1 00:00:10,000 --> 00:00:11,800 [music playing] 2 00:00:14,240 --> 00:00:17,600 'Joining the Sharks on Shark Tank India' 3 00:00:17,840 --> 00:00:20,200 'is the Co-Founder and Chairperson of upGrad,' 4 00:00:20,360 --> 00:00:21,640 'Ronnie Screwvala.' 5 00:00:27,280 --> 00:00:28,360 [keys clanking] 6 00:03:26,120 --> 00:03:27,080 [footsteps approaching] 7 00:03:28,960 --> 00:03:30,080 - Nice. - Yes. 8 00:03:30,200 --> 00:03:32,800 - You've settled in now, right? You've gotten comfortable. - Yes... 9 00:03:33,200 --> 00:03:34,320 - Pretty sure you have. - I've gotten comfortable. 10 00:03:34,400 --> 00:03:35,440 They've been very easy. 11 00:03:35,720 --> 00:03:36,760 Nice. Very nice. 12 00:03:37,120 --> 00:03:38,640 - It's a beautiful set I think. - Yes. 13 00:03:39,640 --> 00:03:40,560 It looks good too. 14 00:03:41,000 --> 00:03:42,280 [theme music playing] 15 00:04:03,440 --> 00:04:05,120 [music fades] 16 00:04:05,840 --> 00:04:06,720 Hi, Sharks. 17 00:04:06,840 --> 00:04:10,240 Have you ever seen a goat having cow's milk 18 00:04:10,400 --> 00:04:12,200 or a camel having donkey's milk? 19 00:04:12,320 --> 00:04:14,960 Humans are the only species in the entire world 20 00:04:15,240 --> 00:04:17,520 that drink the milk of other animals. 21 00:04:18,360 --> 00:04:19,280 It is said 22 00:04:19,400 --> 00:04:22,680 - that humans don't need milk after a certain age. - That's right. 23 00:04:22,800 --> 00:04:25,400 Yet humans have been consuming milk daily for years 24 00:04:25,480 --> 00:04:27,560 thinking that it contains calcium. 25 00:04:27,920 --> 00:04:31,200 Sharks, about 70% of the population is unaware 26 00:04:39,720 --> 00:04:42,560 A healthy and sustainable alternative to it 27 00:04:42,800 --> 00:04:43,840 is plant-based milk. 28 00:04:50,440 --> 00:04:53,960 People didn't like its taste much either. 29 00:04:54,200 --> 00:04:57,160 Its functionality was extremely poor too 30 00:04:57,240 --> 00:05:00,440 as the milk could curdle while boiling or cooking it. 31 00:05:01,280 --> 00:05:02,880 Sharks, while studying in the US, 32 00:05:02,960 --> 00:05:05,880 we tried some of the best plant-based products. 33 00:05:06,000 --> 00:05:10,040 We wanted Indians to get to taste those products too. 34 00:05:10,760 --> 00:05:13,320 We returned and started AltCo., 35 00:05:26,320 --> 00:05:29,040 At AltCo., we sell all-dairy. 36 00:05:29,120 --> 00:05:31,040 Our all-dairy range contains Oat Milk, 37 00:05:38,880 --> 00:05:42,960 but is just like milk in terms of taste and nutrition. 38 00:05:53,160 --> 00:05:56,400 You can make your coffee, tea, 'kheer' and pasta. 39 00:05:56,480 --> 00:05:59,400 Our second segment, which is our new segment, 40 00:05:59,520 --> 00:06:01,120 is our plant-based protein. 41 00:06:01,960 --> 00:06:05,160 In this segment, we have plant-based protein powder, 42 00:06:18,280 --> 00:06:19,200 After Covid, 43 00:06:19,280 --> 00:06:21,840 the awareness around healthy products has increased. 44 00:06:21,880 --> 00:06:24,560 AltCo. wishes to be at the forefront of this movement. 45 00:06:24,800 --> 00:06:25,920 AltCo. envisions to give Indians 46 00:06:26,000 --> 00:06:29,520 products that are better for you and the planet. 47 00:06:40,960 --> 00:06:44,280 Sharks, we request you to try our milk products. 48 00:06:44,760 --> 00:06:46,080 [light-hearted music playing] 49 00:06:48,600 --> 00:06:51,600 Thank you, man. You brought a category for me! 50 00:06:52,040 --> 00:06:53,240 [light-hearted music playing] 51 00:07:05,840 --> 00:07:06,960 For you, we've got... 52 00:07:07,040 --> 00:07:11,040 - Cold coffee? - Hot coffee with our Oat Milk. 53 00:07:11,320 --> 00:07:12,760 This is to see the packaging. 54 00:07:15,600 --> 00:07:17,840 - This oat drink is very nice. - Yes, it's very nice. 55 00:07:21,160 --> 00:07:23,320 - How much is this box for? - Rs. 299. 56 00:07:24,240 --> 00:07:26,680 My brother-in-law is lactose-intolerant. 57 00:07:26,760 --> 00:07:29,640 My husband has been advised no gluten and dairy. 58 00:07:36,120 --> 00:07:38,280 Do you have your own manufacturing plant? 59 00:07:38,360 --> 00:07:40,440 Our company is based in Bengaluru 60 00:07:45,600 --> 00:07:49,160 Then this goes to a big factory for co-packing 61 00:07:49,280 --> 00:07:51,120 and it is then co-packed in Tetra Pak cartons. 62 00:07:52,000 --> 00:07:53,960 Are you a marketing company or manufacturing and marketing? 63 00:08:01,280 --> 00:08:03,360 but he's the bigger marketing brain. 64 00:08:03,480 --> 00:08:04,400 He's the bigger brain. 65 00:08:04,480 --> 00:08:07,880 I asked because this is an edible and kids are going to have it. 66 00:08:14,560 --> 00:08:17,360 As far as alternative dairy products go, 67 00:08:17,440 --> 00:08:18,960 you said you're the largest player. 68 00:08:19,040 --> 00:08:21,040 What's the estimate of the market size 69 00:08:21,120 --> 00:08:24,600 - in India as well as in the US? - Correct, ma'am. 70 00:08:25,600 --> 00:08:27,080 The market size in India... 71 00:08:27,160 --> 00:08:28,520 It's still a nascent market in India. 72 00:08:28,560 --> 00:08:30,360 Plant-based dairy and protein 73 00:08:30,440 --> 00:08:31,960 together would be around Rs. 1,000 crores. 74 00:08:40,280 --> 00:08:41,240 It's called Oatly. 75 00:08:41,440 --> 00:08:42,520 Oatly, that's right. 76 00:08:42,600 --> 00:08:45,080 What's the shelf life of your products? 