1 00:00:09,960 --> 00:00:11,280 [intense music playing] 2 00:00:16,000 --> 00:00:17,360 [upbeat music playing] 3 00:00:26,960 --> 00:00:28,320 [music fades] 4 00:00:29,000 --> 00:00:30,400 [theme music playing] 5 00:00:39,280 --> 00:00:40,680 [theme music playing] 6 00:00:52,560 --> 00:00:55,760 Date one after another! 7 00:00:56,080 --> 00:00:58,680 Instead of justice, what we get is a series of dates. 8 00:00:59,960 --> 00:01:02,000 This is an iconic 9 00:01:02,320 --> 00:01:05,120 Bollywood dialogue from 1993. 10 00:01:13,720 --> 00:01:16,160 that we need 70% more judges 11 00:01:16,400 --> 00:01:20,320 to handle so many cases, then how can we blame the courts? 12 00:01:21,560 --> 00:01:23,160 We had one question. 13 00:01:23,480 --> 00:01:25,280 Is it possible to resolve 14 00:01:25,400 --> 00:01:27,560 your legal case at home amicably 15 00:01:27,640 --> 00:01:30,960 instead of going to court using online resources? 16 00:01:31,640 --> 00:01:34,960 And we got the answer. Online dispute resolution. 17 00:01:53,360 --> 00:01:55,120 Our core mission statement is, 18 00:01:55,280 --> 00:01:57,000 'Resolve matters, but do so with affection.' 19 00:02:08,480 --> 00:02:10,040 - Aka Sunny Deol. - Hello, Sharks. 20 00:02:17,240 --> 00:02:18,960 And in our legal community, 21 00:02:19,040 --> 00:02:21,600 we have more than 3000 lawyers and mediators 22 00:02:30,880 --> 00:02:33,520 It takes 3 months to solve your legal case. 23 00:02:38,200 --> 00:02:40,880 dispute resolution services. 24 00:02:41,120 --> 00:02:43,640 To achieve our vision, our ask is 25 00:02:43,720 --> 00:02:45,640 Rs. 1 crore for 1% of the company. 26 00:03:02,840 --> 00:03:05,040 - Amicably! - Yes, amicably! 27 00:03:17,280 --> 00:03:19,920 My mom is an entrepreneur, while others are engineers. 28 00:03:20,000 --> 00:03:21,680 My mom is the happiest in her profession. 29 00:03:21,760 --> 00:03:24,240 - So, I thought of giving entrepreneurship a try. - Great! 30 00:03:24,320 --> 00:03:27,080 A Supreme Court judge visited our college. 31 00:03:27,120 --> 00:03:29,520 He spoke about the amount of work they put in for justice. 32 00:03:29,600 --> 00:03:31,600 I inquired why they were taking so many days off 33 00:03:31,640 --> 00:03:33,200 despite numerous pending cases in India. 34 00:03:33,680 --> 00:03:35,360 He looked at me and laughed. 35 00:03:35,440 --> 00:03:36,480 He laughed at my ignorance. 36 00:03:36,560 --> 00:03:38,800 And he told me the reality of being a judge in India. 37 00:03:38,880 --> 00:03:39,720 That's right. 38 00:03:39,800 --> 00:03:41,360 - Their job is difficult. - It's difficult. 39 00:03:41,440 --> 00:03:44,440 He used to handle 150 cases himself. 40 00:03:44,560 --> 00:03:45,840 6 minutes per matter. 41 00:03:46,600 --> 00:03:47,760 My question was, 42 00:03:48,120 --> 00:03:49,280 how can we help the courts? 43 00:03:49,360 --> 00:03:51,120 He said, 'Pranjhal, don't come to court.' 44 00:03:51,200 --> 00:03:53,800 Try to settle the matter out-of-court, 45 00:03:53,880 --> 00:03:55,240 and try to use technology. 46 00:03:55,720 --> 00:03:56,880 In 2015, it started. 47 00:04:01,560 --> 00:04:03,920 - Finding engineers for lawyers can be challenging. - Yes. 48 00:04:04,080 --> 00:04:05,440 We started this together. 49 00:04:05,760 --> 00:04:07,520 Despite that, 50 00:04:07,680 --> 00:04:09,400 the platform was ready in a few years. 51 00:04:09,480 --> 00:04:11,400 We thought we would get cases. 52 00:04:11,520 --> 00:04:12,640 We didn't get a single case. 53 00:04:24,800 --> 00:04:26,000 [laughing heartily] 54 00:04:26,520 --> 00:04:28,440 We initiated a campaign called Indian Mediation Week. 55 00:04:28,520 --> 00:04:30,120 We decided to create demand. 56 00:04:30,240 --> 00:04:31,600 We went on the street... 57 00:04:31,720 --> 00:04:34,960 Akshetha is a very good singer. She gathered the crowd by singing. 58 00:04:35,040 --> 00:04:36,040 We distributed pamphlets. 59 00:04:36,120 --> 00:04:37,480 We performed a street play in court. 60 00:04:37,560 --> 00:04:39,240 We went inside the court to say, 'Don't go to court.' 61 00:04:39,320 --> 00:04:40,320 The lawyers were threatening us. 62 00:04:40,320 --> 00:04:42,440 'How dare you attack our bread and butter?' 63 00:04:42,600 --> 00:04:44,880 Despite that, we distributed pamphlets. We got 12 cases. 64 00:04:45,840 --> 00:04:47,320 In 2019, 65 00:04:49,640 --> 00:04:52,200 started with the E-ADR Challenge. You can say a tender. 66 00:05:00,000 --> 00:05:03,120 Around 72 ODR companies from 12 countries participated. 67 00:05:05,240 --> 00:05:07,520 Fortunately, we got that contract. 68 00:05:14,680 --> 00:05:18,120 This is a brief journey from 2015 to 2019. 69 00:05:32,280 --> 00:05:35,480 She cannot decide who is right. 70 00:05:35,640 --> 00:05:37,280 That is mediation. 71 00:05:37,880 --> 00:05:39,400 In the same scenario where we have a dispute 72 00:05:39,480 --> 00:05:41,920 and we go to Akshetha, who is an arbitrator, 73 00:05:42,120 --> 00:05:44,600 she would make an effort for settlement. 74 00:05:44,680 --> 00:05:47,240 But if we are still unable to reach an agreement, 75 00:05:47,400 --> 00:05:48,560 then she can decide that 76 00:05:48,840 --> 00:05:49,800 Pranjhal is right. 77 00:05:49,920 --> 00:05:52,240 - The bank is right. The customer has to pay an amount. - Correct. 78 00:05:52,320 --> 00:05:54,520 There is not much difference between arbitration and court. 79 00:05:54,600 --> 00:05:57,000 You can say that arbitration is a private court. 80 00:06:01,000 --> 00:06:05,080 - But is it fine if a mediator isn't a judge? - Arbitrator... 81 00:06:05,280 --> 00:06:08,240 Tell me about the qualifications. Just a graduate? Any graduate? 82 00:06:08,400 --> 00:06:12,160 Any graduate. But we can also say it's not necessarily a lawyer. 83 00:06:12,400 --> 00:06:15,360 As mediators, you will see ex-bankers, 84 00:06:15,440 --> 00:06:18,280 lawyers, psychologists, therapists, and CAs. 85 00:06:19,280 --> 00:06:21,480 We have two types of requirements. 86 00:06:41,760 --> 00:06:43,760 There is a mediation law in India. 87 00:06:43,880 --> 00:06:47,240 The government prefers mediation over going to court. 88 00:06:47,320 --> 00:06:50,000 But the point is, if someone is having a disagreement, 89 00:06:53,960 --> 00:06:56,280 Our model is B2C. 90 00:07:01,840 --> 00:07:04,200 They added our clause to their contract. 91 00:07:04,280 --> 00:07:06,880 If there is any dispute, they will go to Sama. 92 00:07:07,120 --> 00:07:08,640 Sama will attempt mediation initially, 93 00:07:09,280 --> 00:07:11,920 and if unsuccessful, Sama will proceed with arbitration. 94 00:07:12,000 --> 00:07:15,680 Our clause is already in the contracts. 95 00:07:15,760 --> 00:07:17,200 - This is how... - But why? 96 00:07:18,680 --> 00:07:20,680 But powerful individuals would opt to use 97 00:07:20,960 --> 00:07:26,080 legal threats as weapons to get what they want. 98 00:07:26,400 --> 00:07:27,280 Correct! 99 00:07:27,720 --> 00:07:30,600 Why should I choose mediation? I want a court threat. 100 00:07:30,680 --> 00:07:32,040 The banks face a couple of issues. 101 00:07:32,120 --> 00:07:34,240 - The court fees have increased significantly. - Correct! 102 00:07:34,320 --> 00:07:36,360 Their disputes are under Rs. 20 lakhs. 103 00:07:36,440 --> 00:07:38,800 They have to pay court fees of around Rs. 40,000 104 00:07:38,880 --> 00:07:40,600 just to file the case. 105 00:07:40,800 --> 00:07:42,720 We charge 1% for the entire process. 