1 00:00:15,040 --> 00:00:16,760 [music playing] 2 00:00:18,400 --> 00:00:20,520 [theme music playing] 3 00:00:35,240 --> 00:00:37,560 [theme music concludes] 4 00:00:38,760 --> 00:00:40,920 [music playing] 5 00:00:42,160 --> 00:00:43,640 This will be fun. 6 00:00:44,440 --> 00:00:45,640 This is going to be exciting! 7 00:00:46,800 --> 00:00:48,400 Oh my God! 8 00:00:48,480 --> 00:00:50,560 [laughing] 9 00:00:54,480 --> 00:00:56,080 [laughing] 10 00:00:58,360 --> 00:01:01,240 Oh my God, buddy! 11 00:01:01,800 --> 00:01:03,840 Oh! Oh! Oh! 12 00:01:06,040 --> 00:01:07,760 What are you doing? 13 00:01:07,960 --> 00:01:10,120 Check out the beauty products, then take a look at her. 14 00:01:10,120 --> 00:01:11,200 Look at the beauty products again. 15 00:01:11,200 --> 00:01:14,200 - This is Kunal Bahl's investment. - What is? 16 00:01:14,720 --> 00:01:15,920 FAE Beauty. 17 00:01:16,000 --> 00:01:17,640 The day I start quoting 'Kunal Bhal', 18 00:01:17,760 --> 00:01:19,160 I'll wonder what's wrong. 19 00:01:19,240 --> 00:01:21,000 It's Kunal Bahl! 20 00:01:21,240 --> 00:01:23,000 'I am my FAEvourite.' 21 00:01:24,040 --> 00:01:26,640 [music playing] 22 00:01:53,040 --> 00:01:55,600 - Tranquillity! - This is a recent development. 23 00:01:55,800 --> 00:01:56,880 As a child, 24 00:01:56,960 --> 00:01:59,200 I used to be underconfident 25 00:01:59,400 --> 00:02:01,480 because I didn't feel good in my own skin. 26 00:02:01,640 --> 00:02:04,960 That was until I found my perfect lipstick. 27 00:02:05,080 --> 00:02:08,320 That lipstick earned me my very first compliment. 28 00:02:08,440 --> 00:02:11,120 It became my armour, boosting my confidence. 29 00:02:11,240 --> 00:02:14,400 Now, makeup had changed the way I perceived myself. 30 00:02:14,680 --> 00:02:17,080 But even today, a lot of women 31 00:02:17,200 --> 00:02:18,720 struggle with makeup, 32 00:02:18,800 --> 00:02:20,200 and that is because... 33 00:02:29,640 --> 00:02:31,160 targets this 26%, 34 00:02:31,280 --> 00:02:35,120 which is fair or medium skin tone. 35 00:02:35,320 --> 00:02:38,640 After all, representation is important for everyone, isn't it? 36 00:02:39,280 --> 00:02:42,320 That is why I created FAE Beauty. 37 00:02:42,440 --> 00:02:44,840 It stands for Free And Equal beauty. 38 00:02:46,520 --> 00:02:48,480 An inclusive beauty brand 39 00:02:48,600 --> 00:02:50,920 that offers makeup and skincare products 40 00:02:51,000 --> 00:02:54,560 for every skin tone, undertone and texture. 41 00:02:59,080 --> 00:03:01,400 Available across our website, marketplaces, 42 00:03:01,480 --> 00:03:03,600 quick commerce and more. 43 00:03:06,240 --> 00:03:08,160 of over 3 lakh customers. 44 00:03:08,280 --> 00:03:11,040 - Wow! - The beauty and skincare industry 45 00:03:11,160 --> 00:03:13,240 is worth Rs. 50,000 crores today. 46 00:03:14,360 --> 00:03:16,960 Entrepreneurs like Vineeta made a mark in this industry, 47 00:03:17,040 --> 00:03:19,360 allowing founders like me to follow in her footsteps. 48 00:03:19,440 --> 00:03:21,160 - And today... - Whoa! 49 00:03:21,440 --> 00:03:23,000 Go, Vineeta! 50 00:03:23,240 --> 00:03:25,760 And today, it's my dream, just like hers, 51 00:03:25,880 --> 00:03:28,240 to build an inclusive beauty brand in India 52 00:03:28,280 --> 00:03:30,000 for every Indian skin tone. 53 00:03:30,240 --> 00:03:32,760 For this, my ask is Rs. 1 crore 54 00:03:32,840 --> 00:03:36,400 - in exchange for 1% equity in my company. - Wow! 55 00:03:37,720 --> 00:03:41,080 So, Sharks, I would love for you to join me on this journey 56 00:03:41,160 --> 00:03:43,040 so that every woman can say, 57 00:03:43,120 --> 00:03:44,960 'I am my FAEvourite.' 58 00:03:45,040 --> 00:03:47,560 Oh! Nice pitch. 59 00:03:55,480 --> 00:03:56,960 Yes. I am from Mumbai. 60 00:03:57,120 --> 00:03:59,760 When I was a child, my family always joked 61 00:03:59,840 --> 00:04:01,040 that I would open a beauty parlour when I grew up. 62 00:04:01,080 --> 00:04:02,640 I was obsessed with makeup. 63 00:04:02,720 --> 00:04:03,960 Whoa! Really? 64 00:04:04,040 --> 00:04:05,280 Makeup was everything to me. 65 00:04:05,360 --> 00:04:07,800 I was genuinely a child with low confidence. 66 00:04:07,880 --> 00:04:11,120 I remember that makeup was like a shield for me. 67 00:04:11,200 --> 00:04:12,600 As I grew older, 68 00:04:12,680 --> 00:04:14,600 I realised that I was a nerd. 69 00:04:14,720 --> 00:04:16,240 I enjoyed studying. 70 00:04:16,320 --> 00:04:17,840 So, I got my education. 71 00:04:17,920 --> 00:04:19,880 My dream was to enrol in a college in the USA. 72 00:04:20,000 --> 00:04:22,440 After 12th grade, I went to Berkeley, 73 00:04:22,560 --> 00:04:25,280 - where I studied business administration. - Nice. 74 00:04:25,760 --> 00:04:28,560 I got a job. I was a management consultant at A.T. Kearney. 75 00:04:28,680 --> 00:04:31,000 - I worked with them for around two years. - Very good firm. 76 00:04:31,000 --> 00:04:32,800 Then I realised 77 00:04:32,880 --> 00:04:35,280 that what I was doing wasn't meaningful. 78 00:04:35,400 --> 00:04:37,920 So, I quit and returned to India. 79 00:04:38,360 --> 00:04:41,880 When I was here, I thought of applying for jobs 80 00:04:42,000 --> 00:04:44,000 to have some financial stability. 81 00:04:44,120 --> 00:04:47,960 So, I considered many jobs and gave an interview. 82 00:04:48,080 --> 00:04:51,760 I started seeing a gap in the market. 83 00:04:51,840 --> 00:04:55,840 I wish more brands were focusing on inclusivity. 84 00:04:55,920 --> 00:04:57,880 So, I joined a makeup school. 85 00:04:57,960 --> 00:04:59,560 - Cool! Wow! - I became a makeup artist. 86 00:04:59,680 --> 00:05:01,360 I did that for a year. 87 00:05:01,480 --> 00:05:03,960 - I spent six months studying and another six working. - Where? 88 00:05:04,000 --> 00:05:06,720 I worked as a makeup artist on the sets 89 00:05:06,800 --> 00:05:08,480 of TV shows and movies. 90 00:05:09,280 --> 00:05:11,120 We've never seen you on the sets of Shark Tank. 91 00:05:11,200 --> 00:05:13,040 I didn't get the opportunity to work here. 92 00:05:13,160 --> 00:05:14,560 - That was in the past. - We will discuss. 93 00:05:14,560 --> 00:05:15,800 [laughing] 94 00:05:21,880 --> 00:05:23,160 - Gender. - Skin tone, 95 00:05:23,240 --> 00:05:25,480 skin texture, skin type and body type. 96 00:05:25,680 --> 00:05:27,120 - Body type is a stretch... - Are you implying that 97 00:05:27,120 --> 00:05:28,960 - the other brands are not inclusive? - No! 98 00:05:29,080 --> 00:05:31,600 I am not saying that I am the only brand that's inclusive. 99 00:05:31,680 --> 00:05:35,480 I am saying that I am a brand where my only focus is inclusivity. 100 00:05:36,280 --> 00:05:40,080 Just sticking to inclusivity for over five years is tough. 101 00:05:40,160 --> 00:05:41,640 So, hats off to you for that. 102 00:05:45,640 --> 00:05:47,000 - Oh my God! - And it's fantastic. 103 00:05:47,080 --> 00:05:48,960 You should show them 104 00:05:49,040 --> 00:05:50,480 because when we think of inclusivity, 105 00:05:50,560 --> 00:05:52,560 we often only think of different skin tones. 106 00:05:52,680 --> 00:05:55,720 The beauty and fashion industry, and even magazines, 107 00:05:55,800 --> 00:05:56,840 feature photoshopped images. 108 00:05:56,880 --> 00:05:58,920 Models are slimmed down, their skin tone is lightened 109 00:05:58,920 --> 00:06:00,440 and their acne is removed. 110 00:06:00,520 --> 00:06:02,560 We have a 'No Photoshop' policy. 111 00:06:02,680 --> 00:06:04,760 - Oh, okay! - So, what you see on our Instagram 112 00:06:04,840 --> 00:06:07,640 and our website is what you get. 113 00:06:07,880 --> 00:06:10,600 We don't remove the hair from a model's upper lip 114 00:06:10,680 --> 00:06:11,800 and make them look perfect. 115 00:06:11,880 --> 00:06:14,480 If they have acne scars, you will see that. 116 00:06:14,560 --> 00:06:16,960 If there's pigmentation on their lips, it will be visible. 117 00:06:17,040 --> 00:06:19,640 If this is how the product appears on pigmented lips, 118 00:06:19,840 --> 00:06:21,600 and you have pigmented lips, 119 00:06:21,680 --> 00:06:23,520 you'll know it will appear the same on you. 120 00:06:27,160 --> 00:06:30,160 - That wants to increase its market share, will do the same. - Correct. 121 00:06:30,400 --> 00:06:32,960 So, your focus is mainly on positioning... 122 00:06:33,040 --> 00:06:33,880 It is. 123 00:06:33,960 --> 00:06:35,760 Rather than product differentiation. 124 00:06:35,880 --> 00:06:38,600 I would actually argue that our product is differentiated 125 00:06:38,680 --> 00:06:40,520 because our sales are strong. 126 00:06:40,600 --> 00:06:43,960 We develop all our products in-house. 127 00:06:44,040 --> 00:06:45,600 We don't use ready-made formulas. 128 00:06:45,680 --> 00:06:48,560 Karishma, what percentage of your sales is spent on R&D? 129 00:06:48,680 --> 00:06:49,880 Less than 5%. 130 00:06:50,320 --> 00:06:51,600 Thank you! 131 00:06:52,440 --> 00:06:54,320 [music playing] 132 00:06:56,800 --> 00:06:58,480 - I like the badge. - Thank you. 133 00:06:58,560 --> 00:06:59,640 - Very nice. - Which badge? 134 00:06:59,720 --> 00:07:00,760 Thank you for the bribe. 135 00:07:01,080 --> 00:07:03,000 [laughing] 136 00:07:03,360 --> 00:07:05,120 - Thank you! - Thank you! 137 00:07:05,240 --> 00:07:06,480 Thank you! 138 00:07:07,760 --> 00:07:09,760 Impressive packaging. 139 00:07:09,840 --> 00:07:11,600 It's very cool. 140 00:07:12,760 --> 00:07:14,240 I love this. It says, 141 00:07:14,400 --> 00:07:17,960 - 'Jelly Tip Applicator For The First Time In India.' - Yes. 142 00:07:24,920 --> 00:07:26,200 Is it soothing for your lips 143 00:07:26,360 --> 00:07:27,840 or does it make it easier to apply? 144 00:07:27,920 --> 00:07:29,800 It moulds to the shape of your lips 145 00:07:29,880 --> 00:07:32,720 - and it gives you an ergonomic application experience. - Ah! 146 00:07:32,840 --> 00:07:35,720 This material is called TPE. Thermoplastic elastomer. 147 00:07:35,800 --> 00:07:38,000 We are the first brand to introduce it in India. 148 00:07:39,440 --> 00:07:41,400 The product is really good. It feels good. 149 00:07:41,520 --> 00:07:43,760 - I love the packaging. - Packaging is phenomenal. 150 00:07:43,840 --> 00:07:46,160 - Thank you! - Vineeta, may I ask you a question? 151 00:07:46,360 --> 00:07:48,680 - Sure. - You've known about FAE Beauty. 152 00:07:48,760 --> 00:07:50,160 Do you like their products? 153 00:07:50,240 --> 00:07:51,880 I do. I love 154 00:07:51,960 --> 00:07:55,720 their packaging, branding and content. 155 00:07:55,800 --> 00:07:57,320 Their products are nice. 156 00:07:57,400 --> 00:07:58,920 Is the price range similar? 157 00:07:59,080 --> 00:08:01,160 Price range... I think it's for Rs. 600. 158 00:08:01,280 --> 00:08:03,560 Yes! Our liquid lipstick's MRP is Rs. 650. 159 00:08:03,680 --> 00:08:06,080 - But we sell it for around Rs. 540-Rs. 550. - What about you? 160 00:08:06,080 --> 00:08:08,000 - Similar! Around Rs. 500-Rs. 600. - Similar. 161 00:08:08,760 --> 00:08:12,320 - You are not only competing with local brands. - Yeah! 162 00:08:12,400 --> 00:08:13,920 But a giant! 163 00:08:14,200 --> 00:08:17,200 Estee Lauder is changing their entire strategy. 164 00:08:17,280 --> 00:08:20,280 They are planning to bring all their products to India 165 00:08:20,440 --> 00:08:22,360 at different price points. 166 00:08:22,440 --> 00:08:25,320 How will you compete in terms of scale? 167 00:08:25,400 --> 00:08:28,280 Let me tell you, I am not afraid. Not anymore. 168 00:08:28,360 --> 00:08:29,480 First of all, 169 00:08:29,600 --> 00:08:32,320 sometimes, I have to block out the competition, 170 00:08:32,400 --> 00:08:34,200 because I need to focus on what FAE has to do. 171 00:08:34,360 --> 00:08:36,640 - Very good. - And I keep returning to the idea 172 00:08:36,720 --> 00:08:38,920 that I genuinely believe there's space for it. 173 00:08:39,040 --> 00:08:40,920 If Estee Lauder reduces their pricing, 174 00:08:41,000 --> 00:08:43,280 there will be a market that understands Estee Lauder, 175 00:08:43,360 --> 00:08:46,480 and there will also be a market for FAE and Sugar. 176 00:08:46,640 --> 00:08:48,080 And I don't think we can 177 00:08:48,200 --> 00:08:50,120 necessarily snatch away money from each other. 178 00:08:50,400 --> 00:08:53,240 It takes a certain amount of time to get to where you are, 179 00:08:53,320 --> 00:08:55,440 and I believe we've reached that milestone. 180 00:08:55,720 --> 00:08:59,160 So, I am... This brand has seen its share of struggle. 181 00:09:04,160 --> 00:09:06,200 But I kept at it. 182 00:09:06,280 --> 00:09:10,920 I would like to think that I can finally see the fruits of my labour. 183 00:09:11,600 --> 00:09:14,600 Do you have a hero product 184 00:09:14,680 --> 00:09:15,520 that the brand is known for? 185 00:09:15,600 --> 00:09:16,920 - This one, right? Lip Whip. - Yes, Lip Whip. 186 00:09:16,960 --> 00:09:18,600 - That's the one. - That changed our life. 187 00:09:19,080 --> 00:09:21,520 Would you say that Lip Whip... 188 00:09:39,280 --> 00:09:40,720 I introduced skincare, 189 00:09:40,800 --> 00:09:43,120 because at that time, repeats were higher. 190 00:09:43,200 --> 00:09:45,320 It's a more sturdy and stable business. 191 00:09:45,400 --> 00:09:46,680 And more importantly, 192 00:09:46,800 --> 00:09:49,200 we need to remember that not everyone needs makeup. 193 00:09:49,280 --> 00:09:50,800 Some are looking for skincare. 