1 00:00:10,080 --> 00:00:11,600 [music playing] 2 00:00:28,640 --> 00:00:29,960 [theme music playing] 3 00:00:47,120 --> 00:00:48,520 [theme music concludes] 4 00:00:49,360 --> 00:00:50,400 Greetings, Sharks. 5 00:01:00,360 --> 00:01:02,320 the women working in the villages 6 00:01:16,440 --> 00:01:17,800 When I learnt about this, 7 00:01:17,960 --> 00:01:20,640 I thought why not start a business 8 00:01:20,720 --> 00:01:24,800 - that would empower at least 10 lakh rural women? - Nice. 9 00:01:24,920 --> 00:01:27,600 That's how FarmDidi started. 10 00:01:32,360 --> 00:01:36,320 I did many projects during my MBA like supply chain and marketing, 11 00:01:36,400 --> 00:01:39,080 but one project was really close to my heart 12 00:01:39,160 --> 00:01:41,200 which was working with the Bihar Government. 13 00:01:42,560 --> 00:01:44,320 The various development areas 14 00:01:44,400 --> 00:01:47,040 were health, education and law and order. 15 00:01:47,120 --> 00:01:49,320 Women empowerment was an important topic too 16 00:01:49,400 --> 00:01:51,000 and that's what I chose. 17 00:01:52,840 --> 00:01:54,080 When I quit my job, 18 00:01:54,160 --> 00:01:58,480 I vowed to do something to help empower women. 19 00:01:58,560 --> 00:02:00,640 Not just one, but lakhs of women. 20 00:02:00,760 --> 00:02:03,000 So, I began working in that direction. 21 00:02:05,520 --> 00:02:08,200 To work in this sector, I lived in the village 22 00:02:08,360 --> 00:02:10,600 and observed things. 23 00:02:11,120 --> 00:02:13,200 How those women work, 24 00:02:13,280 --> 00:02:15,400 what their natural talent is 25 00:02:15,520 --> 00:02:18,880 and which activities could generate income for them. 26 00:02:21,160 --> 00:02:23,680 Nowadays, every woman cooks food at home. 27 00:02:23,840 --> 00:02:25,400 So, they possess those skills. 28 00:02:25,520 --> 00:02:27,440 We merely had to provide them with a platform 29 00:02:27,520 --> 00:02:30,800 where they could use these skills and earn income. 30 00:02:32,760 --> 00:02:34,240 Today, our Didis are preparing 31 00:02:34,320 --> 00:02:37,840 traditional village-style pickles and chutneys. 32 00:03:08,680 --> 00:03:13,200 We need your blessing to achieve our aim rapidly 33 00:03:33,000 --> 00:03:34,440 Sir, one thing was clear. 34 00:03:34,560 --> 00:03:38,280 When we quit our fancy jobs to do something, 35 00:03:38,360 --> 00:03:39,640 we wanted it to be really big. 36 00:03:39,840 --> 00:03:42,240 We didn't want to quit our jobs to start a small business. 37 00:03:43,320 --> 00:03:46,280 We wanted to hustle. Vineeta always says that. 38 00:03:46,640 --> 00:03:47,920 Then why not make something big? 39 00:03:48,000 --> 00:03:50,440 So, this isn't just business. 40 00:03:50,640 --> 00:03:53,560 - It's a purpose-driven business. - Yes. 41 00:03:54,040 --> 00:03:55,720 - This is quite a serious problem. - Yes. 42 00:03:55,920 --> 00:03:56,920 Tell us more. 43 00:03:59,960 --> 00:04:01,600 I want to hear about these fancy jobs 44 00:04:01,680 --> 00:04:02,640 and your backgrounds. 45 00:04:02,720 --> 00:04:04,400 I did my engineering from Amravati 46 00:04:04,480 --> 00:04:06,120 - in Computer Science. - Okay. 47 00:04:06,280 --> 00:04:09,440 I pursued my MBA along with an IT job. 48 00:04:09,560 --> 00:04:13,360 - I have a good 16-year experience in IT. - Okay, great. 49 00:04:13,480 --> 00:04:15,680 - I did my schooling in Bahadurgarh. - Nice. 50 00:04:15,760 --> 00:04:18,800 I used to take the Haryana Roadways to travel to Delhi University. 51 00:04:18,880 --> 00:04:22,160 - from Bahadurgarh to Delhi daily to Ramjas College. - Nice. 52 00:04:22,360 --> 00:04:24,720 After which I worked in the technology sector 53 00:04:24,800 --> 00:04:26,160 with Infosys and Wipro for five years. 54 00:04:26,240 --> 00:04:28,520 Asmita and I were roommates in Pune. 55 00:04:28,600 --> 00:04:30,560 Then I did MBA from IIM Kolkata. 56 00:04:35,840 --> 00:04:37,520 What projects did you handle at A.T. Kearney? 57 00:04:37,720 --> 00:04:40,120 With the government in banking and finance 58 00:04:40,200 --> 00:04:42,120 and FMCG sectors. 59 00:04:42,240 --> 00:04:43,240 What type of projects? 60 00:04:43,320 --> 00:04:46,200 Financial due diligence and go-to-market strategy. 61 00:04:46,280 --> 00:04:49,680 I did commercial due diligence in KPMG. 62 00:04:49,880 --> 00:04:51,040 [soft chuckle] 63 00:04:51,760 --> 00:04:54,160 - And you? - I did my schooling in Lucknow. 64 00:04:54,280 --> 00:04:56,120 My father holds a government job. 65 00:04:56,200 --> 00:04:59,520 I studied at DPS in Greater Noida. 66 00:04:59,600 --> 00:05:01,160 I was in Delhi Public School, R. K. Puram. 67 00:05:01,240 --> 00:05:02,400 - Me too! - Then... 68 00:05:02,600 --> 00:05:04,040 [Sharks laugh] 69 00:05:05,720 --> 00:05:08,560 I'm a mechanical engineer from Delhi College of Engineering. 70 00:05:08,640 --> 00:05:11,600 Mine was a campus placement. I worked with Maruti for 2 years. 71 00:05:11,680 --> 00:05:14,040 Then I did my MBA from IIM Kolkata. 72 00:05:19,000 --> 00:05:21,040 We kept in touch after that. 73 00:05:21,120 --> 00:05:24,040 I heard about FarmDidi and our visions aligned. 74 00:05:24,120 --> 00:05:25,520 Then we joined. 75 00:05:26,280 --> 00:05:30,880 So, all of you quit your jobs to start this venture. 76 00:05:30,960 --> 00:05:31,680 - Yes. - Yes. 77 00:05:31,760 --> 00:05:35,560 That is because you thought this would make more money. 78 00:05:36,560 --> 00:05:39,720 It was because... If I were to put my point forward, 79 00:05:39,800 --> 00:05:44,600 I wanted a business model that was sustainable and scalable 80 00:05:44,800 --> 00:05:46,680 and would be fun to execute. 81 00:05:46,760 --> 00:05:48,200 When you go home at the end of the day, 82 00:05:48,320 --> 00:05:50,040 you should feel you've done something worthwhile. 83 00:05:50,240 --> 00:05:52,280 I wanted that peace of mind too. 84 00:05:52,360 --> 00:05:54,200 Do you have that contentment in this work? 85 00:05:54,320 --> 00:05:55,360 Yes, sir. Absolutely. 86 00:05:55,480 --> 00:05:59,320 That's why we travel to villages and talk to women. It feels great. 87 00:05:59,560 --> 00:06:01,040 We listen to their stories. 88 00:06:01,400 --> 00:06:04,080 No matter what the current scale of the impact is, 89 00:06:04,160 --> 00:06:07,080 - visualising it brings us joy. - Tell us some stories. 90 00:06:07,160 --> 00:06:10,360 What impact did you bring about when you uplifted lives? 91 00:06:10,960 --> 00:06:13,000 This one woman has a son. 92 00:06:13,080 --> 00:06:17,560 The women around her are sending their children out to study. 93 00:06:17,640 --> 00:06:20,280 I mean, to good schools outside Maharashtra. 94 00:06:20,440 --> 00:06:23,160 She, too, wants to send her child to a good school. 95 00:06:23,240 --> 00:06:25,400 The ones who associated with us made good money 96 00:06:25,480 --> 00:06:28,120 and were able to enrol their kids into those schools. 97 00:06:28,280 --> 00:06:30,160 They always express their gratitude 98 00:06:30,240 --> 00:06:32,640 that they could send their kids to good schools because of us. 99 00:06:32,880 --> 00:06:34,160 This one woman has a daughter 100 00:06:34,320 --> 00:06:37,400 whom she was never able to gift a pair of gold earrings. 101 00:06:38,000 --> 00:06:41,240 She got orders because of us and made money 102 00:06:41,320 --> 00:06:43,320 and was able to gift her daughter a pair of gold earrings. 