1
00:00:15,040 --> 00:00:16,280
[theme music playing]

2
00:00:28,880 --> 00:00:29,760
[screeching]

3
00:00:34,640 --> 00:00:36,040
[music playing]

4
00:00:37,960 --> 00:00:39,120
[music intensifies]

5
00:00:52,320 --> 00:00:53,800
[music concludes]

6
00:01:02,200 --> 00:01:03,360
'When someone is young,'

7
00:01:03,440 --> 00:01:05,000
'their dreams often
change within two years'

8
00:01:05,080 --> 00:01:05,920
'about what they want to become.'

9
00:01:06,320 --> 00:01:09,600
'There was a time when
I dreamed of becoming an astronaut,'

10
00:01:09,760 --> 00:01:12,280
'another when I aspired
to be a newsreader.'

11
00:01:12,640 --> 00:01:15,120
'I also envisioned being
a food critic at one point,'

12
00:01:15,200 --> 00:01:17,280
'and even a travel blogger.'

13
00:01:17,360 --> 00:01:19,120
'But as I grew up'

14
00:01:19,360 --> 00:01:20,760
'when I became a teenager,'

15
00:01:21,040 --> 00:01:22,280
'and went to college,'

16
00:01:22,360 --> 00:01:25,000
'my true aspirations became clear.'

17
00:01:25,280 --> 00:01:26,640
[music playing]

18
00:01:27,440 --> 00:01:29,160
'That I want to pursue
entrepreneurship'

19
00:01:29,200 --> 00:01:30,600
'and build companies.'

20
00:01:30,760 --> 00:01:32,760
'I think there was always an
inner voice from the beginning,'

21
00:01:32,840 --> 00:01:34,160
'urging me to create a business,'

22
00:01:34,440 --> 00:01:37,000
'something impactful,'

23
00:01:37,080 --> 00:01:38,400
'something I could call my own.'

24
00:01:38,840 --> 00:01:40,600
[music playing]

25
00:01:52,160 --> 00:01:54,160
But actually, the line
goes up and down.

26
00:01:54,240 --> 00:01:55,840
It goes in every direction.

27
00:01:55,920 --> 00:01:57,720
And that is how you reach the top.

28
00:01:59,720 --> 00:02:01,880
'My journey as an entrepreneur'

29
00:02:02,120 --> 00:02:04,000
'is like a phoenix.'

30
00:02:04,200 --> 00:02:07,000
We've changed our business
model around six times

31
00:02:07,200 --> 00:02:08,600
in our entrepreneurship journey.

32
00:02:08,720 --> 00:02:10,320
Every time, our business

33
00:02:10,440 --> 00:02:13,680
was reborn in a different form.

34
00:02:38,800 --> 00:02:40,760
[music playing]

35
00:03:25,600 --> 00:03:27,280
[music playing]

36
00:03:56,160 --> 00:03:58,040
[music playing]

37
00:04:03,200 --> 00:04:05,240
[theme music playing]

38
00:04:14,080 --> 00:04:16,560
[music continues]

39
00:04:28,840 --> 00:04:30,120
- Sharks!
- Yes, sir.

40
00:04:30,200 --> 00:04:33,120
- India is the world's fifth-largest
economy. - Hmm!

41
00:04:34,160 --> 00:04:37,040
And today, we are known
worldwide not just for our IT

42
00:04:37,240 --> 00:04:40,120
but also for our
music and movies.

43
00:04:40,360 --> 00:04:42,120
#LoveDiljit

44
00:04:42,200 --> 00:04:45,120
But among the world's
top 100 global brands,

45
00:04:45,240 --> 00:04:47,000
India only has one global brand.

46
00:04:52,200 --> 00:04:53,920
Sharks, the time has come

47
00:04:54,080 --> 00:04:55,760
for us to move from
'Incredible India'

48
00:04:55,960 --> 00:04:57,760
to creating
'Incredible Global Brands.'

49
00:04:58,520 --> 00:05:00,800
That's why we bring you NOOE.

50
00:05:02,640 --> 00:05:04,920
It's a bold dream

51
00:05:05,160 --> 00:05:07,400
to make people feel
creative and productive

52
00:05:07,480 --> 00:05:09,080
all around the world.

53
00:05:17,400 --> 00:05:21,560
Sharks, NOOE is a premium
lifestyle accessories brand

54
00:05:32,600 --> 00:05:35,360
Such as minimal Scandinavian design...