106 00:07:42,800 --> 00:07:46,520 You are saying this is very efficient and effective. 107 00:07:46,960 --> 00:07:47,840 - Yes! - Correct! 108 00:07:48,120 --> 00:07:51,240 What are the three main purpose of your work? 109 00:07:51,360 --> 00:07:52,400 - Our... - Maybe... 110 00:07:52,480 --> 00:07:54,480 - If someone else could explain. - Yes. 111 00:07:54,640 --> 00:07:56,960 - Then we will understand... - Yeah! 112 00:08:07,880 --> 00:08:09,760 - And council fees too. - Absolutely! 113 00:08:33,880 --> 00:08:35,720 They sat the entire jury down. 114 00:08:35,800 --> 00:08:37,360 The Chief Justice of Bombay High Court, 115 00:08:37,360 --> 00:08:38,960 Justice Srikrishna, was also present. 116 00:08:39,080 --> 00:08:42,160 We weren't applying ODR as a foreign concept. 117 00:08:42,280 --> 00:08:45,800 We spoke with real people about their cases. 118 00:08:46,120 --> 00:08:49,440 Our USP is ODR with a human touch. 119 00:08:55,480 --> 00:08:58,200 Because we don't want the defaulter to feel like a defaulter. 120 00:08:58,280 --> 00:09:00,440 It's okay! You are in a difficult situation in life. 121 00:09:00,520 --> 00:09:01,640 But let's get out of this. 122 00:09:01,640 --> 00:09:03,320 Let's reach a shared agreement and find a middle ground. 123 00:09:03,400 --> 00:09:05,120 We are compassionate. 124 00:09:05,680 --> 00:09:07,800 We were doing this full-time. 125 00:09:07,960 --> 00:09:09,640 There was also one comment. 126 00:09:09,720 --> 00:09:12,200 If an untrained eye feels that they are not worthy 127 00:09:12,360 --> 00:09:14,360 of this opportunity and are immature and inexperienced, 128 00:09:14,440 --> 00:09:16,680 but they are passionate, they will make this work. 129 00:09:16,760 --> 00:09:20,120 The jury mentioned this comment and announced us as winners. 130 00:09:20,400 --> 00:09:21,320 Okay! 131 00:09:21,480 --> 00:09:23,320 It's a good model. Was nobody else doing it? 132 00:09:23,480 --> 00:09:25,800 In 2015, we were second. 133 00:09:26,120 --> 00:09:27,760 There are 24 more companies. 134 00:09:27,840 --> 00:09:29,720 Only 24? There will be more. 135 00:09:29,800 --> 00:09:30,760 It's like a law firm. 136 00:09:30,840 --> 00:09:32,080 I agree. The market is growing. 137 00:09:32,200 --> 00:09:34,480 But our market share is around 40%. 138 00:09:40,320 --> 00:09:42,640 your revenue is the highest? 139 00:09:42,840 --> 00:09:45,160 Is there no competitor whose revenue is more than yours? 140 00:09:45,280 --> 00:09:47,320 It might be comparable, but I doubt it's higher than ours. 141 00:09:47,400 --> 00:09:50,640 If yours is 40%, how can your competitor have more than you? 142 00:09:50,720 --> 00:09:53,360 - I agree. - That means you two will own 80% of the industry. 143 00:09:53,440 --> 00:09:54,760 - Is that the case? - Basically... 144 00:09:54,840 --> 00:09:56,160 - Yes! - Who is it? 145 00:09:56,240 --> 00:09:57,600 There is a competitor called Presolv360. 146 00:09:57,680 --> 00:10:01,080 So both of you own 80% of the market. This means 147 00:10:01,160 --> 00:10:03,920 this market also follows the power law. 148 00:10:04,200 --> 00:10:06,440 That 80% or 90% will be controlled by 2-3 players. 149 00:10:06,520 --> 00:10:07,800 - Is that right? - You are right. 150 00:10:27,200 --> 00:10:29,160 If you look at India's top 20 banks... 151 00:10:29,520 --> 00:10:30,680 Top 20! Largest size. 152 00:10:30,760 --> 00:10:33,040 50% of them are our clients. 153 00:10:33,120 --> 00:10:36,000 - Bank loan disputes... - Understood. 154 00:10:36,080 --> 00:10:38,440 How much business do you get from your top three customers? 155 00:10:47,840 --> 00:10:51,680 Because you are not a typical unit economics type revenue model. 156 00:10:52,680 --> 00:10:57,840 Tell us in detail about your income and your expenses. 157 00:10:57,920 --> 00:10:59,840 We have two types of pricing. 158 00:11:00,040 --> 00:11:01,840 One is slab pricing. 159 00:11:18,800 --> 00:11:20,160 That was our income. 160 00:11:20,240 --> 00:11:22,480 Now, coming to our mediation expense. 161 00:11:59,440 --> 00:12:00,520 - Tell us that also. - Sure. 162 00:12:00,600 --> 00:12:02,680 The flat fee model is more frequently used. 163 00:12:02,960 --> 00:12:04,840 We've observed that after the mediation law was passed, 164 00:12:04,920 --> 00:12:07,800 a lot of banks are asking for mediation rather than arbitration. 165 00:12:07,920 --> 00:12:10,080 They give us a filing fee of Rs. 1,000 166 00:12:15,480 --> 00:12:17,200 If you look at our revenue split, 167 00:12:31,240 --> 00:12:33,880 We raised a round last year. 168 00:12:34,080 --> 00:12:35,720 - Ah, that way. - Tell us. 169 00:12:44,760 --> 00:12:45,920 - Okay. - Bengaluru-based. 170 00:12:46,040 --> 00:12:47,760 - Okay. - We raised it through them. 171 00:12:47,880 --> 00:12:49,520 What is the current Cap table like? 172 00:13:07,080 --> 00:13:08,640 [laughter] 173 00:13:08,800 --> 00:13:11,000 Aman causes disputes with love. 174 00:13:11,160 --> 00:13:13,000 - How about a product demo? - Yes. 175 00:13:13,160 --> 00:13:14,440 - Let's have a demo. - Sure. 176 00:13:19,600 --> 00:13:21,560 Chanakya's maxim was 'sama, daam, dand, bhed' 177 00:13:21,680 --> 00:13:23,560 which are the four ways of resolving a dispute. 178 00:13:23,720 --> 00:13:26,000 'Sama' is the first which means talking things out. 179 00:13:26,080 --> 00:13:27,800 We're at the first level, Sama. 180 00:13:28,040 --> 00:13:29,040 Okay... 181 00:13:29,160 --> 00:13:30,400 - Very beautiful. - Very nice. 182 00:13:30,480 --> 00:13:31,840 Let's go to the demo, guys. 183 00:13:31,920 --> 00:13:33,080 The demo you're about to see 184 00:13:33,160 --> 00:13:35,600 is how a bank and a customer settle a loan dispute 185 00:13:35,680 --> 00:13:38,440 without going to court or seeking a collection agent's help 186 00:13:38,640 --> 00:13:41,880 - on the Sama platform as an out-of-court settlement. - Right. 187 00:13:42,080 --> 00:13:44,040 They login to the system. 188 00:13:44,280 --> 00:13:46,520 The bank's legal manager in Mumbai 189 00:13:46,640 --> 00:13:50,560 can track the number of cases filed as well as those settled. 190 00:13:50,640 --> 00:13:52,560 He gets a detailed analysis. 191 00:13:53,000 --> 00:13:56,480 Suppose they see they have 3,000 NPs or defaulters this month, 192 00:13:56,600 --> 00:13:57,520 they'll file the case. 193 00:13:57,640 --> 00:14:00,440 They proceed to the next step and upload the Excel files. 194 00:14:00,560 --> 00:14:02,440 They make Excel sheets for the 3,000 cases 195 00:14:02,640 --> 00:14:03,840 and upload them. 196 00:14:03,920 --> 00:14:05,440 Then they decide the process 197 00:14:05,520 --> 00:14:07,480 whether it will be a mediation or an arbitration. 198 00:14:07,600 --> 00:14:10,440 Suppose this bank has decided to go for an arbitration 199 00:14:10,520 --> 00:14:12,520 which is a 90-day process. 200 00:14:12,640 --> 00:14:14,400 Then he clicks on the arbitration tab. 201 00:14:14,520 --> 00:14:17,080 Then we check the accuracy of the data 202 00:14:17,200 --> 00:14:18,760 because it is very important data. 203 00:14:19,160 --> 00:14:22,000 We notice that 3,700 cases are correct 204 00:14:22,080 --> 00:14:23,760 and errors have shown up in 189 cases. 205 00:14:23,880 --> 00:14:25,400 For instance, a mismatch in the data, 206 00:14:25,480 --> 00:14:28,000 or the amount has been entered in the loan account number. 207 00:14:28,400 --> 00:14:30,800 These cases are then filed. 