20,160 --> 00:17:21,400 At Rs. 8 crores valuation. 226 00:17:23,200 --> 00:17:25,240 Rs. 8 crores valuation at Rs. 48 lakhs. How much is that? 227 00:17:25,320 --> 00:17:27,200 - Rs. 48 lakhs for.... Original offer. - Oh... 228 00:17:27,280 --> 00:17:28,880 - So, how much is it? 6% equity? - At 6%. 229 00:17:37,600 --> 00:17:39,440 Rs. 60 lakhs for 7.5% equity. 230 00:17:59,560 --> 00:18:01,480 - Whoa! - [music fades] 231 00:18:03,160 --> 00:18:04,400 [theme music playing] 232 00:18:40,120 --> 00:18:41,240 [music fades] 233 00:18:41,760 --> 00:18:43,640 He comes here one way or another! 234 00:18:43,760 --> 00:18:46,760 Finally, we're getting rid of Rahul. So relieved! 235 00:18:46,920 --> 00:18:48,320 - Bye. - Not so soon. 236 00:18:48,520 --> 00:18:49,560 - Bye. - Not so soon. 237 00:18:49,640 --> 00:18:51,800 I need your help with something. 238 00:18:52,080 --> 00:18:55,000 After the season is over, I wish to go on a vacation. 239 00:19:01,800 --> 00:19:04,800 I couldn't decide which bag I should take though. 240 00:19:04,920 --> 00:19:06,760 [whimsical music playing] 241 00:19:06,880 --> 00:19:09,000 This is an Assembly bag 242 00:19:09,080 --> 00:19:11,080 and this one is by Nasher Miles. 243 00:19:11,920 --> 00:19:15,160 - They're new players in the old business of bags. - Yes. 244 00:19:15,280 --> 00:19:17,200 They expect to get an investment from you. 245 00:19:18,400 --> 00:19:19,840 So, I was thinking 246 00:19:23,880 --> 00:19:25,040 - Back to back. - Yes. 247 00:19:25,120 --> 00:19:27,680 Both pitchers will get equal time to make their respective pitches 248 00:19:27,760 --> 00:19:29,560 and for you to ask them questions. 249 00:19:30,080 --> 00:19:32,440 After which a buzzer like this will sound. 250 00:19:32,560 --> 00:19:34,000 [buzzer sounds] 251 00:19:34,120 --> 00:19:36,200 It indicates that the time is up. 252 00:19:36,280 --> 00:19:37,880 The one twist here is 253 00:19:37,960 --> 00:19:39,640 you need to hold your investment decision 254 00:19:39,840 --> 00:19:42,440 until both the pitches are complete. 255 00:19:43,360 --> 00:19:45,120 Be it investing in either business, 256 00:19:47,960 --> 00:19:49,400 Whatever your investment decision, 257 00:19:52,200 --> 00:19:54,800 So, if you're ready, may I call the pitchers? 258 00:19:54,920 --> 00:19:55,960 - Yes. - Sure. 259 00:19:56,080 --> 00:19:57,400 [theme music playing] 260 00:20:15,600 --> 00:20:16,800 [music fades] 261 00:20:16,880 --> 00:20:20,640 So, who goes first will be decided by way of a toss. 262 00:20:20,720 --> 00:20:21,520 Ah! 263 00:20:22,480 --> 00:20:24,360 Which one of you will call? 264 00:20:25,240 --> 00:20:26,040 - You? - Me? Yes. 265 00:20:26,160 --> 00:20:27,280 You'll do it. All right. 266 00:20:27,480 --> 00:20:28,720 [suspenseful music playing] 267 00:20:29,880 --> 00:20:30,680 Heads. 268 00:20:31,480 --> 00:20:32,680 [suspenseful music playing] 269 00:20:34,880 --> 00:20:35,760 Tails it is. 270 00:20:37,240 --> 00:20:39,640 This means that Assembly wins. 271 00:20:39,760 --> 00:20:41,640 Assembly, you'll be pitching first. 272 00:20:42,320 --> 00:20:44,520 Nasher Miles, we'll come back later. 273 00:20:44,680 --> 00:20:45,560 - Sure. - Sure. 274 00:20:51,480 --> 00:20:54,480 - My shoes are Japanese. - My pants are English. 275 00:20:54,560 --> 00:20:57,600 - With a red Russian cap on head. - Who is an Indian then? 276 00:20:57,680 --> 00:20:59,480 Our luggage is Indian. 277 00:21:03,200 --> 00:21:04,480 India is changing. 278 00:21:04,560 --> 00:21:07,560 And travel is becoming an important part of everyone's life. 279 00:21:08,280 --> 00:21:10,480 But nobody cares about the luggage. 280 00:21:10,560 --> 00:21:12,720 It lies in the corner of a store. 281 00:21:12,800 --> 00:21:15,840 It just needs some love, attention, and praises. 282 00:21:16,440 --> 00:21:18,120 When you buy luggage in the market, 283 00:21:18,240 --> 00:21:21,280 there are so many options that confuses a consumer. 284 00:21:21,360 --> 00:21:24,480 So, we have a design philosophy that less is more. 285 00:21:25,480 --> 00:21:27,400 Every product must have a core functionality. 286 00:21:47,840 --> 00:21:50,680 we have equally focused on the aesthetics and design. 287 00:21:50,800 --> 00:21:53,000 Because frequent travellers at present 288 00:21:53,080 --> 00:21:54,640 don't consider luggage to be a utility 289 00:21:54,720 --> 00:21:56,760 but a lifestyle product. 290 00:21:57,680 --> 00:22:00,640 For the last 3 years, with this product philosophy, 291 00:22:00,760 --> 00:22:03,520 we have become a part of 2 lakh travellers' lives. 292 00:22:03,680 --> 00:22:06,280 And our vision for the next 3-5 years 293 00:22:06,360 --> 00:22:09,000 is to become the biggest thoughtful travel store in India. 294 00:22:09,120 --> 00:22:11,200 Where we solve all travel-related problems. 295 00:22:11,280 --> 00:22:12,760 So, Sharks, we're asking for 296 00:22:21,400 --> 00:22:26,000 Mohit, Aditya, welcome to Shark Tank's interesting match-off. 297 00:22:26,080 --> 00:22:28,880 Tell me where did you learn 298 00:22:28,960 --> 00:22:31,360 how to manufacture high-quality bags in India. 