103 00:06:43,440 --> 00:06:47,640 She told us she was happy she could do this thanks to us. 104 00:06:48,240 --> 00:06:49,680 There's a widowed woman 105 00:06:49,760 --> 00:06:52,240 who now commands more respect in the family because she's earning. 106 00:06:52,600 --> 00:06:56,000 - There are many such examples... - That's lovely. 107 00:06:56,080 --> 00:06:58,360 You're not content, you want more. 108 00:07:16,960 --> 00:07:19,920 Ma'am, the company was registered 2 years ago. 109 00:07:19,920 --> 00:07:24,840 I remember, I recently had a conversation with a FarmDidi. 110 00:07:24,960 --> 00:07:28,800 She said she brought something to eat and would ensure I got it. 111 00:07:28,880 --> 00:07:31,000 - Food! You hog! - Sure. Should I bring them? 112 00:07:31,080 --> 00:07:32,040 - Yes. - Please taste it. 113 00:07:32,160 --> 00:07:34,920 I was just reminding you about what she said. 114 00:07:35,040 --> 00:07:35,840 All right. 115 00:07:36,040 --> 00:07:38,680 - Aman, your image needs to be changed. - Why? 116 00:07:38,840 --> 00:07:42,200 In every season, you come across as a perennial hog! 117 00:07:42,280 --> 00:07:44,240 If I'm not me, then I'm not me. 118 00:07:44,680 --> 00:07:45,640 [laughs] 119 00:07:45,920 --> 00:07:48,840 I love sitting here. I get served first. 120 00:07:49,280 --> 00:07:50,560 - Oh! - [Sharks laugh] 121 00:07:53,960 --> 00:07:54,960 This is unfair. 122 00:07:55,080 --> 00:07:57,560 - Unfair. - This is poppadom with chutney and pickle. 123 00:07:57,640 --> 00:07:59,240 Your timing was amazing. 124 00:08:00,200 --> 00:08:01,240 Thank you, Anukrit. 125 00:08:01,320 --> 00:08:03,000 Firstly, there's Mango Pickle. 126 00:08:03,360 --> 00:08:05,640 Mango pickle is everyone's favourite. 127 00:08:24,880 --> 00:08:27,560 I really like how you've served this. 128 00:08:27,640 --> 00:08:28,800 - Very nice presentation. - Thank you. 129 00:08:28,880 --> 00:08:30,480 - Very nice. - The pickle is yummy. 130 00:08:30,760 --> 00:08:31,640 Thank you. 131 00:08:56,400 --> 00:08:58,840 We've signed an MoU with the Maharashtra Government. 132 00:09:06,040 --> 00:09:09,760 We arrange a Zoom meeting with them and educate them about the app 133 00:09:24,480 --> 00:09:26,640 Won't different people use a different quality of tamarind? 134 00:09:26,760 --> 00:09:29,600 No, sir. We have fixed vendors who provide tamarind 135 00:09:36,280 --> 00:09:37,920 Our team goes there 136 00:09:38,000 --> 00:09:40,720 and teaches them the various recipes in detail. 137 00:09:40,840 --> 00:09:42,560 Our team stays with them 138 00:09:42,680 --> 00:09:46,680 until we're convinced that the Didi is self-sufficient and can make it. 139 00:10:12,680 --> 00:10:15,080 - is written next to Manufactured By on the label. - Yes, ma'am. 140 00:10:15,560 --> 00:10:18,320 I was checking whether the name is the same on every jar, 141 00:10:18,400 --> 00:10:21,640 - but the name is different on every jar. - Yes. 142 00:10:21,720 --> 00:10:25,760 They must really like it that their name is on the product. 143 00:10:25,960 --> 00:10:27,080 Not only income, 144 00:10:27,160 --> 00:10:29,760 you derive a certain respect by putting the name on the label. 145 00:10:29,840 --> 00:10:31,880 - I've never seen this elsewhere. - Very nice. 146 00:10:32,040 --> 00:10:33,600 I had to point it out. 147 00:10:35,240 --> 00:10:36,400 Let's get down to business. 148 00:11:00,720 --> 00:11:03,600 We have Didis who are trained and can be given business. 149 00:11:03,680 --> 00:11:04,520 What are your sales channels? 150 00:11:25,120 --> 00:11:26,200 What's your pricing? 151 00:11:26,280 --> 00:11:29,040 Compare it with Mothers Recipe and tell us how much higher it is. 152 00:11:39,760 --> 00:11:43,560 - There are products that cost more than us. - Rs. 2,000 a kg. 153 00:11:43,680 --> 00:11:44,480 I see! 154 00:11:44,560 --> 00:11:47,000 Do you think people will buy it 155 00:11:47,080 --> 00:11:49,040 in the long term at a larger scale at 2x the price? 156 00:11:49,680 --> 00:11:52,840 Sir, in the long run, our expenses will come down too. 157 00:12:04,480 --> 00:12:06,520 versus later, when you'll be spending Rs. 3 crores. 158 00:12:06,600 --> 00:12:08,680 - Correct. - Ma'am, taste is what sells in India. 159 00:12:08,760 --> 00:12:11,240 When the price point becomes a barrier, the trials stop. 160 00:12:22,120 --> 00:12:24,120 Look. Many companies out there 161 00:12:24,240 --> 00:12:27,360 employ self-help groups to make their products 162 00:12:27,480 --> 00:12:29,080 that taste like home-made food. 163 00:12:33,600 --> 00:12:37,680 In this category, the flavours are based on the regions. 164 00:12:37,760 --> 00:12:40,400 Gujarat will have a different pickle and so will Andhra Pradesh. 165 00:12:40,480 --> 00:12:44,000 We need to penetrate the market more in this category 166 00:12:44,160 --> 00:12:45,160 by introducing regional flavours. 167 00:12:45,280 --> 00:12:47,240 That would only increase your SKUs. 168 00:12:47,440 --> 00:12:49,000 - How will the sales increase? - Ma'am... 169 00:12:49,120 --> 00:12:52,760 I believe this brand can touch Rs 50 crores in online sales easily. 170 00:12:52,840 --> 00:12:54,440 Then we need to enter offline 171 00:12:54,520 --> 00:12:57,520 plus I feel pickles have a huge potential in terms of export. 172 00:12:57,600 --> 00:12:59,760 You don't have an action plan. You have ideas, 173 00:12:59,960 --> 00:13:01,880 but you're not clear exactly how you'll achieve it. 174 00:13:02,480 --> 00:13:04,720 Are you profitable? What's the margin in your business? 175 00:13:04,840 --> 00:13:06,240 The gross margin is 65%. 176 00:13:46,160 --> 00:13:48,840 No, ma'am. We're profitable as per the unit economics. 177 00:13:48,960 --> 00:13:51,800 - Technically, the profitability is at the company level. - Yes. 178 00:13:51,880 --> 00:13:53,880 You've studied Management. 179 00:13:53,960 --> 00:13:56,000 How could you ask for a valuation 180 00:13:56,080 --> 00:13:58,080 of Rs. 25 crores against sales of Rs. 1 crore? 181 00:14:00,040 --> 00:14:01,680 Was there a prior round? 182 00:14:01,800 --> 00:14:03,000 - Yes, there was. - Yes. 183 00:14:03,200 --> 00:14:04,560 - Oh! - At what valuation? 184 00:14:04,640 --> 00:14:06,640 At a cap of Rs. 20 crore valuation, 185 00:14:06,720 --> 00:14:09,400 - we raised funds at convertible debentures. - Ah! 186 00:14:09,480 --> 00:14:10,280 From whom? 187 00:14:10,360 --> 00:14:13,560 From IIM Calcutta Incubation Park 188 00:14:24,160 --> 00:14:25,800 Are you the CEO of the company? 189 00:14:25,880 --> 00:14:27,200 Yes, I'm the Chief Didi. 190 00:14:40,920 --> 00:14:43,320 Our expenses are met and we're currently happy. 191 00:14:43,400 --> 00:14:45,960 I really loved the taste of your products. 192 00:14:46,040 --> 00:14:49,280 I definitely think there's a market for handmade things. 193 00:14:49,480 --> 00:14:51,600 You've asked for a valuation of Rs. 25 crores. 194 00:14:51,680 --> 00:14:53,240 Your sales are Rs. 1 crore. 195 00:14:53,320 --> 00:14:57,800 Optimistically, I couldn't give you a valuation of over Rs. 5 crores. 196 00:14:58,040 --> 00:15:02,760 I think you made a mistake by accepting Rs. 20-crore valuation. 197 00:15:03,800 --> 00:15:06,040 You should have asked for a valuation 198 00:15:06,120 --> 00:15:11,400 as per your sales, and not as per your ambition and future sales. 199 00:15:11,520 --> 00:15:14,200 That is my sincere feedback. I'm out. 200 00:15:15,320 --> 00:15:18,560 As they say, "Sometimes, you make your own luck," 201 00:15:18,680 --> 00:15:20,640 "and sometimes, Mittal does it for you." 202 00:15:20,840 --> 00:15:23,240 So, I'll make you an offer. 