208 00:14:30,920 --> 00:14:33,840 Click on that file and you'll receive a confirmation. 209 00:14:33,840 --> 00:14:36,120 Then the cases will be filed amicably. 210 00:14:36,200 --> 00:14:39,440 Why do you keep saying amicably all the time? Were you beaten up? 211 00:14:39,520 --> 00:14:41,840 You add amicably to everything. 212 00:14:42,160 --> 00:14:44,240 File a case amicably. Take a chocolate. 213 00:14:44,720 --> 00:14:47,640 We want to give a new image to lawyers and the justice system. 214 00:14:47,640 --> 00:14:48,520 That's the intent. 215 00:14:48,600 --> 00:14:49,880 I want to tell you 216 00:14:56,880 --> 00:14:57,880 The process takes months. 217 00:14:57,960 --> 00:15:01,240 Whereas it takes two minutes to file 3,700 cases here. 218 00:15:01,400 --> 00:15:03,360 After that, a notice is sent to the parties. 219 00:15:03,440 --> 00:15:06,760 They get a call to make a settlement as an initiative by the bank. 220 00:15:06,840 --> 00:15:07,840 They're brought in. 221 00:15:08,160 --> 00:15:09,720 An arbitrator is then appointed. 222 00:15:09,840 --> 00:15:12,320 Is that your decision? 223 00:15:12,400 --> 00:15:13,640 We have parameters in place. 224 00:15:13,720 --> 00:15:15,760 - Okay, but parties can't appoint. - No, they can't. 225 00:15:15,840 --> 00:15:16,920 - Okay, got it. - All right. 226 00:15:17,000 --> 00:15:18,040 The discussion takes place. 227 00:15:36,440 --> 00:15:37,440 - Is the demo done? - Yes. 228 00:15:37,560 --> 00:15:39,880 Answer one question and then, I'll make you an offer. 229 00:15:41,840 --> 00:15:43,320 How can the Sharks help you? 230 00:15:43,440 --> 00:15:44,840 One thing for us is 231 00:15:44,920 --> 00:15:48,200 five of your brains thinking about Sama would be great. 232 00:15:48,280 --> 00:15:50,280 Secondly, as I said competitors are coming. 233 00:15:50,400 --> 00:15:53,240 I feel a lot of fundraising is happening. So... 234 00:15:53,360 --> 00:15:54,640 - Is it? - Now... Yes, sir. 235 00:15:54,720 --> 00:15:56,640 - Has a competitor received funds? - Yes, sir. 236 00:15:56,760 --> 00:15:58,080 I think Aman wanted to make an offer. 237 00:15:58,160 --> 00:15:59,280 - Go ahead. - Sure. 238 00:15:59,360 --> 00:16:01,640 - Aman, I want to join you. - Come on. 239 00:16:01,760 --> 00:16:03,560 - We will give you an offer. - Namita and Aman will. 240 00:16:03,640 --> 00:16:04,480 All right. 241 00:16:05,000 --> 00:16:07,640 - I think we should go with your last valuation. - Okay. 242 00:16:07,720 --> 00:16:10,480 Rs. 50 lakhs for 1% equity 243 00:16:20,760 --> 00:16:22,440 I won't give you any debt. 244 00:16:31,640 --> 00:16:34,440 - which is a lending marketplace of about Rs. 12,000 crores. - Okay. 245 00:16:34,520 --> 00:16:38,200 All 35 banks in India have books with us. 246 00:16:38,360 --> 00:16:40,560 If you want a long-term relationship, 247 00:16:44,240 --> 00:16:46,480 Hey, good news! 248 00:16:46,640 --> 00:16:48,960 Multi-Shark deal. Ritesh is joining us. 249 00:17:07,080 --> 00:17:08,160 We're three Sharks. 250 00:17:08,280 --> 00:17:10,760 We will match Rs. 1 crore for 2% equity too. 251 00:17:16,480 --> 00:17:18,120 When we entered the market, 252 00:17:18,200 --> 00:17:21,760 MNCs bigger and richer than us also entered the market. 253 00:17:22,240 --> 00:17:25,680 I beat them for the last 14 quarters. 254 00:17:25,880 --> 00:17:28,640 boAt has been number one in wearables in India. 255 00:17:28,640 --> 00:17:31,120 So, that is what I will bring to your table 256 00:17:39,840 --> 00:17:42,760 - Focus on the quality of Sharks. - Amicably. 257 00:17:43,240 --> 00:17:44,920 Who's amicably and politely... 258 00:17:45,000 --> 00:17:48,240 Notice who is agitated and who is discussing amicably. 259 00:17:48,400 --> 00:17:49,520 I agree with him. 260 00:17:50,680 --> 00:17:51,840 Our counter-offer is 261 00:17:51,920 --> 00:17:55,360 if you could agree to a dilution of 1.5% equity. 262 00:18:01,400 --> 00:18:02,280 Go out. 263 00:18:02,680 --> 00:18:04,600 Think who is the right value creator for you and come back. 264 00:18:04,680 --> 00:18:06,080 [pensive music playing] 265 00:18:13,080 --> 00:18:14,080 Welcome back. 266 00:18:14,400 --> 00:18:16,080 Here's our counter-offer. 267 00:18:16,440 --> 00:18:20,080 Could we have an all-Shark deal? 268 00:18:20,080 --> 00:18:21,440 No, that's not happening. 269 00:18:21,560 --> 00:18:23,400 - That leaves us with nothing. - Not among five of us. 270 00:18:23,480 --> 00:18:25,960 - The equity is negligible. - You came down to 1.5% 271 00:18:26,040 --> 00:18:27,320 which is 0.5% per Shark. 272 00:18:27,440 --> 00:18:28,840 Okay, not all five. 273 00:18:28,920 --> 00:18:31,840 Is it possible to increase the amount from Rs. 1 to 1.5 crores 274 00:18:38,240 --> 00:18:39,760 Okay. All right. 275 00:18:39,840 --> 00:18:43,720 - Then our leaning is Ritesh, Namita and Aman. - Thank you! 276 00:18:51,400 --> 00:18:53,360 - You made the right choice by the way. - And... 277 00:18:53,560 --> 00:18:55,600 Someone said, "This isn't selling audio!" 278 00:18:55,720 --> 00:18:57,400 Someone said, "I'm the king of tech!" 279 00:18:57,760 --> 00:18:59,760 Oh, my! I feel bad for them. 280 00:19:00,360 --> 00:19:01,480 [laughs] 281 00:19:01,600 --> 00:19:02,760 I felt really bad! 282 00:19:02,880 --> 00:19:04,840 - "I'm the king of tech!" - It's okay. 283 00:19:04,920 --> 00:19:06,560 - It's okay. - All right, then. 284 00:19:06,640 --> 00:19:07,840 [camera shutter clicking] 285 00:19:08,360 --> 00:19:09,360 All the best, guys. 286 00:19:09,480 --> 00:19:11,280 - Loved meeting you. Amazing... - Thank you. 287 00:19:11,360 --> 00:19:12,960 - Thank you. - Thank you so much. 288 00:19:13,200 --> 00:19:14,480 [joyous music playing] 289 00:20:45,080 --> 00:20:47,360 [theme music playing] 290 00:21:04,640 --> 00:21:07,080 [theme music fades] 291 00:21:09,080 --> 00:21:11,080 Sharks, what do you think of the products? 292 00:21:11,200 --> 00:21:12,360 - Very nice. - Wonderful. 293 00:21:12,440 --> 00:21:13,280 It's good and soft. 294 00:21:13,440 --> 00:21:15,040 Can you guess what this is? 295 00:21:15,120 --> 00:21:16,120 Cotton cloth... 296 00:21:16,920 --> 00:21:17,840 Let me tell you. 297 00:21:17,920 --> 00:21:21,160 Five types of natural fibres are found in the world. 298 00:21:21,240 --> 00:21:23,520 We have invented the sixth natural fibre 299 00:21:32,120 --> 00:21:34,480 and the rest 350 gm is waste 300 00:21:44,880 --> 00:21:49,080 produce about 30 lakh metric tonnes of waste 301 00:21:49,160 --> 00:21:50,840 of Butchery Chicken Waste 302 00:21:51,040 --> 00:21:53,880 which goes into landfills and water bodies. 303 00:21:53,960 --> 00:21:55,600 This waste sure is biodegradable, 304 00:22:02,160 --> 00:22:05,040 I realised that we could create the best out of this waste. 305 00:22:05,200 --> 00:22:06,960 That is how Golden Feathers was born. 306 00:22:22,400 --> 00:22:24,400 and collect this waste. 307 00:23:38,920 --> 00:23:41,800 Sharks, our ask is 308 00:23:53,640 --> 00:23:55,520 Radhesh, Muskan and Abhishek! 309 00:23:55,600 --> 00:23:58,440 - Welcome to Shark Tank Season 3. - Thank you, sir. 310 00:23:58,520 --> 00:24:00,920 This sounds like a new invention. 311 00:24:01,080 --> 00:24:02,960 - You've been granted a patent. - Yes, sir. 312 00:24:03,040 --> 00:24:05,560 - Is this the first to be done globally? - Yes, sir. 313 00:24:05,640 --> 00:24:08,360 What are your backgrounds? How did you even discover this? 314 00:24:09,040 --> 00:24:11,440 Sir, all three of us have a background in design. 