299 00:22:31,440 --> 00:22:34,880 Our family businesses have been into bags and luggage. 300 00:22:34,880 --> 00:22:35,400 Okay. 301 00:22:35,400 --> 00:22:37,200 My family business 302 00:22:37,280 --> 00:22:39,480 has been into luggage manufacturing for 15-20 years now. 303 00:22:39,560 --> 00:22:41,880 From 2013 to 2019, 304 00:22:41,960 --> 00:22:45,120 I was a part of my family business, where I learnt luggage manufacturing 305 00:22:45,240 --> 00:22:47,560 R&D, technical know-how, and industrial designing. 306 00:22:47,640 --> 00:22:49,240 Which brands were you manufacturing it for? 307 00:22:49,360 --> 00:22:52,240 - Tommy Hilfiger, Benetton. - Okay. Got it. 308 00:22:57,320 --> 00:23:00,760 Aditya was planning for a new brand and so was I, so I said 309 00:23:00,920 --> 00:23:03,200 why do we create two big, separate brands? 310 00:23:03,280 --> 00:23:04,960 Let's build a big brand together instead. 311 00:23:05,600 --> 00:23:07,800 You have another co-founder, right? Abhishek? 312 00:23:07,880 --> 00:23:09,640 I think 1.5-2 years ago, 313 00:23:09,640 --> 00:23:11,200 - we spoke virtually. - Correct. 314 00:23:11,280 --> 00:23:12,920 - Correct. - And I think 315 00:23:13,000 --> 00:23:14,600 Abhishek was the co-founder. 316 00:23:14,680 --> 00:23:16,280 No, he was an early investor. 317 00:23:16,360 --> 00:23:18,080 I even gave you a feedback. 318 00:23:18,200 --> 00:23:19,400 I'm sure, a lot has changed. 319 00:23:19,480 --> 00:23:21,840 But there were quality issues with your bag. 320 00:23:21,920 --> 00:23:23,240 Correct. 321 00:23:23,400 --> 00:23:24,640 I think I had ordered one or two. 322 00:23:24,720 --> 00:23:26,720 - Have you fixed it now? - Yes. A 100 per cent. 323 00:23:26,800 --> 00:23:28,000 What was the issue? 324 00:23:28,080 --> 00:23:29,400 What I really loved, right? 325 00:23:29,400 --> 00:23:32,280 Their designs were simple, elegant, and clean. 326 00:23:32,280 --> 00:23:35,440 And their shoe bag and toiletry kit that comes with it 327 00:23:35,520 --> 00:23:38,040 is a wonderful surprise to open that and find it inside. 328 00:23:38,120 --> 00:23:41,680 But the shoe bag used to tear quickly, especially their hooks. 329 00:23:42,040 --> 00:23:44,280 Even the bags, the place where the handle is fit, 330 00:23:44,360 --> 00:23:46,640 that's generally the most problematic area of the bag. 331 00:23:46,720 --> 00:23:47,720 It breaks apart. 332 00:23:47,800 --> 00:23:48,840 Yours broke? 333 00:23:48,920 --> 00:23:50,920 Yes. So I had given them that feedback. 334 00:23:50,920 --> 00:23:52,320 Hopefully, they've worked on it. 335 00:23:53,000 --> 00:23:55,520 - Show us the products once. - Yes. 336 00:23:55,600 --> 00:23:57,600 [music playing] 337 00:23:59,080 --> 00:24:02,840 - I love this, the marbling design. - Yeah, it's really nice. 338 00:24:03,840 --> 00:24:06,080 It's actually like a little marble, granite. 339 00:24:06,080 --> 00:24:07,320 Yeah, it's lovely. 340 00:24:09,240 --> 00:24:11,520 [music playing] 341 00:24:13,440 --> 00:24:17,160 In India, who are the top 3-4 market players by market share? 342 00:24:17,240 --> 00:24:19,080 The legacy brands 343 00:24:19,160 --> 00:24:22,120 are VIP, Samsonite Group, 344 00:24:22,240 --> 00:24:23,920 Samsonite and American Tourister's collaboration. 345 00:24:24,000 --> 00:24:25,320 VIP is bigger than Samsonite? 346 00:24:25,320 --> 00:24:27,160 No, Samsonite is the world's biggest company. 347 00:24:27,240 --> 00:24:28,120 No, India. 348 00:24:28,120 --> 00:24:30,000 - I'm talking about Indian market. - In India, approximately, 349 00:24:30,120 --> 00:24:31,600 their revenue is around Rs 1500 crores. 350 00:24:31,600 --> 00:24:33,880 - So about the same. - Each. But as an umbrella brand. 351 00:24:33,960 --> 00:24:36,560 - Got it. - Safari is doing well. 352 00:24:36,680 --> 00:24:39,320 Approximately, Rs 1200 crores is their revenue. 353 00:24:39,760 --> 00:24:41,760 They're not competing with legacy brands. 354 00:24:41,880 --> 00:24:44,200 There's a brand called Mokobara. They're killing it. 355 00:24:44,280 --> 00:24:46,840 And they launched around the same time as you. 356 00:24:46,920 --> 00:24:49,760 But they have grown very well. What's the reason? 357 00:24:49,840 --> 00:24:52,160 I think capital infusion is a big reason. 358 00:24:53,600 --> 00:24:56,560 We did it in a bootstrapped manner. 359 00:24:56,640 --> 00:24:59,040 So, you're saying that it's time to build the brand now. 360 00:24:59,200 --> 00:25:00,280 - Yes, it is. - Yes. 361 00:25:00,400 --> 00:25:01,200 And you're doing it. 362 00:25:01,280 --> 00:25:02,200 - Yes, we are. - Yes. 363 00:25:03,200 --> 00:25:05,200 You spoke of three legacy brands, right? 364 00:25:05,280 --> 00:25:06,680 VIP, Safari, Samsonite. 365 00:25:06,760 --> 00:25:09,520 And let's talk about these three new brands. 