55
00:05:47,200 --> 00:05:50,800
And with this mindset,
we launched our first collection,

56
00:05:51,000 --> 00:05:54,040
CONFIG 1 DESK SETUP,
which includes five products.

57
00:06:00,360 --> 00:06:03,000
from clutter to clarity.

58
00:06:03,360 --> 00:06:04,920
And should I share
something interesting?

59
00:06:05,080 --> 00:06:08,440
This product has won
the Red Dot Design Award.

60
00:06:14,720 --> 00:06:17,360
We've been able to deliver NOOE
in more than 40 countries.

61
00:06:17,520 --> 00:06:20,400
We are available across
nine countries in retail stores.

62
00:06:25,520 --> 00:06:27,360
the most prestigious
retail store in London.

63
00:06:34,240 --> 00:06:37,600
and make NOOE the most loved brand
in the world.

64
00:06:37,880 --> 00:06:40,080
Which is why we are raising
Rs. 50 lakhs

65
00:06:40,160 --> 00:06:41,640
for 1% equity.

66
00:06:41,760 --> 00:06:43,920
- Oh!
- Sharks, we bring you NOOE,

67
00:06:44,280 --> 00:06:47,120
a love letter for our modern-day
work life.

68
00:06:47,200 --> 00:06:49,200
- Amazing!
- Thank you.

69
00:06:49,360 --> 00:06:52,240
Okay, Neetica and Piyush,
welcome to Shark Tank.

70
00:06:58,200 --> 00:07:01,600
What does this brand NOOE mean?

71
00:07:01,840 --> 00:07:04,080
And why is it spelled like this?

72
00:07:04,320 --> 00:07:07,400
NOOE comes from Never Odd Or Even.

73
00:07:07,520 --> 00:07:09,200
Which is a palindrome.

74
00:07:09,400 --> 00:07:10,880
Oh my God!

75
00:07:11,320 --> 00:07:15,040
And there is symmetry in our
brand, aesthetic and design values.

76
00:07:15,120 --> 00:07:16,680
So, there is symmetry
in our name as well.

77
00:07:16,800 --> 00:07:20,120
Very interesting.
This brand seems like

78
00:07:20,760 --> 00:07:22,160
it's not quite suited
for the Indian market.

79
00:07:22,240 --> 00:07:24,720
Anupam got a sense
of Japanese style from this.

80
00:07:24,840 --> 00:07:27,280
- Japanese-Scandinavian. Minimalist.
- Japandi, as they call it.

81
00:07:32,920 --> 00:07:35,440
It is not tied
to any specific country.

82
00:07:35,600 --> 00:07:36,480
Got it. Thank you!

83
00:07:36,720 --> 00:07:38,080
How do you both know each other?

84
00:07:38,160 --> 00:07:40,480
I am an engineer by education.

85
00:07:40,560 --> 00:07:44,680
I worked at Accenture and Price
Waterhouse Coopers in New York.

86
00:07:45,160 --> 00:07:47,680
I returned to India and
started a company in 2009

87
00:07:47,760 --> 00:07:49,440
that focused on
corporate merchandise

88
00:07:49,520 --> 00:07:51,680
and design development.
It was essentially a B2B business.

89
00:07:59,320 --> 00:08:01,160
That is when I reached out
to Neetica

90
00:08:01,240 --> 00:08:03,600
because she had been making designs
in Copenhagen for five years.

91
00:08:03,800 --> 00:08:06,280
I checked her portfolio
on Behance. It was popular.

92
00:08:06,360 --> 00:08:07,800
That is how we met

93
00:08:07,880 --> 00:08:09,920
and our working chemistry
was quite powerful

94
00:08:10,040 --> 00:08:12,560
because our skills
are complementary.

95
00:08:12,720 --> 00:08:13,800
What about you, Neetica?

96
00:08:13,920 --> 00:08:16,520
I graduated in 2018

97
00:08:26,800 --> 00:08:27,960
Aspekt Office,

98
00:08:28,160 --> 00:08:31,200
and Sebastian Hammarberg
Design Studios,

99
00:08:48,280 --> 00:08:50,520
That was a huge validation
for me at the time

100
00:08:50,600 --> 00:08:52,840
because the studio
is almost 30 years old.

101
00:08:53,040 --> 00:08:55,320
I was their first Indian designer.

102
00:08:55,480 --> 00:08:57,360
Whenever I visit Copenhagen

103
00:08:57,440 --> 00:08:59,600
I see my lamps in window panes

104
00:08:59,680 --> 00:09:01,800
- and every home. And it's surreal.
- That must be a nice feeling.