203 00:15:24,320 --> 00:15:27,280 I don't think this valuation makes any sense. 204 00:15:28,440 --> 00:15:31,600 - It's a very tough decision for you. - Okay. 205 00:15:31,680 --> 00:15:36,280 You'll need to completely reset your previous round. 206 00:15:36,480 --> 00:15:37,320 Okay. 207 00:15:37,560 --> 00:15:38,960 Rs. 50 lakhs for 10% equity. 208 00:15:39,280 --> 00:15:41,840 - It's a valuation of Rs. 5 crores. - Okay. 209 00:15:41,920 --> 00:15:42,920 Straight equity. 210 00:15:49,480 --> 00:15:50,920 We started 1.5 years ago. 211 00:15:50,920 --> 00:15:53,400 - We have 15,000 Drishti Didis associated with us. - Wow. 212 00:15:53,480 --> 00:15:56,000 They don't make Rs. 5,000 to 10,000 like your Didis 213 00:15:56,080 --> 00:15:58,600 - but they make about Rs. 3,000 to 5,000... - Okay. 214 00:15:58,680 --> 00:16:01,200 Just by checking the eyes of people. 215 00:16:01,560 --> 00:16:03,080 I believe I could be of great help. 216 00:16:03,160 --> 00:16:05,040 They're in the Rajasthan belt. 217 00:16:05,360 --> 00:16:06,520 You could get them to do this 218 00:16:06,600 --> 00:16:08,400 because that may not be full-time, right? 219 00:16:08,480 --> 00:16:10,080 Their income level will grow to Rs. 15,000 220 00:16:10,160 --> 00:16:12,120 and demand generation could be done. 221 00:16:12,800 --> 00:16:15,200 And because your background is so stellar, 222 00:16:15,280 --> 00:16:16,760 I will also give you the same offer. 223 00:16:16,880 --> 00:16:19,080 I would actually like to partner with Anupam, 224 00:16:19,320 --> 00:16:20,920 if Anupam is okay of course. 225 00:16:27,320 --> 00:16:28,880 We have 3,500 women on board. 226 00:16:28,960 --> 00:16:33,080 Employing those women comes with its own set of problems. 227 00:16:33,240 --> 00:16:34,960 - It's not just about the women. - Hmm. 228 00:16:35,080 --> 00:16:37,400 - Yes. - It's about them not having that support. 229 00:16:37,640 --> 00:16:40,400 The barriers to make that mission happen, 230 00:16:40,480 --> 00:16:42,440 which is an almost impossible-sounding mission... 231 00:16:42,520 --> 00:16:45,280 If your goal 232 00:16:45,360 --> 00:16:49,200 does not drive you for the next 40 to 50 years, 233 00:16:49,280 --> 00:16:50,640 then it's not worth it. 234 00:16:50,720 --> 00:16:51,560 Yes. 235 00:16:52,280 --> 00:16:56,720 So, I will give you an offer which I think is fairly steep. 236 00:16:56,960 --> 00:16:59,000 I want to do this solo 237 00:16:59,080 --> 00:17:02,000 because the product and your mission seem really exciting. 238 00:17:02,080 --> 00:17:05,320 I want to learn about the women and Didis you work with, okay? 239 00:17:05,600 --> 00:17:08,880 I offer you Rs. 50 lakhs for 5% equity 240 00:17:15,560 --> 00:17:17,520 From 5 to 10 crores! Well done. 241 00:17:17,640 --> 00:17:19,000 Vineeta's offer is good. 242 00:17:19,160 --> 00:17:21,320 Unfortunately, I am out. 243 00:17:21,520 --> 00:17:23,200 You've already gotten the help. 244 00:17:28,600 --> 00:17:30,840 She will surely gain expertise in selling pickles. 245 00:17:31,560 --> 00:17:33,840 I think the offer you've got, 246 00:17:33,920 --> 00:17:36,840 I can't match in terms of the valuation. 247 00:17:38,000 --> 00:17:38,800 So, I'm out. 248 00:17:38,880 --> 00:17:41,840 If Peyush wants to do it at that valuation, he can do it alone. 249 00:17:42,440 --> 00:17:44,520 My offer is the same. Rs. 50 lakhs at 10% equity. 250 00:17:44,600 --> 00:17:46,120 I think Vineeta wants to go solo. 251 00:17:46,200 --> 00:17:48,960 If she didn't want that, I'd have joined in. 252 00:17:49,040 --> 00:17:52,640 Vineeta, may I ask why you wish to go solo? 253 00:17:52,720 --> 00:17:54,040 Peyush will really bore me. 254 00:17:54,320 --> 00:17:55,680 - Yes. - [laughter] 255 00:17:55,760 --> 00:17:57,240 That's true. 256 00:17:58,080 --> 00:17:59,120 It's a small deal. 257 00:17:59,200 --> 00:18:02,080 - No scope for a multi-Shark deal. - Guys, let's make a decision. 258 00:18:02,080 --> 00:18:04,680 - May we take some time? - You may go and decide. 259 00:18:04,880 --> 00:18:05,960 [pensive music playing] 260 00:18:13,520 --> 00:18:14,320 Welcome back. 261 00:18:14,400 --> 00:18:17,360 Firstly, thank you for the offer. We really liked it. 262 00:18:17,600 --> 00:18:19,160 When I set up the company, 263 00:18:46,400 --> 00:18:50,040 - We will structure it as equity plus advisory... - Yes. 264 00:18:50,120 --> 00:18:51,480 At Rs. 20 crores valuation. 265 00:18:51,600 --> 00:18:55,240 - The remaining shares will be in the form of advisory... - Yes. 266 00:18:55,320 --> 00:18:58,600 You will carve out additional equity and offer it to me. 267 00:18:58,720 --> 00:18:59,560 Right? 268 00:19:00,160 --> 00:19:03,360 Peyush, we want to associate with you for Drishti Didi. 269 00:19:03,480 --> 00:19:05,440 You know what? Let's make it easier. 270 00:19:05,560 --> 00:19:07,680 We will give you Rs. 1 crore, okay? 271 00:19:08,800 --> 00:19:10,680 - Rs. 50 lakhs and... - She wishes to go solo. 272 00:19:10,840 --> 00:19:13,120 Hang on a second. Let him complete first. 273 00:19:13,200 --> 00:19:14,040 You finish. 274 00:19:16,480 --> 00:19:20,360 If she's okay, she's okay. Otherwise, no problem. 275 00:19:21,960 --> 00:19:26,000 So because... I think we want 5% each minimum 276 00:19:26,120 --> 00:19:27,440 on the same terms. 277 00:19:27,600 --> 00:19:29,080 Then you have Rs. 1 crore of money. 278 00:19:42,480 --> 00:19:43,640 What have you decided finally? 279 00:19:43,720 --> 00:19:45,280 It'd be great if you both could come. 280 00:19:45,400 --> 00:19:47,440 - So, do we have a deal? - Yes. 281 00:19:54,080 --> 00:19:55,120 They will have Vineeta Didi 282 00:19:55,200 --> 00:19:56,520 - and Brother Peyush too. - Vineeta... 283 00:19:56,600 --> 00:19:58,560 - Congratulations! - Thank you! 284 00:19:58,880 --> 00:20:01,160 [exhilarating music playing] 285 00:20:01,680 --> 00:20:02,800 [photo clicking] 286 00:20:06,560 --> 00:20:08,040 Yay! 287 00:20:08,160 --> 00:20:09,440 - Yay! - Yay! 288 00:20:13,640 --> 00:20:15,040 [exhilarating music playing] 289 00:21:26,600 --> 00:21:28,480 [theme music playing] 290 00:21:36,560 --> 00:21:38,560 [theme music continues playing] 291 00:21:47,880 --> 00:21:48,760 Hail India, Sharks! 292 00:21:48,840 --> 00:21:49,880 - Hail India! - Hail India! 293 00:21:54,840 --> 00:21:57,760 Popcorns sold in 99% of the multiplexes 294 00:21:57,960 --> 00:22:02,560 - use our machines, our seeds, and our spices. - The expensive ones. 295 00:22:02,720 --> 00:22:05,680 They aren't really expensive, but we do make them. 296 00:22:06,440 --> 00:22:09,520 Munna Bhai is incomplete without Circuit. 297 00:22:09,720 --> 00:22:12,320 Similarly, the experience of watching a film is incomplete 298 00:22:12,520 --> 00:22:13,440 without eating popcorn. 299 00:22:14,600 --> 00:22:16,960 We can't enjoy a film without popcorn. 300 00:22:17,120 --> 00:22:18,960 When 'Sholay' was released 50 years ago, 301 00:22:19,120 --> 00:22:22,280 salty popcorn was sold in small packets. 302 00:22:22,480 --> 00:22:25,000 And even now, when films like 'Jawan' and 'Pathaan' were released, 303 00:22:25,080 --> 00:22:26,960 popcorn was sold in cinemas. 304 00:22:27,120 --> 00:22:29,280 For instance, Caramel, Cheesy Sriracha, 305 00:22:29,760 --> 00:22:31,480 and Butter Salted Popcorn. 306 00:22:31,680 --> 00:22:35,040 However, nowadays, people don't just watch films in the theatre. 