194 00:09:50,880 --> 00:09:52,440 If we want to be inclusive, 195 00:09:52,520 --> 00:09:53,920 we need to create products for those 196 00:09:53,960 --> 00:09:56,520 who don't need makeup or prefer not to use it. 197 00:09:57,360 --> 00:09:59,400 I am curious to know your sales. 198 00:09:59,760 --> 00:10:01,640 In the first year, we made Rs. 30 lakhs 199 00:10:01,720 --> 00:10:02,840 at a loss of Rs. 80 lakhs. 200 00:10:03,560 --> 00:10:04,880 - Wow! - Oh my! 201 00:10:04,960 --> 00:10:06,840 - Who invested? - It gets better. 202 00:10:06,920 --> 00:10:09,200 - I'll talk about funding. - Yes. 203 00:10:09,280 --> 00:10:10,440 - I love it. - It gets better. 204 00:10:10,440 --> 00:10:12,600 In the second year, our sales were Rs. 70 lakhs 205 00:10:12,840 --> 00:10:14,640 at a loss of Rs. 1.5 crores. 206 00:10:14,720 --> 00:10:16,120 Oh! 207 00:10:16,240 --> 00:10:17,440 The story is still not over. 208 00:10:17,520 --> 00:10:20,600 In the third year, our sales were Rs. 3.3 crores 209 00:10:20,760 --> 00:10:23,640 - at a loss of 2.5 crores. - Not bad. 210 00:10:23,720 --> 00:10:27,560 Then, last year, by 2024 we did Rs. 7 crores 211 00:10:27,720 --> 00:10:30,080 - at a loss of Rs. 80. lakhs. - Hmm! Not bad. 212 00:10:30,240 --> 00:10:31,400 - And this year... - Well done. 213 00:10:31,440 --> 00:10:33,120 We've already done Rs. 10 crores 214 00:10:33,200 --> 00:10:35,120 at a profit of Rs. 1.25 crores. 215 00:10:35,200 --> 00:10:36,440 - Impressive! - Wow! 216 00:10:37,520 --> 00:10:39,520 - What changed, Ms. Karishma? - Ah... 217 00:10:39,600 --> 00:10:40,960 - Many things. - Okay. 218 00:10:41,040 --> 00:10:43,520 Firstly, we had our hero product. 219 00:10:43,600 --> 00:10:44,800 You found the product-market fit. 220 00:10:44,800 --> 00:10:46,800 Yes! The second thing that changed was 221 00:10:46,880 --> 00:10:49,400 - our strategy towards looking at the P&L. - Okay! 222 00:10:49,480 --> 00:10:52,360 I made a decision, no more burning money. 223 00:10:52,480 --> 00:10:53,960 I will now build a profitable business. 224 00:10:53,960 --> 00:10:56,120 Isn't it amazing how simple it is sometimes? 225 00:10:56,200 --> 00:10:58,320 It's the most liberating feeling in the world. 226 00:10:58,440 --> 00:10:59,480 Very good. Well done. 227 00:10:59,560 --> 00:11:01,000 What will the sales look like this year? 228 00:11:01,040 --> 00:11:02,760 We're projecting Rs. 22 crores in net revenue. 229 00:11:02,800 --> 00:11:04,920 - Nice! Are you happy? - I am happy. 230 00:11:05,040 --> 00:11:06,200 Could it have been done better? 231 00:11:06,200 --> 00:11:08,000 - It could've been much better. - What went wrong? 232 00:11:08,000 --> 00:11:11,440 Multiple things. And that's where we come to the funding journey. 233 00:11:11,600 --> 00:11:13,920 So, in 2020-2021 234 00:11:14,000 --> 00:11:16,080 I borrowed Rs. 1.5 crores. 235 00:11:16,200 --> 00:11:17,920 - From whom? - Arihant Patni. 236 00:11:18,680 --> 00:11:21,120 - The valuation was Rs. 6 crores post-money. - Hmm! 237 00:11:21,280 --> 00:11:25,880 In 2022, I raised a slightly larger round, which was Rs. 2.4 crores. 238 00:11:26,680 --> 00:11:29,000 Which was led by Arihant Patni, 239 00:11:29,080 --> 00:11:30,320 but there were Angels involved. 240 00:11:30,400 --> 00:11:33,240 - What was the valuation? - Rs. 26 crores post-money. 241 00:11:33,320 --> 00:11:35,960 In 2023, I raised Rs. 2 crores. 242 00:11:36,040 --> 00:11:38,200 Again, Arihant Patni participated and Shiprocket 243 00:11:38,320 --> 00:11:40,760 - also came in this round. - Oh my! Arihant owns your company. 244 00:11:41,400 --> 00:11:43,360 Okay! What value... What was the valuation? 245 00:11:43,440 --> 00:11:45,840 - At that time, it was Rs. 32 crores. - Okay. 246 00:11:45,920 --> 00:11:48,480 And then, when Titan Capital gave me the term sheet, 247 00:11:48,560 --> 00:11:51,920 they offered Rs. 3 crores in exchange for 13.5%, 248 00:11:52,000 --> 00:11:54,040 with a valuation of Rs. 22 crores. 249 00:11:54,120 --> 00:11:56,240 Hold on! Your numbers were growing, 250 00:11:56,320 --> 00:11:57,920 so why did you agree to a down round? 251 00:12:07,400 --> 00:12:08,560 It's going to work, right? 252 00:12:08,680 --> 00:12:10,760 I made the decision that if I didn't accept the term sheet, 253 00:12:10,760 --> 00:12:12,040 the company would shut down. 254 00:12:12,160 --> 00:12:13,720 I will dilute my stake, 255 00:12:13,800 --> 00:12:14,880 but I'll keep the company going. 256 00:12:14,880 --> 00:12:17,160 Very good! A fantastic decision. 257 00:12:17,240 --> 00:12:20,600 - As an entrepreneur, you have to live to die another day. - Yes. 258 00:12:20,680 --> 00:12:22,920 I've come across so many entrepreneurs in India 259 00:12:23,040 --> 00:12:24,760 who get obsessed with valuation. 260 00:12:24,840 --> 00:12:28,080 And you are here because of that decision you made that day. 261 00:12:28,200 --> 00:12:29,720 It's a very good decision. 262 00:12:30,400 --> 00:12:32,520 - Do you have money in your bank? - Yes. 263 00:12:32,600 --> 00:12:34,120 - How much do you have? - Rs. 2 crores. 264 00:12:34,200 --> 00:12:35,720 - Are you in debt? - Yes, I am in debt. 265 00:12:35,720 --> 00:12:37,640 - How much? - Rs. 1.4 crores. 266 00:12:38,240 --> 00:12:39,600 - Could you share the cap table? - Yes. 267 00:12:39,600 --> 00:12:41,080 My stake is 38%. 268 00:12:41,200 --> 00:12:43,440 My brother's stake is 4.8%. 269 00:12:43,760 --> 00:12:45,240 And my father owns 1%. 270 00:12:45,320 --> 00:12:46,400 Wow! 271 00:12:46,880 --> 00:12:49,880 We have an ESOP pool of 10.3%. 272 00:12:49,960 --> 00:12:52,920 - It's partially granted. About 40% is granted. - Okay. 273 00:12:53,040 --> 00:12:53,880 - Okay! - Not bad. 274 00:12:53,960 --> 00:12:56,680 In addition to that, 26% is owned by Arihant Patni. 275 00:12:56,760 --> 00:12:59,080 - Not bad. - 13.5% is Titan Capital. 276 00:12:59,160 --> 00:13:02,080 - Okay. - 1.6% is Shiprocket. 277 00:13:02,160 --> 00:13:04,880 And 4.4% is for miscellaneous Angels 278 00:13:04,960 --> 00:13:06,800 who came in during the Rs. 2.4 crores round. 279 00:13:07,720 --> 00:13:11,480 Do you think you should have retained more equity? 280 00:13:11,680 --> 00:13:13,840 I think I should have. 281 00:13:13,960 --> 00:13:16,360 But it is not the cards that I was dealt. 282 00:13:16,440 --> 00:13:17,720 - Got it! - And I had to make this choice. 283 00:13:17,720 --> 00:13:20,080 I think you have enough. There is no problem. 284 00:13:20,200 --> 00:13:22,040 Could you share your margin? 285 00:13:22,120 --> 00:13:23,200 What to expect from your business 286 00:13:23,240 --> 00:13:24,960 and we haven't covered the unit economics. 287 00:13:25,640 --> 00:13:27,720 My COGS is 25% of net revenue. 288 00:13:27,800 --> 00:13:30,640 10% for logistics and gateway commissions included. 289 00:13:30,720 --> 00:13:32,680 35% is my marketing expense. 290 00:13:32,760 --> 00:13:34,200 18% accounts for overheads. 291 00:13:34,280 --> 00:13:35,760 My EBITDA stands at 12%. 292 00:13:37,400 --> 00:13:41,560 In terms of capabilities, where do you think the biggest gap lies? 293 00:13:42,120 --> 00:13:43,680 Operations and supply chain planning. 294 00:13:43,760 --> 00:13:46,600 And also, brand building in a smart manner. 295 00:13:47,360 --> 00:13:49,600 Another big challenge is 296 00:13:49,680 --> 00:13:51,200 connecting with the right types of R&D. 297 00:13:51,240 --> 00:13:54,600 Finding and unlocking R&D networks to build more innovative products 298 00:13:54,720 --> 00:13:56,480 is also a challenge for us right now. 299 00:13:57,760 --> 00:14:00,120 - Have you ventured into quick commerce? - I have. 300 00:14:00,280 --> 00:14:01,440 And? What are the results? 301 00:14:09,440 --> 00:14:11,360 I don't want to know the typical investor vision. 302 00:14:11,360 --> 00:14:13,440 - Forget that. - No! If I have a daughter someday, 303 00:14:13,520 --> 00:14:16,240 I don't want her to be as insecure as I was. 304 00:14:16,320 --> 00:14:18,560 There should be more representation in beauty, 305 00:14:18,640 --> 00:14:21,160 so people feel they can be beautiful 306 00:14:21,240 --> 00:14:24,160 regardless of having vitiligo, their size, or shape. 307 00:14:24,240 --> 00:14:25,280 Now, if we talk numbers, 308 00:14:25,480 --> 00:14:27,280 I would love to build a Rs. 1,000 crore brand. 309 00:14:27,400 --> 00:14:29,520 All right. I asked this question 310 00:14:30,080 --> 00:14:31,720 because I have a young daughter. 311 00:14:32,240 --> 00:14:34,920 The dolls she plays with 312 00:14:35,040 --> 00:14:37,800 are all blonde and blue-eyed. 313 00:14:38,040 --> 00:14:41,920 We've been conditioned for years 314 00:14:42,040 --> 00:14:43,920 by Western content 315 00:14:44,000 --> 00:14:47,600 and toys, where beauty is defined 316 00:14:47,880 --> 00:14:49,920 - by light skin and light eyes. - Yes. 317 00:14:50,000 --> 00:14:53,640 Until there are inclusive brands in India, 318 00:14:53,760 --> 00:14:55,560 Indian beauty, 319 00:14:56,440 --> 00:14:58,440 a different type of beauty, will never emerge. 320 00:14:58,520 --> 00:15:00,640 - It is about self-image. - Absolutely! 321 00:15:01,240 --> 00:15:04,640 Karishma, you are an entrepreneur who has all the right answers. 322 00:15:04,720 --> 00:15:06,520 You approach it with customer-backward thinking. 323 00:15:06,520 --> 00:15:08,000 Your branding is strong. 324 00:15:08,200 --> 00:15:09,560 I would like to give you an offer. 325 00:15:12,080 --> 00:15:13,720 Rs. 1 crore for 3%. 326 00:15:15,520 --> 00:15:16,640 Okay. Thank you for the offer. 327 00:15:16,640 --> 00:15:18,280 - Can I join you, Aman? - Yeah. 328 00:15:19,720 --> 00:15:22,280 I'd like to join Aman on this offer. 329 00:15:23,520 --> 00:15:25,000 - So, Karishma! - Yes? 330 00:15:25,080 --> 00:15:27,720 - Yes, ma'am. - Merely 1% or 3% in this category 331 00:15:27,800 --> 00:15:31,560 isn't good enough for me, because it's very personal to me. 332 00:15:31,640 --> 00:15:35,400 So, at this point, I don't think I am the right investor for you. 333 00:15:35,680 --> 00:15:36,920 But I wish you the best. 334 00:15:37,000 --> 00:15:40,440 If you need any help in unlocking R&D 335 00:15:40,520 --> 00:15:42,360 or advice, I would be happy to help. 336 00:15:42,440 --> 00:15:44,360 Thank you! I really appreciate it. 337 00:15:45,120 --> 00:15:48,200 I love the story about inclusivity, 338 00:15:49,000 --> 00:15:52,000 especially after witnessing my daughter's experience. 339 00:15:52,080 --> 00:15:53,920 And I think that needs to change. 340 00:15:54,200 --> 00:15:55,440 So, I'll make you an offer. 341 00:15:57,240 --> 00:16:00,240 Rs. 1 crore for 3.33%. 342 00:16:00,480 --> 00:16:02,560 - Rs. 30 crores valuation. - Okay. 343 00:16:03,400 --> 00:16:07,440 Karishma, what I like the most 344 00:16:07,600 --> 00:16:10,200 is that you are a very mission-focussed founder. 345 00:16:10,320 --> 00:16:15,120 According to me, I like what you did for equity and valuation 346 00:16:15,240 --> 00:16:16,960 because it's in line with my way of thinking. 347 00:16:17,000 --> 00:16:20,240 So, my offer is Rs. 1 crore for 3%. 348 00:16:20,440 --> 00:16:23,040 - Okay! - So, it's almost the same offer. 349 00:16:24,200 --> 00:16:25,360 I'm thinking, 350 00:16:25,440 --> 00:16:28,120 since my revenue is Rs. 2 crores monthly, 351 00:16:28,320 --> 00:16:30,080 why is the valuation at Rs. 30 crores? 352 00:16:30,160 --> 00:16:33,120 You are here not just for money, right? 353 00:16:33,200 --> 00:16:35,400 - For strategic help. - You've come for strategic help. 354 00:16:35,480 --> 00:16:38,280 You recently received a valuation of Rs. 22 crores in May. 355 00:16:38,440 --> 00:16:39,680 So, there is a premium. 356 00:16:40,560 --> 00:16:42,800 My only reason for that valuation 357 00:16:42,880 --> 00:16:45,120 - is because I want more skin in the game. - Understood. 358 00:16:45,240 --> 00:16:46,360 So, if it changes for you, 359 00:16:46,520 --> 00:16:49,320 I am happy to give you Rs. 1.25 crores for 3%. 360 00:16:49,760 --> 00:16:51,680 So that's my new offer. 361 00:16:53,560 --> 00:16:55,440 - Okay! Now you have three offers. - And, Karishma... 362 00:16:55,480 --> 00:16:57,600 He is changing our offer too. 363 00:16:59,200 --> 00:17:02,280 Rs. 1 crore for 2%. Namita and I are coming together. 364 00:17:04,320 --> 00:17:06,760 Okay. You have Rs. 1 crore for 2%. 365 00:17:06,880 --> 00:17:08,160 - That's Aman and Namita's offer. - Right. 366 00:17:08,200 --> 00:17:10,720 Anupam's offer is Rs. 1.25 crores for 3%. 367 00:17:10,840 --> 00:17:13,120 Peyush's offer is Rs. 1 crore for 3%. 368 00:17:13,200 --> 00:17:14,640 I have a counteroffer. 369 00:17:19,200 --> 00:17:20,680 So, first I'd like to say 370 00:17:21,160 --> 00:17:24,640 that I think every one of you are adding a certain value. 371 00:17:24,720 --> 00:17:26,320 But, right now. I am going to 372 00:17:26,440 --> 00:17:28,720 unfortunately go after the lowest value option. 373 00:17:28,800 --> 00:17:30,600 Because I have very little equity left. 374 00:17:30,680 --> 00:17:31,560 So, I think 375 00:17:31,640 --> 00:17:33,880 - that should be the first criteria for me. - Good point. 376 00:17:33,960 --> 00:17:35,880 No offence intended, I sincerely appreciate it. 377 00:17:35,960 --> 00:17:37,600 And I think both of you have the potential 378 00:17:37,680 --> 00:17:38,800 to create significant synergies. 379 00:17:38,840 --> 00:17:40,080 But let's talk on value. 380 00:17:40,240 --> 00:17:42,040 My valuation can't... 381 00:17:42,200 --> 00:17:45,640 I can give you Rs. 1.5 crores for 3%. That's the best I can do. 382 00:17:45,840 --> 00:17:48,200 - Tell us, Karishma! - You should keep your equity. 