105
00:09:01,920 --> 00:09:04,040
I felt like I wasn't
gaining anything from this.

106
00:09:04,160 --> 00:09:06,160
I wasn't getting any royalty,
and my name wasn't anywhere.

107
00:09:06,280 --> 00:09:07,440
[laughing]

108
00:09:07,520 --> 00:09:10,240
They always mentioned the name
of the Head of Design.

109
00:09:10,280 --> 00:09:14,000
So, I thought it was time
for me to go home

110
00:09:14,440 --> 00:09:17,040
and do this for my country
and myself as well,

111
00:09:17,120 --> 00:09:19,520
where I get recognised for this.

112
00:09:20,760 --> 00:09:24,080
What is the structure of
your private limited company?

113
00:09:24,160 --> 00:09:27,360
Our equity distribution
stands at 55% for me,

114
00:09:27,440 --> 00:09:29,960
- and 11% with Neetica.
- Oh!

115
00:09:32,360 --> 00:09:34,600
And 6% allocated to ESOP

116
00:09:34,680 --> 00:09:37,560
for our initial employees.

117
00:09:37,680 --> 00:09:40,840
The 11% share was
given to my ex-partner

118
00:09:40,920 --> 00:09:42,360
because we incubated the business

119
00:09:42,440 --> 00:09:44,200
- and he invested money.
We did that. - Okay.

120
00:09:44,280 --> 00:09:48,240
- We raised 17% from
angels and family friends. - Okay.

121
00:09:48,600 --> 00:09:50,920
How much capital
have you raised so far?

122
00:09:51,080 --> 00:09:52,120
Rs. 3 crores.

123
00:09:52,200 --> 00:09:54,160
- You raised that from investors.
- Yes.

124
00:09:57,280 --> 00:09:59,280
- Here!
- Is this for me?

125
00:09:59,360 --> 00:10:00,640
- Yes.
- This is for you, Vineeta.

126
00:10:00,720 --> 00:10:02,000
- Okay! Thank you.
- Thank you.

127
00:10:02,080 --> 00:10:03,280
- Is this for me?
- Yes.

128
00:10:03,360 --> 00:10:06,320
- It's a keyboard palm rest.
- Palm rest. All right.

129
00:10:06,560 --> 00:10:07,600
- Thank you. What is this?
- And this is...

130
00:10:07,680 --> 00:10:08,840
This is a Bento Jot.

131
00:10:15,920 --> 00:10:17,560
It looks expensive.

132
00:10:17,760 --> 00:10:20,760
You gave him a Bento Jot,
and a bento box

133
00:10:20,880 --> 00:10:23,320
is traditionally used
to eat Japanese food.

134
00:10:23,480 --> 00:10:25,960
The bento box, in which we eat food,

135
00:10:26,080 --> 00:10:27,920
- is inspired by Japanese culture.
- Yes.

136
00:10:28,080 --> 00:10:31,960
So we thought, why not take this
concept and apply it to stationery.

137
00:10:32,920 --> 00:10:34,720
Guys, this packaging

138
00:10:34,840 --> 00:10:36,840
- and this product quality...
- Is incredible.

139
00:10:36,920 --> 00:10:37,960
- Is this wood?
- It's lovely!

140
00:10:38,120 --> 00:10:40,600
- Black oak. - This is fantastic.
This is exactly what I wanted.

141
00:10:41,040 --> 00:10:44,720
- So, thank you. - We are giving
a premium feel to stationery.

142
00:10:44,800 --> 00:10:46,520
We've designed these products.

143
00:10:46,600 --> 00:10:48,920
- Lovely designs.
- And we... Thank you!

144
00:10:49,120 --> 00:10:51,080
And all the details are our own.

145
00:10:51,160 --> 00:10:53,960
For example, we use munken paper.

146
00:11:05,720 --> 00:11:07,880
Actually, it's inspired by a pencil.

147
00:11:10,960 --> 00:11:13,400
I love clean aesthetics.
This is so cool.

148
00:11:13,520 --> 00:11:16,560
- Thank you! - Even how you designed
the paper clips...

149
00:11:16,680 --> 00:11:18,360
- Yes.
- I know! That's your logo.

150
00:11:29,280 --> 00:11:30,880
- Put your seatbelts on.
- Okay.

151
00:11:31,040 --> 00:11:32,520
We are all ready to hear you out.
Please start.

152
00:11:32,680 --> 00:11:33,720
How much is this for?