366 00:25:09,640 --> 00:25:11,840 Mokobara, Assembly, and Nasher Miles. 367 00:25:11,960 --> 00:25:13,320 Between these two groups, 368 00:25:13,400 --> 00:25:17,040 what's the difference between incumbence and legacy brands? 369 00:25:17,160 --> 00:25:18,640 Frequent travellers 370 00:25:18,760 --> 00:25:20,840 prefer design, aesthetics, 371 00:25:20,920 --> 00:25:22,840 and thoughtfulness of luggage 372 00:25:22,920 --> 00:25:23,880 they're prioritizing it. 373 00:25:23,960 --> 00:25:27,360 But boss, your design is not so special. Sorry to say. 374 00:25:29,480 --> 00:25:31,040 Isn't your design bland? 375 00:25:31,520 --> 00:25:34,080 - If you're minimalistic... - A bit subtle. 376 00:25:34,160 --> 00:25:34,880 It's a subtle look. 377 00:25:34,960 --> 00:25:38,520 Correct. We are more into minimal outside and functional inside. 378 00:25:38,960 --> 00:25:42,920 What is your USP? Is it design or functionality? 379 00:25:43,040 --> 00:25:45,920 No, the best part is that we're trying to show a blend. 380 00:25:46,000 --> 00:25:48,040 That we're 50 per cent into design 381 00:25:48,120 --> 00:25:50,320 and 50 per cent into functionality. 382 00:25:51,200 --> 00:25:53,960 If you combine these two, most brands are expensive. 383 00:25:54,040 --> 00:25:55,640 This is our brand positioning. 384 00:25:55,720 --> 00:25:57,760 That we're great design, good functionality, at a right price. 385 00:25:57,880 --> 00:25:59,200 But if you have to choose one, 386 00:25:59,280 --> 00:26:01,120 between design and functionality. What would you choose? 387 00:26:01,200 --> 00:26:02,880 We'll choose design first. 388 00:26:17,840 --> 00:26:20,280 Assembly and Samsonite, 389 00:26:20,400 --> 00:26:21,800 then what will be comparable? 390 00:26:21,880 --> 00:26:25,040 Their luggage within the range of Rs 10,000-20,000 391 00:26:25,120 --> 00:26:26,760 we can certainly compare it 392 00:26:26,840 --> 00:26:29,480 with our luggage that's within the range of Rs 4000-6000. 393 00:26:30,120 --> 00:26:32,240 Their luggage in the range of Rs 30,000-50,000 394 00:26:32,320 --> 00:26:33,720 they've taken patent for a few. 395 00:26:33,800 --> 00:26:36,320 Cosmolite model, or PP curve. 396 00:26:36,400 --> 00:26:38,000 We haven't ventured into that yet. 397 00:26:38,080 --> 00:26:40,520 So, you're better than their luggage at the price range of 10,000-20,000. 398 00:26:40,600 --> 00:26:43,440 But the luggage higher than that price range has better quality. 399 00:26:43,520 --> 00:26:44,480 A 100 per cent. 400 00:26:44,560 --> 00:26:46,560 Pick any piece. 401 00:26:46,640 --> 00:26:48,880 Maybe that one lying next to you. 402 00:26:48,960 --> 00:26:52,640 Same size. What will be the price of different brands and yours? 403 00:26:52,720 --> 00:26:55,440 We're selling this product for Rs 6000. 404 00:26:59,840 --> 00:27:02,120 Rs 18,000-20,000. Wow. 405 00:27:02,360 --> 00:27:04,040 Mokobara sells it for Rs 12,000. 406 00:27:04,120 --> 00:27:06,160 Rs 12,000. So that's premium too. Alright. 407 00:27:06,280 --> 00:27:07,560 - Nasher Miles? - Nasher? 408 00:27:07,760 --> 00:27:09,680 - I don't know about them, Sir. - Okay. 409 00:27:09,760 --> 00:27:11,760 The customer segment of legacy brands 410 00:27:11,840 --> 00:27:14,920 as compared to yours, in terms of age profile, is it different? 411 00:27:15,000 --> 00:27:16,800 Younger audience 412 00:27:16,880 --> 00:27:19,240 between late 20s to late 30s. 413 00:27:19,360 --> 00:27:22,800 We want our source of growth to be directed towards that age group. 414 00:27:22,880 --> 00:27:25,960 Usually, we use a term HENRY. 415 00:27:26,080 --> 00:27:27,160 High Earning Not Reached Yet. 416 00:27:27,240 --> 00:27:29,720 Either they're not able to afford Samsonite 417 00:27:29,800 --> 00:27:32,120 or they might not find it to be a practical price point. 418 00:27:32,200 --> 00:27:34,560 So, our price point will be 40 per cent of Samsonite. 419 00:27:34,640 --> 00:27:37,120 And it will be maybe 30-40 per cent above Safari. 420 00:27:37,760 --> 00:27:40,280 How many SKUs and how do you distribute it? 421 00:27:40,360 --> 00:27:43,760 Currently, our unique SKUs are approximately 10-11. 422 00:27:43,840 --> 00:27:45,360 Available in multiple colours. 423 00:27:45,480 --> 00:27:46,680 And online or offline? 424 00:27:46,760 --> 00:27:47,880 We're not present offline. 425 00:27:47,960 --> 00:27:50,560 What's the channel mix like? How much from the website 426 00:27:50,680 --> 00:27:51,840 and how much from marketplaces? 427 00:29:26,920 --> 00:29:29,480 Before that, Mohit, I, and two other angels 428 00:29:29,640 --> 00:29:34,320 collectively invested Rs 1.4 crores. 429 00:29:34,400 --> 00:29:35,280 Valuation? 430 00:29:48,920 --> 00:29:52,320 The commit is almost Rs 13.5 crores. 431 00:29:52,680 --> 00:29:54,440 What is the projected sales for the next three years? 