307 00:22:35,120 --> 00:22:38,040 They also watch films on OTT at home. 308 00:22:38,920 --> 00:22:40,520 So I decided to deliver 309 00:22:40,600 --> 00:22:43,400 the experience of popcorn to people at home. 310 00:22:43,720 --> 00:22:45,520 And that's how The Popcorn Company was born. 311 00:22:47,080 --> 00:22:49,040 Popcorn & Co. deliver both ready-to-eat 312 00:22:57,520 --> 00:23:00,440 Our popcorn is available on the internet, 313 00:23:13,160 --> 00:23:16,720 or while walking in the market, but you must eat Popcorn & Co. popcorn. 314 00:23:27,800 --> 00:23:29,800 - Nice. - Nice. [laughing] 315 00:23:30,840 --> 00:23:32,280 Vikas 316 00:23:32,360 --> 00:23:36,080 - or Popcorn Man of India, welcome to Shark Tank. - Thank you, ma'am. 317 00:23:36,160 --> 00:23:39,360 I go to the theatres along with my family regularly. 318 00:23:39,480 --> 00:23:42,360 All of us want popcorn. 319 00:23:42,480 --> 00:23:44,880 My children always prefer the caramel-flavoured one. 320 00:23:45,040 --> 00:23:47,800 I like the butter salted popcorn and so does my husband. 321 00:23:47,880 --> 00:23:52,360 - You rightly said we want the same experience at home. - Absolutely. 322 00:23:52,360 --> 00:23:55,200 - You have a great business and a great product. - Thank you! 323 00:23:55,280 --> 00:23:57,040 When did you begin your journey? 324 00:23:57,120 --> 00:23:59,800 Ma'am, actually my journey began in 2019. 325 00:24:05,520 --> 00:24:09,040 I used to live in the US. After I returned to India in 1996, 326 00:24:09,120 --> 00:24:11,760 I launched a company called Kitchenrama 327 00:24:11,920 --> 00:24:14,760 which designed hotels, restaurants, catering companies, 328 00:24:14,840 --> 00:24:17,000 and food courts. I also provided them with equipment. 329 00:24:17,000 --> 00:24:19,840 Did you gain this experience while living in the US? 330 00:24:19,920 --> 00:24:21,560 - I'm about to tell you the exact situation. - Okay. 331 00:24:21,640 --> 00:24:22,920 When I returned to India, 332 00:24:23,000 --> 00:24:27,040 the PVR Cinemas came into being and the multiplex industry was growing. 333 00:24:27,200 --> 00:24:30,840 At that time, I got the chance to deliver my popcorn 334 00:24:31,200 --> 00:24:32,440 inside their facility. 335 00:24:33,200 --> 00:24:35,000 Earlier, while working in the US, 336 00:24:35,160 --> 00:24:37,360 I used to work for a similar company 337 00:24:37,560 --> 00:24:39,840 - called Gold Medal. - All right. 338 00:24:39,920 --> 00:24:43,960 I used to export popcorn to the whole world while working there. 339 00:24:44,120 --> 00:24:45,960 - Ah! - That's how the whole association started. 340 00:24:46,040 --> 00:24:46,840 I understand. 341 00:24:55,560 --> 00:24:57,960 You import the product from the company in the US 342 00:24:58,040 --> 00:24:59,920 and act as their distributor. 343 00:25:00,000 --> 00:25:03,520 Absolutely. It bears a logo which reads "Service by Kitchenrama". 344 00:25:04,840 --> 00:25:08,920 Aside from Kitchenrama, as a proof of concept, I started 345 00:25:09,400 --> 00:25:11,520 making and selling popcorn in 2019. 346 00:25:11,800 --> 00:25:13,760 When I started selling, I gained good traction. 347 00:25:13,840 --> 00:25:15,800 So I decided to launch another company. 348 00:25:15,880 --> 00:25:16,960 Do you run both companies? 349 00:25:17,120 --> 00:25:20,480 I run both, but I'm focussing on it currently. 350 00:25:20,480 --> 00:25:22,800 I spend 95% of my time on this. 351 00:25:22,880 --> 00:25:25,400 I spend only 5% of my time on Kitchenrama which has its own CEO. 352 00:25:25,480 --> 00:25:28,360 They run that company. It runs on autopilot. 353 00:25:29,000 --> 00:25:30,320 How big a business is that? 354 00:25:30,480 --> 00:25:32,920 It was worth Rs. 25 crores pre-Covid 355 00:25:33,040 --> 00:25:34,960 and post-Covid, it's worth Rs. 18 crores. 356 00:25:36,040 --> 00:25:37,200 Do you make a profit in that company? 357 00:25:37,280 --> 00:25:39,040 I make a profit of around 15%. 358 00:25:47,880 --> 00:25:49,880 - Don't just talk about it. Let us taste. - Please serve us. 359 00:25:49,960 --> 00:25:53,320 - Yes, of course. - I'm surprised to know popcorn is imported to India. 360 00:25:53,520 --> 00:25:56,840 The US is the biggest corn manufacturer in the world. 361 00:25:58,000 --> 00:26:02,440 - Aman, you may choose one. - I'll take all. 362 00:26:02,680 --> 00:26:03,920 Please take them. 363 00:26:04,520 --> 00:26:05,480 [chuckling] 364 00:26:05,560 --> 00:26:06,360 - Ma'am... - [laughing] 365 00:26:07,320 --> 00:26:09,360 - Ma'am, it's for you. - What's this? Crunchy Lichi. 366 00:26:09,440 --> 00:26:10,600 - Crunchy Lichi. - Sea Salt... 367 00:26:10,680 --> 00:26:12,240 - Sea Salt Caramel. - Cheesy Sriracha. 368 00:26:12,320 --> 00:26:14,160 I want one salty and one sweet. 369 00:26:14,480 --> 00:26:16,400 - Please try the Lichi flavour. - Something different about you. 370 00:26:17,360 --> 00:26:18,440 Peyush, which one would you like? 371 00:26:18,520 --> 00:26:19,560 Which one is salted? 372 00:26:19,640 --> 00:26:21,720 - Salty Cheese Sriracha. Here it is. - Thank you! 373 00:26:22,040 --> 00:26:23,760 [ethereal music playing] 374 00:26:27,120 --> 00:26:29,560 Boss, the Strawberry Popcorn is a class apart. 375 00:26:29,640 --> 00:26:32,280 Generally, I think a few food items including coffee 376 00:26:32,400 --> 00:26:34,720 and popcorn shouldn't be flavoured. 377 00:26:34,920 --> 00:26:36,760 But this has a solid taste. 378 00:26:37,680 --> 00:26:40,720 However, I like to eat hot popcorn. 379 00:26:40,800 --> 00:26:41,800 - When they are warm. - You are absolutely right. 380 00:26:41,880 --> 00:26:45,040 Basically, fresh popcorn is available in cinemas or carnivals. 381 00:26:45,360 --> 00:26:47,280 These are categorised as Gourmet Popcorn. 382 00:26:47,360 --> 00:26:49,920 You can enjoy these at home. 383 00:26:50,000 --> 00:26:51,240 How much does one box cost? 384 00:26:51,800 --> 00:26:52,640 It costs Rs. 200. 385 00:26:52,720 --> 00:26:55,760 Our average selling price is Rs. 200-Rs. 260. 386 00:27:00,040 --> 00:27:01,680 - ACT! - I don't know its cost. ACT... 387 00:27:02,040 --> 00:27:04,120 - How much does it cost? I think Rs. 10. - Rs. 10-Rs. 20. 388 00:27:06,600 --> 00:27:07,680 We can buy a pouch for Rs. 15-Rs. 20 to prepare it in a microwave. 389 00:27:07,800 --> 00:27:10,400 - It's a gourmet indulgence product. - I see. 390 00:27:10,480 --> 00:27:12,840 It's an in-home consumption product. 391 00:27:12,920 --> 00:27:15,920 It's more suitable for couples on the Valentine's Day. 392 00:27:16,040 --> 00:27:18,240 We make stupendous sales on Valentine's Day. 393 00:27:19,720 --> 00:27:23,720 Popcorn is in a different league during the gifting season. 394 00:27:24,400 --> 00:27:27,680 It could be Diwali, Raksha Bandhan, New Year or Christmas. 395 00:27:27,960 --> 00:27:30,400 I don't understand why you aren't telling us about this. 396 00:27:30,840 --> 00:27:33,480 - It's your biggest product. Sprinkles. - It's my bestseller. 397 00:27:33,480 --> 00:27:35,400 I go to America to buy this. 398 00:27:35,480 --> 00:27:36,600 [dramatic music playing] 399 00:27:37,000 --> 00:27:39,720 - This is amazing! I'll take it with me. - Please take it. 400 00:27:39,840 --> 00:27:42,720 We can make popcorn at home and these... 401 00:27:43,160 --> 00:27:44,200 - What is it? - These are the seasoning. 402 00:27:44,320 --> 00:27:46,760 It's our DIY Movie Night Kit. 403 00:27:47,000 --> 00:27:48,560 Its biggest advantage 404 00:27:48,640 --> 00:27:51,600 is that you can make it in a pressure cooker or microwave. 