383 00:17:48,720 --> 00:17:50,480 - I can't go below that. - My counteroffer 384 00:17:50,840 --> 00:17:53,640 is Rs. 1 crore for 1.3%. 385 00:17:53,800 --> 00:17:55,560 [pensive music playing] 386 00:17:55,640 --> 00:17:58,640 Ah! Okay, let's not... Let's not negotiate much. 387 00:17:58,720 --> 00:18:01,800 I think you have less equity remaining. 388 00:18:01,880 --> 00:18:03,920 - Let's do Rs. 1.5... - Let's do Rs. 1.75 crores. 389 00:18:04,080 --> 00:18:05,400 Rs. 1.75 crores. Yes! 390 00:18:06,080 --> 00:18:07,960 - No! - Rs. 1.65 crores? 391 00:18:08,040 --> 00:18:09,680 - Rs. 1.3 crores, please! - No! 392 00:18:09,800 --> 00:18:12,400 - We'll grow a successful company. - Good! Fight for your equity. 393 00:18:13,520 --> 00:18:15,880 No! You have to meet us in the middle, Karishma. 394 00:18:15,960 --> 00:18:18,360 I don't want to offend you with a small increase. 395 00:18:18,440 --> 00:18:19,440 That's my fear. 396 00:18:19,480 --> 00:18:23,480 - Okay, done! Rs. 1 crore for 1.5%. Let's close. - Let's close it. 397 00:18:28,040 --> 00:18:28,840 Deal done! 398 00:18:28,920 --> 00:18:30,040 - Done! Good. - There you go! 399 00:18:30,120 --> 00:18:31,040 - Well done! Good luck. - You fought for it. 400 00:18:31,120 --> 00:18:32,680 - Lovely! - Thank you. 401 00:18:33,560 --> 00:18:34,600 Good luck, Karishma. 402 00:18:34,680 --> 00:18:36,320 - Good luck! - Thank you so much. 403 00:18:37,320 --> 00:18:38,600 [camera shutter clicks] 404 00:18:40,240 --> 00:18:42,760 My support system encouraged me greatly. 405 00:18:42,840 --> 00:18:44,360 'You should be on Shark Tank.' 406 00:18:44,440 --> 00:18:46,200 'It's a platform for a company like yours.' 407 00:18:46,280 --> 00:18:48,440 I was scared because I was always in loss. 408 00:18:48,840 --> 00:18:50,360 This year, I changed that. 409 00:18:50,440 --> 00:18:52,680 I finally felt like these are respectable numbers 410 00:18:52,800 --> 00:18:55,480 and I deserve to pitch these numbers 411 00:18:57,920 --> 00:19:00,360 [music playing] 412 00:19:03,600 --> 00:19:07,240 Welcome to ACKO Change Makers where we really welcome change. 413 00:19:07,320 --> 00:19:10,360 And it has been portrayed beautifully over here 414 00:19:10,520 --> 00:19:12,080 on this change makers wall. 415 00:19:12,200 --> 00:19:15,400 With the perfect mix of tradition and modernity, we are promoting 416 00:19:15,480 --> 00:19:17,280 gender equality and inclusivity. 417 00:19:17,360 --> 00:19:20,640 And today's change maker is Karishma. 418 00:19:20,720 --> 00:19:23,040 - Congratulations on getting funded. - Thank you! 419 00:19:23,160 --> 00:19:26,000 Your inclusivity factor is not only 420 00:19:26,080 --> 00:19:29,200 skin tone or shades, it's also about texture. 421 00:19:29,320 --> 00:19:31,040 - Yes. - It's about accepting your flaws. 422 00:19:31,240 --> 00:19:32,920 I applaud that change. 423 00:19:33,000 --> 00:19:35,520 - Thank you so much for bringing that change about. - Thank you! 424 00:19:35,560 --> 00:19:39,560 Nowadays, young girls, they get very influenced by digital media, right? 425 00:19:39,680 --> 00:19:42,240 What advice or change would you like to bring 426 00:19:42,360 --> 00:19:45,760 for people to change their mindset, to accept them for who they are? 427 00:19:46,080 --> 00:19:48,440 - Beauty is a feeling, it's not a formula. - Hmm! 428 00:19:48,520 --> 00:19:51,040 The faster we accept that I am beautiful from within, 429 00:19:51,120 --> 00:19:53,680 and I don't compare myself to others, 430 00:19:53,760 --> 00:19:56,240 the better it will be for my inner and outer peace. 431 00:19:56,320 --> 00:19:57,800 Beautifully said, FAE Beauty. 432 00:19:57,880 --> 00:20:00,120 I love it. Thank you for bringing that change. 433 00:20:00,240 --> 00:20:03,040 Similarly, with their revolutionary offering, ACKO 434 00:20:03,120 --> 00:20:05,800 has completely transformed the insurance space. 435 00:20:06,000 --> 00:20:09,400 Now, while taking car insurance, no spam calls. 436 00:20:09,560 --> 00:20:11,280 Eliminate the confusion 437 00:20:11,400 --> 00:20:13,640 you have regarding price and policy 438 00:20:13,760 --> 00:20:15,840 and buy ACKO's car insurance. 439 00:20:15,920 --> 00:20:18,560 It's easy, transparent, hassle-free, 440 00:20:18,640 --> 00:20:20,320 for the right premium. 441 00:20:20,400 --> 00:20:23,320 Karishma, because you are getting this change in the beauty industry, 442 00:20:23,400 --> 00:20:25,400 we will applaud that. 443 00:20:25,480 --> 00:20:28,400 To celebrate your time here, A small token for you 444 00:20:28,520 --> 00:20:31,240 on behalf of Shark Tank and ACKO Insurance. 445 00:20:32,120 --> 00:20:33,920 You look so pretty here. 446 00:20:34,000 --> 00:20:35,200 - Nice! - Thank you! 447 00:20:36,960 --> 00:20:38,200 [camera shutter clicks] 448 00:20:39,320 --> 00:20:42,160 'Shark Tank India, co-presented by ACKO Insurance, 449 00:20:42,400 --> 00:20:44,360 'PokerBaazi and Swiggy Instamart.' 450 00:20:44,440 --> 00:20:47,080 'Co-powered by Adani, and Jaguar Bath and Light.' 451 00:20:47,200 --> 00:20:50,200 'And partners, Rayzon Solar, ICICI Direct,' 452 00:20:50,320 --> 00:20:52,000 'Lenskart and Sofy.' 453 00:20:52,320 --> 00:20:54,480 [theme music playing] 454 00:21:09,360 --> 00:21:11,200 Whoa! 455 00:21:17,480 --> 00:21:18,520 - Hi, Sharks! - Hello! 456 00:21:18,640 --> 00:21:20,160 What better way to start a pitch 457 00:21:20,160 --> 00:21:22,600 than with something sweet and beautiful? 458 00:21:23,280 --> 00:21:24,520 - Oh, nice. - Wow! 459 00:21:24,600 --> 00:21:25,720 Wow! 460 00:21:25,800 --> 00:21:26,840 Lovely! 461 00:21:27,880 --> 00:21:29,400 - Okay! Got it? - Thank you. 462 00:21:29,480 --> 00:21:31,120 - Is it edible? - Yes! 463 00:21:31,240 --> 00:21:33,120 - Yes! Now you are talking. - Oh my God! 464 00:21:33,240 --> 00:21:34,240 Now you're talking. 465 00:21:34,280 --> 00:21:35,280 Sugar roses. 466 00:21:35,520 --> 00:21:37,120 Does it have lactose in it? 467 00:21:37,440 --> 00:21:40,520 - No! - Wow! Look at how beautiful they are. 468 00:21:40,600 --> 00:21:42,240 - Nice shoes. - Thank you! 469 00:21:42,320 --> 00:21:43,880 - Do you make shoes? - No. 470 00:21:44,320 --> 00:21:45,760 - But I spend all my profits on it. - This is lovely. 471 00:21:45,760 --> 00:21:48,600 - All right! - Thank you! Wow! They look so beautiful. 472 00:21:48,680 --> 00:21:50,560 I want to keep it as it is. 473 00:21:50,640 --> 00:21:52,320 This is what we can eat and not this, right? 474 00:21:52,360 --> 00:21:53,880 No! Just the roses. 475 00:21:54,520 --> 00:21:55,760 Don't eat the ribbon as well. 476 00:21:56,560 --> 00:21:57,360 So funny. 477 00:21:57,440 --> 00:22:00,040 So, Sharks. You've guessed it right. 478 00:22:00,200 --> 00:22:03,600 These flowers are not only beautiful but they are also edible. 479 00:22:03,800 --> 00:22:05,920 Because they are made from fondant. 480 00:22:11,960 --> 00:22:12,960 Hmm! Yummy! 481 00:22:13,000 --> 00:22:15,000 Does such a business exist? 482 00:22:15,200 --> 00:22:17,120 What am I doing in this business? 483 00:22:17,400 --> 00:22:20,360 There is an amazing story behind this. 484 00:22:20,440 --> 00:22:23,040 For my wedding reception, I ordered 485 00:22:23,160 --> 00:22:26,240 a wedding cake worth Rs. 36,000. 486 00:22:26,320 --> 00:22:30,960 This wedding cake ended up being the biggest disaster of my life. 487 00:22:31,920 --> 00:22:33,520 - Why? - It looks good. 488 00:22:33,600 --> 00:22:34,920 - Are you mad? - Is this me? 489 00:22:35,000 --> 00:22:36,320 Does this look like me? 490 00:22:36,400 --> 00:22:38,160 - Looks horrible. - Are you serious? 491 00:22:38,240 --> 00:22:39,840 I paid Rs. 36,000. 492 00:22:40,080 --> 00:22:42,320 But I have a motto in life. 493 00:22:42,480 --> 00:22:45,160 - Turn something messy into something magical. - Nice. 494 00:22:45,240 --> 00:22:48,600 So, I did some research and discovered 495 00:22:48,800 --> 00:22:51,600 that India, being the second-largest exporter 496 00:22:51,680 --> 00:22:54,120 exporter of sugar globally, 497 00:23:03,120 --> 00:23:04,200 Then what? 498 00:23:04,280 --> 00:23:07,240 After two years and 400 attempts, 499 00:23:07,320 --> 00:23:11,200 I became Food Technologist and Chef Gauri from just Gauri. 500 00:23:11,360 --> 00:23:14,080 Hello, Sharks. My name is Gauri Varma. 501 00:23:17,360 --> 00:23:19,360 [music playing] 502 00:23:19,440 --> 00:23:22,400 Confect is a 100% clean, vegan 503 00:23:22,520 --> 00:23:24,440 and delicious tasting brand. 504 00:23:24,560 --> 00:23:26,520 We make all our products 505 00:23:26,600 --> 00:23:28,640 using pure cane sugar. 506 00:23:28,760 --> 00:23:32,360 We produce over 800 products, ranging from premixes... 507 00:23:42,080 --> 00:23:45,280 I'll show you how we can convert a regular cake 508 00:23:45,400 --> 00:23:48,160 in a beautiful cake in just a matter of minutes. 509 00:23:48,280 --> 00:23:50,360 So, this is edible glue. 510 00:23:50,440 --> 00:23:52,400 - Wow! - We're just going to take some of it. 511 00:23:53,680 --> 00:23:55,800 - My daughter would absolutely love this. - Yes. 512 00:23:55,920 --> 00:23:57,600 - Right? - This is every kid's dream. 513 00:23:58,120 --> 00:23:59,440 This is edible lace. 514 00:24:01,400 --> 00:24:03,600 [music playing] 515 00:24:05,400 --> 00:24:07,360 - So, that's the drip. - Yes! 516 00:24:07,520 --> 00:24:09,600 - Is the drip edible? - Yes. 517 00:24:09,680 --> 00:24:11,320 This is just a simple frosting. 518 00:24:11,400 --> 00:24:13,720 - Do you sell these ingredients? - Yes. 519 00:24:14,000 --> 00:24:16,240 And this is our edible sugar flowers 520 00:24:16,400 --> 00:24:19,440 which you buy and place on a cake. 521 00:24:19,520 --> 00:24:20,640 Nice! 522 00:24:21,800 --> 00:24:23,880 - Gorgeous! Beautiful. - Really nice. 523 00:24:25,000 --> 00:24:28,400 India is always known as the land of sweets. 524 00:24:28,720 --> 00:24:31,920 And I think it's time for the world to know that there is so much more 525 00:24:32,040 --> 00:24:34,120 we can do in food technology. 526 00:24:34,440 --> 00:24:36,680 And for that, this journey with you 527 00:24:36,760 --> 00:24:38,800 will be like sprinkles on a cake for me. 528 00:24:38,880 --> 00:24:40,640 - Lovely! - So, my ask is 529 00:24:40,840 --> 00:24:44,200 Rs. 1 crore for 1% equity in my company. 530 00:24:44,280 --> 00:24:45,760 - Whoa! - Wow! 531 00:24:46,080 --> 00:24:47,640 Your business must be good then. 532 00:24:47,720 --> 00:24:49,440 This was not a sprinkle. 533 00:24:50,800 --> 00:24:52,480 - Is that Eiffel Tower? - Yes. 534 00:24:52,560 --> 00:24:54,520 I've been looking at it and Namita. 535 00:24:54,640 --> 00:24:56,680 If we make Namita sit on top of that, 536 00:24:56,760 --> 00:24:58,320 don't you think it will look lovely 537 00:24:58,400 --> 00:24:59,520 - for the rest of the pitch? - Yeah, right! 538 00:24:59,560 --> 00:25:00,760 Yeah! 539 00:25:01,520 --> 00:25:03,680 It's amazing. I was admiring it. 540 00:25:03,760 --> 00:25:05,720 Gauri, welcome to Shark Tank. 541 00:25:05,840 --> 00:25:09,040 For years, I've been baking with both my sons. 542 00:25:09,120 --> 00:25:10,600 Aside from sprinkles, 543 00:25:10,880 --> 00:25:15,080 - we couldn't source anything, even from premium stores. - Yes. 544 00:25:15,160 --> 00:25:18,440 So, my point is, I am so happy that you brought this to India. 545 00:25:18,520 --> 00:25:20,320 Tell us the story and then your products. 546 00:25:20,400 --> 00:25:24,040 When I was in 10th grade I scored around 66%. 547 00:25:24,120 --> 00:25:25,840 My mom commented that 548 00:25:25,920 --> 00:25:28,640 this percentage wouldn't help me get into a good college. 549 00:25:28,760 --> 00:25:30,000 "I'll have to get you married.' 550 00:25:30,040 --> 00:25:32,200 But I was like, I need to do something about this. 551 00:25:32,280 --> 00:25:33,960 So, I decided to give swimming a try. 552 00:25:34,040 --> 00:25:36,440 There's no sweating involved, and it's not unpleasant. Let's try it. 553 00:25:36,480 --> 00:25:39,000 So, did you start swimming to avoid getting married? 554 00:25:39,080 --> 00:25:41,280 - This is where the story began. - Okay! 555 00:25:41,400 --> 00:25:43,680 I entered the pool. It was May or June. 556 00:25:43,760 --> 00:25:45,440 And by November, I found myself 557 00:25:45,560 --> 00:25:48,200 in my first national swimming competition. 558 00:25:48,400 --> 00:25:50,640 When I went for college admissions, 559 00:25:50,720 --> 00:25:52,640 I was granted a sports quota 560 00:25:52,720 --> 00:25:55,640 - Wow! - So I could complete B.Com in Lady Shri Ram College. 561 00:25:55,760 --> 00:25:57,800 - Very good. - That's impressive. 562 00:25:58,000 --> 00:26:00,040 I wanted to study further, 563 00:26:00,120 --> 00:26:03,040 but my family wanted me to get into a top college. 564 00:26:03,120 --> 00:26:06,320 'You can't go to the US. You can go to the UK as closer to Delhi.' 565 00:26:06,400 --> 00:26:08,080 Why not... Closer to Delhi? 566 00:26:08,160 --> 00:26:09,280 It's far. 567 00:26:09,360 --> 00:26:11,240 - It will take to reach. - Are you talking about Uttarakhand 568 00:26:11,240 --> 00:26:12,920 or the United Kingdom? 569 00:26:13,000 --> 00:26:14,760 It's close to South Delhi, man. 570 00:26:14,840 --> 00:26:17,240 - London! - Anyway, I wanted to go abroad. 