432 00:29:54,520 --> 00:29:57,720 With this round, we'll reach approximately 433 00:29:57,800 --> 00:29:59,440 - Rs 80 crores annually in... - But? 434 00:30:27,600 --> 00:30:30,160 We have an Indian supply chain 435 00:30:30,240 --> 00:30:32,000 that gives us agility 436 00:30:32,080 --> 00:30:35,320 to be able to do R&D quickly at a low price. 437 00:30:35,400 --> 00:30:37,160 You were mentioning your differences. 438 00:30:37,240 --> 00:30:39,080 But as I look at the brand, 439 00:30:39,080 --> 00:30:42,240 don't you think your logo here, 440 00:30:44,640 --> 00:30:46,040 it's not to be seen anywhere on your bags. 441 00:30:46,120 --> 00:30:50,160 I don't see a strong branding on your bags. 442 00:30:51,160 --> 00:30:52,640 Would it be fair to say that 443 00:30:52,720 --> 00:30:54,960 you're from the manufacturing operations background 444 00:31:03,360 --> 00:31:05,080 we're getting better every day. 445 00:31:05,160 --> 00:31:06,760 - But it's not something... - I don't think so. 446 00:31:06,760 --> 00:31:08,640 What I saw 18 months ago, 447 00:31:08,640 --> 00:31:11,160 I'm seeing the same thing in terms of branding. 448 00:31:11,800 --> 00:31:13,320 One is premium. 449 00:31:13,320 --> 00:31:14,880 Let's forget about those imported brands. 450 00:31:15,200 --> 00:31:16,760 The second one is Mokobara. 451 00:31:16,840 --> 00:31:18,240 Their price is 2x yours. 452 00:31:18,360 --> 00:31:21,600 By selling it at half the price, you're getting a gross margin of 42% 453 00:31:21,760 --> 00:31:23,280 - 50 per cent. - Right? 50 per cent. 454 00:31:23,360 --> 00:31:24,480 And you're breaking even. 455 00:31:24,560 --> 00:31:27,440 So, even in this space, every customer wants aspiration. 456 00:31:27,520 --> 00:31:29,120 If you correct that, 457 00:31:29,200 --> 00:31:31,160 and increase the price by 10-20 per cent. 458 00:31:31,280 --> 00:31:32,600 Increase your gross margin 459 00:31:32,680 --> 00:31:34,720 and get aggressively a larger market share. 460 00:31:34,800 --> 00:31:36,680 In the bottom-most segment. Didn't you wish to do that? 461 00:31:36,760 --> 00:31:39,920 This is exactly our plan. Thank you for acknowledging it. 462 00:32:11,480 --> 00:32:12,840 You have so many investors 463 00:32:12,920 --> 00:32:15,040 then what do you seek here? 464 00:32:15,120 --> 00:32:16,120 I feel that 465 00:32:16,200 --> 00:32:19,280 if our network has a strong 466 00:32:53,160 --> 00:32:55,520 - Lastly, say why you're special. - Say it quickly. 467 00:32:55,600 --> 00:32:57,400 I think Assembly is all about 468 00:32:57,640 --> 00:32:58,760 you know building, 469 00:32:58,920 --> 00:33:02,080 assembly of people, material, 470 00:33:02,160 --> 00:33:03,360 good skills together. 471 00:33:03,440 --> 00:33:07,280 We will surely build it to a 500-1000 crores worth company. 472 00:33:07,440 --> 00:33:09,440 At any cost, in the next 5 years. 473 00:33:09,880 --> 00:33:11,480 - Okay. - Alright. 474 00:33:11,600 --> 00:33:13,920 - Thank you. Good pitch. - Thank you. 475 00:33:14,120 --> 00:33:16,360 [music playing] 476 00:33:36,440 --> 00:33:38,800 Sharks, have you ever picked up 477 00:33:38,880 --> 00:33:42,160 someone else's luggage accidentally at the airport from the belt? 478 00:33:42,480 --> 00:33:46,560 - Hmm. - Or the luggage kept spinning 479 00:33:46,840 --> 00:33:49,440 and you couldn't believe that it's yours. 480 00:33:49,640 --> 00:33:53,000 With these fears, people tie red ribbons to their bags, 481 00:33:53,160 --> 00:33:55,280 pink ribbon, yellow thread, 482 00:33:55,400 --> 00:33:59,000 or put up their name in capitals on it. 483 00:33:59,200 --> 00:34:01,720 Because all the bags look the same, Sharks. 484 00:34:02,120 --> 00:34:04,440 To relieve your beautiful luggage 485 00:34:04,520 --> 00:34:08,240 from these ugly, make-do tags, 486 00:34:08,400 --> 00:34:10,360 we started Nasher Miles. 487 00:34:10,440 --> 00:34:11,960 [music playing] 488 00:34:12,680 --> 00:34:14,720 Greetings, Sharks. My name is Lokesh. 489 00:34:22,040 --> 00:34:23,520 [music playing] 490 00:34:35,320 --> 00:34:37,600 you must've seldom seen or heard. 491 00:34:37,680 --> 00:34:40,960 Not just this, our styles, designs, 492 00:34:41,040 --> 00:34:43,800 will help you spot your bag from a distance. 493 00:35:17,400 --> 00:35:20,000 through our stylish luggage, 494 00:35:20,120 --> 00:35:23,600 we wish to elevate the fashion quotient of Indian travellers. 495 00:35:23,800 --> 00:35:26,040 To fulfill this vision, 496 00:35:26,200 --> 00:35:28,560 we're here to ask for 497 00:35:28,640 --> 00:35:30,600 - Rs 3 crores for an equity of - [sniggering] 498 00:35:41,560 --> 00:35:44,320 - 400 crores. - you need Nasher Miles. 499 00:35:52,640 --> 00:35:54,080 Tell us more about yourself. 500 00:35:54,160 --> 00:35:56,080 - He's my younger brother. - He's my elder brother. 501 00:35:56,200 --> 00:35:59,680 - Abhishek is my first cousin. - First cousin. So family. 502 00:35:59,760 --> 00:36:01,000 Lokesh and Abhishek. 503 00:36:01,120 --> 00:36:02,280 - Yeah. - Yes, we're first cousins. 504 00:36:02,280 --> 00:36:03,680 Are you just colleagues or... 505 00:36:03,680 --> 00:36:05,840 At home, we're husband and wife. At office, we're colleagues. 