405 00:27:51,680 --> 00:27:52,680 You can use any cooking method. 406 00:27:52,840 --> 00:27:54,320 How much does this cost? 407 00:27:54,880 --> 00:27:56,280 'Rs. 125.' 408 00:28:01,480 --> 00:28:04,720 - Absolutely. - Please stop selling those and focus on this. 409 00:28:05,000 --> 00:28:06,760 I need your knowledge. 410 00:28:07,680 --> 00:28:08,880 What about your business scale? 411 00:28:25,480 --> 00:28:29,480 The thing is, we are still learning D2C business. 412 00:28:29,680 --> 00:28:33,640 Secondly, it's a challenge to negotiate and talk 413 00:28:33,720 --> 00:28:35,240 to Quick Commerce Companies. 414 00:28:35,400 --> 00:28:38,840 Boss, we can help you do it. That's not a problem but you have 6 stores. 415 00:28:38,960 --> 00:28:42,160 - Yes. - Aren't your stores making a profit because your sales are low? 416 00:28:43,160 --> 00:28:45,920 The entire industry was hit due to Covid. 417 00:28:46,200 --> 00:28:48,560 However, we are growing now. We have 6 existing stores 418 00:28:48,640 --> 00:28:50,000 and three are on stand up. They'll open in a month. 419 00:28:50,080 --> 00:28:51,720 No, sir. It's not right. 420 00:28:53,120 --> 00:28:54,640 Covid was over in 2021. 421 00:28:55,280 --> 00:28:57,320 Right? We are in 2024. 422 00:29:09,400 --> 00:29:11,800 makes sales worth Rs. 15,000-Rs. 35,000. 423 00:29:20,360 --> 00:29:24,240 Basically, there are two businesses. One is the packaged food business. 424 00:29:24,480 --> 00:29:26,360 Your second business is the QSR business 425 00:29:26,480 --> 00:29:31,120 where you provide fresh food 426 00:29:31,200 --> 00:29:32,720 and follow store economics. 427 00:29:32,920 --> 00:29:34,880 Both the models are different. 428 00:29:34,960 --> 00:29:37,480 The skill set and team structure are entirely different. 429 00:29:37,680 --> 00:29:39,680 What do you want to do in the long term? 430 00:29:39,760 --> 00:29:43,440 My vision is to have a mix of both. 431 00:29:43,560 --> 00:29:47,360 Without building the QSR business properly 432 00:30:03,840 --> 00:30:07,200 So you are running the QSR business as a marketing channel. 433 00:30:07,280 --> 00:30:10,720 - Absolutely. - Your main business is at-home-packaged popcorn. 434 00:30:10,880 --> 00:30:12,840 - Correct. - Mr Suri, I hope you're sure 435 00:30:12,920 --> 00:30:17,480 because then you won't expand the QSR business. 436 00:30:17,800 --> 00:30:20,280 You're taking me wrong. I never said I wouldn't expand. 437 00:30:20,360 --> 00:30:21,920 Sir, if you expand 438 00:30:22,000 --> 00:30:25,200 and the scale of that business matches the FMCG business, 439 00:30:25,320 --> 00:30:27,280 you can't call it a marketing channel. 440 00:30:28,440 --> 00:30:29,760 I appreciate your statement. 441 00:30:29,840 --> 00:30:33,000 I'm also a person who believes "specific is terrific". 442 00:30:33,640 --> 00:30:35,800 I'm focussed completely on FMCG. 443 00:30:36,000 --> 00:30:38,240 I don't pitch for this business because I attract customers. 444 00:30:38,440 --> 00:30:39,600 Let me tell you how I have the upper hand. 445 00:30:39,720 --> 00:30:41,800 I have been in this industry for 30-35 years. 446 00:30:41,880 --> 00:30:43,600 Currently, 447 00:30:43,680 --> 00:30:47,160 parents come to me on a daily basis with Rs. 15-Rs. 20 lakhs 448 00:30:47,280 --> 00:30:48,640 and request me to settle their kids professionally. 449 00:30:48,720 --> 00:30:50,160 What could stop me then? 450 00:30:50,360 --> 00:30:51,600 I have an operation team. 451 00:30:51,880 --> 00:30:55,000 I don't handle it alone. My operation team handles everything. 452 00:30:55,800 --> 00:30:57,480 Sir, I'll surely learn something from you. 453 00:30:57,560 --> 00:31:00,680 You started a company which makes sales of Rs. 2.5-Rs. 3 crores. 454 00:31:00,840 --> 00:31:04,040 Now, you say that your popcorn business 455 00:31:04,200 --> 00:31:05,720 and the QSR business are so stable 456 00:31:05,840 --> 00:31:08,680 that you can easily focus on building the brand. 457 00:31:09,040 --> 00:31:11,840 I want to understand your magic. 458 00:31:11,960 --> 00:31:13,520 - It's Mr Suri's magic. - I understand. 459 00:31:13,600 --> 00:31:16,280 - Vikas, let me get to the specifics. - I got the point. 460 00:31:17,800 --> 00:31:21,600 I'll ask you four questions. Please answer them one by one, quickly. 461 00:31:21,840 --> 00:31:23,280 What is your gross profit? 462 00:31:42,720 --> 00:31:43,840 Your repeat customer percentage. 463 00:31:44,000 --> 00:31:45,080 40%-50%. 464 00:31:49,120 --> 00:31:51,720 I measure it at my stores and at other places too. 465 00:31:51,800 --> 00:31:53,880 - So you have 40%-50% repeat customers. - That's right. 466 00:31:55,520 --> 00:31:58,760 I know about 4700BC Popcorn. 467 00:31:58,840 --> 00:32:00,480 They pivoted recently. 468 00:32:00,600 --> 00:32:03,760 They had an issue regarding funding 469 00:32:03,920 --> 00:32:05,640 or maybe sales. 470 00:32:05,720 --> 00:32:07,680 Do you have an idea what happened really? 471 00:32:08,280 --> 00:32:09,840 I have no idea, to be honest. 472 00:32:11,200 --> 00:32:15,960 As far as I know, the attempts to sell premium popcorn and foxnut... 473 00:32:16,040 --> 00:32:17,640 - They didn't succeed. - They didn't succeed 474 00:32:17,720 --> 00:32:21,840 - because consumers think they can buy it at Rs. 15... - Pricing. 475 00:32:22,000 --> 00:32:23,600 - And eat them. - It can be prepared at home. 476 00:32:23,680 --> 00:32:27,800 Selling a cheap item at Rs. 100 after upgrading it 477 00:32:28,040 --> 00:32:30,000 could only be restricted to gifting. 478 00:32:30,080 --> 00:32:32,040 Because we gift a premium item. 479 00:32:32,160 --> 00:32:34,360 However, self-consumption is too low. 480 00:32:35,920 --> 00:32:37,680 I'll give you an offer. 481 00:32:37,880 --> 00:32:39,080 [joyful music playing] 482 00:32:39,640 --> 00:32:43,280 First and foremost, I'm bothered because you have two companies. 483 00:32:43,720 --> 00:32:46,240 You claim that the company runs on autopilot 484 00:32:46,360 --> 00:32:47,400 but that's not true. 485 00:32:47,520 --> 00:32:49,560 That is a big problem for me 486 00:32:50,080 --> 00:32:51,680 but I can live with it. 487 00:32:52,280 --> 00:32:54,200 My conditions for this business are... 488 00:32:54,320 --> 00:32:56,720 Condition number one is that your offline stores, 489 00:32:56,800 --> 00:33:01,280 like your own stores, franchises and kiosks... 490 00:33:12,080 --> 00:33:15,960 Packaging is also right but your sales have been flat for 3 years. 491 00:33:16,960 --> 00:33:19,320 Let me tell you the valuation I'm willing to give you. 492 00:33:19,520 --> 00:33:22,200 Rs. 75 lakhs for 15% equity 493 00:33:22,640 --> 00:33:25,000 and 3% sales royalty 494 00:33:34,120 --> 00:33:35,280 Is the market large? 495 00:33:43,960 --> 00:33:44,840 What if it's excluded? 496 00:33:45,160 --> 00:33:46,760 We can subtract around Rs. 50 crores. 497 00:33:46,840 --> 00:33:49,240 - Huh? That's it? - Yes. 498 00:33:49,320 --> 00:33:52,800 Boss, if I have ever eaten popcorn in my life... 499 00:33:52,880 --> 00:33:55,880 - We ate them mostly there. - We mostly ate in the cinemas. 500 00:33:55,960 --> 00:33:57,320 We don't eat popcorn at home. 501 00:33:57,400 --> 00:33:58,800 I'm telling you the raw material cost. 502 00:33:58,880 --> 00:34:00,520 You are talking about the final product. 503 00:34:01,440 --> 00:34:04,400 Forget raw materials, what is the industry size at the retail level? 