571 00:26:17,320 --> 00:26:20,000 I narrowed it down and I was like Oxford sounds cool, 572 00:26:20,080 --> 00:26:21,200 - I should go there. - Oh my! 573 00:26:21,240 --> 00:26:23,400 - So, I applied and went to the business school. - Wow! 574 00:26:29,040 --> 00:26:30,960 to return once the course was over. 575 00:26:31,040 --> 00:26:32,280 'We need to get you married.' 576 00:26:32,360 --> 00:26:34,600 I started job hunting over there. 577 00:26:34,720 --> 00:26:36,920 And I got a job in Deloitte in London. 578 00:26:37,040 --> 00:26:39,880 In 2008 Lehman Brothers crashed. 579 00:26:39,960 --> 00:26:42,880 So, after being on a bench for about six months, 580 00:26:42,960 --> 00:26:44,000 I came to Mumbai. 581 00:26:44,720 --> 00:26:46,920 There were brand like Gucci, Dior, Prada, 582 00:26:47,040 --> 00:26:48,800 Calvin Klein, French Connection 583 00:26:48,880 --> 00:26:52,320 were coming to India. I worked there in business development. 584 00:26:52,640 --> 00:26:54,920 In 2011-2012 I worked with Planet Retail. 585 00:26:55,040 --> 00:26:57,000 And I was a buyer for Nautica by that time. 586 00:26:57,120 --> 00:26:59,280 How did you get into buying from business development? 587 00:26:59,360 --> 00:27:00,640 I wanted to do more things. 588 00:27:00,720 --> 00:27:03,760 I get saturated after around 1.5 years. 589 00:27:03,840 --> 00:27:05,360 I was like what's next? Where can I grow? 590 00:27:05,400 --> 00:27:06,200 How do I learn more? 591 00:27:06,280 --> 00:27:09,280 Because it's crucial to understand all the aspects of business. 592 00:27:09,520 --> 00:27:12,960 While all this was going on, when I had come back from London, 593 00:27:13,080 --> 00:27:15,000 I had met my husband-to-be. 594 00:27:15,160 --> 00:27:18,120 And my parents were against it. 595 00:27:18,200 --> 00:27:19,440 Why not? 596 00:27:19,720 --> 00:27:22,160 See, every family has visions and dreams 597 00:27:22,200 --> 00:27:23,840 - for their children. - Got it. 598 00:27:24,120 --> 00:27:26,200 And I didn't have a goal in life 599 00:27:26,280 --> 00:27:29,040 - to be someone's wife. - Nice. 600 00:27:29,160 --> 00:27:31,680 Or dressed and roam around wearing diamonds. 601 00:27:31,800 --> 00:27:33,000 It was just not me. 602 00:27:33,120 --> 00:27:35,960 So, I always thought that I want to do something big in life. 603 00:27:36,120 --> 00:27:38,720 I took their blessings and went to Vegas. 604 00:27:38,840 --> 00:27:40,320 I got married in Vegas. 605 00:27:40,400 --> 00:27:42,680 - Oh! That explains the cake. - Nice! 606 00:27:42,760 --> 00:27:43,960 Wow! What a story! 607 00:27:44,040 --> 00:27:47,000 And then we came back and decided to throw a small wedding reception 608 00:27:47,200 --> 00:27:48,720 for our friends. 609 00:27:48,800 --> 00:27:51,320 - I love this. - Because after that I had exhausted all the money. 610 00:27:51,360 --> 00:27:54,240 We paid for our wedding, the reception 611 00:27:54,320 --> 00:27:57,480 - and the cake. I also lost my family. - Cake! 612 00:27:57,560 --> 00:28:00,160 The cake turned out to be a disaster. 613 00:28:00,360 --> 00:28:02,000 I can't express how frustrated I was. 614 00:28:02,080 --> 00:28:03,760 Out of all the expenses you made, 615 00:28:03,840 --> 00:28:05,520 spending on the cake bothered you the most. 616 00:28:05,600 --> 00:28:07,280 - It was too much! - Rs. 36,000. 617 00:28:07,360 --> 00:28:10,120 - Because the cake turned out to be bad. - Oh my God! 618 00:28:10,240 --> 00:28:12,480 It was the last straw. 619 00:28:12,560 --> 00:28:13,960 And the bubble burst. 620 00:28:14,040 --> 00:28:16,640 So, I decided that I don't want to work for anyone. 621 00:28:16,760 --> 00:28:19,920 Now, I'll make cupcakes and cakes. I will get to the root of how cakes 622 00:28:20,000 --> 00:28:22,440 - and cupcakes are made. I had decided. - Oh my God! 623 00:28:22,520 --> 00:28:25,240 Then Delhi in me came out and I had enough of it. 624 00:28:25,320 --> 00:28:27,240 Whoa! That's like it. 625 00:28:27,680 --> 00:28:29,520 I love it! 626 00:28:29,600 --> 00:28:30,600 'I had enough!' 627 00:28:30,640 --> 00:28:32,000 I opened a bakery. 628 00:28:32,280 --> 00:28:35,040 I started a cloud kitchen when it wasn't trending. 629 00:28:35,120 --> 00:28:38,680 A client visited my shop and said, 630 00:28:38,760 --> 00:28:40,560 'I want a fondant cake.' 631 00:28:40,640 --> 00:28:43,160 Whoa! I can't explain that moment to you. 632 00:28:43,240 --> 00:28:46,480 Because I was like I will make that cake. 633 00:28:46,560 --> 00:28:50,120 The current rate of fondant cake is approximately Rs. 1,600 per kilo. 634 00:28:50,200 --> 00:28:53,240 And the imported product is for Rs. 550. 635 00:28:53,320 --> 00:28:55,320 Also, the product wasn't performing. 636 00:28:55,400 --> 00:28:57,440 It would tear or secrete oil. 637 00:28:57,560 --> 00:28:59,600 It doesn't work for India at all. 638 00:28:59,760 --> 00:29:02,040 So, I said, if I make this cake, then that would 639 00:29:02,120 --> 00:29:03,720 be the turning point for me. 640 00:29:04,760 --> 00:29:07,360 I didn't know where to buy ingredients from 641 00:29:07,440 --> 00:29:08,640 or which ingredients to buy. 642 00:29:08,720 --> 00:29:10,960 What are these ingredients called in India? 643 00:29:11,080 --> 00:29:12,440 I used to go to Chandni Chowk. 644 00:29:12,520 --> 00:29:14,080 I spent months there. 645 00:29:14,160 --> 00:29:18,480 Gauri, couldn't you have asked a food expert to help you with this? 646 00:29:18,560 --> 00:29:21,840 It did not exist in 2013, 2014, 2015. 647 00:29:21,960 --> 00:29:24,480 - Okay! Let's take your work for it. Let's move on. - It was very tough. 648 00:29:24,520 --> 00:29:26,000 And then 649 00:29:26,080 --> 00:29:29,400 I met good vendors, experimented, and created my first product. 650 00:29:29,640 --> 00:29:32,000 - Now, I made it, but how do I sell them? - Oh! 651 00:29:32,120 --> 00:29:33,880 I dropped a message on Facebook saying, 652 00:29:34,000 --> 00:29:36,520 'Anybody who wants to try, I'll send you fondant free of cost.' 653 00:29:36,640 --> 00:29:38,960 - In which year did you launch this product? - 2018. 654 00:29:39,040 --> 00:29:42,800 - Since then in six years you launched... - Correct. 655 00:29:43,040 --> 00:29:45,440 - Around 800 products. - Yes. 656 00:29:45,520 --> 00:29:47,680 For the dessert and baking industry? 657 00:29:47,720 --> 00:29:48,800 - Yes! - Okay! 658 00:29:49,360 --> 00:29:51,960 [music playing] 659 00:29:57,520 --> 00:29:58,920 This is like Baklava. 660 00:29:59,000 --> 00:30:00,480 This is a Baklava Pistachio Cake. 661 00:30:00,600 --> 00:30:01,960 We've got our Christmas Plum Cake 662 00:30:02,040 --> 00:30:03,600 And we've got our Coconut Cake. 663 00:30:05,240 --> 00:30:07,600 [music playing] 664 00:30:09,720 --> 00:30:11,440 There... Thank you! 665 00:30:14,880 --> 00:30:16,240 - This is delicious! - Gauri! 666 00:30:24,600 --> 00:30:27,360 Do you believe that, in terms of quality, 667 00:30:27,480 --> 00:30:29,440 you are the best manufacturer 668 00:30:30,080 --> 00:30:34,400 in India for these products? 669 00:30:34,480 --> 00:30:35,680 Without a doubt. 670 00:30:36,200 --> 00:30:38,920 Is that your view, or do your customers feel the same way? 671 00:30:39,000 --> 00:30:41,080 We supply to all the luxury hotels. 672 00:30:41,200 --> 00:30:43,320 - Does Oberoi buy from you? - Oberoi and Taj. 673 00:30:43,400 --> 00:30:46,680 In the B2C consumer baking sector, 674 00:30:46,760 --> 00:30:50,320 here are several brands like this on quick commerce platforms. 675 00:30:50,600 --> 00:30:53,600 There is a funded company called Whip... What is the name? 676 00:30:53,880 --> 00:30:54,760 You might know. 677 00:30:54,840 --> 00:30:56,560 No! I haven't even seen them. 678 00:30:57,680 --> 00:30:58,760 You're not aware of other competitors 679 00:30:58,760 --> 00:31:00,360 and believe your company is the only one. 680 00:31:00,680 --> 00:31:02,520 No, it's not just my company that's doing this. 681 00:31:02,560 --> 00:31:06,440 But I don't think anyone is worth considering as my competitor. 682 00:31:07,520 --> 00:31:08,720 - Honestly! - But why? 683 00:31:08,840 --> 00:31:10,640 I am India's first company 684 00:31:10,720 --> 00:31:14,000 who is going to make a global confectionery brand. 685 00:31:14,480 --> 00:31:17,200 - We are selling in the United States of America. - Wow! 686 00:31:17,280 --> 00:31:18,800 - In London, UK... - Wow! 687 00:31:18,880 --> 00:31:21,640 We are already in Australia. And we are launching in Canada. 688 00:31:21,760 --> 00:31:23,280 So, you are exporting. 689 00:31:23,360 --> 00:31:26,440 Before Covid my business was largely B2B. 690 00:31:30,280 --> 00:31:32,800 First, the business pivoted to online. 691 00:31:35,920 --> 00:31:39,480 - That's why I entered the US market last year. - Hmm! 692 00:31:42,280 --> 00:31:44,000 - Wow! - In one year. 693 00:31:44,200 --> 00:31:45,520 - In sales? - Oh! 694 00:31:45,880 --> 00:31:47,520 - Yes - Share your numbers. 695 00:31:47,600 --> 00:31:49,800 That is when I believe we will have a real conversation. 696 00:31:49,880 --> 00:31:53,880 Okay! In 2018-2019, when we had started the business, 697 00:31:53,960 --> 00:31:57,320 we were at Rs. 24 lakhs. Which was all B2B. 698 00:31:57,760 --> 00:31:59,960 In 2019-2020, 699 00:32:00,040 --> 00:32:02,160 we were at Rs. 1.2 crores. 700 00:32:02,280 --> 00:32:04,200 Next year, we did Rs. 3.4 crores. 701 00:32:04,280 --> 00:32:06,760 - That was the year of Covid. - The year after, Rs. 5.6 crores. 702 00:32:07,040 --> 00:32:09,000 - Rs. 4.5 crores. - Hmm! 703 00:32:09,080 --> 00:32:10,800 And last year, we did Rs. 8 crores. 704 00:32:10,880 --> 00:32:13,760 This year, we have already touched Rs. 7.5 crores. 705 00:32:13,840 --> 00:32:16,000 So, we're going to close at a Rs. 15 crore turnover. 706 00:32:16,120 --> 00:32:17,720 So, did your business in India fall through? 707 00:32:17,760 --> 00:32:20,000 - These sales are from your business in the US. - Almost! 708 00:32:20,400 --> 00:32:21,400 It's gone! 709 00:32:23,200 --> 00:32:24,040 It's over! 710 00:32:24,120 --> 00:32:26,040 It's gone! But why? 711 00:32:26,600 --> 00:32:28,360 - India is very price sensitive. - Right! 712 00:32:28,480 --> 00:32:31,400 - We are losing market to the new players. - Hmm! 713 00:32:31,480 --> 00:32:35,480 We also were working for someone for some time. 714 00:32:35,560 --> 00:32:39,040 But that client is not ready for this just yet. 715 00:32:39,240 --> 00:32:42,520 No one understands the storage or handling of these products. 716 00:32:42,600 --> 00:32:45,160 So, the cost of doing business, my time, 717 00:32:45,400 --> 00:32:48,560 and dealing with vendor management was too much. 718 00:32:48,640 --> 00:32:51,880 You mentioned a few times that you don't care about your competitors 719 00:32:51,960 --> 00:32:53,880 because they are not delivering the best product. 720 00:32:53,920 --> 00:32:56,520 You don't know which other brands are in the industry. 721 00:32:56,600 --> 00:32:58,040 Could it be possible 722 00:32:58,360 --> 00:33:01,320 that you're unable to satisfy both Indian consumers 723 00:33:01,400 --> 00:33:04,080 and B2B clients? 724 00:33:06,280 --> 00:33:09,680 I'm aware of all the key competitors. 725 00:33:09,840 --> 00:33:12,800 The company you mentioned might close down in six months. 726 00:33:12,880 --> 00:33:14,320 I stopped keeping track of it. 727 00:33:14,400 --> 00:33:15,840 But my key competitors 728 00:33:15,920 --> 00:33:18,120 who are taking a significant market share in India, 729 00:33:18,200 --> 00:33:22,160 their maximum sales come from their glazes and premixes 730 00:33:22,320 --> 00:33:25,200 and not so much from the fondant or the sprinkles. 731 00:33:25,240 --> 00:33:29,560 Please understand that fondant and sprinkles are not staple in India. 732 00:33:29,760 --> 00:33:32,640 Whereas, in a place like the US, it is a staple. 733 00:33:32,720 --> 00:33:34,680 It is much easier for me to penetrate 734 00:33:34,760 --> 00:33:36,680 - by giving them something better. - Got it. 735 00:33:36,960 --> 00:33:39,080 In the US, my competition is Wilton. 736 00:33:39,160 --> 00:33:41,160 Their valuation is about 3.6 billion. 737 00:33:41,240 --> 00:33:43,120 It's an 85-year-old company. 738 00:33:43,200 --> 00:33:46,640 I am competing with their fondant. 739 00:33:51,480 --> 00:33:53,400 didn't you ever think of shifting to the US? 740 00:33:53,480 --> 00:33:55,720 It will be better and you can make more profit. Walmart... 741 00:33:55,760 --> 00:33:57,360 That's why I am here today. 742 00:33:57,440 --> 00:33:58,480 To shift to the US? 743 00:33:58,560 --> 00:34:00,600 No! I want to open warehouses there. 744 00:34:00,760 --> 00:34:04,800 We've trademarked our brand in the US, Europe and the UK. 745 00:34:04,880 --> 00:34:06,560 We want to go D2C direct. 746 00:34:06,680 --> 00:34:09,520 - Is the US the future of your business? - 100%. 747 00:34:11,360 --> 00:34:12,720 But not today. 748 00:34:14,160 --> 00:34:17,040 Sharks, it has just been 18 months in the US. 749 00:34:17,120 --> 00:34:19,040 I am testing their waters. 750 00:34:19,160 --> 00:34:23,760 In India, it took me five years to make 1 lakh customers on amazon.in. 751 00:34:24,040 --> 00:34:27,360 But in the US, I made 70,000 customers in 1.5 years. 752 00:34:27,800 --> 00:34:30,040 And, my repeat rate is very high. 753 00:34:30,120 --> 00:34:31,480 Product approval is very high. 754 00:34:31,600 --> 00:34:33,320 I wanted proof of concept. 755 00:34:33,480 --> 00:34:36,440 With that idea, I began sales in UK too 756 00:34:36,520 --> 00:34:39,720 and, we made sales worth 20,000 pounds in two months in UK. 757 00:34:40,000 --> 00:34:41,880 Because, these products are not available. 