315 00:24:11,800 --> 00:24:14,240 When I was working at the Indian Institute Of Crafts & Design 316 00:24:20,320 --> 00:24:22,360 We had many students in our class. 317 00:24:22,440 --> 00:24:25,000 Some worked on plastics and others on sanitary napkins. 318 00:24:25,120 --> 00:24:27,640 They all worked on different kinds of waste. 319 00:24:27,880 --> 00:24:31,440 I am a food lover, so I decided to work on food waste. 320 00:24:31,560 --> 00:24:33,200 So, I used chicken waste. 321 00:24:34,240 --> 00:24:38,400 It wasn't my motive to invent the sixth natural fibre. 322 00:24:38,480 --> 00:24:40,200 Then I took heed of its properties. 323 00:24:52,680 --> 00:24:55,200 Like whether it had dyeing properties 324 00:24:55,320 --> 00:24:57,320 and spinnable properties. 325 00:24:57,560 --> 00:24:59,160 After all these tests, 326 00:24:59,280 --> 00:25:01,800 I was finally able to spin it in 2016. 327 00:25:04,080 --> 00:25:05,640 I still didn't get your invention. 328 00:25:05,720 --> 00:25:07,960 What have you invented that is converting the waste? 329 00:25:07,960 --> 00:25:08,840 What is the process? 330 00:25:36,720 --> 00:25:41,600 Sir, the sanitisation process is completely natural. 331 00:25:41,680 --> 00:25:44,200 If you introduce any fabric or fibre 332 00:25:44,360 --> 00:25:47,400 to any chemicals or hard chemicals, washing chemicals for instance, 333 00:25:47,520 --> 00:25:51,080 then the feathers get diluted and lose their properties. 334 00:25:52,160 --> 00:25:56,080 So, the process is elaborate. First, a steam at 100 degrees. 335 00:25:56,280 --> 00:25:57,840 The waste can cause 40 types of flu. 336 00:25:57,960 --> 00:26:00,800 If we need to touch the waste or ragpickers need to, 337 00:26:01,000 --> 00:26:02,080 how do they do that? 338 00:26:02,160 --> 00:26:04,960 For that, we process it in 100 degrees steam, 339 00:26:05,160 --> 00:26:07,280 then wash it with soapnut, 340 00:26:10,760 --> 00:26:13,240 The entire process needs to be carried out within 24 hours 341 00:26:13,320 --> 00:26:16,600 because our units are receiving more waste. 342 00:26:16,720 --> 00:26:18,880 So, creating a value chain system 343 00:26:19,000 --> 00:26:22,040 and in the first wash, using the least amount of water, 344 00:26:22,400 --> 00:26:24,320 - carrying it out... - Have you invented a special machine? 345 00:26:24,400 --> 00:26:25,960 I still don't get it. 346 00:26:28,480 --> 00:26:31,600 - What was the patent granted for? - The process. 347 00:26:31,760 --> 00:26:33,640 What is it exactly? 348 00:26:33,720 --> 00:26:36,880 No one apart from you is using this waste... 349 00:26:37,000 --> 00:26:39,080 They cannot make it using natural methods. 350 00:26:39,720 --> 00:26:41,400 This is hand carded fibre. 351 00:26:41,480 --> 00:26:45,080 Once the feather is thoroughly sanitised, 352 00:26:45,160 --> 00:26:47,080 we send it to tribal women. 353 00:26:47,240 --> 00:26:49,680 - So, it can only be made with feathers. - Yes, sir. 354 00:26:50,920 --> 00:26:53,880 Post sanitisation, we segregate it. 355 00:26:53,960 --> 00:26:54,880 Not mechanised. 356 00:26:54,960 --> 00:26:56,760 Sir, the main motive of our company 357 00:26:57,000 --> 00:26:58,880 is that we do not fully automate it 358 00:26:58,960 --> 00:27:02,080 in line with our vision to provide livelihood. 359 00:27:02,160 --> 00:27:04,520 There are quite a few tribal belts... 360 00:27:04,640 --> 00:27:06,160 How many people work for you? 361 00:27:07,240 --> 00:27:09,640 Sir, currently, 1,200 tribal women... 362 00:27:09,760 --> 00:27:11,320 - Full time? - 200, sir. 363 00:27:11,480 --> 00:27:14,000 - This is order based. - Where are these women? 364 00:27:14,080 --> 00:27:15,080 In which states? 365 00:27:22,080 --> 00:27:23,880 - On the verge of being sold. - Of being sold. 366 00:27:23,960 --> 00:27:26,120 We went there and trained those women. 367 00:27:26,200 --> 00:27:27,720 They were skilled weavers. 368 00:27:27,840 --> 00:27:29,400 We taught them our technique. 369 00:27:29,480 --> 00:27:32,520 We bought some part of the land of that NGO 370 00:27:32,600 --> 00:27:34,280 so that it does not get sold 371 00:27:34,400 --> 00:27:35,920 and those women could work from there. 372 00:27:36,080 --> 00:27:39,080 - So, you helped them become successful. - Yes, sir. 373 00:27:39,160 --> 00:27:40,440 What is your fibre called? 374 00:28:03,720 --> 00:28:05,040 whereas this is woollen fibre 375 00:28:05,160 --> 00:28:08,240 and if you see, pashmina costs Rs. 10,000 to 15,000 a metre, 376 00:28:08,400 --> 00:28:09,760 or for a shawl. 377 00:28:09,880 --> 00:28:12,080 You have made a woollen or a natural sixth fibre. 378 00:28:12,280 --> 00:28:14,360 If you really have done that 379 00:28:14,360 --> 00:28:17,560 and as you claimed, you have invented the entire process 380 00:28:17,640 --> 00:28:18,800 and is also patented, 381 00:28:18,960 --> 00:28:22,680 then why don't you sell that fibre or yarn 382 00:28:22,840 --> 00:28:27,880 to other providers who manufacture fabrics and garments? 383 00:28:28,000 --> 00:28:29,440 Why are you making products? 384 00:28:30,360 --> 00:28:31,520 Sir, what happens is 385 00:28:31,640 --> 00:28:33,640 when a new product comes into the market, 386 00:28:33,760 --> 00:28:35,840 we need to spread awareness 387 00:28:35,920 --> 00:28:37,600 of all the things that can be made from it. 388 00:28:37,720 --> 00:28:40,360 This was the reason I made 386 different products 389 00:28:48,080 --> 00:28:49,440 That is in our business model. 390 00:28:49,560 --> 00:28:53,120 57% of our business will come from the sale of fibres. 391 00:28:54,080 --> 00:28:57,560 For that, we will need to train people on a large scale 392 00:28:57,680 --> 00:28:59,760 and we cannot put this on hold until that is achieved. 393 00:28:59,880 --> 00:29:02,400 So, at the basic starting level, 394 00:29:02,480 --> 00:29:04,960 we are spinning the fibres to make products 395 00:29:05,040 --> 00:29:06,400 and creating an awareness. 396 00:29:12,000 --> 00:29:15,080 Don't people get disgusted 397 00:29:15,160 --> 00:29:17,440 about it being made from butchery waste? 398 00:29:18,200 --> 00:29:21,280 People who are vegans have an issue with it. 399 00:29:21,440 --> 00:29:22,600 But its ratio... 400 00:29:22,680 --> 00:29:24,800 Okay! Are you claiming that this is meant for meat eaters? 401 00:29:25,000 --> 00:29:28,480 Sir, you can say that those who use leather can use feathers. 402 00:29:28,560 --> 00:29:31,080 The pashmina shawl is made from sheep's wool. 403 00:29:31,160 --> 00:29:33,840 That is sheep's wool. Also... 404 00:29:33,920 --> 00:29:36,880 There is a difference between sheep's wool 405 00:29:36,960 --> 00:29:38,480 and butchery chicken waste. 406 00:29:38,560 --> 00:29:40,520 - I agree. - If you look at our product 407 00:29:40,640 --> 00:29:42,240 - you won't know... - Acceptance takes time. 408 00:29:42,320 --> 00:29:43,720 I won't know what it's made of if I look at it. 409 00:29:43,800 --> 00:29:45,760 When I ask, I know what it is. That's the concern. 410 00:29:46,680 --> 00:29:49,760 Goose down feathers also come from birds. 411 00:29:49,840 --> 00:29:52,040 - It undergoes cruelty... - It is stuffed 412 00:29:52,120 --> 00:29:53,320 - in pillows. - It's not cruelty-free. 413 00:29:53,360 --> 00:29:55,360 Acceptance takes time, but it eventually happens. 414 00:29:56,760 --> 00:29:57,640 Two questions. 