77 00:08:45,320 --> 00:08:49,720 The shelf life of our milk products is approximately 12 months 78 00:08:57,640 --> 00:08:58,960 As a mother of a young child, 79 00:08:59,320 --> 00:09:00,720 when I read the ingredients, 80 00:09:00,800 --> 00:09:02,520 I see refined coconut oil, 81 00:09:02,640 --> 00:09:05,200 I see sunflower oil and others on this. 82 00:09:06,160 --> 00:09:07,080 Can you explain that? 83 00:09:07,160 --> 00:09:09,600 As a mother who doesn't understand dairy, 84 00:09:09,760 --> 00:09:11,960 I get a little nervous on reading all this. 85 00:09:12,160 --> 00:09:15,120 Ma'am, we use these oils to lend creaminess to the milk. 86 00:09:15,920 --> 00:09:16,800 Not just we, 87 00:09:16,920 --> 00:09:19,360 all the players in the market be it America, UK or India, 88 00:09:19,400 --> 00:09:22,000 everybody uses good quality oil. 89 00:09:22,120 --> 00:09:24,560 Don't you think that the concept of oil in milk 90 00:09:24,760 --> 00:09:27,040 will cause the consumer to worry a little? 91 00:09:27,720 --> 00:09:31,680 Earlier, alternative milk contained many ingredients 92 00:09:31,760 --> 00:09:33,440 - like gums and emulsifiers. - Hmm. 93 00:09:33,520 --> 00:09:36,560 We went a step ahead and made a clean label 94 00:09:36,680 --> 00:09:39,160 which is free of gums and emulsifiers. 95 00:09:44,120 --> 00:09:45,360 That can be done too, 96 00:09:45,440 --> 00:09:50,160 but the process will take a while to adapt in India. 97 00:09:50,280 --> 00:09:52,200 We wish to move on to that. 98 00:10:04,640 --> 00:10:06,160 The FSSAI guidelines say 99 00:10:11,440 --> 00:10:13,440 - This one says milk. - It's a drink. 100 00:10:13,520 --> 00:10:15,040 It's spelled 'm-l-k'. We just did a wordplay there. 101 00:10:15,120 --> 00:10:16,600 - It says mlk! - I know. 102 00:10:16,680 --> 00:10:19,160 - Your packaging is a little disparate when it comes to... - Yes. 103 00:10:19,240 --> 00:10:20,720 - It's a little... - Mlk... 104 00:10:22,440 --> 00:10:25,560 Across the world, from a legal standpoint, 105 00:10:25,640 --> 00:10:28,600 you cannot use the word 'milk'. 106 00:10:28,680 --> 00:10:31,440 That is why a lot of brands have taken the word milk 107 00:10:31,520 --> 00:10:33,000 off their packaging 108 00:10:33,120 --> 00:10:36,200 and are marketing it as a drink. 109 00:10:37,000 --> 00:10:38,680 If you call this an oat drink, 110 00:10:38,800 --> 00:10:41,600 you'll need to head in a completely new direction 111 00:10:41,680 --> 00:10:43,520 namely category creation. 112 00:10:43,600 --> 00:10:45,240 - Correct. - When you say oat milk, 113 00:10:45,480 --> 00:10:47,160 you are already in the category. 114 00:10:47,280 --> 00:10:50,040 - That's a different step for the customer, right? - Yes. 115 00:10:50,120 --> 00:10:51,600 It is more challenging. 116 00:10:51,760 --> 00:10:52,960 How will you counter it? 117 00:10:53,680 --> 00:10:57,040 The consumers are fairly educated on the subject. 118 00:10:57,160 --> 00:10:58,560 We need to put in a little more effort... 119 00:10:58,680 --> 00:11:01,000 Is going with just 'mlk' okay? 120 00:11:01,080 --> 00:11:03,080 Is it kosher or will it be a problem going forward? 121 00:11:03,200 --> 00:11:05,440 A problem might arise 122 00:11:06,160 --> 00:11:08,480 because you cannot display it saying... 123 00:11:08,600 --> 00:11:09,960 The tagline here says 124 00:11:10,200 --> 00:11:12,960 'Mlk that's not milk'. 125 00:11:13,160 --> 00:11:15,640 And that is a slightly trick tagline. 126 00:11:15,720 --> 00:11:17,840 Overall, the category is developing. 127 00:11:17,960 --> 00:11:18,960 - Doctors recommend it. - That's true. 128 00:11:19,080 --> 00:11:20,080 People are reading about it. 129 00:11:20,160 --> 00:11:22,760 People on social media tell you what works and what doesn't. 130 00:11:26,520 --> 00:11:29,680 We first became distributors for a big company. 131 00:11:30,080 --> 00:11:34,320 We began distributing to a lot of cafes in India and others. 132 00:11:34,400 --> 00:11:36,040 We launched the first oat milk 133 00:11:36,120 --> 00:11:39,240 and the big company suddenly ceased the distribution. 134 00:11:39,760 --> 00:11:40,880 After that, 135 00:11:41,000 --> 00:11:43,520 we had to immediately begin making India's first oat milk 136 00:11:43,600 --> 00:11:46,120 from scratch within three months. 137 00:11:46,240 --> 00:11:49,200 From developing the milk to packaging it, everything. 138 00:11:49,880 --> 00:11:52,000 Then we introduced a couple of improvements. 139 00:11:52,120 --> 00:11:55,800 You could benchmark our product against any international product. 140 00:11:56,400 --> 00:11:57,640 Where did you get the capital? 141 00:11:57,680 --> 00:12:00,600 You developed the product and said you launched it in a big way. 142 00:12:00,680 --> 00:12:01,680 Where did you get the funds? 143 00:12:01,880 --> 00:12:02,920 Initially, we were bootstrapped. 144 00:12:03,000 --> 00:12:04,840 Then we raised a round of funds. 145 00:12:04,920 --> 00:12:07,200 How much and at what valuation? Tell us the history. 146 00:12:20,960 --> 00:12:22,760 How much money did you put into the business? 147 00:12:22,880 --> 00:12:25,320 We invested Rs. 2 crores each. 148 00:12:32,720 --> 00:12:34,080 What's the cap of the floor? 149 00:12:34,200 --> 00:12:37,440 - We set a formula for that. - Okay. 150 00:12:37,680 --> 00:12:39,920 Three months average GMV 151 00:12:40,040 --> 00:12:42,960 times three of the average monthly revenue x 12. 