504 00:34:04,480 --> 00:34:06,200 I don't know the exact breakup 505 00:34:06,320 --> 00:34:08,520 but the entire popcorn market is worth Rs. 800 crores. 506 00:34:08,760 --> 00:34:10,720 Okay. So there are two types of retail businesses. 507 00:34:10,920 --> 00:34:12,520 One is the QSR format 508 00:34:12,640 --> 00:34:15,240 and the second is the FMCG format. The ones we make at home. 509 00:34:15,520 --> 00:34:17,800 What is their individual percentage? Do you have an idea? 510 00:34:18,200 --> 00:34:20,640 - A rough idea. - I'm just guessing 511 00:34:20,720 --> 00:34:23,560 that the FMCG market is close to Rs. 500-Rs. 600 crores. 512 00:34:24,520 --> 00:34:26,640 - Are you talking about the organised business? - Yes. 513 00:34:26,800 --> 00:34:31,400 We also get popcorn in small towns and villages. 514 00:34:31,480 --> 00:34:33,560 They are unbranded, packaged and sealed. 515 00:34:34,000 --> 00:34:35,840 It must be as large as Rs. 2,000 crores. 516 00:34:36,040 --> 00:34:37,280 The unorganised market is much bigger. 517 00:34:37,360 --> 00:34:39,320 Right? It costs Rs. 5-Rs. 10. 518 00:34:40,240 --> 00:34:43,160 - His target customer is different. - Vikas, I have made my decision. 519 00:34:43,840 --> 00:34:45,280 All of us like popcorn 520 00:34:45,720 --> 00:34:48,800 but I feel your product's cost is too high. That's one. 521 00:34:50,080 --> 00:34:54,320 Secondly, I lost you when we asked you about your competition 522 00:34:54,440 --> 00:34:55,520 but you said, "I don't have a clue." 523 00:34:56,680 --> 00:34:59,160 My suggestion is to know your competition better 524 00:34:59,240 --> 00:35:00,880 and also your numbers. 525 00:35:01,000 --> 00:35:02,320 It's not my USP 526 00:35:02,480 --> 00:35:04,800 and it's an expensive category for me. So I'm out. 527 00:35:05,000 --> 00:35:06,080 Thank you! 528 00:35:06,360 --> 00:35:09,520 I want to know something. What is the per-month revenue 529 00:35:09,680 --> 00:35:11,240 of your kiosks? 530 00:35:11,320 --> 00:35:13,280 I have a kiosk in Delhi. 531 00:35:13,360 --> 00:35:14,720 Where exactly in Delhi? 532 00:35:14,800 --> 00:35:16,440 It's at Pacific Mall, Subhash Nagar. 533 00:35:33,040 --> 00:35:35,320 We sell just butter salted in cinemas. 534 00:35:36,080 --> 00:35:39,280 COGS is much lesser. When I make premium products, I need sugar... 535 00:35:39,360 --> 00:35:42,320 Isn't there a kiosk chain in the popcorn business? 536 00:35:42,440 --> 00:35:43,240 We are the only ones. 537 00:35:43,360 --> 00:35:47,640 I'm surprised because the real margin is in the retail market. 538 00:35:48,800 --> 00:35:50,840 Its manufacturing cost is less than Rs. 20. 539 00:35:50,920 --> 00:35:53,800 It's a business with a 90% margin. I'm saying hypothetically. 540 00:35:54,160 --> 00:35:55,960 If your sales are worth Rs. 6 lakhs, 541 00:35:56,160 --> 00:35:58,480 your gross profit should be Rs. 5 lakhs. 542 00:35:58,720 --> 00:36:01,640 Suppose I pay Rs. 1 lakh of Rs. 5 lakhs in salaries. 543 00:36:01,920 --> 00:36:04,080 In reality, I could be making 544 00:36:04,240 --> 00:36:06,440 a 30% profit from a kiosk. 545 00:36:07,240 --> 00:36:09,120 The cost of setting it up... 546 00:36:09,120 --> 00:36:10,000 That's right. 547 00:36:10,000 --> 00:36:12,440 - That's not hard. - Shh! 548 00:36:12,520 --> 00:36:14,040 No! No! No! 549 00:36:15,240 --> 00:36:17,280 You just shushed him. [laughing] 550 00:36:18,480 --> 00:36:20,320 - Did he say that? - Shh! 551 00:36:20,840 --> 00:36:23,440 We need to invest Rs. 10 to Rs. 12 lakhs to set up this kiosk. 552 00:36:23,520 --> 00:36:25,400 Were you a teacher or in the army before? 553 00:36:25,880 --> 00:36:26,800 No. 554 00:36:26,880 --> 00:36:28,440 Even if you invest Rs. 12 lakhs, 555 00:36:28,520 --> 00:36:31,880 I think you can easily earn Rs. 1 lakh with this kiosk. 556 00:36:32,080 --> 00:36:34,920 - Because the margin is high and if the pricing is right... - Gosh! 557 00:36:35,000 --> 00:36:37,240 - We do earn. - Then open 1,000 kiosks. 558 00:36:38,080 --> 00:36:40,720 I'd like to tell you my perspective. The thing is... 559 00:36:40,880 --> 00:36:42,760 Sir, why are you here? 560 00:36:43,760 --> 00:36:46,440 You are Vikas Suri. "The Vikas Suri". 561 00:36:47,680 --> 00:36:48,760 The one who knows everything. 562 00:36:49,560 --> 00:36:51,520 We have been here for three years. Do you know this? 563 00:36:51,680 --> 00:36:53,960 - Yes. - Do you know about our work? 564 00:36:54,400 --> 00:36:57,440 - I think so. - You shushed a Shark abruptly here. 565 00:36:57,840 --> 00:36:59,000 You said "shh". 566 00:36:59,080 --> 00:37:00,800 - It's okay. He is older than me. - You cut him short. 567 00:37:00,880 --> 00:37:02,760 It's not about age. 568 00:37:03,000 --> 00:37:04,600 Position matters. 569 00:37:04,680 --> 00:37:06,000 [dramatic music playing] 570 00:37:06,240 --> 00:37:08,080 I'm sorry if I hurt you, but I didn't really say that. 571 00:37:08,200 --> 00:37:09,240 That's only one of the points. 572 00:37:10,000 --> 00:37:11,360 Since the moment you came here, 573 00:37:11,520 --> 00:37:14,560 you have been giving big statements like "specific is terrific". 574 00:37:14,920 --> 00:37:16,480 However, your answers are vague. 575 00:37:18,480 --> 00:37:19,880 You don't give a clear answer 576 00:37:19,960 --> 00:37:22,800 to any question. Will you close the QSR business or not? 577 00:37:22,960 --> 00:37:25,240 You took your name, Vikas Suri. 578 00:37:25,320 --> 00:37:26,360 I never heard it before. 579 00:37:26,480 --> 00:37:28,120 You repeated your name four times at least. 580 00:37:29,240 --> 00:37:31,080 "I'm famous enough to get customers." 581 00:37:31,360 --> 00:37:32,680 Then why did you come here? 582 00:37:34,320 --> 00:37:35,560 You know what we do. 583 00:37:35,720 --> 00:37:38,320 We invest money and give advice 584 00:37:38,440 --> 00:37:40,160 because we are experienced. 585 00:37:40,240 --> 00:37:41,520 We open a few doors. 586 00:37:41,600 --> 00:37:44,160 We help your business grow in the quick commerce segment. 587 00:37:44,680 --> 00:37:46,440 Simultaneously we learn too. 588 00:37:46,800 --> 00:37:50,280 After meeting you, I feel that you lack learning agility and humility. 589 00:37:51,000 --> 00:37:52,920 What will we learn? And how will we teach? 590 00:37:53,000 --> 00:37:54,240 How will we build a business together? 591 00:37:54,360 --> 00:37:56,360 Mr Suri, your business structure is messy 592 00:37:56,560 --> 00:37:58,720 - besides all the personal issues I pointed out. - Okay. 593 00:37:58,920 --> 00:38:00,920 That's one big reason I'm out. 594 00:38:01,240 --> 00:38:02,920 - Thank you. - Good luck to you, man. 595 00:38:03,000 --> 00:38:05,000 I think the popcorn business will grow 596 00:38:05,360 --> 00:38:07,120 but maybe you can't do it. 597 00:38:07,200 --> 00:38:08,560 Thank you. 598 00:38:28,760 --> 00:38:32,600 Vikas, I failed to understand your strategy today. 599 00:38:48,320 --> 00:38:50,640 brand idea. That is how it started. 600 00:38:50,760 --> 00:38:52,840 Stick to that. I am out for now. 601 00:38:54,200 --> 00:38:56,840 You are obviously the king of manufacturing and importing 602 00:38:57,120 --> 00:38:58,440 this product. 603 00:38:58,600 --> 00:39:01,040 But when it comes to learning D2C 604 00:39:01,160 --> 00:39:03,560 - you still have a journey to cross. - Correct. 605 00:39:03,760 --> 00:39:06,280 And I think you should be curious about 606 00:39:06,560 --> 00:39:08,040 what format will work. 607 00:39:08,120 --> 00:39:11,000 I asked you to manage the retail store and he has another suggestion. 