758 00:34:41,920 --> 00:34:43,600 The concept of my brand 759 00:34:43,760 --> 00:34:45,920 has been copied by a lot of American brands 760 00:34:46,000 --> 00:34:47,400 within the last six months. 761 00:34:47,520 --> 00:34:49,080 When it was copied in India, you went to US. 762 00:34:49,120 --> 00:34:50,800 Now that they copied it, where will you go? 763 00:34:50,920 --> 00:34:52,640 [tense music playing] 764 00:34:55,200 --> 00:34:55,920 Okay. 765 00:34:56,000 --> 00:34:58,600 I'm trying to think how to explain this to you. 766 00:34:58,720 --> 00:35:01,760 My product sells at Rs. 480, for 1 kg fondant. 767 00:35:01,880 --> 00:35:04,080 People want fondant for Rs. 250. 768 00:35:04,200 --> 00:35:05,400 That's like... 769 00:35:05,480 --> 00:35:08,160 some want Basmati rice, others don't mind regular rice. 770 00:35:08,240 --> 00:35:09,720 But, I want to only sell Basmati. 771 00:35:09,800 --> 00:35:12,480 - Kids... - Gauri! Gauri, you seem to have taken offence. 772 00:35:12,880 --> 00:35:16,440 But, as an investor, we want to know, what your learning 773 00:35:16,680 --> 00:35:18,080 from this experience was. 774 00:35:18,160 --> 00:35:20,800 You saw immense growth and then your business shut down. 775 00:35:21,280 --> 00:35:23,840 You're saying, everything is the customer's problem. 776 00:35:23,920 --> 00:35:25,680 That's why, we're repeatedly questioning you. 777 00:35:26,240 --> 00:35:29,560 No, I'm not saying everything is the customer's problem. 778 00:35:30,000 --> 00:35:31,520 I am here today, because... 779 00:35:31,600 --> 00:35:34,160 I know I understand this business. 780 00:35:34,400 --> 00:35:36,320 I understand how to sell it to anyone 781 00:35:36,360 --> 00:35:37,920 in the US or around the world. 782 00:35:38,000 --> 00:35:41,040 But, I am going wrong somewhere in India. 783 00:35:41,120 --> 00:35:42,760 I cannot understand the customer. 784 00:35:42,840 --> 00:35:46,320 I cannot grasp the tip on how to enter 785 00:35:46,480 --> 00:35:48,320 sustain and build. 786 00:35:48,440 --> 00:35:49,600 And, there's nothing wrong in it. 787 00:35:49,640 --> 00:35:51,400 - Yes, very good answer. - That's a better pitch. 788 00:35:51,440 --> 00:35:52,640 - That's a much better... - Nothing wrong... 789 00:35:52,680 --> 00:35:55,320 - What you were saying till now... - That you weren't interested. 790 00:35:55,400 --> 00:35:57,400 'The customers here don't understand me.' 791 00:35:57,520 --> 00:35:58,840 Now, you're saying, 'I'm not understanding'. 792 00:35:58,880 --> 00:35:59,560 I'm not understanding. 793 00:35:59,640 --> 00:36:01,840 - That's the difference, the right answer. - Absolutely. 794 00:36:02,040 --> 00:36:04,960 Tell me something, could it be... You initially said that... 795 00:36:05,120 --> 00:36:06,760 every couple of years 796 00:36:06,960 --> 00:36:08,320 you get saturated. 797 00:36:09,400 --> 00:36:10,840 - Yes. - That's your nature. 798 00:36:10,920 --> 00:36:12,480 - You can't do anything about it. - Yes. 799 00:36:12,880 --> 00:36:16,680 So, could it be that, every couple of years, you feel this is 800 00:36:16,840 --> 00:36:17,880 done and dusted. 801 00:36:18,040 --> 00:36:20,080 'Let's move on to something bigger and more challenging.' 802 00:36:20,120 --> 00:36:21,440 If this wasn't my nature... 803 00:36:21,520 --> 00:36:23,640 how would I reach 800 products? 804 00:36:23,760 --> 00:36:25,400 That is a big mistake, by the way. 805 00:36:27,160 --> 00:36:29,400 Actually, Gauri, let's talk about the numbers. 806 00:36:29,600 --> 00:36:31,440 Fondant makes up what percentage of your sales? 807 00:36:39,400 --> 00:36:40,400 Sprinkles. 808 00:36:45,160 --> 00:36:46,280 Over 300. 809 00:36:47,280 --> 00:36:49,360 I think that if you... 810 00:36:49,640 --> 00:36:52,160 make only the best fondant in the world 811 00:36:52,520 --> 00:36:55,120 at... the lowest cost 812 00:36:55,680 --> 00:36:58,720 that is a better strategy than launching 800 products. 813 00:37:04,640 --> 00:37:05,680 I would say 814 00:37:05,840 --> 00:37:07,240 grasp one market first. 815 00:37:07,320 --> 00:37:09,720 The US, which is the largest market, grow that. 816 00:37:09,840 --> 00:37:11,080 But, what's happening now is... 817 00:37:11,120 --> 00:37:14,200 because you are making so many products, your core USP 818 00:37:14,600 --> 00:37:18,160 which you feel nobody can make better than you, is being ignored. 819 00:37:18,240 --> 00:37:19,800 All your time is going in... 820 00:37:20,120 --> 00:37:23,400 doing other things, where, you don't have much differentiation. 821 00:37:25,760 --> 00:37:28,320 So, I am out today. 822 00:37:28,600 --> 00:37:32,480 Because, I think, it is still not at that stage. 823 00:37:32,680 --> 00:37:35,880 Uh, but, I wish you best of luck. You will do very well. 824 00:37:36,000 --> 00:37:37,400 But, think about this. 825 00:37:39,240 --> 00:37:40,240 Okay. 826 00:37:40,280 --> 00:37:42,120 Can I just give you my point of view? 827 00:37:42,200 --> 00:37:43,280 Of course. 828 00:37:43,920 --> 00:37:47,960 A fondant, as a product, has about a 5000-crore market. 829 00:37:48,240 --> 00:37:50,440 - Where, global? Okay. - Global. 830 00:37:50,520 --> 00:37:52,440 What you said is absolutely right. 831 00:37:52,720 --> 00:37:54,640 But, Wilton became so big 832 00:37:54,720 --> 00:37:58,120 only when, along with fondant, they gave sprinkles, cutters 833 00:37:58,200 --> 00:37:59,880 pans and colours. 834 00:38:00,600 --> 00:38:03,080 I don't want to be only a fondant brand. 835 00:38:03,160 --> 00:38:05,120 - But, that is... this is a journey. - Why? Because... 836 00:38:05,760 --> 00:38:07,080 This is a journey. 837 00:38:07,440 --> 00:38:09,800 Don't run after these numbers of market size. 838 00:38:10,400 --> 00:38:13,080 If you build a business worth 500 crores 839 00:38:13,200 --> 00:38:14,560 10% of the market 840 00:38:14,640 --> 00:38:17,560 because, you feel, that's your product and differentiation 841 00:38:17,680 --> 00:38:18,800 that is not a bad business. 842 00:38:18,880 --> 00:38:22,600 But, after making that 500 crores, it gives you right to expand. 843 00:38:25,160 --> 00:38:27,560 What would be your biggest challenge in the future? 844 00:38:28,480 --> 00:38:29,520 Um... 845 00:38:31,600 --> 00:38:33,760 Just give me a minute, I completely blanked out. 846 00:38:34,000 --> 00:38:35,400 - Take your time. - Yeah. 847 00:38:35,480 --> 00:38:37,280 Eat some cake or sprinkles. 848 00:38:39,440 --> 00:38:42,960 So, my biggest challenge is that I am... 849 00:38:44,160 --> 00:38:46,800 To manage supply chain and customer experience 850 00:38:46,840 --> 00:38:48,400 very well in every country. 851 00:38:48,920 --> 00:38:50,440 I don't see any other challenge. 852 00:38:50,840 --> 00:38:52,640 Inventory management is so time-consuming. 853 00:38:52,720 --> 00:38:54,720 Like, a DHL shipment is dispatched daily. 854 00:38:54,840 --> 00:38:57,720 We've begun sea shipments, we're sending containers 855 00:38:57,800 --> 00:39:00,520 and, we are not being able to keep up with the demand. 856 00:39:00,760 --> 00:39:02,720 Because, I am giving something new. 857 00:39:02,800 --> 00:39:05,840 So, if you don't find any differentiation in sprinkles 858 00:39:05,960 --> 00:39:08,400 please have more cakes, because, there is... 859 00:39:08,840 --> 00:39:11,360 a huge difference, they are, like, poles apart. 860 00:39:12,280 --> 00:39:15,760 Your US initiative is 18 months old. 861 00:39:15,840 --> 00:39:18,960 It's too early to base on that, at the moment. 862 00:39:19,040 --> 00:39:22,320 Uh, especially for a 100 crore valuation, for me. 863 00:39:23,840 --> 00:39:26,040 So, right now, I can't partner with you. 864 00:39:26,280 --> 00:39:28,400 I'll give you just one suggestion. 865 00:39:28,480 --> 00:39:30,000 You are a self-made person. 866 00:39:30,120 --> 00:39:33,840 Completely! Exact opposite of what your parents wanted you to be. 867 00:39:34,480 --> 00:39:37,920 So, your super power is 'messy to magic'. 868 00:39:38,520 --> 00:39:41,600 Sometimes, it may happen, the dark side of it 869 00:39:41,840 --> 00:39:45,280 which does not let you learn from your failures... 870 00:39:45,440 --> 00:39:48,160 that can hold you back. So, my suggestion is that 871 00:39:48,400 --> 00:39:51,800 whatever you say in the pitch, be super honest with yourself. 872 00:39:52,080 --> 00:39:54,880 - Yeah. - Good luck, Gauri, and, make us proud with a global brand. 873 00:39:55,880 --> 00:39:56,960 Thank you. 874 00:39:57,960 --> 00:39:59,360 I think you have some work to do. 875 00:39:59,920 --> 00:40:02,280 Uh, because, if you see the market in India 876 00:40:02,440 --> 00:40:05,360 the dessert and bakery segment is galloping. 877 00:40:06,320 --> 00:40:09,840 If this didn't sell, various other models could have been introduced. 878 00:40:09,960 --> 00:40:11,840 But, you quickly pivoted to the US. 879 00:40:12,080 --> 00:40:14,440 Also, you're saying that, every 2-3 years... 880 00:40:14,720 --> 00:40:15,760 I get itchy. 881 00:40:16,040 --> 00:40:17,520 That scares me a bit. 882 00:40:17,920 --> 00:40:20,360 So, I'm out. I won't make an offer to you. 883 00:40:21,640 --> 00:40:23,320 Unfortunately, I'm out, too. 884 00:40:23,840 --> 00:40:26,600 I find the evaluation of 100 crores too high. 885 00:40:27,160 --> 00:40:30,320 Uh, one suggestion about the US market that you've entered. 886 00:40:30,560 --> 00:40:33,600 Before starting UK, double down US. 887 00:40:33,840 --> 00:40:35,800 - Yes. - And, understand that market. 888 00:40:41,320 --> 00:40:44,120 It gets very tough to tackle one's own and the consumer's confidence. 889 00:40:44,480 --> 00:40:46,040 - All the best. - Thank you. 890 00:40:49,200 --> 00:40:52,680 I am very upbeat for this 891 00:40:52,880 --> 00:40:54,200 to become big in India. 892 00:40:54,600 --> 00:40:58,360 So, if you want to be present in India 893 00:40:58,920 --> 00:41:01,960 market it in India, and, give equal weightage to both 894 00:41:02,000 --> 00:41:04,840 and not shift to some global country... 895 00:41:09,040 --> 00:41:11,800 And, honest! What I love about you is your honesty. 896 00:41:11,920 --> 00:41:12,960 Thank you. 897 00:41:14,120 --> 00:41:15,360 India is home. 898 00:41:15,880 --> 00:41:16,920 I told you that... 899 00:41:17,400 --> 00:41:19,200 I have come here to leave my mark. 900 00:41:19,840 --> 00:41:21,240 I couldn't make sense here 901 00:41:21,320 --> 00:41:23,560 so, I looked for something else as I was helpless. 902 00:41:24,160 --> 00:41:25,720 Please understand where I'm coming from. 903 00:41:26,320 --> 00:41:27,840 So, the answer is a yes? 904 00:41:28,200 --> 00:41:29,440 Hundred percent yes. 905 00:41:30,000 --> 00:41:31,520 Then, listen to my offer. 906 00:41:32,040 --> 00:41:35,920 I'd like to give you an offer of 1 crore for 2 % equity. 907 00:41:36,320 --> 00:41:39,760 But, a royalty of 2 % till I get my 1 crore back. 908 00:41:39,960 --> 00:41:41,920 [tense music playing] 909 00:41:43,800 --> 00:41:44,800 Yes! 910 00:41:52,520 --> 00:41:54,360 [dynamic music playing] 911 00:42:00,920 --> 00:42:04,080 Your entire pitch was about the US market. 912 00:42:04,520 --> 00:42:08,080 'And, they get me, I get them, instinctively.' 913 00:42:08,280 --> 00:42:09,280 Correct. 914 00:42:09,400 --> 00:42:13,240 She said, you have to move your entire business to India. 915 00:42:13,440 --> 00:42:16,400 - I didn't say entire, I said equal. - My business is in India. 916 00:42:16,480 --> 00:42:18,320 No, it's not. Your numbers don't say that. 917 00:42:18,480 --> 00:42:20,880 And, you said, 'that's what I want to do'. 918 00:42:24,600 --> 00:42:26,400 - Shall I speak now? - Yes, it was a question. 919 00:42:40,880 --> 00:42:42,040 Very simple. 920 00:42:43,480 --> 00:42:45,640 Okay, you got the money, don't bother about him. 921 00:42:45,720 --> 00:42:47,920 - No, really! - Just trying to bring the reality out. 922 00:42:48,040 --> 00:42:50,520 - I trust you, Gauri. - You said, you don't get this market. 923 00:42:50,760 --> 00:42:53,640 - Alright, Gauri, well done. - Bye, take care. Well done. 924 00:42:53,800 --> 00:42:54,800 Have fun. 925 00:42:56,320 --> 00:42:58,920 - She wanted an offer and she completely...- Enough. 926 00:42:59,040 --> 00:43:00,600 - Since the start... - Not a joke to build a business. 927 00:43:00,600 --> 00:43:02,360 - she would have said anything. - Anupam. 928 00:43:02,440 --> 00:43:05,080 - She didn't mean it. - A business of 15 crores... 929 00:43:05,160 --> 00:43:07,600 - is not a joke. - But, even this year, her business... 930 00:43:07,760 --> 00:43:09,360 - I know, but, she's honest. - will be in the US. 931 00:43:09,360 --> 00:43:10,680 Now, you're getting FOMO. 932 00:43:10,960 --> 00:43:14,760 First, he arrogantly said 'your nature of shifting every 2-3 years' 933 00:43:14,840 --> 00:43:16,800 'for a change...' 934 00:43:16,880 --> 00:43:19,480 I said, that's how one makes 800 products. 935 00:43:20,000 --> 00:43:22,720 I wanted to tell Peyush also to sell only one glasses 936 00:43:22,800 --> 00:43:23,840 all over the country. 937 00:43:23,920 --> 00:43:26,240 Why does he have so many designs in Lenskart? 938 00:43:26,600 --> 00:43:28,280 I mean, there was no logic. 939 00:43:28,440 --> 00:43:31,160 Truly, I don't feel the other Sharks know anything about cakes. 940 00:43:31,240 --> 00:43:32,480 I think she's confused. 941 00:43:32,560 --> 00:43:34,280 - No, not confused, for a deal... - She was truthful. 