152 00:12:54,560 --> 00:12:55,920 Is it all gone or... 153 00:12:56,280 --> 00:13:00,120 We have Rs. 2.5 crores in the bank right now. 154 00:13:15,800 --> 00:13:18,400 Why don't you run us through your revenue and cost structure? 155 00:13:30,640 --> 00:13:32,320 and what do you expect to do this financial year? 156 00:13:53,720 --> 00:13:55,120 Here's our unit economics. 157 00:14:41,920 --> 00:14:42,800 What's the percentage? 158 00:14:54,760 --> 00:14:56,840 I put it in other operational expenditure. 159 00:14:56,920 --> 00:14:58,560 That line item didn't come up yet. 160 00:14:58,680 --> 00:15:00,480 You must be about to run out of money. 161 00:15:00,600 --> 00:15:02,280 - How much are you left with? - Rs. 2 crores. 162 00:15:02,400 --> 00:15:04,320 No, but they're burning Rs. 45 lakhs a month. 163 00:15:04,880 --> 00:15:07,840 See, I think your success is going to come when you make a market 164 00:15:07,920 --> 00:15:10,080 and create this category in India. 165 00:15:10,240 --> 00:15:12,960 I think the maximum help you're going to need 166 00:15:13,080 --> 00:15:14,400 is for market-making. 167 00:15:14,520 --> 00:15:17,160 You've to create and build a market, 168 00:15:17,560 --> 00:15:20,080 and for that, one of the key ingredients is going to be 169 00:15:20,240 --> 00:15:21,640 that you'll need money. 170 00:15:21,720 --> 00:15:23,080 You will become profitable. 171 00:15:23,200 --> 00:15:25,200 When you create a market, 172 00:15:25,440 --> 00:15:27,880 you can't think of that and profitability on the same day. 173 00:15:29,560 --> 00:15:32,720 So, what are your plans for growth? What's your ambition? 174 00:15:32,840 --> 00:15:34,640 Our ambition, of course, is growth 175 00:15:34,720 --> 00:15:37,680 but we don't wish to achieve growth by burning more money. 176 00:15:37,760 --> 00:15:40,360 Our target is to reach breakeven 177 00:15:40,440 --> 00:15:42,040 within the next eight to ten months. 178 00:15:42,120 --> 00:15:46,520 So, breakeven and market creation are not connected. 179 00:15:47,080 --> 00:15:48,160 If you're making a product, 180 00:15:48,320 --> 00:15:50,440 and if it's a good product, which we all think it is, 181 00:15:50,520 --> 00:15:51,920 we'll have to make something of it. 182 00:15:53,080 --> 00:15:55,600 For that, you need a heart of a different nature 183 00:15:55,600 --> 00:15:57,640 and you need a thinking of a slightly different nature. 184 00:16:03,600 --> 00:16:05,280 Are you building this company for the investors, 185 00:16:05,360 --> 00:16:07,880 consumers or yourself? 186 00:16:08,120 --> 00:16:09,040 All three I guess. 187 00:16:09,120 --> 00:16:10,200 - All three! - [laughs] 188 00:16:10,280 --> 00:16:12,120 [Sharks laugh] 189 00:16:13,560 --> 00:16:17,720 As a mother when I see ingredients like oil and all in a product, 190 00:16:18,600 --> 00:16:20,200 and this quasi-milk... 191 00:16:20,320 --> 00:16:23,120 This confusing communication to a consumer, 192 00:16:23,240 --> 00:16:24,840 with kids consuming the product 193 00:16:24,920 --> 00:16:26,680 in a category around trust, 194 00:16:27,080 --> 00:16:29,560 I feel a little nervous about that. 195 00:16:30,520 --> 00:16:32,120 I really think that 196 00:16:32,360 --> 00:16:34,720 trust, especially in such a business, 197 00:16:34,800 --> 00:16:36,520 is quite an important tenant. 198 00:16:36,600 --> 00:16:39,760 So, please follow my advice and think about it. 199 00:16:40,640 --> 00:16:41,920 For that reason, I'm out. 200 00:16:42,880 --> 00:16:46,400 For me, the most important part is what are the future plans 201 00:16:46,560 --> 00:16:49,080 and I'm not getting your full vision. 202 00:16:49,840 --> 00:16:52,880 Without category building, it won't go very far. 203 00:16:53,240 --> 00:16:54,960 For that reason, I'm out. 204 00:17:03,120 --> 00:17:04,760 I feel that somewhere 205 00:17:04,840 --> 00:17:09,440 the ability to just sell your vision or clarity of vision is not there. 206 00:17:18,600 --> 00:17:21,600 In my opinion, you should get a strategic investor at this stage 207 00:17:21,720 --> 00:17:23,240 or a large institutional investor 208 00:17:23,320 --> 00:17:25,680 - because this needs a heavy capital of Rs. 50 to 100 crores... - True. 209 00:17:25,800 --> 00:17:27,560 Who has done this business. 210 00:17:27,760 --> 00:17:29,080 Maybe, someone who's seen it in the US 211 00:17:29,160 --> 00:17:30,880 and can be with you long-term. 212 00:17:31,120 --> 00:17:33,400 I don't think I can add that value. So, I'm out. 213 00:17:44,680 --> 00:17:46,880 There exists a confusion in India. 214 00:17:46,960 --> 00:17:48,960 People don't know what lactose-intolerant means. 215 00:17:49,040 --> 00:17:50,480 - They're just getting to know. - Yes. 216 00:17:51,760 --> 00:17:52,840 So, it's quite early on. 217 00:17:52,920 --> 00:17:55,600 You're too early and the market isn't ready for you. 218 00:17:56,800 --> 00:18:00,120 I think for this reason, I will have to say no today. 219 00:18:00,240 --> 00:18:01,040 I'm out. 220 00:18:02,200 --> 00:18:03,400 Look. Here's the problem. 221 00:18:03,680 --> 00:18:04,840 What you have to tell yourself is 222 00:18:04,920 --> 00:18:07,760 - the best product does not win. - Correct. 223 00:18:07,840 --> 00:18:09,320 Right? Take any industry. 224 00:18:09,520 --> 00:18:10,520 You have to sell it. 225 00:18:11,560 --> 00:18:12,800 So many food entrepreneurs 226 00:18:12,880 --> 00:18:14,960 are entering the category of alternative milk 227 00:18:15,320 --> 00:18:16,880 baring from small cities. 