506 00:36:06,360 --> 00:36:09,480 So, how did you meet and decide 507 00:36:09,600 --> 00:36:12,040 to start a luggage company. 508 00:36:12,520 --> 00:36:13,920 What was the conversation? 509 00:36:14,000 --> 00:36:14,840 When we started, 510 00:36:15,000 --> 00:36:16,800 - Okay. - online was a new thing. 511 00:36:16,880 --> 00:36:18,440 Brands wanted to learn 512 00:36:18,520 --> 00:36:19,600 how to sell online. 513 00:36:19,680 --> 00:36:20,960 And that was the time where 514 00:36:21,200 --> 00:36:25,000 Amazon and Flipkart were just about setting the ground in the country. 515 00:36:25,160 --> 00:36:26,840 So, we acted as aggregators. 516 00:36:26,920 --> 00:36:28,640 - Got it. - So, we used to distribute a lot of. 517 00:36:28,640 --> 00:36:29,640 On Amazon? 518 00:36:29,640 --> 00:36:31,160 - On Amazon and Flipkart. - Yes. 519 00:36:31,240 --> 00:36:32,960 So you were like a superseller on Amazon? 520 00:36:33,040 --> 00:36:34,440 Superseller on Amazon. 521 00:36:34,880 --> 00:36:36,080 During this journey, 522 00:36:36,240 --> 00:36:39,280 we were also distributors for VIP in three years. 523 00:36:40,200 --> 00:36:42,760 We learnt to sell our products. 524 00:36:42,920 --> 00:36:45,840 Now, like a normal retailer, to evolve 525 00:36:45,920 --> 00:36:48,480 we thought of spinning off our private brand. 526 00:36:48,560 --> 00:36:49,720 It was when 527 00:36:49,880 --> 00:36:52,440 luggage was not a big category online. 528 00:36:52,600 --> 00:36:55,760 So, sometimes, you're at the right place at the right time. 529 00:36:55,920 --> 00:36:57,960 And there's a first-mover advantage. 530 00:36:58,080 --> 00:37:00,200 So, that's how our journey started. 531 00:37:00,200 --> 00:37:00,880 That's a smart thing. 532 00:37:00,880 --> 00:37:02,200 - Thank you, Aman. - Yeah, we realized that. 533 00:37:02,200 --> 00:37:04,400 Our vision was to... 534 00:37:04,480 --> 00:37:07,280 So, you chose luggage as a good category, you went back 535 00:37:07,480 --> 00:37:09,040 and where did you get it made? 536 00:37:09,880 --> 00:37:12,440 - We started our journey from China. - Okay. 537 00:37:12,520 --> 00:37:15,240 Around 80 per cent of our entire production 538 00:37:22,600 --> 00:37:25,560 In India, we will manufacture 50-60 per cent. 539 00:37:25,640 --> 00:37:27,240 So, Make in India is becoming a reality. 540 00:37:27,320 --> 00:37:28,240 It is real. 541 00:37:28,240 --> 00:37:29,560 It is a reality. It will happen. 542 00:37:30,480 --> 00:37:32,480 When did you manufacture your first lot? 543 00:39:04,280 --> 00:39:05,440 - We know that, Sir. - Assembly. 544 00:39:05,520 --> 00:39:06,960 And they're funded. 545 00:39:07,360 --> 00:39:09,000 Yet, their sales were not so good. 546 00:39:09,120 --> 00:39:11,280 Without funding, you have managed great sales. 547 00:39:11,400 --> 00:39:12,440 What's the secret? 548 00:39:13,320 --> 00:39:16,880 Our main differentiator since the beginning 549 00:39:16,960 --> 00:39:20,280 is that we focus on style and design. 550 00:39:20,400 --> 00:39:22,760 From the very beginning, our product 551 00:39:22,880 --> 00:39:25,400 pricing is market-fit. 552 00:39:25,720 --> 00:39:27,360 And we have stuck to it. 553 00:39:27,440 --> 00:39:29,560 From a distance, your designs look good. 554 00:39:29,720 --> 00:39:30,880 - Thank you. - Thank you, Aman. 555 00:39:30,960 --> 00:39:32,680 - Show us samples. - The products are nice. 556 00:39:32,760 --> 00:39:34,080 [music playing] 557 00:39:34,640 --> 00:39:36,520 - Matches you. - Very nice. 558 00:39:36,720 --> 00:39:38,280 - Oh, it's matching. - Matching. 559 00:39:38,400 --> 00:39:40,360 I have this. So, I want this. 560 00:39:40,480 --> 00:39:42,080 [music playing] 561 00:40:10,480 --> 00:40:12,720 I have to comment on the product. Outstanding. 562 00:40:12,800 --> 00:40:13,600 - Thank you so much. - Loved it. 563 00:40:13,600 --> 00:40:14,520 Very good product. 564 00:40:14,520 --> 00:40:16,400 - Very good. - Lovely branding. Lovely product. 565 00:40:17,600 --> 00:40:19,960 Tell me something. That unit, for example, 566 00:40:20,080 --> 00:40:23,080 - Yes, Sir. - what's the price in mass market? 567 00:40:23,280 --> 00:40:26,760 Accordingly, tell me what's the market price as compared to yours. 568 00:40:26,840 --> 00:40:28,840 - Yes. - Which brand 569 00:40:28,920 --> 00:40:30,120 - relates to that market? - Let me explain clearly. 570 00:40:30,200 --> 00:40:31,960 In mass market, popular brands 571 00:40:32,040 --> 00:40:33,480 - are Safari, the biggest brand. - Okay. 572 00:40:33,600 --> 00:40:34,760 There's Aristocrat. 573 00:40:34,840 --> 00:40:36,280 There's a brand called Kamiliant, a part 574 00:40:36,280 --> 00:40:38,360 of American Tourister-Samsonite Group. 575 00:41:26,720 --> 00:41:30,680 When you compare Nasher Miles, Assembly and Mokobara, 576 00:41:30,800 --> 00:41:32,560 your differentiation in terms of 577 00:41:32,640 --> 00:41:34,400 - target customer age group... - Yes. 578 00:41:34,480 --> 00:41:36,760 Marketing as a percent to sales 579 00:41:36,840 --> 00:41:38,040 - and distribution... - Correct. 