415 00:29:58,080 --> 00:30:01,200 Why Rs. 5 crores? And why Rs. 100 crores valuation? 416 00:30:01,280 --> 00:30:02,640 How much is your current sales? 417 00:30:03,840 --> 00:30:05,040 It's Rs. 94 lakhs. 418 00:30:11,360 --> 00:30:13,440 Who will give you 100 times sales? 419 00:30:13,520 --> 00:30:15,600 - Rs. 1 crore last year? - That's for the last six months. 420 00:30:15,680 --> 00:30:16,840 Last three months revenue. 421 00:30:18,640 --> 00:30:20,400 How much sales will you generate this year? 422 00:30:20,480 --> 00:30:22,760 - This entire year! - Around Rs. 1.5. 423 00:30:28,240 --> 00:30:30,520 Ma'am, this is a fibre 424 00:30:30,680 --> 00:30:33,000 that's driven by market demand. 425 00:30:33,280 --> 00:30:35,280 If we want to sell feathers, 426 00:30:35,560 --> 00:30:37,840 we have enough raw material. If we only sell feathers, 427 00:30:37,920 --> 00:30:41,120 then we can easily achieve around Rs. 40 crores in a year. 428 00:30:41,160 --> 00:30:44,680 Investors don't invest based on aspiration. 429 00:30:45,640 --> 00:30:48,640 You must have a certain sales figure 430 00:30:48,920 --> 00:30:50,680 for a Rs. 100 crores ask. 431 00:30:51,120 --> 00:30:54,600 I have my doubts about your abilities as an entrepreneur. 432 00:30:54,720 --> 00:30:57,120 How can you expect to ask 433 00:30:57,200 --> 00:30:59,880 for Rs. 100 crores with only Rs. 1.5 crores in sales? 434 00:31:00,880 --> 00:31:03,800 Your mindset is a bit concerning to me. 435 00:31:04,840 --> 00:31:07,120 Firstly, our innovation 436 00:31:07,200 --> 00:31:09,840 won a German design award. It's the world's best design award. 437 00:31:09,920 --> 00:31:11,640 - Awards don't contribute to sales. - Ma'am! 438 00:31:11,720 --> 00:31:13,000 Ma'am, let me finish. 439 00:31:13,760 --> 00:31:15,360 To start a train business, 440 00:31:15,440 --> 00:31:17,600 we have to lay the tracks and we need investment. 441 00:31:17,680 --> 00:31:20,600 To reach a business worth Rs. 100 crores, 442 00:31:20,680 --> 00:31:22,480 we'll require an investment of Rs. 5 crores. 443 00:31:22,600 --> 00:31:24,000 What will you do with Rs. 5 crores? 444 00:31:24,080 --> 00:31:26,680 We would invest in fillers and fibres, 445 00:31:26,760 --> 00:31:29,280 and also expand our operations. We would focus on marketing. 446 00:31:29,440 --> 00:31:31,080 The market is not in India, ma'am. 447 00:31:31,280 --> 00:31:33,000 There are 80 countries worldwide 448 00:31:33,080 --> 00:31:35,440 with cold climates where these fibres are sold. 449 00:31:36,920 --> 00:31:39,760 Have you raised money? Is that why the valuation is so high? 450 00:31:39,880 --> 00:31:40,840 How much have you raised? 451 00:31:40,880 --> 00:31:43,560 I've raised Rs. 30 lakhs for 6%. 452 00:31:43,640 --> 00:31:46,960 - In which year? - 2019... 453 00:31:47,040 --> 00:31:48,520 - 2020. - In 2020. 454 00:31:56,200 --> 00:31:58,240 Sir, our company didn't receive a patent back then. 455 00:31:58,320 --> 00:32:00,840 Our company was published. Now, we have a patent. 456 00:32:00,920 --> 00:32:02,240 I am confused about something. 457 00:32:02,320 --> 00:32:04,600 You mentioned you have a patent. That's great! 458 00:32:04,680 --> 00:32:05,800 I am impressed. 459 00:32:05,920 --> 00:32:09,320 Your sale is Rs. 1.5 crores this year. You said that. 460 00:32:09,400 --> 00:32:11,840 This means, there is no demand for your products yet. 461 00:32:12,920 --> 00:32:15,280 If there was a demand, it would have sold like hotcakes. 462 00:32:15,360 --> 00:32:18,520 I believe the margin structure should be excellent. How much is it? 463 00:32:18,760 --> 00:32:19,720 Sir, 100%. 464 00:32:19,800 --> 00:32:22,720 If the margin structure is so high, then there is a problem with demand. 465 00:32:23,400 --> 00:32:24,880 If your product was in demand, 466 00:32:25,200 --> 00:32:27,480 the sales of this new innovation would've been at a peak. 467 00:32:28,360 --> 00:32:33,480 Many companies have requested 40,000 tonnes of raw materials annually. 468 00:32:33,560 --> 00:32:35,520 But we don't have the capacity to supply that. 469 00:32:35,640 --> 00:32:38,240 You only made sales of Rs. 1 crore and you are giving me high hopes. 470 00:32:38,920 --> 00:32:41,960 How much is your maximum capacity? You've employed 1,200 people. 471 00:32:42,040 --> 00:32:44,720 We process 200 tonnes per month. 472 00:32:44,840 --> 00:32:47,320 - How much did you sell this year? - We are selling around 25-30 kilos. 473 00:32:47,440 --> 00:32:49,920 - You said you have one tonne's capacity. - Two tonne. 474 00:32:50,000 --> 00:32:51,720 Two-tonne capacity. That's good. 475 00:32:52,200 --> 00:32:54,520 I only sell 30 kilos, right? 476 00:32:54,640 --> 00:32:57,560 You want to install more production plants. How does that make sense? 477 00:32:58,440 --> 00:33:01,040 Sir, there are three processes in production plant. 478 00:33:01,160 --> 00:33:03,800 First is feather process cleaning. 479 00:33:04,160 --> 00:33:06,080 The second is product development. 480 00:33:06,200 --> 00:33:07,680 And third, is designing. 481 00:33:07,760 --> 00:33:09,840 We already have a processing plant. 482 00:33:09,920 --> 00:33:11,920 - One tonne? - Yes, sir. 483 00:33:12,000 --> 00:33:14,200 We have a base in Pune of 2 tonnes. 484 00:33:14,280 --> 00:33:16,560 - If you get an order, can you make 2 tonnes? - Yes. 485 00:33:16,640 --> 00:33:18,680 You are not accepting that there is a demand shortage. 486 00:33:19,240 --> 00:33:20,480 The market lacks availability for that. 487 00:33:20,560 --> 00:33:22,080 We cannot go abroad if we are in India. 488 00:33:22,160 --> 00:33:24,840 So, I can conclude that... 489 00:33:24,920 --> 00:33:26,840 I am out. This is my answer. 490 00:33:27,920 --> 00:33:29,520 I don't want to know more. 491 00:33:29,600 --> 00:33:33,680 Because I don't think you realise the requirement for this. 492 00:33:34,440 --> 00:33:36,000 You need sales. 493 00:33:44,760 --> 00:33:46,520 And I would have asked how much they want. 494 00:33:46,720 --> 00:33:49,440 This business would be pure B2B to start with, 495 00:33:49,520 --> 00:33:51,120 where you are introducing new fibre in the market. 496 00:33:51,200 --> 00:33:53,640 If the fibre is good, it will lap up like anything. 497 00:33:53,720 --> 00:33:55,280 To me, your strategy is not clear. 498 00:33:55,360 --> 00:33:58,080 I'm not sure if you know how to run a business. 499 00:33:58,160 --> 00:33:59,920 I am out today. There are four more Sharks. 500 00:34:00,880 --> 00:34:02,000 I am also out. 501 00:34:03,000 --> 00:34:07,240 Because I think entrepreneurs should have realistic thinking. 502 00:34:17,800 --> 00:34:20,080 Based on the revenue of Rs. 1.5 crores, 503 00:34:20,240 --> 00:34:22,160 you are asking for Rs. 100 crores. 504 00:34:22,840 --> 00:34:24,680 I am not liking your thinking. 505 00:34:24,800 --> 00:34:26,920 And that is why I don't wish to be a part of your business. 506 00:34:27,480 --> 00:34:29,360 But I hope it's a revolutionary product 507 00:34:29,440 --> 00:34:31,760 that makes India proud. So, wish you the best. 508 00:34:33,200 --> 00:34:35,720 I still cannot digest Rs. 5 crores. 509 00:34:36,960 --> 00:34:38,560 Why do you need Rs. 5 crores? 510 00:34:38,680 --> 00:34:41,560 Secondly, I don't believe in your innovation. 