608 00:39:11,080 --> 00:39:13,640 Namita is happy with the spices. 609 00:39:13,920 --> 00:39:15,880 - Happy with the spices, it seems. - So, 610 00:39:15,960 --> 00:39:18,320 in all this, you need answers. 611 00:39:18,840 --> 00:39:21,400 And, since you don't have answers, 612 00:39:21,480 --> 00:39:23,040 asking for investment can be very risky. 613 00:39:23,120 --> 00:39:24,320 That's why I am out. Best of luck. 614 00:39:24,520 --> 00:39:25,520 Thank you! 615 00:39:25,680 --> 00:39:28,080 There is one offer left. Four Sharks are out. - So, Vikas, 616 00:39:28,160 --> 00:39:29,800 It's a non-negotiable offer. 617 00:39:30,000 --> 00:39:32,440 You can counter it, but I will not go with it. 618 00:39:45,360 --> 00:39:46,560 [camera clicks] 619 00:39:48,040 --> 00:39:49,880 - Thank you once again for the deal. I really...- Thank you! 620 00:39:49,960 --> 00:39:50,840 - Nice meeting you. - Thank you! 621 00:39:50,920 --> 00:39:52,280 Thank you very much, sir. Thank you. 622 00:39:52,960 --> 00:39:54,640 [music rises] 623 00:41:18,280 --> 00:41:20,600 [theme music playing] 624 00:41:23,800 --> 00:41:26,200 [music rises] 625 00:41:37,240 --> 00:41:38,400 - Hello, Sharks. - Hi! 626 00:41:38,520 --> 00:41:40,760 Have you seen a hero's entry in a film? 627 00:41:40,840 --> 00:41:44,000 He always gets out of a luxurious car 628 00:41:44,600 --> 00:41:45,760 with a swag. 629 00:41:45,840 --> 00:41:47,760 And all eyes are on him. 630 00:41:47,920 --> 00:41:50,600 That makes everyone desire a similar car 631 00:41:50,680 --> 00:41:52,000 and get out of the car in style 632 00:41:52,320 --> 00:41:53,880 while catching everyone's attention. 633 00:41:54,400 --> 00:41:57,000 Today... Sorry! 634 00:41:57,080 --> 00:41:58,400 - No problem. - It's fine. 635 00:41:59,200 --> 00:42:01,000 You can start from the top if you like. 636 00:42:01,240 --> 00:42:02,400 - Hello, Sharks! - Hello! 637 00:42:02,520 --> 00:42:04,600 Have you seen a hero's entry in a film? 638 00:42:04,680 --> 00:42:08,520 He always gets out of a luxurious car with a swag. 639 00:42:08,600 --> 00:42:10,600 And all eyes are on him. 640 00:42:10,720 --> 00:42:14,000 That makes everyone desire a similar car and get out of the car in style 641 00:42:14,160 --> 00:42:16,040 while catching everyone's attention. 642 00:42:16,120 --> 00:42:19,160 Social media is the trend these days and everyone wants to be a star. 643 00:42:19,240 --> 00:42:20,600 [joyous music playing] 644 00:42:21,040 --> 00:42:23,920 When you ask people about their dream car, 645 00:42:24,000 --> 00:42:26,000 they'll probably mention Mercedes, BMW, 646 00:42:26,080 --> 00:42:27,880 Mahindra Thar, Fortuner, or Lamborghini. 647 00:42:27,960 --> 00:42:31,080 - But they can only afford a basic car. - That's right. 648 00:42:31,520 --> 00:42:34,320 Even if people can afford a luxury car, 649 00:43:11,160 --> 00:43:13,120 and you can become a co-owner of the brand new car. 650 00:43:32,320 --> 00:43:34,040 My ask is 651 00:43:41,880 --> 00:43:43,640 - That was brilliant. - Very nice. 652 00:43:43,760 --> 00:43:45,560 - Extremely sorry. - That's fine. It's okay. 653 00:45:14,120 --> 00:45:16,040 Generally, speaking. Fractional ownership 654 00:45:27,560 --> 00:45:30,560 - There are around 25 crores households in India. - Okay. 655 00:45:45,680 --> 00:45:47,480 I know that there is a market. 656 00:45:47,560 --> 00:45:49,960 I also know there is aspiration and demand. 657 00:45:50,160 --> 00:45:51,360 There's a supply as well 658 00:45:51,440 --> 00:45:53,080 of cars that cost Rs. 20 lakhs to Rs. 4 crores. 659 00:45:53,160 --> 00:45:54,640 We now have many choices 660 00:45:54,640 --> 00:45:56,240 - that weren't available a decade ago. - That's right. 661 00:45:56,400 --> 00:45:59,280 There is demand and supply, but there is a need for a platform. 662 00:45:59,360 --> 00:46:02,400 The fractional ownership doesn't provide ROI. 663 00:46:02,600 --> 00:46:04,280 But it gives you usage. 664 00:46:04,560 --> 00:46:06,360 India is a different country. 665 00:46:06,440 --> 00:46:07,840 In the US, Europe, and China, 666 00:46:07,920 --> 00:46:11,120 - leasing and renting models are successful.- I agree. 667 00:46:11,240 --> 00:46:14,760 In India, the issue is that luxury cars are very expensive 668 00:46:14,920 --> 00:46:16,120 due to high taxation. 669 00:46:22,360 --> 00:46:24,880 If you share a car 670 00:46:25,040 --> 00:46:26,800 with four people, 671 00:46:26,880 --> 00:46:28,480 it is still used. 672 00:46:28,600 --> 00:46:31,360 There is a prolific market for used cars. 673 00:46:31,440 --> 00:46:33,560 It is solving this problem. 674 00:46:33,640 --> 00:46:36,040 Be it a used car or a new car, 675 00:46:36,320 --> 00:46:38,160 it helps with your daily commute. 676 00:46:38,240 --> 00:46:40,160 That car is used regularly. 677 00:46:40,240 --> 00:46:43,440 We are solving the problem of cars that are used occasionally. 678 00:46:57,680 --> 00:46:59,400 Explain your solution to us. 679 00:46:59,480 --> 00:47:02,760 Give us an example of who is doing what and what the expenses are. 680 00:47:02,960 --> 00:47:04,800 So that we don't assume. Tell us. 681 00:47:04,920 --> 00:47:08,000 - Okay! - Also, explain how the scheduling works. 682 00:47:08,240 --> 00:47:10,640 - That is very important. - Explain your model with the app. 683 00:47:13,160 --> 00:47:16,720 When the customer logs in or signs up, 684 00:47:16,800 --> 00:47:19,160 we educate the customer. 685 00:47:21,840 --> 00:47:24,120 We clear their doubts with FAQs. 686 00:47:24,640 --> 00:47:25,960 The customer browses the cars 687 00:47:26,040 --> 00:47:29,320 and sees multiple dream car options. 688 00:47:58,080 --> 00:47:59,800 and he used the car for 150 days. 689 00:47:59,880 --> 00:48:02,840 So, it costs Rs. 1,000 per day. 690 00:48:03,040 --> 00:48:04,600 24 hours of cycle. 691 00:48:04,720 --> 00:48:06,000 There are no expenses per year. 692 00:48:06,080 --> 00:48:07,640 After buying your share by paying Rs. 1.5 lakhs, 693 00:48:07,720 --> 00:48:09,280 there will be no further charges. 694 00:48:31,480 --> 00:48:34,280 10,000 people have already paid Rs. 99 695 00:49:10,360 --> 00:49:13,080 What if I want to make last minute changes if there is availability? 696 00:49:13,160 --> 00:49:15,760 Yes! There is a limitation on reservations and cancellations 697 00:49:21,840 --> 00:49:23,160 It is split into 698 00:49:23,240 --> 00:49:25,040 weekends, holidays and weekdays. 699 00:49:34,080 --> 00:49:35,000 There is no need to communicate. 700 00:49:35,000 --> 00:49:37,080 Our app is powerful. It can manage everything. 701 00:49:52,600 --> 00:49:54,720 If I were driving and I hit the car, 702 00:49:55,080 --> 00:49:56,480 how would anyone know who did it? 703 00:49:56,600 --> 00:49:59,600 The pickup and drop is done by our driver. 704 00:50:08,720 --> 00:50:11,280 Over and above the insurance claim, the person will be liable. 705 00:50:36,320 --> 00:50:38,360 Is your use case out of station generally? 706 00:50:38,960 --> 00:50:41,360 No, there are around 7-8 use cases. 707 00:50:41,440 --> 00:50:42,720 Tell us two use cases. 708 00:50:42,880 --> 00:50:45,960 If someone has a hatchback, they want a seven-seater car. 709 00:51:02,040 --> 00:51:05,200 Let's say, I heard about your app today, 710 00:51:05,280 --> 00:51:09,000 I go on it and try to join my intent group. 711 00:51:09,320 --> 00:51:11,840 How long does it take from that day to purchase? 