580 00:41:38,160 --> 00:41:41,440 Do you have a differentiation in these three areas? 581 00:41:42,840 --> 00:41:44,160 - You mentioned Mokobara. - Yes. 582 00:41:44,280 --> 00:41:46,320 They operate at a 10% price point 583 00:41:46,400 --> 00:41:49,320 where brands like Samsonite and Carlton play. 584 00:41:49,400 --> 00:41:50,800 - That's a niche market. - Okay. 585 00:41:50,880 --> 00:41:53,360 We operate in the 30% price point market 586 00:41:53,440 --> 00:41:55,480 and that's where we would like to operate. That is number one. 587 00:41:55,560 --> 00:41:57,040 In terms of distribution, 588 00:42:13,080 --> 00:42:16,200 The majority of our target customers 589 00:42:22,080 --> 00:42:25,360 and your marketing communication content compared to them? 590 00:42:25,480 --> 00:42:27,800 We have spent close to 14% on marketing. 591 00:42:33,360 --> 00:42:37,080 We signed a brand ambassador just this year, Rishabh Pant. 592 00:42:37,160 --> 00:42:38,120 Oh, nice. 593 00:42:38,480 --> 00:42:40,360 You don't have skills in offline business. 594 00:42:40,440 --> 00:42:42,440 When you cap out the online market... 595 00:42:42,560 --> 00:42:46,240 You already might be number one in certain categories right now. 596 00:42:46,400 --> 00:42:48,160 - 100%. - So, when you cap out, 597 00:42:48,240 --> 00:42:49,640 how will you learn offline business? 598 00:42:49,720 --> 00:42:51,720 Let me lay out our offline strategy for you. 599 00:43:01,200 --> 00:43:04,280 No. You can open exclusive EBOs of Rs. 30 lakhs. 600 00:43:04,360 --> 00:43:06,320 In which locations will your EBOs be? 601 00:43:07,400 --> 00:43:10,720 We've been selling on our website 602 00:43:10,840 --> 00:43:12,920 for the last 18 months that is since April. 603 00:43:13,000 --> 00:43:14,960 Over a period of 18 months, 604 00:43:15,040 --> 00:43:16,440 we have captured the postal codes 605 00:43:24,880 --> 00:43:27,120 And if... That's why we've come to you. 606 00:43:27,240 --> 00:43:30,120 If we set up EBOs, then our unit dynamics... 607 00:43:30,200 --> 00:43:31,160 You'll open them in malls. 608 00:43:31,240 --> 00:43:33,120 - No, not in malls. High Street. - Then where? 609 00:43:33,200 --> 00:43:34,320 - High Street. - High Street because... 610 00:43:34,400 --> 00:43:36,800 Samsonite and other brands set up kiosks of Rs. 2 lakhs 611 00:43:36,880 --> 00:43:40,320 because of the high traffic and that's where it sells. 612 00:43:41,520 --> 00:43:44,760 Vineeta, the idea is to open EBOs in High Street 613 00:43:52,240 --> 00:43:54,720 are spread across 800 to 1,000 stores. 614 00:43:54,800 --> 00:43:56,040 Our thought process is 615 00:43:56,160 --> 00:43:58,920 to go to retail stores, to have distributors, 616 00:43:59,000 --> 00:44:01,520 and we want this cycle to be completed. 617 00:44:31,920 --> 00:44:33,000 100%. 618 00:44:33,120 --> 00:44:34,640 - Could everybody clarify one thing? - Yes? 619 00:44:59,760 --> 00:45:02,520 Every luggage manufacturer claims to give a lifetime warranty. 620 00:45:02,600 --> 00:45:04,160 - What does it mean? - Yes. 621 00:45:04,240 --> 00:45:06,560 I have not understood till now. Do you take the bag back? 622 00:45:07,720 --> 00:45:09,880 - The bag Vineeta has... - Yes? 623 00:45:09,960 --> 00:45:12,040 It's made up of polypropylene. 624 00:45:12,320 --> 00:45:13,280 This will never crack. 625 00:45:13,360 --> 00:45:14,840 If it does, then you will replace it. 626 00:45:21,600 --> 00:45:23,200 What are you doing, Anupam? 627 00:45:23,280 --> 00:45:25,160 - It needs to be done. - [screaming] 628 00:45:25,280 --> 00:45:27,040 - It regains its shape. - Don't fall! 629 00:45:27,800 --> 00:45:29,680 - Okay. - Oh, that's the... 630 00:45:29,840 --> 00:45:32,080 - So, you're saying if this cracks... - Will there be no dent? 631 00:45:32,160 --> 00:45:33,160 If it cracks, 632 00:45:33,240 --> 00:45:35,520 - we'll replace the bag. - You'll replace it. 633 00:45:35,600 --> 00:45:37,480 - No questions asked. - No questions asked policy. 634 00:45:37,560 --> 00:45:39,800 - I'm going to name four or five brands. - Okay. 635 00:45:57,400 --> 00:45:59,440 How much will you take out of Rs. 100 crores? 636 00:45:59,520 --> 00:46:01,000 - We don't take cash. - We never... 637 00:46:01,120 --> 00:46:02,080 - No. - What we earn is all... 638 00:46:02,160 --> 00:46:03,480 Is it because you have to invest again? 639 00:46:17,440 --> 00:46:18,440 Rs. 7 lakhs... 640 00:46:18,560 --> 00:46:19,560 - Per month. - Per month. 641 00:46:19,640 --> 00:46:22,000 - And... I... - Anupam, we live in South Mumbai. 642 00:46:22,200 --> 00:46:23,680 - Oh! - [Sharks laugh] 643 00:46:24,960 --> 00:46:27,640 - SoBo! - Look. Let me tell you one thing. 644 00:46:27,760 --> 00:46:30,320 I've been setting up companies and selling them for 20 years. 