511 00:34:42,000 --> 00:34:44,640 I can't invest in what I don't believe in. 512 00:34:45,360 --> 00:34:48,920 I cannot give you Rs. 5 crores. Unfortunately, I am out. 513 00:34:49,200 --> 00:34:50,120 [tense music playing] 514 00:35:03,760 --> 00:35:07,440 I think if you hire a good business executive 515 00:35:07,640 --> 00:35:13,200 who belongs to this industry and has sold such products. 516 00:35:13,280 --> 00:35:15,920 Because you don't have that, 517 00:35:16,000 --> 00:35:18,080 I am out. 518 00:35:18,920 --> 00:35:21,280 But I definitely want to give you something. 519 00:35:21,440 --> 00:35:23,200 I want to donate Rs. 10 lakhs 520 00:35:23,320 --> 00:35:26,040 to the NGO you are associated with 521 00:35:26,160 --> 00:35:29,280 to help them expand and create more job opportunities. 522 00:35:29,520 --> 00:35:32,200 But I cannot be a part of this deal. 523 00:35:32,280 --> 00:35:33,480 So, I am out. 524 00:35:35,560 --> 00:35:39,160 I think that you don't have a product-market fit. 525 00:35:39,640 --> 00:35:42,200 Right? That is why you are selling other products as well. 526 00:35:43,400 --> 00:35:47,320 Yarn, feather, fabric, and final product. 527 00:35:47,560 --> 00:35:49,720 When someone doesn't have product-market fit, 528 00:35:49,840 --> 00:35:52,640 they try all of this, hoping for it to click. 529 00:35:53,920 --> 00:35:55,160 For that reason, I am out. 530 00:35:56,400 --> 00:35:57,840 - Good luck! - All the best, guys. 531 00:36:23,280 --> 00:36:25,200 [theme music playing] 532 00:36:30,000 --> 00:36:32,040 [theme music crescendos] 533 00:36:39,680 --> 00:36:41,840 [theme music playing] 534 00:36:47,560 --> 00:36:49,240 - Greetings, Sharks. - Greetings. 535 00:37:17,240 --> 00:37:18,480 "Chintan prayog!" 536 00:37:18,600 --> 00:37:21,200 If there is a big explosion in the universe, 537 00:37:29,280 --> 00:37:32,600 Let's try to understand it better with the help of Myracle. 538 00:37:39,120 --> 00:37:42,640 We'll see the air particles in Shark Tank with the help of Myracle 4D. 539 00:37:42,760 --> 00:37:43,920 Hmm. 540 00:37:44,000 --> 00:37:47,480 - Sound travels through the air in the form of waves. - That's right. 541 00:37:47,600 --> 00:37:49,840 The vibrations of the air particles 542 00:37:50,040 --> 00:37:53,120 help the sound reach our ears and we can hear the music. 543 00:37:59,320 --> 00:38:02,160 [water bubbling] 544 00:38:04,440 --> 00:38:06,320 The music stopped and Sharks 545 00:38:06,440 --> 00:38:08,040 are underwater for the first time in history. 546 00:38:08,160 --> 00:38:09,400 [Anupam chuckling] 547 00:38:09,480 --> 00:38:10,320 At least, these Sharks. 548 00:38:10,360 --> 00:38:13,280 Let's go underwater and see what happens. 549 00:38:18,680 --> 00:38:20,560 We can hear the music underwater 550 00:38:20,680 --> 00:38:24,520 because sound travels in waveform even through the water. 551 00:38:24,760 --> 00:38:28,120 So we can hear the music travelling through the water. 552 00:38:28,240 --> 00:38:32,040 Now, I'll empty this Tank of water as well as air. 553 00:38:32,520 --> 00:38:34,400 [water whooshing] 554 00:38:37,120 --> 00:38:39,680 All the water and air particles are gone. 555 00:38:39,720 --> 00:38:41,400 - Hmm. - Now, there's just a vacuum. 556 00:38:42,320 --> 00:38:43,920 The vacuum doesn't have any particles. 557 00:38:44,000 --> 00:38:47,320 Now sound can't travel 558 00:38:54,960 --> 00:38:56,440 It's an interesting way of explaining something. 559 00:38:56,760 --> 00:38:59,760 - Thank you! - Very nice. Kids will love it. 560 00:39:13,120 --> 00:39:16,440 helps you understand a difficult concept easily. 561 00:39:16,720 --> 00:39:19,520 Currently, around 7 lakh schools 562 00:39:19,600 --> 00:39:21,240 have one microscope per 200 students 563 00:39:33,680 --> 00:39:36,080 get shattered because of this huge infrastructural gap. 564 00:39:36,240 --> 00:39:37,640 Myracle unlocks 565 00:39:45,200 --> 00:39:47,320 It just requires a mobile device 566 00:40:01,320 --> 00:40:03,080 It'll help replace 567 00:40:10,280 --> 00:40:11,760 - Very impressive. - Thank you. 568 00:40:11,840 --> 00:40:14,240 We'll gain a deeper knowledge of your product 569 00:40:14,320 --> 00:40:16,200 but first, let's understand you more. 570 00:40:16,280 --> 00:40:18,160 How did you develop an interest in it? 571 00:40:18,280 --> 00:40:19,600 I was raised in Mumbai. 572 00:40:19,720 --> 00:40:21,920 I pursued a bachelor's degree in engineering 573 00:40:22,000 --> 00:40:24,000 - with computer science. - Which college? 574 00:40:34,080 --> 00:40:36,240 There's a company called N26. 575 00:40:36,320 --> 00:40:38,240 It's in Berlin. I spent four years over there. 576 00:40:38,320 --> 00:40:41,640 I was the head of 65 mobile engineers before I quit. 577 00:40:41,720 --> 00:40:43,480 When did you start this company? 578 00:40:43,560 --> 00:40:47,280 I began my full-fledged entrepreneurial journey in 2020. 579 00:40:47,360 --> 00:40:49,080 So you started after coming back from Germany. 580 00:40:49,320 --> 00:40:51,560 Currently, I'm travelling between Germany and India. 581 00:40:51,680 --> 00:40:54,240 - Basically, I'm in an in-between stage. - What do you mean? 582 00:40:54,320 --> 00:40:56,680 I stay in Mumbai for 4-5 months a year 583 00:40:56,760 --> 00:40:57,840 and in Germany for the remaining year. 584 00:40:57,960 --> 00:40:59,760 What do you do in Germany for eight months? 585 00:40:59,880 --> 00:41:01,640 I have a company in Germany. 586 00:41:01,720 --> 00:41:04,440 - Is it Myracle or some other company? - We've two legal entities. 587 00:41:04,560 --> 00:41:06,040 One company is in Berlin, Germany, 588 00:41:13,760 --> 00:41:15,960 Cerebranium India. Both companies are mine. 589 00:41:16,040 --> 00:41:18,480 India's team helps the German team 590 00:41:18,600 --> 00:41:21,320 run their operations essentially. 591 00:41:21,520 --> 00:41:24,640 In the meantime, the Indian team utilised the capital 592 00:41:24,720 --> 00:41:26,440 and built the Myracle product. 593 00:41:26,520 --> 00:41:27,960 Are they related to each other anyhow? 594 00:41:28,040 --> 00:41:29,200 - Uh... - In terms of shareholding. 595 00:41:29,280 --> 00:41:32,080 - They aren't related in terms of shareholding. - They're independent. 596 00:41:45,880 --> 00:41:47,280 - Where do you want to sell? - To the entire world. 597 00:41:47,400 --> 00:41:48,560 - I'll start from India. - Your first market? 598 00:41:48,640 --> 00:41:49,960 So you'll have to stay in India. 599 00:41:50,080 --> 00:41:52,080 - What is your plan? - I often face this question. 600 00:41:52,240 --> 00:41:55,120 "If your market is in India, why don' you stay in India permanently?" 601 00:41:55,200 --> 00:41:56,880 - Exactly! - It's a fair question. 602 00:41:57,160 --> 00:42:00,640 I observed a detail-oriented approach in Germany 603 00:42:00,720 --> 00:42:04,320 in small things. For example, the way the taxi doors close. 604 00:42:04,840 --> 00:42:06,400 - It's just perfect. Somehow. - [laughing] 605 00:42:07,680 --> 00:42:09,560 - The detail-oriented... - What is he saying? 606 00:42:09,640 --> 00:42:13,240 It can be learned. Learn detail orientation in Germany 607 00:42:13,360 --> 00:42:15,080 - but we must move to the place where we want to sell. - Correct! 608 00:42:15,160 --> 00:42:17,800 - Right. - Do the taxi doors close better in Germany? 609 00:42:17,920 --> 00:42:19,480 - No. My point is... - First, stay in India. 610 00:42:19,560 --> 00:42:21,320 - He likes the precision over there. - It's culturally... 611 00:42:21,440 --> 00:42:24,440 It's culturally ingrained in people. 