228 00:18:17,040 --> 00:18:19,480 The difference will be in the team 229 00:18:19,560 --> 00:18:22,400 that can sell this vision in a compelling way 230 00:18:22,520 --> 00:18:23,680 and raise funds. 231 00:18:24,280 --> 00:18:26,160 Right? I don't see that today. 232 00:18:26,240 --> 00:18:27,560 Everybody's telling you that. 233 00:18:28,480 --> 00:18:29,960 So, that's why even I'm out. 234 00:18:45,360 --> 00:18:46,200 - Thank you. - Thank you. 235 00:18:46,280 --> 00:18:47,400 - See you, guys. - Thank you. Good luck. 236 00:18:47,520 --> 00:18:48,320 Thank you. 237 00:18:50,720 --> 00:18:51,960 [music fades] 238 00:18:55,240 --> 00:18:57,120 [music playing] 239 00:19:05,640 --> 00:19:07,200 [music playing] 240 00:20:45,480 --> 00:20:49,440 Sharks, I've only heard one thing about chips to date. 241 00:20:49,720 --> 00:20:51,880 Chips are bad for health. 242 00:20:51,960 --> 00:20:53,320 Do you know that 243 00:20:53,400 --> 00:20:57,000 eating chips also ruins the environment? 244 00:20:57,280 --> 00:20:59,040 These chips packets 245 00:20:59,120 --> 00:21:00,840 are multi-layered plastic 246 00:21:09,640 --> 00:21:11,000 are either burning it 247 00:21:11,080 --> 00:21:13,800 or changing its form to increase its shelf life. 248 00:21:14,560 --> 00:21:17,800 And MLP is not only found in chips packets but also 249 00:21:17,960 --> 00:21:20,440 in many day-to-day goods. 250 00:21:20,560 --> 00:21:22,600 Annually, in India, 251 00:21:22,720 --> 00:21:25,360 approximately 38 lakh tonnes of MLP is produced. 252 00:21:37,720 --> 00:21:39,640 we have been researching on this problem. 253 00:21:39,760 --> 00:21:42,120 And we have found a solution. 254 00:21:50,760 --> 00:21:52,320 And our company Without 255 00:21:52,400 --> 00:21:54,680 uses our patent-pending technology 256 00:22:18,400 --> 00:22:20,440 But it's a strong proof of concept. 257 00:22:20,520 --> 00:22:24,040 That we can properly recycle MLP too. 258 00:22:25,000 --> 00:22:27,520 In India, more than 15 lakh 259 00:22:37,160 --> 00:22:40,040 We formalise them in our company 260 00:22:40,240 --> 00:22:43,040 and give them respectful jobs, thereby making their life better. 261 00:22:43,120 --> 00:22:44,280 So, Sharks, 262 00:22:45,040 --> 00:22:46,320 our company Without 263 00:22:46,400 --> 00:22:49,440 is truly an impact-first start-up. 264 00:22:56,600 --> 00:22:58,920 Those who are aligned with our long-term vision. 265 00:22:59,800 --> 00:23:01,040 Our ask is 266 00:23:11,040 --> 00:23:12,360 I wouldn't say no return. 267 00:23:12,360 --> 00:23:15,280 - I'd say that respect... - I was just joking, Anish. 268 00:23:15,280 --> 00:23:16,800 Welcome to Shark Tank. 269 00:23:16,960 --> 00:23:18,720 - India, Season 3. - Thank you. 270 00:23:19,520 --> 00:23:20,520 What is MLP? 271 00:23:20,640 --> 00:23:21,640 Multi-layered plastic. 272 00:23:21,720 --> 00:23:24,120 Chips packets. I can show you 273 00:23:24,280 --> 00:23:25,520 that there's aluminium within 274 00:23:25,600 --> 00:23:27,640 and a layer of plastic on the outside. 275 00:23:27,800 --> 00:23:30,080 Then there are layers in between too. 276 00:23:30,200 --> 00:23:31,680 So, it's impossible. 277 00:23:31,760 --> 00:23:35,400 Why did you take this burden 278 00:23:35,760 --> 00:23:37,960 of eradicating MLP from the world? 279 00:23:55,520 --> 00:23:56,760 I was the youngest director in the company. 280 00:23:56,840 --> 00:23:57,800 Which year are you talking about? 281 00:23:57,880 --> 00:23:59,760 - 2016. - Okay. 282 00:23:59,880 --> 00:24:02,440 I had everything, right? But I was feeling very depressed. 283 00:24:02,560 --> 00:24:03,880 Something was missing. 284 00:24:04,520 --> 00:24:06,600 Sounds cliche. But I decided 285 00:24:06,680 --> 00:24:10,400 to use my privilege for a good cause. 286 00:24:10,880 --> 00:24:13,720 And I think poverty is a manmade, 287 00:24:13,800 --> 00:24:15,160 societal-based construct. 288 00:24:15,320 --> 00:24:17,480 So, I decided to work on it. 289 00:24:17,560 --> 00:24:18,720 I quit my job in New York. 290 00:24:18,840 --> 00:24:20,760 And then I spent the next 3 years 291 00:24:20,920 --> 00:24:22,680 learning how impact is created. 292 00:24:23,560 --> 00:24:25,120 In December 2019, 293 00:24:25,400 --> 00:24:26,600 I came back to India. 294 00:24:27,400 --> 00:24:30,760 We have 1.5-4 million waste pickers in India. 295 00:24:31,240 --> 00:24:34,200 50 to 80 per cent of the waste in India 296 00:24:34,440 --> 00:24:35,480 goes untreated. 297 00:24:40,560 --> 00:24:42,480 I researched that. It's coming to an end, I promise. 298 00:24:42,640 --> 00:24:43,720 - I researched that. - [chuckling] 299 00:24:44,360 --> 00:24:46,720 - [chuckling] - And then I learnt 300 00:24:46,920 --> 00:24:49,680 that this space lacks technology 301 00:24:50,080 --> 00:24:52,280 that works on fundamentally 302 00:24:52,400 --> 00:24:54,200 increasing the value of 303 00:24:54,680 --> 00:24:56,160 unrecyclable waste. 304 00:24:56,360 --> 00:24:58,880 So, we chose MLP. 305 00:25:16,480 --> 00:25:19,120 Just one thing. This product could've gone anywhere. 306 00:25:19,440 --> 00:25:20,640 Why sunglasses? 307 00:25:20,720 --> 00:25:24,520 So, we researched how to increase the value of MLP. 308 00:25:24,640 --> 00:25:27,040 We separated layers and created material. 309 00:25:27,120 --> 00:25:29,160 Then we decided to sell this material. 