942 00:43:34,280 --> 00:43:37,200 - she did it, it's okay. - Not for a deal, man. 943 00:43:37,880 --> 00:43:39,520 You bet on a horse. 944 00:43:39,720 --> 00:43:42,400 If you don't want to invest, just say you're not interested. 945 00:43:42,480 --> 00:43:44,120 That you don't understand my business. 946 00:43:44,240 --> 00:43:47,280 But, those silly excuses were not required at all. 947 00:43:47,480 --> 00:43:48,720 I got to know that you... 948 00:43:48,800 --> 00:43:50,800 will bring cakes and some edible goodies. 949 00:43:57,720 --> 00:44:00,840 It got delivered within 10 minutes. I'm just going to tell him, yes. 950 00:44:01,240 --> 00:44:02,240 Thank you. 951 00:44:02,920 --> 00:44:05,760 - Yes, see, it's here. So, I am going to use this to... - Wow! 952 00:44:05,840 --> 00:44:07,520 eat all the edible goodies you have. 953 00:44:07,760 --> 00:44:08,960 But, tell me something. 954 00:44:09,040 --> 00:44:11,200 Quick 3 or 4-ingredient 955 00:44:11,400 --> 00:44:13,320 cake that I can make in my vanity, maybe. 956 00:44:13,400 --> 00:44:15,840 I'll quickly order the ingredients from Swiggy Instamart. 957 00:44:15,960 --> 00:44:17,800 How can I make a quick easy 3 ingredient cake? 958 00:44:17,880 --> 00:44:20,160 - I make this for my son all the time. Refined flour. - Okay. 959 00:44:20,160 --> 00:44:23,840 Sugar, cocoa powder, oil and baking soda. 960 00:44:24,240 --> 00:44:26,560 - That's it. Mix everything in a cup. - Is that all? 961 00:44:26,800 --> 00:44:30,560 Microwave for just 45 seconds and you have a delicious cake to eat. 962 00:44:30,760 --> 00:44:33,000 Amazing! Okay, I'm going to order this on Swiggy Instamart. 963 00:44:33,000 --> 00:44:34,200 It will be here in 10 minutes. 964 00:44:34,240 --> 00:44:36,920 - Do you want to eat with me? - Of course. Hundred percent. 965 00:44:37,040 --> 00:44:39,280 Great! Guys, you go on Swiggy Instamart too. 966 00:44:39,400 --> 00:44:41,960 All your cooking needs are available there. 967 00:44:42,080 --> 00:44:44,280 They are delivered in 10 minutes. So, order now. 968 00:44:44,760 --> 00:44:47,280 If you have the same mindset as us Sharks, 969 00:44:47,600 --> 00:44:50,440 then play, Be The Home Shark. 970 00:44:50,640 --> 00:44:53,120 And win tons of prizes from the comfort of your home. 971 00:44:53,520 --> 00:44:56,320 Download the Sony LIV app now! 972 00:44:56,360 --> 00:44:58,240 [exciting music playing] 973 00:45:00,240 --> 00:45:02,160 [dynamic music playing] 974 00:45:20,360 --> 00:45:21,240 Sharks! 975 00:45:21,360 --> 00:45:24,040 The count of millionaires has hugely risen in the world. 976 00:45:24,280 --> 00:45:26,880 As a person becomes successful 977 00:45:26,960 --> 00:45:29,840 time and convenience become assets for him. 978 00:45:29,920 --> 00:45:32,760 They hire a personal assistant for this asset. 979 00:45:32,840 --> 00:45:35,600 Those personal assistants are very good 980 00:45:35,680 --> 00:45:37,480 - but, they have a few drawbacks. - Hmm. 981 00:45:37,680 --> 00:45:39,800 Like, they work 8 hours a day. 982 00:45:39,880 --> 00:45:41,760 They aren't available on the weekends. 983 00:45:41,840 --> 00:45:44,120 And, they don't have global access. 984 00:45:44,240 --> 00:45:45,600 Sharks, just imagine. 985 00:45:45,680 --> 00:45:48,080 We give you a group of personal assistants 986 00:45:48,320 --> 00:45:50,800 who are with you 24/7. 987 00:45:50,880 --> 00:45:53,080 Sharks, my name is Karan, I am from Goa. 988 00:45:53,240 --> 00:45:55,120 Sharks, my name is Advita, I'm from Goa. 989 00:45:58,520 --> 00:46:01,200 Indulge is a digital concierge service 990 00:46:01,280 --> 00:46:04,680 through which, we eliminate minor and major hassles 991 00:46:17,600 --> 00:46:19,000 Sending across flowers. 992 00:46:19,080 --> 00:46:21,120 Global travel, restaurant reservations. 993 00:46:21,200 --> 00:46:23,760 Shopping, private jet. A lot more! 994 00:46:23,880 --> 00:46:26,160 Sharks, we are a WhatsApp first company. 995 00:46:26,240 --> 00:46:28,880 That means, you are immediately able to connect to us. 996 00:46:29,160 --> 00:46:31,920 We treat your every task like a mission. 997 00:46:32,080 --> 00:46:34,000 And, to complete that mission 998 00:46:34,080 --> 00:46:35,640 we collect your personal data points 999 00:46:35,720 --> 00:46:38,080 like, your birthdays, anniversaries 1000 00:46:43,960 --> 00:46:45,560 Right from a perfume 1001 00:46:45,680 --> 00:46:48,560 you can purchase art, a yacht or a villa on it. 1002 00:46:48,920 --> 00:46:52,320 In the last two years, we've done a lot of research and development. 1003 00:46:52,400 --> 00:46:54,480 And, we've fulfilled more than 1004 00:46:54,600 --> 00:46:56,000 25000 requests successfully. 1005 00:46:56,080 --> 00:46:59,440 As we speak, 183 high-net-worth individuals 1006 00:46:59,600 --> 00:47:02,920 access our service through a subscription-based model. 1007 00:47:03,040 --> 00:47:04,440 In the coming two years... 1008 00:47:04,520 --> 00:47:08,200 our aim is to manage the time of 10,000 people 1009 00:47:08,400 --> 00:47:11,880 from India, Dubai, Singapore and London. 1010 00:47:22,560 --> 00:47:24,080 Sharks, our ask is... 1011 00:47:24,280 --> 00:47:27,080 50 lakhs for 1 % equity in Indulge. 1012 00:47:27,400 --> 00:47:30,040 So, Sharks, your wish is our command. 1013 00:47:30,360 --> 00:47:32,440 Are you ready to indulge with Indulge? 1014 00:47:33,160 --> 00:47:34,520 Karan and Advita. 1015 00:47:35,000 --> 00:47:36,200 Welcome to Shark Tank. 1016 00:47:36,280 --> 00:47:37,280 - Thank you so much. - Thank you. 1017 00:47:37,320 --> 00:47:38,680 You have come to the right Tank. 1018 00:47:38,760 --> 00:47:39,680 [laughter] 1019 00:47:39,720 --> 00:47:41,400 Have you come for business or funding? 1020 00:47:41,800 --> 00:47:43,800 Your services are needed here. 1021 00:47:43,880 --> 00:47:45,680 Namita has a whole entourage here. 1022 00:47:45,760 --> 00:47:47,320 - That's why... - Really? 1023 00:47:47,400 --> 00:47:50,280 Maybe she can use just one WhatsApp. 1024 00:47:50,520 --> 00:47:51,840 But, anyway, let's hear you out. 1025 00:47:51,960 --> 00:47:55,400 You... what is your background? How did you enter this space? 1026 00:47:55,640 --> 00:47:58,720 I am a college drop-out, and, as I was dropping out... 1027 00:47:58,800 --> 00:48:01,040 Now, your valuation is justified. Tell us more. 1028 00:48:01,080 --> 00:48:02,280 [laughter] 1029 00:48:02,400 --> 00:48:05,800 I started a lifestyle magazine right during college. 1030 00:48:06,160 --> 00:48:08,440 - Ooh! - During the running of a magazine 1031 00:48:08,600 --> 00:48:12,520 a person manages design, content, distribution, marketing, everything. 1032 00:48:12,680 --> 00:48:15,120 That experience proved very handy to me. 1033 00:48:15,400 --> 00:48:16,480 But, in 2012... 1034 00:48:16,560 --> 00:48:19,280 as Instagram and Facebook arose 1035 00:48:19,360 --> 00:48:21,480 my magazine lost its followers. 1036 00:48:22,000 --> 00:48:25,840 So, due to that, I halted the magazine business. 1037 00:48:26,240 --> 00:48:29,680 But, I called my subscribers and readers for an event. 1038 00:48:29,920 --> 00:48:32,600 In that event, I displayed luxury brands like these 1039 00:48:32,680 --> 00:48:34,280 and they loved it. 1040 00:48:37,800 --> 00:48:40,680 I did 50 luxury exhibitions at several such places. 1041 00:48:48,760 --> 00:48:51,160 So, you thought, now why not, directly serve them? 1042 00:48:51,280 --> 00:48:54,040 Yes, and, I was often told to arrange a touch and feel. 1043 00:48:54,280 --> 00:48:58,160 You know, and, I interacted with a lot of millionaires in small towns. 1044 00:48:58,480 --> 00:49:00,960 I saw that they have capital 1045 00:49:01,040 --> 00:49:03,880 taste and are well educated, but, have no access. 1046 00:49:04,040 --> 00:49:08,040 They can't even believe they can watch a match or buy a product. 1047 00:49:08,480 --> 00:49:11,640 - True dat! - So, I digitalised that. 1048 00:49:12,160 --> 00:49:13,360 Advita, what's your background? 1049 00:49:13,400 --> 00:49:16,400 I come from Ahmednagar, which is now called Ahilyanagar. 1050 00:49:16,640 --> 00:49:19,600 I come from a very typical Marwari joint family. 1051 00:49:37,080 --> 00:49:39,080 - Which year was this? - Early 2022. 1052 00:49:39,120 --> 00:49:40,600 I want to understand the business. 1053 00:49:40,680 --> 00:49:42,440 What are your top three services? 1054 00:49:42,520 --> 00:49:44,200 I'll take the liberty, five instead of three. 1055 00:49:44,240 --> 00:49:46,400 So, one is travel. One is retail. 1056 00:49:46,520 --> 00:49:49,000 One is experiences. One is dining. 1057 00:49:49,080 --> 00:49:50,320 And, one is special requests. 1058 00:49:50,480 --> 00:49:52,440 I want to know more about special requests. 1059 00:49:52,520 --> 00:49:54,400 [laughter] 1060 00:49:55,920 --> 00:49:58,680 - I mean, they ask anything. So, we'll get to that. - Okay. 1061 00:49:58,840 --> 00:50:00,040 Tell us about them. 1062 00:50:00,200 --> 00:50:01,920 Travel is, from hotel booking 1063 00:50:02,000 --> 00:50:04,280 to restaurant reservations. Your boarding pass in your hands. 1064 00:50:04,320 --> 00:50:06,480 If you have kids travelling with you 1065 00:50:06,840 --> 00:50:09,600 the place should be kid-friendly. If there are elders along... 1066 00:50:09,680 --> 00:50:11,000 it should have wheelchair assistance. 1067 00:50:11,040 --> 00:50:13,560 Medicals, etc. Having awareness of all that. 1068 00:50:13,680 --> 00:50:14,720 Let's go to retail. 1069 00:50:14,880 --> 00:50:17,480 'Show me the new catalog of Sabyasachi.' 1070 00:50:17,800 --> 00:50:19,440 'I am going to Dubai.' 1071 00:50:19,520 --> 00:50:21,320 'What are these products that I can go buy?' 1072 00:50:21,440 --> 00:50:24,360 - Experiences. - Everything around. Global, sporting events. 1073 00:50:24,440 --> 00:50:26,800 - World Cup. Wimbledon. - Concerts. 1074 00:50:26,880 --> 00:50:28,320 - Exactly. - Boxing match. 1075 00:50:28,640 --> 00:50:30,360 - Yes. - And, special requests? 1076 00:50:30,680 --> 00:50:32,480 Everything which does not fit in this box. 1077 00:50:32,560 --> 00:50:34,440 Like, we have a client from Hyderabad. 1078 00:50:34,560 --> 00:50:38,200 He said, I want tea tomorrow morning from a tea stall in Bangalore. 1079 00:50:38,520 --> 00:50:39,520 And, the team did that. 1080 00:50:39,560 --> 00:50:41,000 Often, there are medical emergencies. 1081 00:50:41,080 --> 00:50:42,600 We've had a situation, where... 1082 00:50:43,000 --> 00:50:46,120 a client in Bangkok wanted an air ambulance. 1083 00:50:46,320 --> 00:50:47,440 And, he couldn't get one. 1084 00:50:47,520 --> 00:50:49,040 And, we got this call in the middle of the night. 1085 00:50:49,080 --> 00:50:51,480 - And, you arranged that ambulance? - Yes, we arranged it. 1086 00:50:51,640 --> 00:50:54,120 But, whom are you servicing? Because, if you ask here... 1087 00:50:54,200 --> 00:50:56,080 - Do you use it, Vineeta? - Concierge, yes. 1088 00:50:56,160 --> 00:50:57,160 You-you? 1089 00:50:57,600 --> 00:50:59,360 - I don't use a concierge. - Me neither. You? 1090 00:50:59,640 --> 00:51:01,760 - I have an EA. - EA, right? You? 1091 00:51:02,000 --> 00:51:02,920 - No. - Black card. 1092 00:51:03,000 --> 00:51:04,800 I've never used a concierge service. 1093 00:51:04,880 --> 00:51:06,960 So, who are the people that are using it? 1094 00:51:07,280 --> 00:51:08,680 And, what do they use the most? 1095 00:51:09,040 --> 00:51:11,280 Actually, all our clients have EAs. 1096 00:51:11,680 --> 00:51:13,920 They do a little more of professional work, and 1097 00:51:14,040 --> 00:51:16,880 personal tasks, like sending a gift to his wife 1098 00:51:17,040 --> 00:51:18,480 or, planning a holiday has 1099 00:51:18,600 --> 00:51:21,280 - some participation from the EA. - The travel agent will do it. 1100 00:51:21,480 --> 00:51:23,320 But, that has some limitations. 1101 00:51:23,400 --> 00:51:25,440 - His global access, like... - Give examples one by one. 1102 00:51:25,480 --> 00:51:27,560 A gift for the wife. I'll do it myself. 1103 00:51:27,640 --> 00:51:29,600 - Okay. Yes. - Anything else won't feel personal. 1104 00:51:29,680 --> 00:51:32,000 - Second. - We'll inform you a week prior. 1105 00:51:32,080 --> 00:51:33,560 Your wife's birthday is coming up. 1106 00:51:33,640 --> 00:51:35,680 I have reminders set for the whole year. 1107 00:51:35,760 --> 00:51:37,960 - Okay, okay. Let's go one by one. - Yes, one by one. 1108 00:51:38,040 --> 00:51:39,560 You'll do it yourself. 1109 00:51:39,640 --> 00:51:41,760 You are in between a meeting. You guys drop a message. 1110 00:51:41,800 --> 00:51:43,960 'I want to do something amazing for my wife.' 1111 00:51:44,320 --> 00:51:45,400 'Suggest something.' 1112 00:51:45,480 --> 00:51:47,000 Your team comes and tells you 1113 00:51:47,120 --> 00:51:49,880 'Sir, we know your wife likes ABC.' 1114 00:51:50,000 --> 00:51:51,720 'And, you know what? Last month...' 1115 00:51:51,800 --> 00:51:53,800 'she was requesting and she was looking for this bag.' 1116 00:51:53,840 --> 00:51:55,160 'These are your five options.' 1117 00:51:55,400 --> 00:51:56,720 That is where we come in to help. 1118 00:51:56,840 --> 00:51:58,000 My proposition is simple. 1119 00:51:58,160 --> 00:52:00,320 I will save you time and remove the hassle out. 1120 00:52:00,440 --> 00:52:02,800 So, you're also saying, you are a high quality 1121 00:52:02,880 --> 00:52:05,520 - assistance vs mediocre quality? - Absolutely high quality. 