612 00:42:24,520 --> 00:42:27,680 One can absorb that culture only if you live there. 613 00:42:28,880 --> 00:42:31,120 India's hustle is at a high level. 614 00:42:31,200 --> 00:42:32,840 I'm not convinced with your answer. 615 00:42:32,920 --> 00:42:35,880 Lying to ourselves is called delusion. 616 00:43:00,600 --> 00:43:02,560 If your market is in India, 617 00:43:02,960 --> 00:43:05,840 talking about the engineering and the precision of doors... 618 00:43:06,040 --> 00:43:07,240 You are fooling yourself. 619 00:43:07,320 --> 00:43:10,160 You must move to India as soon as possible if your market is here. 620 00:43:10,400 --> 00:43:11,280 [intense music plays] 621 00:43:11,400 --> 00:43:13,040 - What is your product? - The product helps us understand 622 00:43:13,280 --> 00:43:16,400 science experientially in the physical world. 623 00:43:16,640 --> 00:43:18,840 - Can you show us a few more demos? - Yes. Please show us a few demos. 624 00:43:18,920 --> 00:43:19,880 Sure. 625 00:43:20,880 --> 00:43:22,000 [ethereal music playing] 626 00:43:22,240 --> 00:43:25,560 You can download Myracle through the Google Play Store or App Store 627 00:43:25,640 --> 00:43:27,160 and try it out. 628 00:43:27,240 --> 00:43:29,000 Our main business is generated 629 00:43:36,640 --> 00:43:40,520 Let me give you an example of the human anatomy. 630 00:43:40,800 --> 00:43:43,880 So we can move close to it 631 00:43:48,080 --> 00:43:50,160 It's AR, Augmented Reality. 632 00:43:56,120 --> 00:43:57,520 What are you teaching? 633 00:43:57,720 --> 00:43:59,640 This is a human body structure 634 00:43:59,920 --> 00:44:04,960 and suppose we have to understand a specific part. 635 00:44:05,040 --> 00:44:06,040 We'll touch that body part 636 00:44:06,120 --> 00:44:07,480 and a detailed explanation will appear below. 637 00:44:17,560 --> 00:44:19,120 A teacher must hold a tablet 638 00:44:19,200 --> 00:44:21,640 - and have a smart screen in front. - Exactly. 639 00:44:30,760 --> 00:44:31,960 Projectors can also be used. 640 00:44:40,240 --> 00:44:41,960 I have a video. 641 00:45:04,640 --> 00:45:07,080 The children were sitting, right? 642 00:45:07,920 --> 00:45:09,440 You couldn't involve them physically. 643 00:45:10,600 --> 00:45:14,640 As you are experienced, you know that many such applications 644 00:45:14,720 --> 00:45:16,480 - are being used in different industries. - Right. 645 00:45:16,760 --> 00:45:18,440 - The visual you provide... - Yes. 646 00:45:18,520 --> 00:45:20,360 Do you think it's good enough? 647 00:45:20,440 --> 00:45:21,520 How is the quality? 648 00:45:21,600 --> 00:45:23,920 I would say, we score 6/10 right now. 649 00:45:24,000 --> 00:45:26,200 I'd rate it 1/10 as compared to what I have seen. 650 00:45:27,120 --> 00:45:29,080 - Sure. - Ooh! That's heavy. 651 00:45:29,160 --> 00:45:30,080 You are far behind. 652 00:45:30,160 --> 00:45:33,440 We built it for the first time seven years ago. 653 00:45:33,560 --> 00:45:35,320 - Right. - The technology is way advanced now. 654 00:45:35,400 --> 00:45:38,200 You did a poor application of this technology. 655 00:45:38,280 --> 00:45:40,880 I hope you agree this technology has existed for a long time. 656 00:45:41,760 --> 00:45:44,080 You found its application. And then? 657 00:45:44,400 --> 00:45:46,800 Your modelling team is weak. 658 00:45:46,880 --> 00:45:50,080 You don't have quality designers to design this model. 659 00:45:51,040 --> 00:45:52,440 I think it's a low-quality product. 660 00:45:52,560 --> 00:45:54,440 It's a few steps ahead 661 00:45:54,520 --> 00:45:56,320 of what is used in classrooms right now. 662 00:45:57,360 --> 00:46:00,880 What is your invention? It has 2-3 things. Right? 663 00:46:01,160 --> 00:46:02,400 First is the platform. 664 00:46:02,480 --> 00:46:03,760 - Hmm. - Many people do it. 665 00:46:03,920 --> 00:46:06,600 Microsoft and Google provide such applications for teachers. 666 00:46:06,680 --> 00:46:07,840 - Right. - To create one's own content. 667 00:46:07,920 --> 00:46:09,560 The second thing is the application. 668 00:46:09,640 --> 00:46:11,800 Suppose you chose biology 669 00:46:11,920 --> 00:46:14,280 and you created specific tools for that subject. 670 00:46:14,360 --> 00:46:16,040 - The third thing is the content. - Right. 671 00:46:16,120 --> 00:46:18,280 Where they talked about the imagery. 672 00:46:18,360 --> 00:46:20,040 Which area do you cover? Do you specialise in all three? 673 00:46:20,120 --> 00:46:23,200 We are building it by combining the three areas. 674 00:46:23,280 --> 00:46:26,320 It includes technology, pedagogy, and creativity. 675 00:46:29,080 --> 00:46:32,040 I say, "okay, I like this but I want to customise it." 676 00:46:32,160 --> 00:46:33,720 Will I be able to do it on this platform? 677 00:46:41,520 --> 00:46:44,520 - Okay. - We need to create a few examples before authoring. 678 00:46:58,240 --> 00:47:02,160 I want to give you a demonstration to answer your questions. 679 00:47:03,600 --> 00:47:05,360 Let's take the example of a microscope. 680 00:47:05,480 --> 00:47:07,640 Suppose we prepared the slides. 681 00:47:07,800 --> 00:47:10,240 Then we select the slide of onion peel 682 00:47:10,520 --> 00:47:12,680 and place it under the microscope. 683 00:47:12,800 --> 00:47:14,880 When we use the real microscope, 684 00:47:14,960 --> 00:47:16,960 we are able to see the onion peel in the ocular view. 685 00:47:17,480 --> 00:47:21,680 In the same way, we incorporate the physical movement here 686 00:47:21,760 --> 00:47:24,040 and adjust the focus knobs of the microscope 687 00:47:24,160 --> 00:47:26,800 to see different layers of the slide. 688 00:47:28,040 --> 00:47:31,440 It helps us see the real structure of the onion peel. 689 00:47:31,520 --> 00:47:33,280 It's the missing piece today. 690 00:47:33,440 --> 00:47:36,680 Many tools out there can't do it. 691 00:47:36,760 --> 00:47:39,440 In a similar fashion, we can step out of it. 692 00:47:39,520 --> 00:47:43,040 Our physical movement is a part of the experience. 693 00:47:43,280 --> 00:47:44,560 This is our new application. 694 00:47:44,680 --> 00:47:47,240 AR is ten years old. You are absolutely right. 695 00:47:58,160 --> 00:47:59,960 uncomfortable and unfamiliar too. 696 00:48:00,040 --> 00:48:02,280 They'd need 5-7 years to become a norm. 697 00:48:02,520 --> 00:48:04,600 If we introduce spatial computing to everyone 698 00:48:22,600 --> 00:48:23,400 We can. 699 00:48:41,080 --> 00:48:43,800 - You just held the screen. - You are just moving to and fro. 700 00:48:43,880 --> 00:48:47,200 You aren't helping adjust the magnifying glass 701 00:48:47,280 --> 00:48:49,480 and place the slide. We aren't doing any of it. 702 00:48:49,600 --> 00:48:51,040 - Suppose I have an app. - Hmm. 703 00:48:51,160 --> 00:48:53,040 I have three slides and a magnifying glass. 704 00:48:53,120 --> 00:48:54,880 Then I use my finger to select the object 705 00:48:54,960 --> 00:48:56,840 - and without walking I drag... - Drag and drop. 706 00:48:56,920 --> 00:48:58,080 - I dropped it. - Drag and drop. 707 00:48:58,160 --> 00:49:00,880 - Then I'll pinch and zoom the slide. - Hmm. 708 00:49:00,960 --> 00:49:04,240 It'll give me a feeling of reality 709 00:49:04,320 --> 00:49:06,960 and help in immersive learning. Your innovation is the same. 710 00:49:07,040 --> 00:49:10,560 The only difference is that you captured the entire environment 711 00:49:10,640 --> 00:49:12,200 which increased the relatability. 