310 00:25:29,160 --> 00:25:31,720 But then you find out that nobody wants to 311 00:25:31,840 --> 00:25:33,760 buy 5 or 10 kilos of material from you. 312 00:25:33,760 --> 00:25:36,280 - Yeah. - Then we discussed 400 products 313 00:25:36,400 --> 00:25:38,040 and shortlisted 70 out of them. 314 00:25:38,120 --> 00:25:40,600 Put it through 27 different parameters like average Amazon 315 00:25:40,720 --> 00:25:42,480 searches, Amazon margins, 316 00:25:42,560 --> 00:25:44,560 team excitement, complexity, 317 00:25:44,640 --> 00:25:46,000 we didn't want to make something simple. 318 00:25:46,600 --> 00:25:49,680 So, sunglasses fit all those characters very well. 319 00:25:49,840 --> 00:25:52,760 So, I've invested Rs 1.8 crores into it. 320 00:25:59,560 --> 00:26:02,440 was a PhD in electrochemistry. Dr Jitendra Samdani, Jitu. 321 00:26:03,320 --> 00:26:04,680 From a lab in Pune, 322 00:26:12,920 --> 00:26:14,680 So, this is our lab in Pune. 323 00:26:20,400 --> 00:26:22,120 Then we put it in an extruder 324 00:26:22,240 --> 00:26:24,960 where it gets compounded and gives a filament like this. 325 00:26:25,320 --> 00:26:27,800 Then we turn it into pellets. 326 00:26:28,000 --> 00:26:30,680 [indistinct] 327 00:26:31,040 --> 00:26:32,920 [music playing] 328 00:26:42,880 --> 00:26:45,720 Nobody has tried this technology around the globe? 329 00:26:45,800 --> 00:26:47,600 Or are you the first in India? 330 00:26:47,720 --> 00:26:49,200 Nobody has done this yet. 331 00:26:49,280 --> 00:26:51,520 Show us the samples because we'll get an idea of the finish 332 00:26:51,520 --> 00:26:52,880 - and the print. - Yeah. 333 00:26:53,360 --> 00:26:55,800 [music playing] 334 00:26:59,360 --> 00:27:00,720 - What is this? - Coasters. 335 00:27:00,960 --> 00:27:02,760 - Coasters? Okay. - Simple. 336 00:27:02,840 --> 00:27:04,440 - Do you have a woman's product? - Yes. 337 00:27:04,440 --> 00:27:05,280 - Right there. - I'll take that. 338 00:27:05,280 --> 00:27:06,600 [music playing] 339 00:27:14,200 --> 00:27:15,240 Your product is nice. 340 00:27:15,480 --> 00:27:16,160 [music playing] 341 00:27:16,280 --> 00:27:17,720 Are the glasses made out of it too? 342 00:27:17,800 --> 00:27:19,800 No, the glasses are sourced. 343 00:27:19,880 --> 00:27:21,920 The name and logo is pretty interesting. 344 00:27:22,160 --> 00:27:23,280 Thank you. 345 00:27:24,920 --> 00:27:26,800 What is the tonnage you consume in a year? 346 00:27:27,000 --> 00:27:27,800 Tonnage? Nothing. 347 00:27:27,880 --> 00:27:29,000 We are at R&D right now. 348 00:27:34,360 --> 00:27:36,440 We were fund-raising, delivering orders, 349 00:27:36,520 --> 00:27:39,640 we got 500 orders and it took us three months to deliver it. 350 00:27:39,720 --> 00:27:41,960 Within 6 days, 500 sunglasses were sold out. 351 00:27:49,200 --> 00:27:51,320 Our goal was to sell around 1000 sunglasses a month. 352 00:28:12,040 --> 00:28:13,640 the most important thing that we're doing is 353 00:28:32,120 --> 00:28:32,680 That's good. 354 00:28:32,680 --> 00:28:34,400 So, the idea is to start 355 00:28:34,560 --> 00:28:35,760 doing proofs of concept. 356 00:28:41,920 --> 00:28:44,520 - So, I showed it. - I agree. Logical, smart move. 357 00:28:45,280 --> 00:28:47,280 What was the last round raised at? 358 00:28:57,080 --> 00:28:57,680 Okay. 359 00:28:57,680 --> 00:29:00,400 And then the 1.4 million, 360 00:29:00,480 --> 00:29:03,280 we have a lead investor, a non-binding term sheet 361 00:29:03,360 --> 00:29:05,960 from a foundation based in the UK. We have it. 362 00:29:17,760 --> 00:29:19,920 Because our goal for the next three years 363 00:29:20,000 --> 00:29:21,880 is to establish this plant. 364 00:29:22,080 --> 00:29:24,560 Then to multiply this across India, 365 00:29:24,640 --> 00:29:26,200 across the world as quickly as possible. 366 00:29:26,400 --> 00:29:28,000 And not just MLP. 367 00:29:28,320 --> 00:29:30,080 MLP is our gateway drug. 368 00:29:31,280 --> 00:29:32,800 Right? It's all plastics. 369 00:29:32,880 --> 00:29:35,000 The market for plastics is massive. 370 00:29:35,080 --> 00:29:37,040 And this is for-profit, that you're trying to build. 371 00:29:37,640 --> 00:29:38,920 So, it's... 372 00:29:39,080 --> 00:29:41,720 It's not... It's an impact-first startup. 373 00:29:41,720 --> 00:29:42,960 And I cannot emphasize that enough. 374 00:29:42,960 --> 00:29:43,880 [music playing] 375 00:29:44,240 --> 00:29:46,720 We formed a private limited company 376 00:29:46,960 --> 00:29:48,480 because I think it's a tool 377 00:29:48,640 --> 00:29:50,520 to be able to move from A to B. 378 00:29:51,640 --> 00:29:55,080 Private limited is faster, it's less bureaucratic than a non-profit. 379 00:29:55,200 --> 00:29:57,000 And I can raise equity too. 380 00:29:57,080 --> 00:29:59,160 I can't do that in a non-profit. 381 00:29:59,240 --> 00:30:00,880 But you don't like profit. 382 00:30:01,000 --> 00:30:02,880 When we talk of profit, 383 00:30:02,960 --> 00:30:05,040 - Yeah. - your expression changes slightly. 384 00:30:05,120 --> 00:30:07,320 You wince. What is the problem? 385 00:30:07,440 --> 00:30:08,640 [music playing] 386 00:31:08,120 --> 00:31:09,040 Frankly speaking, 387 00:31:09,120 --> 00:31:11,040 you know, there's something in US called Patagonia. 388 00:31:11,040 --> 00:31:12,440 - They do it, right? - Yes. 389 00:31:12,440 --> 00:31:15,280 And people actually, if you talk about the young generation, 390 00:31:15,360 --> 00:31:17,480 nobody would ask earlier that what are you doing for 391 00:31:17,560 --> 00:31:19,480 sustainability or the environment. 