1122 00:52:05,640 --> 00:52:07,720 - Yeah. - Like, we had a client, who... 1123 00:52:07,800 --> 00:52:12,480 wanted to gift his wife a bracelet from a particular brand on 14th Feb. 1124 00:52:12,720 --> 00:52:14,720 The particular brand is not available in India. 1125 00:52:14,760 --> 00:52:17,440 We learned, globally, one piece is available. 1126 00:52:17,640 --> 00:52:20,480 - Amazing! - The next production is three weeks later. 1127 00:52:20,720 --> 00:52:22,000 And, anyway, for anyone... 1128 00:52:22,040 --> 00:52:24,680 What is the weirdest thing someone has asked for? 1129 00:52:25,120 --> 00:52:26,480 Uh, oh! 1130 00:52:27,320 --> 00:52:28,120 There are many, I mean... 1131 00:52:28,200 --> 00:52:30,560 - Yes, I mean... - Give some examples. 1132 00:52:30,720 --> 00:52:32,600 Uh, someone wanted a specific Diet Coke 1133 00:52:32,640 --> 00:52:34,120 in his hotel in the Himalayas. 1134 00:52:34,240 --> 00:52:37,520 - It wasn't available in the hotel, the plateau... - Or, the village. 1135 00:52:37,600 --> 00:52:40,120 - He only wanted Diet Coke. - Not even Diet Pepsi. 1136 00:52:40,360 --> 00:52:42,920 - Only Diet Coke. - So, from a city below... 1137 00:52:43,240 --> 00:52:44,960 we paid Rs. 4000 extra, and... 1138 00:52:45,040 --> 00:52:47,120 - He paid Rs. 4000 for a Coke? - Yes! 1139 00:52:47,200 --> 00:52:50,160 - Yes, yes, yes. That's all he wanted. - Spoilt brats! 1140 00:52:50,440 --> 00:52:52,840 - And, the services you provide... - Yes? 1141 00:52:52,920 --> 00:52:55,800 I mean, you charge double the price for a product? 1142 00:52:55,880 --> 00:52:57,000 - No, no. - No! 1143 00:52:57,080 --> 00:52:58,080 - As per actuals. - Exact! 1144 00:52:58,120 --> 00:52:59,880 - Exact. - We have a subscription model. 1145 00:52:59,960 --> 00:53:02,080 We take our charges from you in the start. 1146 00:53:02,200 --> 00:53:03,840 After that, everything is as per actuals. 1147 00:53:03,920 --> 00:53:05,400 How much do you charge? 4-5 lakhs per year? 1148 00:53:05,440 --> 00:53:06,640 - Or, more? - 4 lakhs per year. 1149 00:53:06,720 --> 00:53:08,880 - 40,000 a month. - That's our subscription charges. 1150 00:53:08,960 --> 00:53:09,680 So, 5 lakhs. 1151 00:53:09,760 --> 00:53:12,280 What commission do you make per client per year? 1152 00:53:12,480 --> 00:53:14,160 - So, we... - You must be charging something. 1153 00:53:14,200 --> 00:53:15,400 - So, accumulated... - That's undisputed. 1154 00:53:15,440 --> 00:53:17,440 Every vendor gives us a vendor fee. 1155 00:53:17,640 --> 00:53:20,120 The blended average comes around 5%. 1156 00:53:20,200 --> 00:53:23,080 So, how much is a client's annual billing? 1157 00:53:23,200 --> 00:53:25,920 First year was 2 lakhs. It moved to 5 lakhs. 1158 00:53:26,000 --> 00:53:28,800 As we speak, it is around 8-8.5 lakhs. 1159 00:53:28,880 --> 00:53:31,840 So, if you consider it 10-15 lakhs in the long term 1160 00:53:32,040 --> 00:53:34,440 we make Rs. 50,000-1,00,000 there too. 1161 00:53:34,680 --> 00:53:37,440 Just help me understand your customer profile. 1162 00:53:37,480 --> 00:53:39,560 You said, 183 HNIs. 1163 00:53:39,840 --> 00:53:41,960 Couple of years, HNI means 1 crore rupees. 1164 00:53:42,400 --> 00:53:44,600 Nowadays, even 10 crore individuals aren't called HNIs. 1165 00:53:44,680 --> 00:53:46,800 So, UHNI is the new word. 1166 00:53:47,000 --> 00:53:48,800 UHNI is an individual 1167 00:53:48,880 --> 00:53:50,680 at least, on definition, a person 1168 00:53:50,760 --> 00:53:53,120 whose net worth is more than 30 crore rupees. 1169 00:53:53,400 --> 00:53:55,320 - Okay. - Our clients... 1170 00:53:55,760 --> 00:53:58,960 predominantly, as we speak, are UHNIs. 1171 00:53:59,080 --> 00:54:01,520 And now, HNIs are starting to join in. 1172 00:54:01,600 --> 00:54:04,360 What is the population that you can target? 1173 00:54:04,520 --> 00:54:07,760 There are 12,000 people who fall under the UHNIs. 1174 00:54:08,040 --> 00:54:09,400 - In India? - In India. 1175 00:54:09,720 --> 00:54:12,880 There are 12,000 UHNIs. Let's round it up to 10,000. 1176 00:54:12,960 --> 00:54:14,920 How many of them will come to you? 1177 00:54:15,000 --> 00:54:17,160 You'll go from 183 to a maximum of 1000. 1178 00:54:17,360 --> 00:54:20,440 - You will earn 5-6 lakh rupees annually from them. - Yes. 1179 00:54:20,520 --> 00:54:22,320 - So, how much does that come to? - 60 crores. 1180 00:54:22,360 --> 00:54:24,160 How much is your margin from 60 crores? 1181 00:54:24,240 --> 00:54:25,560 Almost 50 crores. 1182 00:54:26,040 --> 00:54:27,640 - I can explain this to you. - No. Why? 1183 00:54:27,720 --> 00:54:29,560 For every 200 people... 1184 00:54:29,840 --> 00:54:31,080 we have a team of 10. 1185 00:54:31,200 --> 00:54:33,120 There will be a King in this team. 1186 00:54:52,840 --> 00:54:55,040 And, from each 200 person cohort 1187 00:54:55,120 --> 00:54:56,840 - you're earning 10 crores annually? - Yes. 1188 00:54:56,960 --> 00:55:00,560 And, you're spending 10 lakhs per month, which is 10%. 1189 00:55:00,640 --> 00:55:03,160 - Yes. Yes. - 10% is your manpower cost. What else? 1190 00:55:03,320 --> 00:55:06,920 Then, we have a centre data. We have a certain infrastructure in Goa. 1191 00:55:07,040 --> 00:55:08,200 Another 10% gone. 1192 00:55:08,280 --> 00:55:10,560 - Yes. Another 10%. - That's how you make 80%. 1193 00:55:10,720 --> 00:55:13,480 - Correct. - And, what's the King's compensation per month? 1194 00:55:13,560 --> 00:55:15,160 2-2.5 lakhs a month. 1195 00:55:15,280 --> 00:55:17,440 And, what do the Knights take? 1196 00:55:17,520 --> 00:55:19,640 - Knights, 50,000. - So, this is a big problem. 1197 00:55:20,000 --> 00:55:23,000 - Because, if I am using a concierge service... - Sure, yes. 1198 00:55:23,080 --> 00:55:25,040 I get used to talking to a certain person. 1199 00:55:25,120 --> 00:55:27,040 I understand, but, habits have changed. 1200 00:55:27,120 --> 00:55:30,400 I get a little irritated if I get calls. I am WhatsApp first. 1201 00:55:30,560 --> 00:55:32,640 What percentage of your interactions are on WhatsApp? 1202 00:55:34,920 --> 00:55:36,840 I want to show you a demo. 1203 00:55:36,920 --> 00:55:38,360 Show me. 1204 00:55:38,560 --> 00:55:41,120 - Okay. Concierge. - Why did you write Anupam Mittal? 1205 00:55:41,200 --> 00:55:43,000 - It's a dummy group. - But, the... 1206 00:55:43,160 --> 00:55:45,720 - description is true, although it's a dummy group. - Yes. 1207 00:55:45,800 --> 00:55:48,000 - Italy and everything. You are stalking me. - So, once you... 1208 00:55:48,040 --> 00:55:49,120 [laughter] 1209 00:55:49,240 --> 00:55:50,440 Our research is strong. 1210 00:55:50,520 --> 00:55:53,040 Let's say, you subscribe to the service. 1211 00:55:53,240 --> 00:55:55,480 We introduce you to your team. 1212 00:55:55,560 --> 00:55:56,720 And then, we request you... 1213 00:55:56,960 --> 00:55:58,640 to fill this persona mapping form. 1214 00:55:58,840 --> 00:56:02,080 We pick your major and minor details. 1215 00:56:02,160 --> 00:56:03,920 If you ask us to book your flights 1216 00:56:04,000 --> 00:56:05,240 we know if you're someone 1217 00:56:05,280 --> 00:56:07,920 comfortable flying early morning, or, to do something else. 1218 00:56:08,000 --> 00:56:09,560 I mean, what kind of hotels do you like. 1219 00:56:09,680 --> 00:56:11,920 - Yes, got it. Understood. - Luxury, Heritage etc. 1220 00:56:12,040 --> 00:56:14,200 This... we speak on your behalf. You say, 'Hey, guys'. 1221 00:56:14,280 --> 00:56:15,440 'I need a private jet.' 1222 00:56:15,520 --> 00:56:18,400 'Next Wednesday, I have a meeting.' The team comes back to you. 1223 00:56:18,480 --> 00:56:20,080 They give you a quotation. 1224 00:56:20,640 --> 00:56:23,520 It will tell you, this is available, this is a five-seater. 1225 00:56:23,840 --> 00:56:25,400 If this works for you, you say yes. 1226 00:56:25,480 --> 00:56:27,200 And, this includes your commission? 1227 00:56:27,320 --> 00:56:29,520 From the vendor's side. Everybody gives us a vendor fee. 1228 00:56:29,600 --> 00:56:32,560 Do you transparently tell the client what your exact 1229 00:56:33,000 --> 00:56:34,440 value of your commission is? 1230 00:56:34,560 --> 00:56:37,200 No need for the backside details. We share with you 1231 00:56:37,400 --> 00:56:39,160 the existing market rate. 1232 00:56:39,240 --> 00:56:40,520 Why do you take this commission? 1233 00:56:51,440 --> 00:56:52,800 Because, just for 5 crores 1234 00:56:53,160 --> 00:56:55,280 why are you breaking your trust? 1235 00:56:55,680 --> 00:56:59,040 When we started the company, when we offered membership to anyone 1236 00:56:59,320 --> 00:57:01,080 nobody wanted to take membership. 1237 00:57:01,160 --> 00:57:03,320 - So, in the first year, for 600 people... - Initially? 1238 00:57:03,760 --> 00:57:05,240 we worked on 5%. 1239 00:57:05,320 --> 00:57:08,480 As Diwali approached, we felt, now that we have value 1240 00:57:08,560 --> 00:57:09,960 we'll introduce a membership model. 1241 00:57:10,000 --> 00:57:11,200 So, we gave two options. 1242 00:57:21,000 --> 00:57:23,320 So, it's not worth doing the 5% each time 1243 00:57:23,400 --> 00:57:26,000 because, client will say, 'why did I pay you 5% more?' 1244 00:57:26,080 --> 00:57:29,280 We lately decided that instead of 4 lakhs a year 1245 00:57:29,400 --> 00:57:32,320 we have broken it down to offer Rs. 40,000 a month 1246 00:57:32,360 --> 00:57:35,160 as a subscription. We are creating a habit-changing mechanism. 1247 00:57:35,280 --> 00:57:39,200 Why do you have only 183 customers if this is such a great idea? 1248 00:57:39,720 --> 00:57:41,280 Actually, the number is 1000. 1249 00:57:41,440 --> 00:57:43,440 183 got filtered 1250 00:57:43,680 --> 00:57:45,960 to being paid and serious customers. 1251 00:57:46,080 --> 00:57:48,960 The other 700 use us subjectively. 1252 00:57:49,120 --> 00:57:51,040 So, that 1000 has no meaning. 1253 00:57:51,120 --> 00:57:53,960 Because, you've spoken of a community of 12,000 people. 1254 00:57:54,040 --> 00:57:55,280 They are very connected. You know! 1255 00:57:55,320 --> 00:57:57,440 There are clubs, like YPOs and EOs. 1256 00:58:04,840 --> 00:58:07,600 EO Chennai has reached out to us and signed, saying that 1257 00:58:07,680 --> 00:58:09,760 all their individuals want a concierge. 1258 00:58:09,880 --> 00:58:11,440 'Can you offer something better to us?' 1259 00:58:11,520 --> 00:58:13,400 Campden, family business, if you know. 1260 00:58:13,560 --> 00:58:15,680 They asked for this for their business. 1261 00:58:16,560 --> 00:58:18,520 Did you tell us your sales yet? 1262 00:58:19,120 --> 00:58:23,360 This year, we've earned 2.2 crore rupees as revenue. 1263 00:58:23,480 --> 00:58:25,720 - In how many months? - 7 months. 1264 00:58:25,920 --> 00:58:29,880 This year, we put 53 lakh rupees in the app. 1265 00:58:30,080 --> 00:58:33,160 And, we started a company and an account in Dubai. 1266 00:58:33,280 --> 00:58:35,240 We spent another 10 lakh rupees for that. 1267 00:58:35,360 --> 00:58:38,400 I asked you about the sales. How did you reach the Dubai account? 1268 00:58:39,080 --> 00:58:42,920 No, uh, I was giving you the breakdown of the sales. - Expenses. 1269 00:58:43,200 --> 00:58:46,040 Sale, again, 2.1 crores is the revenue we did. 1270 00:58:46,160 --> 00:58:47,560 You just said 2.2. 1271 00:58:47,880 --> 00:58:49,200 Uh, 1.9... 1272 00:58:49,280 --> 00:58:51,720 - Is it 2.2 or is it 2.1? - It is... 1273 00:58:51,880 --> 00:58:53,040 - 2.1...- It's 2.2. 1274 00:58:53,120 --> 00:58:55,560 - .19 something. - Come on, 30 lakhs a month. 1275 00:58:56,160 --> 00:58:57,480 - Yes. - Right? 1276 00:58:57,560 --> 00:59:00,920 If I can understand this correctly, you're talking about 1277 00:59:01,200 --> 00:59:02,440 - 183 HNIs. - Yes. 1278 00:59:02,520 --> 00:59:05,280 If you are earning Rs. 40,000 per month from them 1279 00:59:05,600 --> 00:59:08,240 - then, you would make about 70 lakhs last month. - Yes. 1280 00:59:08,400 --> 00:59:12,000 - Did you earn 70 lakh rupees on your subscription last month? - Yes? 1281 00:59:12,320 --> 00:59:13,400 No. 1282 00:59:14,320 --> 00:59:15,960 We haven't moved to the 40,000 model yet. 1283 00:59:16,000 --> 00:59:18,200 - We're just starting that. - What's the model now? 1284 00:59:18,280 --> 00:59:20,760 - You just said... one second. - The 4 lakhs model now! 1285 00:59:20,880 --> 00:59:23,840 How many of the 183 people are at the 4 lakh model? 1286 00:59:24,080 --> 00:59:25,080 Sixty. 1287 00:59:25,240 --> 00:59:27,560 And, 120 are at 1 lakh rupees. 1288 00:59:27,920 --> 00:59:28,920 Plus 5%. 1289 00:59:28,960 --> 00:59:31,320 You just said you stopped commissions. 1290 00:59:31,800 --> 00:59:33,760 - Yes. - So, how can they be on... 1291 00:59:33,840 --> 00:59:34,600 The old model. 1292 00:59:34,680 --> 00:59:38,520 The people who pay 1 lakh, pay 5% transparent service fees. 1293 00:59:38,600 --> 00:59:40,400 - The customers themselves pay it. - Okay. 1294 00:59:40,520 --> 00:59:41,800 So, your profit... 1295 00:59:42,120 --> 00:59:43,280 as per your margin... 1296 00:59:43,360 --> 00:59:45,560 because, you have 20 people, you are overstaffed. 1297 00:59:45,960 --> 00:59:48,040 From your 2.2 crores... 1298 00:59:48,800 --> 00:59:50,520 you have a profit of 1.5 crores? 1299 00:59:50,600 --> 00:59:52,240 - No, not 1.5 crores. - Why? 1300 00:59:52,320 --> 00:59:55,120 - We paid 50% in salaries. - Whose salaries? 1301 00:59:55,200 --> 00:59:57,120 We have a team of 30 people right now. 1302 00:59:57,160 --> 00:59:58,520 They can manage 400 people. 