645 00:46:30,440 --> 00:46:32,440 I still take the same salary as you. 646 00:46:32,800 --> 00:46:34,560 - Oh! - You draw Rs. 7 lakhs. 647 00:46:34,640 --> 00:46:37,560 - Rs. 7 lakhs salary, Rs. 7 lakhs... - Per month! 648 00:46:37,720 --> 00:46:39,240 - Per month and after that... - Rs. 7 lakhs. 649 00:46:39,320 --> 00:46:41,000 At the end of the year, we take a month's bonus. 650 00:46:41,080 --> 00:46:42,160 And you take a month's bonus. 651 00:46:42,240 --> 00:46:44,480 Yes. One to two months' depending on the performance. 652 00:46:44,560 --> 00:46:46,320 Good job, guys. Good job. 653 00:46:46,400 --> 00:46:47,440 Crazy! 654 00:48:03,480 --> 00:48:05,440 Last ten seconds. What would you like to say? 655 00:48:05,520 --> 00:48:06,640 Join us. 656 00:48:07,080 --> 00:48:08,680 I guarantee you we both will make money. 657 00:48:08,760 --> 00:48:10,240 - Whoa! - Nice. 658 00:48:10,320 --> 00:48:12,600 - We both will make money. - We closed it in five seconds. 659 00:48:12,880 --> 00:48:13,760 Five seconds back. 660 00:48:13,840 --> 00:48:14,880 - Good job. - Well done! 661 00:48:14,960 --> 00:48:16,320 - We give you 5% back. - Well done. 662 00:48:16,400 --> 00:48:18,080 - That's our assurance. - Thank you, guys. 663 00:48:18,160 --> 00:48:19,320 - Thank you so much. - Bye. 664 00:48:19,400 --> 00:48:20,720 - Thank you so much. - Good job. 665 00:48:21,080 --> 00:48:22,000 Very good job. 666 00:48:23,560 --> 00:48:24,560 [music fades] 667 00:49:22,080 --> 00:49:24,520 This category is exploding. 668 00:49:24,840 --> 00:49:27,640 Too many investors is what I feel. 669 00:49:33,840 --> 00:49:35,880 at least on the design part. 670 00:49:36,000 --> 00:49:39,960 Your design is lacking on lifestyle elements. 671 00:49:41,120 --> 00:49:43,640 They have too much of a minimalistic vibe. 672 00:49:49,520 --> 00:49:51,800 Your product is mostly being bought online. 673 00:49:51,920 --> 00:49:55,320 How will your product sell if it has limited visibility? 674 00:49:56,120 --> 00:49:59,520 I feel your designs can be further improved. 675 00:49:59,680 --> 00:50:01,320 I am out for that reason. 676 00:50:01,440 --> 00:50:02,320 Thank you, Ritesh. 677 00:50:03,240 --> 00:50:07,640 I found it quite disappointing that you didn't talk about quality. 678 00:50:07,720 --> 00:50:10,760 In such businesses, quality is your only business plan. 679 00:50:17,760 --> 00:50:19,960 I don't think that 680 00:50:20,080 --> 00:50:22,840 right now, I want to bet on this. 681 00:50:23,960 --> 00:50:25,120 Best of luck. I'm out. 682 00:50:27,440 --> 00:50:29,720 I am also out, for the same reason as Aman. 683 00:50:29,840 --> 00:50:32,440 I think at this point, you have too many investors. 684 00:50:32,440 --> 00:50:33,360 All the best. 685 00:50:33,440 --> 00:50:36,120 - Thank you. - Sir, all your roads end here. 686 00:50:37,160 --> 00:50:38,640 I could bet on you 687 00:50:38,720 --> 00:50:40,800 but I can't take the risk of betting complete equity, 688 00:51:10,000 --> 00:51:13,120 because so far, execution has not been spot on. 689 00:51:13,440 --> 00:51:15,120 I want my money to be secure. 690 00:51:23,320 --> 00:51:26,920 Along with 1% royalty on sales 691 00:51:38,280 --> 00:51:40,200 - So... [mumbling] - Hmm. 692 00:51:40,440 --> 00:51:42,120 [pensive music playing] 693 00:51:43,560 --> 00:51:45,160 Anupam, thank you for the offer. 694 00:51:45,600 --> 00:51:47,360 We want to work with you. 695 00:51:47,440 --> 00:51:50,480 I mean, in the past, we approached you for that reason. 696 00:51:50,560 --> 00:51:53,440 Our constraint in this round is that 697 00:51:53,600 --> 00:51:56,080 other investors are coming on board at a certain value, 698 00:51:56,200 --> 00:51:59,080 and from a royalty-structure perspective also, 699 00:51:59,200 --> 00:52:02,120 it will be a little difficult to find that middle ground. 700 00:52:03,680 --> 00:52:06,800 If you wish to reconsider coming in.. 701 00:52:06,960 --> 00:52:07,880 I could. 702 00:52:09,120 --> 00:52:10,680 - I'll change the terms. - Hmm? 703 00:52:11,280 --> 00:52:14,720 Rs. 85 lakhs for 1% equity at the same valuation you asked. 704 00:52:22,640 --> 00:52:24,400 if we committed to it. 705 00:52:49,600 --> 00:52:52,200 If you can try without royalty, we'd be happy to... 706 00:52:52,440 --> 00:52:53,800 [suspenseful music playing] 707 00:52:55,200 --> 00:52:56,160 I cannot. 708 00:52:56,240 --> 00:52:58,640 It's a no without royalty. So, good luck. Thank you. 709 00:52:58,720 --> 00:53:00,200 - Thank you so much for the feedback. - Thank you. 710 00:53:00,280 --> 00:53:01,440 Thank you. 711 00:53:04,440 --> 00:53:05,840 [suspenseful music playing] 712 00:53:16,320 --> 00:53:17,760 [gripping music playing] 713 00:53:21,640 --> 00:53:23,080 Look, it's a simple deal. 714 00:53:31,600 --> 00:53:34,600 Your valuation of Rs. 400 crores is way too high for us. 715 00:53:34,680 --> 00:53:36,520 This is Shark Tank. We're not PE investors. 716 00:53:36,680 --> 00:53:38,280 PE investors can do 400 crores. 