712 00:51:19,040 --> 00:51:22,200 Planning extensively can become challenging 713 00:51:22,440 --> 00:51:23,760 as they have work commitments 714 00:51:23,840 --> 00:51:25,720 and are unsure about their leave availability. 715 00:51:26,960 --> 00:51:29,240 Isn't that a big challenge for people? 716 00:51:29,320 --> 00:51:31,320 The car will be utilized by someone, 717 00:51:31,480 --> 00:51:32,760 causing their points to go down, 718 00:51:32,920 --> 00:51:34,680 and someone will get an opportunity. 719 00:51:34,680 --> 00:51:36,360 So, this isn't a challenge. 720 00:51:36,480 --> 00:51:40,200 But for some reason, if their usage points aren't used, 721 00:51:40,400 --> 00:51:42,280 they can sell the credit points on our platform 722 00:51:51,360 --> 00:51:54,920 Because you understand 723 00:51:55,160 --> 00:51:58,080 your ownership and usage needs, 724 00:51:58,200 --> 00:51:59,880 instead of dealing with a membership 725 00:51:59,880 --> 00:52:02,080 where you might not get the car on time. 726 00:52:02,200 --> 00:52:04,120 - Excuse me! - Hold on! I am out. 727 00:52:04,240 --> 00:52:05,320 Okay. 728 00:52:06,280 --> 00:52:08,880 You haven't understood the Indian consumer. 729 00:52:09,400 --> 00:52:11,200 In India, it is taxing to plan 730 00:52:16,880 --> 00:52:19,000 The slots have to be booked on your app. 731 00:52:19,360 --> 00:52:20,760 It's next to impossible. 732 00:52:22,240 --> 00:52:24,840 This culture and mindset doesn't exist in India. 733 00:52:26,240 --> 00:52:28,600 Part-ownership, showing off, 734 00:52:28,800 --> 00:52:29,960 is fine. 735 00:52:30,080 --> 00:52:34,520 But when it comes to execution, implementation and operation, 736 00:52:34,640 --> 00:52:37,880 you will lose your mind on scheduling. 737 00:52:38,400 --> 00:52:39,560 So, I am out. 738 00:52:41,000 --> 00:52:43,480 Hurry up and tell me your revenue as of now. 739 00:52:43,600 --> 00:52:44,720 We are currently pre-revenue. 740 00:52:49,640 --> 00:52:51,760 what your operational challenges could be. 741 00:52:58,600 --> 00:53:00,120 and keep it in good shape. 742 00:53:00,240 --> 00:53:02,400 If I had to do this, I would either rent a car 743 00:53:02,600 --> 00:53:04,600 or take a taxi. 744 00:53:05,880 --> 00:53:07,800 For now, I sense issues in this mode. 745 00:53:07,880 --> 00:53:09,760 You are pre-revenue. Let's see. 746 00:53:09,880 --> 00:53:11,760 Go ahead with it and see where this goes. I am out. 747 00:53:13,040 --> 00:53:15,720 Sanjeev, you really thought outside the box 748 00:53:15,800 --> 00:53:19,040 and created a one-of-a-kind business model in the world. 749 00:53:19,120 --> 00:53:22,000 So, hats off for thinking differently 750 00:53:22,120 --> 00:53:25,320 and really bringing it to life. I like the name Prorata. 751 00:53:33,480 --> 00:53:35,080 I doubt there is a market for this. 752 00:53:35,160 --> 00:53:37,800 I don't think you have a business model. 753 00:53:37,920 --> 00:53:39,120 So, I am out. 754 00:53:40,720 --> 00:53:42,320 I am really interested in this! 755 00:53:43,320 --> 00:53:44,400 I like this. 756 00:53:44,880 --> 00:53:46,720 I also think you are smart. 757 00:53:46,880 --> 00:53:49,280 Because you have released a new model 758 00:53:49,880 --> 00:53:52,520 and the commercial thinking behind it 759 00:53:52,720 --> 00:53:54,680 where you charge Rs. 100 for filtering. 760 00:53:55,280 --> 00:53:56,800 And the app you demonstrated 761 00:53:57,320 --> 00:54:00,000 shows that you have put a lot of thought into it. 762 00:54:07,400 --> 00:54:08,520 Per ticker per year. 763 00:54:08,880 --> 00:54:12,200 How much is your margin in this? 764 00:54:41,720 --> 00:54:43,680 - Our job is to... - Those at the showroom? 765 00:54:43,800 --> 00:54:45,200 We integrate with the showroom. 766 00:54:45,200 --> 00:54:46,880 We will give the car for service at the showroom. 767 00:54:46,960 --> 00:54:48,360 [suspenseful music playing] 768 00:54:48,600 --> 00:54:50,360 We buy a 5-year service package. 769 00:54:50,480 --> 00:54:52,560 We just need to give a system to the showroom. 770 00:54:52,680 --> 00:54:54,160 It's a completely tech platform. 771 00:54:55,280 --> 00:54:56,960 How many showrooms have you integrated until now? 772 00:55:06,600 --> 00:55:08,680 We raised Rs. 1 crore in the idea stage. 773 00:55:09,640 --> 00:55:10,840 When? 774 00:55:11,160 --> 00:55:12,520 In June 2022. 775 00:55:12,880 --> 00:55:14,120 From whom? 776 00:55:29,880 --> 00:55:34,000 In the last 5-6 months, I became an engineer from Chartered Accountant. 777 00:55:34,080 --> 00:55:35,480 I learnt to code. 778 00:55:35,840 --> 00:55:39,560 - And I formed a team... - You made this app on which platform? 779 00:55:40,200 --> 00:55:41,240 On Flutter. 780 00:55:54,160 --> 00:55:55,560 - Is this true? - Yes! 781 00:55:55,640 --> 00:55:58,760 There is no pro rata car sharing model in the world? 782 00:55:58,880 --> 00:56:00,840 No! There is leasing and renting model. 783 00:56:00,920 --> 00:56:02,880 And India needs fractional ownership. 784 00:56:02,960 --> 00:56:04,040 Do you want to take the bet? 785 00:56:04,120 --> 00:56:06,600 - If you... - I have another concern. 786 00:56:06,680 --> 00:56:08,520 The valuation is bothering me. 787 00:56:10,000 --> 00:56:12,320 - You are pre-revenue. - Hmm! 788 00:56:12,680 --> 00:56:13,960 This is a theoretical business. 789 00:56:15,040 --> 00:56:16,560 This valuation is impossible. 790 00:56:17,600 --> 00:56:20,160 Your valuation should be below Rs. 10 crores 791 00:56:20,240 --> 00:56:21,600 - Rs. 5 crores. - This is a theoretical business. 792 00:56:22,760 --> 00:56:26,320 - And your ask should be between Rs. 25-Rs. 50 lakhs. - Okay. 793 00:56:26,400 --> 00:56:28,440 That is when a person or an investor 794 00:56:28,600 --> 00:56:31,320 can take a bet as an early stage bet. 795 00:56:31,400 --> 00:56:33,120 We could give it a try 796 00:56:33,240 --> 00:56:34,320 and see what happens. 797 00:56:34,400 --> 00:56:35,600 Because the thinking is strong. 798 00:56:35,680 --> 00:56:37,480 We are doing a round of Rs. 4 crores 799 00:56:37,600 --> 00:56:39,320 with a commitment of Rs. 2 crores already in place. 800 00:56:39,520 --> 00:56:42,440 We have raised Rs. 26 lakhs from the investor platform in this round. 801 00:56:51,000 --> 00:56:52,720 Because this is not an institutional investor. 802 00:56:52,800 --> 00:56:54,760 - They cannot set the valuation. - Okay. 803 00:56:55,040 --> 00:56:57,200 So, I am out. But good work! Great work! 804 00:56:57,520 --> 00:56:58,720 [music swells] 805 00:56:58,920 --> 00:57:00,560 I was interested to do this with Anupam. 806 00:57:00,680 --> 00:57:02,320 If both of us 807 00:57:02,400 --> 00:57:05,080 had invested Rs. 25-50 lakhs each 808 00:57:05,520 --> 00:57:07,760 on a valuation of Rs. 5 crores and not more than that. 809 00:57:07,840 --> 00:57:09,040 [indistinct] 810 00:57:09,160 --> 00:57:11,400 Then it would have been like we took a punt. 811 00:57:11,520 --> 00:57:13,680 It might grow or we might lose the money. 812 00:57:14,920 --> 00:57:17,080 Will you consider the valuation of Rs. 10 crores? 813 00:57:19,400 --> 00:57:22,520 Rs. 5 crores! Rs. 50 lakhs, Rs.25 lakhs each for equity. 814 00:57:32,200 --> 00:57:34,000 - Is it 10% equity? - Yes. 815 00:57:56,160 --> 00:57:57,440 That is what I believe. 816 00:57:57,680 --> 00:57:59,480 [music rises] 817 00:58:01,320 --> 00:58:02,320 [camera clicks] 818 00:58:04,320 --> 00:58:06,240 - Thanks. - Okay! Best of luck. 819 00:58:06,400 --> 00:58:08,120 - Thanks, buddy! - Thank you. 820 00:58:08,360 --> 00:58:10,720 [upbeat music playing]