392 00:31:19,920 --> 00:31:22,880 There used to be a time when we would burst crackers, 393 00:31:22,960 --> 00:31:24,960 today, our kids don't let us burst crackers. So, 394 00:31:53,920 --> 00:31:54,840 Okay, I'll make you an offer. 395 00:31:54,960 --> 00:31:56,640 Oh! 396 00:31:57,240 --> 00:31:58,720 Rs 30 lakhs for 1 per cent. 397 00:32:18,280 --> 00:32:20,440 to figure out which path to pick. 398 00:32:21,000 --> 00:32:22,800 You've done a great done with the R&D. 399 00:32:22,880 --> 00:32:24,360 I'm not able to validate that today. 400 00:32:26,360 --> 00:32:28,560 Because you have created a proof of concept glasses. 401 00:32:28,640 --> 00:32:30,560 But you don't have any other large clients 402 00:32:30,560 --> 00:32:32,160 buying a lot of material from you, right? 403 00:32:33,200 --> 00:32:34,960 So, Rs 75 crores 404 00:32:35,440 --> 00:32:36,840 is very difficult. 405 00:32:36,960 --> 00:32:39,200 Even Rs 64 crores is very difficult. 406 00:32:39,960 --> 00:32:41,640 Uh, so I'm out. Good luck! 407 00:32:41,920 --> 00:32:43,280 [music playing] 408 00:32:43,600 --> 00:32:47,080 As an investor, I'm not sure how I'll make money at a 409 00:32:47,200 --> 00:32:49,400 60-75 crores valuation. 410 00:32:49,480 --> 00:32:51,400 So that's where I'm getting stuck. 411 00:32:52,640 --> 00:32:53,880 For that reason, I'm out. 412 00:32:53,960 --> 00:32:56,320 But genuinely great cause. Wish you the best of luck. 413 00:32:56,520 --> 00:32:57,560 Thank you, Ma'am. 414 00:32:58,440 --> 00:33:00,320 Firstly, I do like what you're doing. 415 00:33:00,800 --> 00:33:03,960 What you're doing is real, in terms of measurability. 416 00:33:05,280 --> 00:33:07,400 But the term sheet 417 00:33:07,480 --> 00:33:08,800 can't create a benchmark. 418 00:33:08,880 --> 00:33:11,120 Because I'm open to taking the bet. 419 00:33:11,200 --> 00:33:14,520 But not on the basis of someone else's term sheet. 420 00:33:15,360 --> 00:33:17,520 So, I'd like to make an offer for Rs 75 lakhs 421 00:33:25,080 --> 00:33:28,000 If Ronnie wants to do this deal alone, I'll step out. 422 00:33:28,880 --> 00:33:31,480 If you want another person in the deal, then I can join. 423 00:33:32,840 --> 00:33:33,920 Are you making an offer or not? 424 00:33:42,560 --> 00:33:45,880 And Aman has an offer of Rs 30 lakhs at 1 per cent. 425 00:33:46,000 --> 00:33:50,000 Plus Rs 45 lakhs at 10 per cent interest for 2 years. 426 00:33:50,960 --> 00:33:52,080 What's your decision? 427 00:33:52,200 --> 00:33:53,520 [music playing] 428 00:33:56,520 --> 00:33:57,840 Thank you, Aman, for your offer. 429 00:33:57,840 --> 00:34:00,640 I'd love to supply you material for boAt. 430 00:34:00,720 --> 00:34:02,520 I'd really love to go with you guys. 431 00:34:04,320 --> 00:34:05,760 You guys are my dream Sharks so I 432 00:34:05,920 --> 00:34:06,960 - really... - Done deal? 433 00:34:07,040 --> 00:34:07,720 Done deal. 434 00:34:16,720 --> 00:34:17,960 [music playing] 435 00:34:19,040 --> 00:34:19,840 - Alright. - Thank you. 436 00:34:19,840 --> 00:34:20,640 Thank you so much. 437 00:34:21,080 --> 00:34:21,920 Catch you soon. 438 00:34:22,000 --> 00:34:24,040 - All the best. Bye. - Thank you so much. 439 00:34:24,200 --> 00:34:25,160 Good luck. 440 00:34:32,000 --> 00:34:33,400 [music playing] 441 00:36:00,440 --> 00:36:01,320 Thank you. 442 00:36:02,120 --> 00:36:03,120 Thank you. 443 00:36:03,840 --> 00:36:06,120 Greetings, my name is Kibo. 444 00:36:06,240 --> 00:36:07,480 Greetings, Sharks. 445 00:36:07,560 --> 00:36:08,960 My name is Akshita. 446 00:36:09,120 --> 00:36:10,320 And my name is Bonny. 447 00:36:14,440 --> 00:36:17,640 Sharks, can you close your eyes for a second? 448 00:36:17,840 --> 00:36:18,560 Sure. 449 00:36:18,640 --> 00:36:21,000 The paper that we just gave you, 450 00:36:21,080 --> 00:36:23,480 read what's written on it without opening your eyes. 451 00:36:25,200 --> 00:36:27,280 What you just experienced 452 00:36:27,520 --> 00:36:30,560 is something that Dipali experienced a few years ago. 453 00:36:30,720 --> 00:36:33,440 In 2009, 17-year-old Dipali 454 00:36:33,640 --> 00:36:35,440 was pursuing BA in Marathi 455 00:36:35,600 --> 00:36:37,800 when suddenly one day, 456 00:36:37,880 --> 00:36:40,160 she lost her vision within a week. 457 00:36:40,640 --> 00:36:41,560 [music playing] 458 00:36:42,200 --> 00:36:44,320 The printed books that she had for BA 459 00:36:44,400 --> 00:36:47,520 now had to be recorded into audio to be able to read it. 460 00:36:47,760 --> 00:36:49,720 It used to take 4-6 weeks. 461 00:36:49,800 --> 00:36:51,760 For one book of around 300 pages. 462 00:36:56,880 --> 00:36:59,520 We decided that when Dipali goes to office, 463 00:36:59,920 --> 00:37:03,640 who will give her official documents into Braille and audio books? 464 00:37:04,760 --> 00:37:07,680 In India, there are more than 2 crore people like Dipali 465 00:37:20,840 --> 00:37:24,160 To solve this problem, we created Kibo. 466 00:37:24,400 --> 00:37:25,680 [music playing] 467 00:37:27,040 --> 00:37:29,360 Our AI-powered, patented technology, 468 00:37:40,560 --> 00:37:42,200 [music playing] 469 00:37:46,560 --> 00:37:49,320 Greetings, Sharks. My name is Kibo. 470 00:37:49,640 --> 00:37:50,960 The meaning of my name 471 00:37:51,160 --> 00:37:54,000 is knowledge in a box. 472 00:38:37,280 --> 00:38:38,960 we want your support 473 00:38:55,640 --> 00:38:57,560 Firstly, tell me more about yourselves. 