717 00:53:38,360 --> 00:53:41,160 If you want us to partner with you, 718 00:53:41,400 --> 00:53:43,080 then it should be a win-win for both of us. 719 00:53:44,400 --> 00:53:46,520 It is not just this way or that way. 720 00:53:47,040 --> 00:53:48,720 - There's always a third way. - Correct. 721 00:53:48,800 --> 00:53:51,920 The third way is such that both of us stand to gain from it. 722 00:53:52,000 --> 00:53:52,880 100%. 723 00:53:53,400 --> 00:53:55,960 We suggest that you take Rs. 3 crores for 1% equity. 724 00:53:56,080 --> 00:53:58,320 We four will get 0.25% each. 725 00:53:59,720 --> 00:54:03,920 Give us royalty along with that... You're profitable as it is. 726 00:54:16,360 --> 00:54:18,560 - I'll tell you the offer. - Go on. 727 00:54:18,760 --> 00:54:21,360 - I'll go solo. - He wants to go solo. 728 00:54:21,560 --> 00:54:24,440 - I can give you Rs. 1 crore for 1% equity. - Okay. 729 00:54:24,520 --> 00:54:28,480 And rest, I can give you debt at 10% for 2 years. 730 00:54:35,760 --> 00:54:38,720 I think we would like to gracefully not accept the offer. 731 00:54:47,520 --> 00:54:48,560 would you give us royalty? 732 00:54:48,760 --> 00:54:50,080 [tense music playing] 733 00:54:51,040 --> 00:54:52,320 Rs. 300 crores valuation, 734 00:54:52,400 --> 00:54:54,520 but royalty is non-negotiable and you get Aman. 735 00:54:54,600 --> 00:54:56,680 At the stage we are at right now, 736 00:54:56,760 --> 00:55:00,320 we feel that royalty for us is as good as paying interest 737 00:55:00,440 --> 00:55:01,880 which we are already doing. 738 00:55:23,640 --> 00:55:26,280 You could give us both debt and equity. 739 00:55:26,360 --> 00:55:27,640 We are very open to it. 740 00:55:27,720 --> 00:55:29,720 - Okay. - Royalty is something 741 00:55:29,880 --> 00:55:32,200 we are a little uncomfortable with right now. 742 00:55:32,280 --> 00:55:33,320 I'm not sure I want to be a part of it. 743 00:55:33,400 --> 00:55:35,240 Here's the thing, Namita. 744 00:55:35,320 --> 00:55:37,160 If we take off the royalty, 745 00:55:37,320 --> 00:55:39,880 we wish to know what you could offer us. 746 00:55:40,000 --> 00:55:42,040 What rate of interest would you give us on the debt? 747 00:55:43,240 --> 00:55:45,840 If 11% percent works for you, we're okay with it. 748 00:55:45,960 --> 00:55:46,920 No problem at all. 749 00:55:48,720 --> 00:55:49,880 [pensive music playing] 750 00:55:52,400 --> 00:55:53,480 Let's discuss this. 751 00:55:55,080 --> 00:55:58,000 - I don't know what's going on... - The same... 752 00:55:58,120 --> 00:55:59,280 Let's go out and... 753 00:55:59,360 --> 00:56:02,480 If we go out, we cannot come back. Please. 754 00:56:02,920 --> 00:56:05,040 Wait. Let's hear the final offer. 755 00:56:05,120 --> 00:56:06,160 We'll get 1x... 756 00:56:06,240 --> 00:56:08,040 Aman is giving you the offer. 757 00:56:08,320 --> 00:56:09,160 Okay. 758 00:56:11,240 --> 00:56:13,680 Now, you'll have to go with all five of us. 759 00:56:13,800 --> 00:56:15,720 - Okay. - Otherwise, it's a take it or leave it. 760 00:56:16,080 --> 00:56:18,320 This is a combined offer from all five of us. 761 00:56:18,400 --> 00:56:21,240 We will give you Rs. 3 crores 762 00:56:21,560 --> 00:56:23,520 at a valuation of Rs. 200 crores. 763 00:56:24,840 --> 00:56:28,160 Plus we will take royalty at 1% 764 00:56:39,680 --> 00:56:42,000 We understand the value that you all will bring. 765 00:56:42,120 --> 00:56:43,720 Our ask was Rs. 400 crores. 766 00:56:43,800 --> 00:56:45,280 You agreed to Rs. 300 crores. 767 00:56:45,360 --> 00:56:47,440 Now, you made us an offer of Rs. 200 crores. 768 00:56:47,520 --> 00:56:49,880 If we can come at a Rs. 250-crore valuation... 769 00:56:57,760 --> 00:56:59,040 There must be pain... 770 00:56:59,160 --> 00:57:01,280 - Yes. We're compromising too. - On both sides. 771 00:57:01,360 --> 00:57:03,480 You came down from 300 to 200. 772 00:57:13,840 --> 00:57:16,520 and try to make a brand with a decent valuation for investors. 773 00:57:16,640 --> 00:57:18,560 Try to make a structured company. 774 00:57:18,640 --> 00:57:19,600 Don't get petty. 775 00:57:21,840 --> 00:57:23,560 Let's do it. Come on, guys. We've got to move on. 776 00:57:23,640 --> 00:57:25,280 [suspenseful music playing] 777 00:57:43,080 --> 00:57:44,800 - Thank you so much. - Bye. 778 00:57:45,360 --> 00:57:46,440 'It was really fun.' 779 00:57:46,640 --> 00:57:48,760 When two companies 780 00:57:48,880 --> 00:57:52,040 from the same industry pitch one after the other, 781 00:57:52,120 --> 00:57:53,160 there's a different joy 782 00:57:53,280 --> 00:57:56,800 in hearing them out and understanding the industry. 783 00:57:57,200 --> 00:57:58,680 [joyous music playing] 784 00:58:00,200 --> 00:58:04,840 There was a vast difference in their thinking and execution. 785 00:58:04,920 --> 00:58:07,480 And, finally, business is all about execution. 786 00:58:07,560 --> 00:58:09,880 And I think Nasher Miles won on that. 787 00:58:11,440 --> 00:58:12,760 [music fades]