712 00:49:12,360 --> 00:49:13,880 - Right? - That's important. 713 00:49:14,200 --> 00:49:16,520 But is it worth the money you will charge somebody? 714 00:49:16,600 --> 00:49:17,600 I'm not sure about it. 715 00:49:19,400 --> 00:49:21,240 What is your revenue model? How much do you charge? 716 00:49:21,440 --> 00:49:24,160 - We give annual subscriptions. - What's the cost? 717 00:49:31,680 --> 00:49:34,120 So they get something at least. 718 00:49:34,240 --> 00:49:35,720 Something is better than nothing, essentially. 719 00:49:35,800 --> 00:49:37,040 That's the approach we have taken. 720 00:49:37,120 --> 00:49:39,280 You have heard about Atal Tinkering Labs. Right? 721 00:49:39,560 --> 00:49:41,680 Different kinds of 3D models... 722 00:49:47,200 --> 00:49:50,560 Currently, science labs cost Rs. 35-Rs. 40 lakhs over five years 723 00:49:50,800 --> 00:49:51,920 to set them up and maintain. 724 00:49:52,120 --> 00:49:56,360 Comparatively, Myracle promises a 90% ROI currently. 725 00:49:56,560 --> 00:49:57,680 In reduction of cost. 726 00:49:57,760 --> 00:49:59,760 Where do you see yourself in three years? 727 00:49:59,840 --> 00:50:02,920 Our vision is to touch 1,000 schools. 728 00:50:11,880 --> 00:50:12,680 Right. 729 00:50:13,000 --> 00:50:15,640 Schools won't help you achieve a bigger vision. 730 00:50:15,880 --> 00:50:17,400 You must build something 731 00:50:17,520 --> 00:50:20,360 so that the students are attracted automatically 732 00:50:20,720 --> 00:50:22,760 and they start giving a subscription fee. 733 00:50:22,840 --> 00:50:24,640 Millions of children start buying it. 734 00:50:24,880 --> 00:50:26,160 That could be scalable. 735 00:50:26,240 --> 00:50:27,480 Our model is B2B2C. 736 00:50:33,960 --> 00:50:35,520 Then they start using it. 737 00:50:35,520 --> 00:50:37,240 They don't use it. They might use it. 738 00:50:38,280 --> 00:50:40,120 They do. We see a spike in downloads. 739 00:50:40,200 --> 00:50:42,480 How many students are active daily? 740 00:51:08,400 --> 00:51:10,800 - Um, I don't have the number. - He doesn't have. Please move on. 741 00:51:10,880 --> 00:51:13,160 - Omkar, I'll tell you my issue. - Sure. 742 00:51:13,280 --> 00:51:14,800 The vision is secondary. Okay? 743 00:51:14,880 --> 00:51:16,480 I have a problem with your product. 744 00:51:16,560 --> 00:51:17,360 Hmm. 745 00:51:31,640 --> 00:51:33,240 I don't find it exciting. 746 00:51:34,760 --> 00:51:38,160 Kids nowadays have a zero attention span. 747 00:51:38,240 --> 00:51:39,600 You are still pre-revenue. 748 00:51:39,760 --> 00:51:42,440 You aren't yet established so we could be sure it works. 749 00:51:42,880 --> 00:51:44,800 So for that reason, I'm out. 750 00:51:45,120 --> 00:51:45,920 Thank you. 751 00:51:47,040 --> 00:51:48,920 I believe that education 752 00:51:49,040 --> 00:51:50,880 - and skill development... - Hmm. 753 00:51:50,960 --> 00:51:52,680 It's the foundation of a country. 754 00:52:04,400 --> 00:52:07,560 - If your product was 10x better, I'd have taken a bet. - Hmm. 755 00:52:07,640 --> 00:52:08,880 I think the product is sub-standard. 756 00:52:09,120 --> 00:52:10,960 There's something called the quality of a visual 757 00:52:11,040 --> 00:52:13,360 - and also the way we learn. - Hmm. 758 00:52:13,720 --> 00:52:17,600 We must be impressed by the unique way of teaching. 759 00:52:17,760 --> 00:52:18,960 The creativity level should be high. 760 00:52:19,120 --> 00:52:20,440 I didn't get that feeling. 761 00:52:20,720 --> 00:52:22,560 For this reason, I'm out. I wish you all the best 762 00:52:22,640 --> 00:52:23,720 - in building something big. - Thank you. 763 00:52:23,800 --> 00:52:25,960 - This can change the nation if you do well. - Thank yo 764 00:52:26,480 --> 00:52:28,720 Do you know there are companies already doing it 765 00:52:28,800 --> 00:52:31,160 and selling it in the US only recently? 766 00:52:32,080 --> 00:52:34,640 A company launched a product exactly like yours 767 00:52:35,040 --> 00:52:36,880 but on a platform basis. 768 00:52:37,760 --> 00:52:40,840 All the tools and content are available on the platform 769 00:52:40,960 --> 00:52:42,240 on a modular basis. 770 00:52:42,560 --> 00:52:45,640 We can choose a curriculum out of the box or make our own. 771 00:52:46,800 --> 00:52:48,400 Bottom-up, teachers adopt it 772 00:52:48,520 --> 00:52:50,800 - as against selling them in schools top-down. - Right. 773 00:52:50,880 --> 00:52:53,720 When we do that, the CAC and LTV will never be adjusted. 774 00:52:55,360 --> 00:52:57,000 One operating cycle 775 00:52:57,080 --> 00:52:59,560 of an Indian school run by trustees 776 00:52:59,680 --> 00:53:01,160 is around two years. 777 00:53:01,280 --> 00:53:02,960 When your operating cycle starts, 778 00:53:03,080 --> 00:53:06,480 the previous school acquired by you earlier will leave you. 779 00:53:07,480 --> 00:53:09,400 - You must sell more. - The cost of sale will be higher 780 00:53:09,480 --> 00:53:11,280 because you'll have to send skilled manpower as you charge Rs. 75,000. 781 00:53:11,360 --> 00:53:12,400 You'd incur that cost too. 782 00:53:13,600 --> 00:53:17,160 There's a saying, too little too late. Right? 783 00:53:17,960 --> 00:53:21,120 I have that feeling. You didn't even talk about GenAI. 784 00:53:22,560 --> 00:53:24,360 Do you know what Generative AI has done? 785 00:53:24,520 --> 00:53:25,840 All these models lost meaning. 786 00:53:26,400 --> 00:53:28,240 Now people are thinking, 787 00:53:28,320 --> 00:53:30,680 "How do I provide capability instead of content?" 788 00:53:32,240 --> 00:53:34,640 You have been already disrupted before you started. 789 00:53:36,000 --> 00:53:38,280 So I can't invest in this. 790 00:53:38,360 --> 00:53:40,720 - I'm out. - I understand. Thank you. 791 00:53:47,320 --> 00:53:49,240 - My advice is... - Hmm. 792 00:53:49,440 --> 00:53:51,040 Focus on a few schools 793 00:53:51,120 --> 00:53:52,840 and think about, 794 00:53:52,920 --> 00:53:56,560 and provide superior quality of education and products 795 00:53:57,000 --> 00:53:58,880 that I will beat everybody hands down 796 00:53:58,960 --> 00:54:02,240 not just in the quality of content but the price as well. 797 00:54:03,320 --> 00:54:05,680 Since you do not yet have clarity 798 00:54:05,760 --> 00:54:09,800 on whether you must fight for a product-market fit or not, 799 00:54:09,920 --> 00:54:11,880 - that is why I am out. - Thank you. 800 00:54:12,200 --> 00:54:14,080 Unfortunately, I am out as well. 801 00:54:32,840 --> 00:54:34,600 If you spend some more time in India, 802 00:54:34,680 --> 00:54:35,760 you will see 803 00:54:36,080 --> 00:54:39,200 that the development in terms of science over here 804 00:54:39,280 --> 00:54:41,120 is way beyond what you showed us. 805 00:54:41,360 --> 00:54:44,200 You seemed a little far from reality. 806 00:54:44,680 --> 00:54:47,400 Take a flight and spend more time in India. 807 00:54:47,680 --> 00:54:48,960 You'll know much better. 808 00:54:49,040 --> 00:54:51,840 Unfortunately, bye. I'm out. 809 00:54:51,920 --> 00:54:53,440 - Thank you very much for your feedback. - Thank you. 810 00:54:53,520 --> 00:54:54,880 - All the best. - I do really appreciate it. 811 00:54:55,040 --> 00:54:56,720 - All right, Omkar. Good luck. - All the best. 812 00:54:56,800 --> 00:54:57,640 Best wishes, thank you. 813 00:54:57,720 --> 00:54:59,000 [sombre music playing] 814 00:55:04,640 --> 00:55:05,720 [music fades]