474 00:39:33,440 --> 00:39:36,080 After completing my course, in 2017, 475 00:39:36,160 --> 00:39:39,880 I applied for an incubation centre called Digital Impact Square. 476 00:39:40,360 --> 00:39:42,480 And that's where I met Bonny. 477 00:39:42,600 --> 00:39:44,840 I'm from Ahmedabad. I've done Mechanical Engineering. 478 00:39:45,000 --> 00:39:48,160 We have complementary skill sets. Mechanical, computer science. 479 00:40:26,120 --> 00:40:28,560 And in 2021, we got married. 480 00:40:28,640 --> 00:40:30,000 - Very sweet. - Yeah. 481 00:40:31,360 --> 00:40:32,120 Give us a demo. 482 00:40:32,200 --> 00:40:34,480 For demo, we'd like to call our colleague, 483 00:40:34,560 --> 00:40:36,440 - we spoke about her in the pitch. - Yes. 484 00:40:36,440 --> 00:40:37,600 - Dipali. - Yes, please. 485 00:40:37,600 --> 00:40:38,760 - I'd like to call her. - Sure. 486 00:40:39,400 --> 00:40:41,400 [music playing] 487 00:40:48,360 --> 00:40:50,640 - Greetings, Sharks. - Greetings! 488 00:40:50,840 --> 00:40:52,120 My name is Dipali. 489 00:40:52,200 --> 00:40:52,960 Hi, Dipali. 490 00:40:59,440 --> 00:41:01,120 This is a Kibo XS Kit. 491 00:41:01,200 --> 00:41:02,920 That you can see in my hand. 492 00:41:11,120 --> 00:41:12,680 After you press it, 493 00:41:13,160 --> 00:41:14,760 it takes the shape of a table lamp. 494 00:41:15,000 --> 00:41:18,320 Secondly, you also get a USB cable along with a Kibo XS Kit. 495 00:41:22,080 --> 00:41:24,800 To use Kibo, you don't need any software 496 00:41:34,440 --> 00:41:36,600 Kibo's home page is now open. 497 00:41:36,680 --> 00:41:38,120 I will capture it. 498 00:41:51,800 --> 00:41:53,120 This is in English. 499 00:41:53,200 --> 00:41:56,720 I can translate it to my preferred language. 500 00:42:04,880 --> 00:42:07,960 Marathi. 501 00:42:08,840 --> 00:42:10,080 Select button. 502 00:42:10,200 --> 00:42:12,680 I've selected Marathi. Now, 503 00:42:12,760 --> 00:42:14,120 I'll translate it. 504 00:42:14,400 --> 00:42:15,600 [speaking in Marathi] 505 00:42:15,800 --> 00:42:19,040 [speaking in Marathi] 506 00:42:19,160 --> 00:42:20,960 - Thank you very much. - Thank you so much. 507 00:42:21,040 --> 00:42:22,880 Dipali, thank you for coming to Shark Tank. 508 00:42:22,960 --> 00:42:24,960 You have a positive attitude. 509 00:42:25,040 --> 00:42:27,480 So, very inspiring. Thank you so much. 510 00:42:27,600 --> 00:42:28,400 Keep smiling. 511 00:42:28,520 --> 00:42:29,760 Yes. 512 00:42:45,280 --> 00:42:47,000 can read content received on their phones 513 00:42:47,080 --> 00:42:49,800 such as PDF, Word files or image and audio books. 514 00:43:16,720 --> 00:43:20,000 Is it the UX that you've made which looks like a lamp? 515 00:43:20,320 --> 00:43:22,200 Is that your invention 516 00:43:58,440 --> 00:44:00,720 - Our... - Then you wouldn't have had to come on Shark Tank. 517 00:44:00,840 --> 00:44:02,280 [tense music playing] 518 00:44:02,760 --> 00:44:04,320 Something is not adding up for me. 519 00:44:04,480 --> 00:44:06,720 - Sir, actually... - You see, character recognition 520 00:44:06,840 --> 00:44:08,600 is in every software in today's times. 521 00:44:08,680 --> 00:44:10,040 Take enterprise software for instance, 522 00:44:10,120 --> 00:44:12,400 billing or accounting software. 523 00:44:12,480 --> 00:44:15,120 If your OCR is so strong, 524 00:44:15,200 --> 00:44:17,720 then your use case is you can just license this, right? 525 00:44:25,120 --> 00:44:27,640 The API and software licensing you spoke about 526 00:44:27,720 --> 00:44:29,440 is exactly what we're doing right now. 527 00:44:29,520 --> 00:44:31,360 Until now, our focus was 528 00:44:31,480 --> 00:44:33,680 to set this up in schools, colleges and libraries. 529 00:44:33,760 --> 00:44:34,920 Have you approached Google 530 00:44:34,920 --> 00:44:37,440 and said, "I can do better OCR than you can."? 531 00:44:38,000 --> 00:44:40,320 No, sir. We haven't gotten there yet. 532 00:44:41,360 --> 00:44:44,120 Give us your numbers for revenue and pricing both. 533 00:45:58,200 --> 00:46:01,840 - we charge Rs. 99,000 to every institution. - Wow! 534 00:46:20,760 --> 00:46:21,800 - Rs. 3 crores. - Yes. 535 00:46:21,880 --> 00:46:24,400 Give me a break-up of the Rs. 3-crore sales. 536 00:46:25,560 --> 00:46:28,000 - 90% comes from B2B. - What's your B2B break up? 537 00:46:41,280 --> 00:46:43,800 Yes. Some of those institutions buy XS, 538 00:46:48,640 --> 00:46:50,160 - Yes, correct. - Yes, Rs. 99,000. 539 00:46:50,240 --> 00:46:52,960 What's the split of the Kibo XS and the Kibo 360? 540 00:46:53,040 --> 00:46:55,640 We launched the Kibo 360 in May. 541 00:46:55,840 --> 00:46:57,280 So, the revenue from Kibo 360 542 00:46:57,360 --> 00:47:00,440 is currently 10% of our total sales. 543 00:47:00,600 --> 00:47:02,960 So, your revenue of Rs. 3.5 crores 544 00:47:03,040 --> 00:47:05,840 has come from 300 clients. 545 00:47:06,320 --> 00:47:09,320 - So, you have 300 small clients... - Yes. 546 00:47:09,440 --> 00:47:12,080 Who will never be giving you further payment 547 00:47:12,160 --> 00:47:14,320 - because they've only bought once. Is that right? - Yes. 548 00:47:14,400 --> 00:47:16,200 See, that's the problem! That's the problem! 549 00:47:16,640 --> 00:47:19,200 In India, the size of the BPO industry must be... 550 00:47:19,280 --> 00:47:21,000 - I don't know, ¤ 100 billion? - Yes. 551 00:47:21,120 --> 00:47:22,240 I believe out of that, 552 00:47:22,320 --> 00:47:25,040 ¤ 40 to 50 billion will be manpower. 