1303 00:59:58,720 --> 01:00:00,920 You'll hire 20 for 400, why 30? 1304 01:00:01,640 --> 01:00:05,280 There are other people. Like, accounts, or me and Advita. 1305 01:00:05,360 --> 01:00:08,120 Every month, how many people are you adding? 1306 01:00:08,200 --> 01:00:10,280 - I mean, clients. - So, 20-25. 1307 01:00:11,640 --> 01:00:13,800 How much did they pay you? 1308 01:00:13,880 --> 01:00:18,200 1 lakh plus 5% and there are a few that take the 4 lakh memberships. 1309 01:00:18,320 --> 01:00:20,600 So, how much did you make last month? 40-50 lakhs? 1310 01:00:20,680 --> 01:00:21,920 35 lakhs. 1311 01:00:22,400 --> 01:00:24,040 So, how much will you earn this year? 1312 01:00:24,280 --> 01:00:28,120 This year, I will make a profit of at least 6 crores. 1313 01:00:28,240 --> 01:00:30,320 8 crores revenue is yet remaining. 1314 01:00:30,400 --> 01:00:31,840 You're at a 2 crore revenue. 1315 01:00:31,920 --> 01:00:34,920 - And now, you're saying, you will earn 6 crores? - Yes. 1316 01:00:35,000 --> 01:00:37,200 - I'll tell you... - Tell me, how much did you earn out of 2 crores? 1317 01:00:37,240 --> 01:00:39,680 - We earned 30%. 60 lakhs. - Where is that 60 lakhs? 1318 01:00:39,760 --> 01:00:42,040 - You're saying you have... - We put it in the tech. 1319 01:00:42,440 --> 01:00:43,920 What do you mean, tech? 1320 01:00:44,440 --> 01:00:45,640 You outsourced the app? 1321 01:00:45,920 --> 01:00:47,400 - I mean, the CTO is ours. - Yes. 1322 01:00:47,480 --> 01:00:49,720 But, there is a team which works for it too. 1323 01:00:49,800 --> 01:00:52,040 - So, we are paying it. - CTO is your full-time employee? 1324 01:00:52,080 --> 01:00:54,720 Yes. ESOP. He has a 1% equity too. 1325 01:00:55,920 --> 01:00:59,160 Karan, Advita, first of all, nice model. 1326 01:00:59,520 --> 01:01:02,440 And, I think, a lot of people can use this. 1327 01:01:07,160 --> 01:01:08,520 - That's my way of life. - Correct. 1328 01:01:08,600 --> 01:01:11,400 I won't be able to relate to this problem, unfortunately. 1329 01:01:11,560 --> 01:01:12,760 So, I'll be out. 1330 01:01:17,280 --> 01:01:20,600 But then, it was like, great cry over little wool. 1331 01:01:21,040 --> 01:01:22,960 It turned out a little of that. 1332 01:01:23,520 --> 01:01:26,800 If this truly were such a great model 1333 01:01:27,120 --> 01:01:30,080 you wouldn't be stuck at only 183. 1334 01:01:30,240 --> 01:01:33,160 And then, the second problem is, even out of the 183 1335 01:01:33,400 --> 01:01:35,560 only few of them are doing the 4 lakh model. 1336 01:01:35,920 --> 01:01:39,440 The rest are not really signing up for the full subscription. 1337 01:01:40,160 --> 01:01:43,360 So, to me, this is a sign that, they don't... 1338 01:01:43,560 --> 01:01:45,840 find much value addition in the services. 1339 01:01:45,920 --> 01:01:47,240 So, both, on the demand side 1340 01:01:47,280 --> 01:01:49,680 in terms of number of sign-ups and value per customer 1341 01:01:49,760 --> 01:01:52,920 and on your operation side, in terms of your strategy. 1342 01:01:53,000 --> 01:01:54,560 I see a lot of weakness. 1343 01:01:54,840 --> 01:01:56,800 For that reason, unfortunately, I'm out. 1344 01:01:56,960 --> 01:01:58,080 But, I do wish you the best. 1345 01:01:58,320 --> 01:01:59,560 [tense music playing] 1346 01:01:59,880 --> 01:02:02,440 I don't think this business has 1347 01:02:02,840 --> 01:02:05,360 any scaleability in compounding 1348 01:02:05,400 --> 01:02:08,080 because, the more you go towards 1349 01:02:08,160 --> 01:02:10,560 exclusivity and uniqueness 1350 01:02:10,680 --> 01:02:14,160 the lower the scaleability and compounding goes. 1351 01:02:15,040 --> 01:02:17,800 Second, you know, the retention point that Namita raised. 1352 01:02:17,880 --> 01:02:19,760 I think, for me also, that was a big concern. 1353 01:02:19,760 --> 01:02:20,800 For that reason, I'm out. 1354 01:02:23,200 --> 01:02:24,880 My biggest problem is... 1355 01:02:25,560 --> 01:02:26,720 one of credibility. 1356 01:02:27,120 --> 01:02:29,320 I can't trust anything you say. 1357 01:02:31,000 --> 01:02:33,680 Your numbers simply don't match up 1358 01:02:34,120 --> 01:02:35,760 with the story you're painting. 1359 01:02:36,320 --> 01:02:37,840 Your valuation makes no sense. 1360 01:02:38,160 --> 01:02:40,440 You made very little money from the 2 crores. 1361 01:02:40,520 --> 01:02:43,360 Valuation of 50 crores? I think, you need a lot more clarity 1362 01:02:43,560 --> 01:02:45,800 before you raise capital from an investor. 1363 01:02:45,880 --> 01:02:47,320 For all those reasons, I'm out. 1364 01:02:49,680 --> 01:02:51,600 I fundamentally believe that people 1365 01:02:51,600 --> 01:02:53,720 want to improve their quality of life. 1366 01:02:53,800 --> 01:02:55,120 - Yes. - Correct. 1367 01:02:55,480 --> 01:02:57,000 And, let's forget the ultra HNI. 1368 01:02:57,080 --> 01:02:59,360 Numerous people are earning a salary of 1 crore nowadays. 1369 01:02:59,560 --> 01:03:01,400 - Correct. - Right? In companies. 1370 01:03:01,520 --> 01:03:03,280 - They cannot afford an EA. - Correct. 1371 01:03:03,360 --> 01:03:05,400 Right? And, you can provide great service. 1372 01:03:05,480 --> 01:03:07,400 But, I'm unable to add up the numbers. 1373 01:03:07,400 --> 01:03:08,840 And, I'm giving you that last 1374 01:03:09,320 --> 01:03:10,440 - uh, benefit of doubt. - I'll take this one. 1375 01:03:10,440 --> 01:03:13,200 When you begin something that has no bible... 1376 01:03:13,360 --> 01:03:15,040 - Untrue! - Untrue. 1377 01:03:15,320 --> 01:03:17,240 - Many concierge companies have come and gone. - Let her talk. 1378 01:03:17,240 --> 01:03:18,920 - Yes, okay. Go on. - Okay? May I? 1379 01:03:19,200 --> 01:03:21,320 When we took in 1000 people 1380 01:03:21,480 --> 01:03:23,480 you learn that this is not feasible on 5%. 1381 01:03:24,000 --> 01:03:26,920 You come into second year, you see memberships make so much sense. 1382 01:03:27,040 --> 01:03:30,000 I would rather not take commission from my vendor. Right? 1383 01:03:30,120 --> 01:03:32,280 But, you just put someone on the habit 1384 01:03:32,360 --> 01:03:34,840 of paying 5% on 1 lakh, which I'm taking from you. 1385 01:03:34,920 --> 01:03:38,520 And, you realise there are people who want only a month. 1386 01:03:38,640 --> 01:03:41,320 Only when they're travelling. They worry about their parents. 1387 01:03:41,440 --> 01:03:43,560 They're using it when parents are travelling with them. 1388 01:03:43,560 --> 01:03:45,560 - These are learnings out of a business. - Yes. 1389 01:03:45,640 --> 01:03:48,760 How many people are actively paying 4 lakhs currently? 1390 01:03:49,040 --> 01:03:50,560 - Around 60. - Cumulatively, 65. 1391 01:03:50,640 --> 01:03:52,680 If I go and ask those 65 people 1392 01:03:52,760 --> 01:03:55,080 - if they'll renew next year... - Hundred percent! 1393 01:03:55,160 --> 01:03:56,600 - Hundred percent! - Okay. 1394 01:03:57,200 --> 01:03:58,720 What is your cap table right now? 1395 01:03:59,480 --> 01:04:00,560 Sixty five. 1396 01:04:00,680 --> 01:04:03,280 Advita is at 5. We have 5 for ESOPs. 1397 01:04:03,600 --> 01:04:05,040 We have 1 to our CTO. 1398 01:04:05,200 --> 01:04:07,520 We have 6 Angels, who have come in. 1399 01:04:07,600 --> 01:04:09,760 And, we have 18 % with another company. 1400 01:04:12,440 --> 01:04:14,240 Which is ours, I'll tell you how. 1401 01:04:14,360 --> 01:04:16,320 - Yes, this... - Yes, so... 1402 01:04:16,880 --> 01:04:19,280 - What is this 18 %? - So, initially... 1403 01:04:19,360 --> 01:04:22,680 Nikhil Kamath, who's my first Angel investor. 1404 01:04:22,840 --> 01:04:25,760 I worked with him for two years after COVID to build True Beacon 1405 01:04:26,040 --> 01:04:28,560 - which was a wealth management company. - Yes. 1406 01:04:28,720 --> 01:04:31,880 So, I spoke to Nikhil about what he wanted to do after COVID. 1407 01:04:31,960 --> 01:04:33,240 I told him I want to do this. 1408 01:04:33,240 --> 01:04:35,440 I want to manage lifestyles like he manages wealth. 1409 01:04:35,640 --> 01:04:39,200 So, he offered me 75 lakh rupees to start this company. 1410 01:04:39,520 --> 01:04:42,040 So, we started the company with that money. 1411 01:04:42,320 --> 01:04:43,880 And, we decided, at one point... 1412 01:04:44,000 --> 01:04:46,240 we'll buy back Nikhil's shares. 1413 01:04:46,840 --> 01:04:48,360 Nikhil has exited now from the company? 1414 01:04:48,400 --> 01:04:50,000 - Yes. - Yes, Nikhil recently exited. 1415 01:04:50,600 --> 01:04:52,240 - The company... - Okay, one thing, sorry. 1416 01:04:53,800 --> 01:04:55,240 So, firstly, I thought... 1417 01:04:55,600 --> 01:04:58,240 conceptually, what you're building will be needed in India. 1418 01:04:58,320 --> 01:05:01,360 The only thing I will tell you is to keep it 100% transparent. 1419 01:05:01,440 --> 01:05:02,560 - Absolutely. - Yes. 1420 01:05:02,720 --> 01:05:04,240 I am out today, because... 1421 01:05:04,320 --> 01:05:06,840 - a new angle with the 18% has turned up... - Absolutely. 1422 01:05:06,960 --> 01:05:08,680 just when I was trying to make a deal. 1423 01:05:11,560 --> 01:05:14,080 There is a lot of confusion now. 1424 01:05:14,200 --> 01:05:15,200 I'm out. 1425 01:05:16,200 --> 01:05:17,040 Best of luck, guys. 1426 01:05:17,120 --> 01:05:19,560 - Best of luck! Thank you so much. - Thank you. 1427 01:05:19,680 --> 01:05:20,840 - Bye. - Thank you. 1428 01:05:21,000 --> 01:05:23,200 [tense music playing] 1429 01:05:39,640 --> 01:05:41,760 - Hello, Team Indulge. - Hello. 1430 01:05:41,800 --> 01:05:44,520 Welcome to the PokerBaazi zone where you hold the card. 1431 01:06:20,880 --> 01:06:23,600 you want to share with us during this stage of your business? 1432 01:06:23,680 --> 01:06:25,200 We started off, like... 1433 01:06:25,680 --> 01:06:27,000 in a cafe in Goa. 1434 01:06:27,360 --> 01:06:30,240 - We built it over the year with 30-odd people. - Hmm. 1435 01:06:30,440 --> 01:06:32,320 Managing 1000-odd families. 1436 01:06:32,440 --> 01:06:34,680 - Hmm. - Extremely profitable company. 1437 01:06:34,800 --> 01:06:37,840 - We managed to be on Shark Tank. - Yes. 1438 01:06:37,960 --> 01:06:40,120 - Right? It's a great space to be in. - Hmm. 1439 01:06:40,200 --> 01:06:42,520 So, all tough job has been done. 1440 01:06:42,600 --> 01:06:44,720 So, all the good cards have come. 1441 01:06:44,840 --> 01:06:47,720 The last two are important and I think we are just waiting for... 1442 01:06:48,000 --> 01:06:49,120 - the right card. - Yes. 1443 01:06:49,240 --> 01:06:52,520 Let me tell you, you have excellent cards. This is called a... 1444 01:06:52,600 --> 01:06:53,560 - Full house. - Exactly! 1445 01:07:18,680 --> 01:07:20,760 [theme music playing] 1446 01:07:27,000 --> 01:07:29,480 She has a photo like this of Pythagoras in her wallet. 1447 01:07:29,720 --> 01:07:31,480 Please welcome the co-founder and CEO 1448 01:07:31,480 --> 01:07:33,040 of Sugar Cosmetics, Vineeta Singh. 1449 01:07:33,320 --> 01:07:34,400 - Hi. - How are you? 1450 01:07:34,520 --> 01:07:35,440 I'm good. 1451 01:07:35,520 --> 01:07:37,240 I'm roaming with a photo of Pythagoras. 1452 01:07:37,360 --> 01:07:39,200 But, do you know the Pythagoras theorem? 1453 01:07:39,320 --> 01:07:40,320 I was a Math teacher. 1454 01:07:40,400 --> 01:07:42,560 - Oh! Really? I didn't know this. - Yes. 1455 01:07:42,880 --> 01:07:45,200 Don't I look like I'm highly educated? 1456 01:07:45,520 --> 01:07:47,760 No, generally, people from Math aren't so funny. 1457 01:07:47,880 --> 01:07:49,040 - They're very serious. - Yes. 1458 01:07:49,160 --> 01:07:50,400 You could say that. 1459 01:07:50,520 --> 01:07:53,080 Our question for today has been sent by Ragini Sinha. 1460 01:07:53,160 --> 01:07:55,400 She's 22 years old, from Uttar Pradesh, Lucknow. 1461 01:08:09,560 --> 01:08:12,560 I started my first company 17 years ago. 1462 01:08:12,840 --> 01:08:15,320 At that time, fundraising was very difficult 1463 01:08:15,400 --> 01:08:17,240 for a woman entrepreneur. 1464 01:08:17,360 --> 01:08:20,240 I think, there has been immense improvement in 15 years. 1465 01:08:20,480 --> 01:08:23,160 If you go to see, today, there is a 20% participation 1466 01:08:23,240 --> 01:08:25,240 of women in the workforce. 1467 01:08:25,480 --> 01:08:27,440 And, that's a very welcome change. 1468 01:08:27,520 --> 01:08:30,400 There are 70% women in our company. 1469 01:08:30,600 --> 01:08:34,680 I think, Shark Tank is one of those rare places 1470 01:08:34,880 --> 01:08:38,480 where, generally, 2 out of 5 Sharks are also women. 1471 01:08:38,720 --> 01:08:40,800 The participants we get... 1472 01:08:41,000 --> 01:08:46,280 also consist of 30-40% women entrepreneurs every year. 1473 01:08:46,600 --> 01:08:49,520 So, I think, the start-up ecosystem, where 1474 01:08:49,600 --> 01:08:51,720 there are very few, one in ten, or 1475 01:08:52,000 --> 01:08:54,000 - even one in twenty women... - Yes. 1476 01:08:54,080 --> 01:08:56,680 a lot of women are seen in Shark Tank. 1477 01:08:56,920 --> 01:08:59,640 And so, I feel, here... 1478 01:08:59,960 --> 01:09:04,320 we don't hesitate at all to raise our voice. 1479 01:09:35,600 --> 01:09:37,120 Friends, send in your questions. 1480 01:09:37,120 --> 01:09:39,200 I will ask the question. Go on the Sony LIV app. 1481 01:09:39,280 --> 01:09:41,560 Select your favourite Shark and send in your questions. 1482 01:09:41,720 --> 01:09:44,480 See you on the next Ask the Shark with a new question and a new Shark.