553 00:47:25,160 --> 00:47:27,880 If you manage to bring a 20% efficiency also 554 00:47:28,040 --> 00:47:29,240 using your technology... 555 00:47:29,360 --> 00:47:31,960 Let's say 10%, that's a ¤1 billion revenue company. 556 00:47:32,160 --> 00:47:32,960 Yes. 557 00:47:33,080 --> 00:47:35,760 If your tech really can do that, 558 00:47:35,840 --> 00:47:36,920 why aren't you killing it there? 559 00:47:37,000 --> 00:47:38,080 In the end... 560 00:47:38,520 --> 00:47:41,320 When we started, our mindset was very narrow. 561 00:47:41,320 --> 00:47:42,520 I mean, it was very focused. 562 00:47:42,600 --> 00:47:44,640 When we saw the possibilities, 563 00:47:44,800 --> 00:47:48,760 we realised what the implications exactly were, 564 00:47:48,840 --> 00:47:51,360 and that it would have an inclusive impact. 565 00:47:51,480 --> 00:47:54,160 Kibo is not a product for the visually impaired. 566 00:47:54,440 --> 00:47:56,120 Kibo is an inclusive product... 567 00:47:56,240 --> 00:47:58,600 - You're a tech company as you said.. - Yes, we're a tech company. 568 00:48:52,240 --> 00:48:55,720 That's because I think in comparison to the partners, 569 00:48:55,800 --> 00:48:58,120 especially Ronnie and Peyush together... 570 00:48:58,480 --> 00:49:00,280 I hope they give you a good offer. 571 00:49:00,560 --> 00:49:03,120 I will not add as much value to the deal. 572 00:49:03,280 --> 00:49:07,760 I really think you ought to think about the commercial angle more. 573 00:49:07,840 --> 00:49:08,520 All the best, 574 00:49:08,760 --> 00:49:10,160 and now, we'll make sure you get a good offer. 575 00:49:23,160 --> 00:49:24,960 The OCR tech you compared 576 00:49:25,040 --> 00:49:27,320 was with the global giants. 577 00:49:27,600 --> 00:49:29,160 This isn't their area of focus. 578 00:49:29,320 --> 00:49:31,760 The areas they are focusing on 579 00:49:31,840 --> 00:49:34,320 have brought far better OCR technologies. 580 00:49:35,200 --> 00:49:37,640 - Today, this is what I feel. - Yes? 581 00:49:37,720 --> 00:49:40,560 You own a small business 582 00:49:40,880 --> 00:49:42,680 and it will sell within the same segment. 583 00:49:42,760 --> 00:49:44,840 So, I don't see this becoming huge. 584 00:49:45,360 --> 00:49:49,000 - The tech you're talking about is optimised tech. - Okay. 585 00:50:00,560 --> 00:50:02,160 You asked for Rs. 60 lakhs for 1%. 586 00:50:22,280 --> 00:50:24,320 and proposition into something big. 587 00:50:25,400 --> 00:50:26,320 That's our offer. 588 00:50:29,560 --> 00:50:31,120 Here's my advice to you. 589 00:50:32,200 --> 00:50:33,040 Think big. 590 00:50:33,160 --> 00:50:35,800 There are so many things you can do because your tech is good. 591 00:50:37,080 --> 00:50:38,160 I would offer you 592 00:50:48,000 --> 00:50:49,080 You had said 593 00:50:49,160 --> 00:50:52,000 that you didn't come here just for the money. 594 00:50:53,120 --> 00:50:54,360 For value-add also. 595 00:50:54,440 --> 00:50:56,280 So, you'll have to do a little bit of... 596 00:50:56,400 --> 00:50:59,400 You have to see who will be able to add value. 597 00:51:08,960 --> 00:51:10,400 Don't restrict yourself. 598 00:51:10,520 --> 00:51:12,360 I can help you broaden the vision. 599 00:51:12,520 --> 00:51:15,360 Secondly, your valuation is bad. 600 00:51:15,440 --> 00:51:18,080 If you want, I'll give you an even better offer. 601 00:51:26,160 --> 00:51:27,000 We'll just be back. 602 00:51:27,080 --> 00:51:27,880 - May we... - Please. 603 00:51:28,000 --> 00:51:28,880 - Take your time. - Thank you. 604 00:51:29,480 --> 00:51:30,840 [suspenseful music playing] 605 00:51:33,880 --> 00:51:35,000 'Hello...' 606 00:51:35,080 --> 00:51:35,920 Yes, sir. 607 00:51:36,000 --> 00:51:38,040 - They'll optimise for the valuation. - Not for the reason.. 608 00:51:38,160 --> 00:51:40,200 - They should... - They'll go with valuation. 609 00:51:40,360 --> 00:51:41,400 Let's counter it for 1.5%. 610 00:51:41,560 --> 00:51:42,560 Rs. 30 crores. 611 00:51:43,480 --> 00:51:44,720 [suspenseful music playing] 612 00:51:48,120 --> 00:51:49,280 - Greetings! - Hello. 613 00:51:49,360 --> 00:51:50,400 So, what will it be? 614 00:51:50,480 --> 00:51:52,640 We will not be able to do 10% equity. 615 00:51:52,760 --> 00:51:54,080 [tense music playing] 616 00:51:54,760 --> 00:51:57,960 Our counteroffer is, for all three, 617 00:52:06,800 --> 00:52:09,280 I think now you're thinking on the right lines. 618 00:52:09,680 --> 00:52:13,280 You should 100% not go with a valuation of Rs. 5 to 6 crores. 619 00:52:13,400 --> 00:52:16,480 Fight for it, but I am out as I can't go with 1.5% equity. 620 00:52:16,560 --> 00:52:18,480 Guys, for 1.5%, 621 00:52:18,600 --> 00:52:20,960 the stage at which your business is right now, 622 00:52:21,040 --> 00:52:23,160 does not make much sense. 623 00:52:23,320 --> 00:52:25,000 You've to make a better counter 624 00:52:25,960 --> 00:52:27,280 for this to work. 625 00:52:27,480 --> 00:52:29,080 [sombre music playing] 626 00:52:29,840 --> 00:52:31,160 [mumbling] 627 00:52:33,720 --> 00:52:35,320 Rs. 60 lakhs for 5% equity. 628 00:52:45,280 --> 00:52:47,000 [suspenseful music playing] 629 00:52:50,200 --> 00:52:51,680 - Shall we? - Okay. 630 00:52:51,840 --> 00:52:52,760 Okay, guys. 631 00:53:01,160 --> 00:53:02,080 [camera shutter clicking] 632 00:53:04,440 --> 00:53:05,360 - All the best. - Thank you. 633 00:53:10,640 --> 00:53:11,680 [music fades]