153
00:11:33,800 --> 00:11:35,520
The laptop sleeve
is for Rs. 3,400.

154
00:11:35,680 --> 00:11:37,400
- Not bad.
- Rs. 3,400.

155
00:11:37,480 --> 00:11:38,600
Bento box?

156
00:11:38,680 --> 00:11:41,040
Bento Jot is for Rs. 11,000.

157
00:11:41,920 --> 00:11:44,400
And the notebook and pen?

158
00:11:44,520 --> 00:11:46,240
The diary is for Rs. 1,500.

159
00:11:46,480 --> 00:11:47,920
And the pen is for Rs. 3,500.

160
00:11:48,000 --> 00:11:50,360
- How much is this for?
- Rs. 2,499.

161
00:11:50,440 --> 00:11:52,440
- And this?
- Rs. 4,500.

162
00:11:52,920 --> 00:11:53,920
This is not bad.

163
00:11:54,000 --> 00:11:57,440
- And CONFIG 01 and CONFIG 02?
- CONFIG 01 is for Rs. 15,000.

164
00:11:57,560 --> 00:11:59,120
And CONFIG 02 is for Rs. 17,000.

165
00:11:59,240 --> 00:12:02,360
Is this Indian pricing, or do you
sell for the same price abroad?

166
00:12:02,480 --> 00:12:05,880
- In Harrods, the same product
retails for Rs. 40,000. - What?

167
00:12:06,280 --> 00:12:08,280
Rs. 40,000?

168
00:12:09,120 --> 00:12:12,400
We provide Harrods with a markdown,
and they take a 60% margin.

169
00:12:12,600 --> 00:12:14,600
- They purchase the products
directly from us. - Right.

170
00:12:14,800 --> 00:12:15,960
We don't take a commission.

171
00:12:30,640 --> 00:12:32,160
significantly reduce
our profit margins.

172
00:12:32,240 --> 00:12:33,520
Where are your products made?

173
00:12:33,640 --> 00:12:35,760
In India and China too.

174
00:12:42,200 --> 00:12:44,720
In our first year, our
revenue was Rs. 1.3 crores.

175
00:12:45,080 --> 00:12:49,600
In the second year, 2023,
our revenue was Rs. 2.7 crores.

176
00:12:49,840 --> 00:12:52,320
And this year, we will finish

177
00:12:52,520 --> 00:12:55,040
between Rs. 5.50-Rs. 6 crores.

178
00:12:55,120 --> 00:12:56,360
What is the total revenue you've
earned up until now this year?

179
00:12:56,480 --> 00:12:58,360
It's Rs. 1.5 crore.

180
00:12:58,440 --> 00:13:01,120
You have only five months left.
How will you make Rs. 4 crores?

181
00:13:01,240 --> 00:13:02,920
Our growth...

182
00:13:03,000 --> 00:13:06,000
The growth in our exports
take place in the last quarter.

183
00:13:06,080 --> 00:13:08,040
What are the sales figures in India?

184
00:13:08,200 --> 00:13:10,480
This year it will be 70% in India.

185
00:13:10,560 --> 00:13:13,040
And we will export 30%.

186
00:13:13,240 --> 00:13:15,600
Last year, our export was 60%

187
00:13:15,680 --> 00:13:18,080
- and 40% in India.
- Why is it changing so much?

188
00:13:18,160 --> 00:13:21,920
This year, we've been conservative
to protect our margin structure.

189
00:13:22,160 --> 00:13:23,880
And all the inventory
we deployed

190
00:13:23,960 --> 00:13:25,800
was in India.

191
00:13:25,960 --> 00:13:28,080
- What was the gross margin on this?
- 40%.

192
00:13:29,560 --> 00:13:30,720
This is low.

193
00:13:31,000 --> 00:13:33,320
What is the burn rate for
the last three years by year?

194
00:13:33,440 --> 00:13:36,320
Sir, in FY22-FY23, the burn
amounted to Rs. 50 lakhs.

195
00:13:36,960 --> 00:13:41,080
- For FY23-FY24, the burn
was Rs. 1.4 crore. - Okay.

196
00:13:41,280 --> 00:13:44,040
This year, up to this point,
our burn has been Rs. 50 lakhs.

197
00:13:44,120 --> 00:13:46,160
So, the total burn amounts
to around Rs. 2.5 crore.

198
00:13:46,280 --> 00:13:48,320
Please provide a breakdown
of the sales channels.

199
00:13:48,400 --> 00:13:50,280
How much is from B2B, B2C,

200
00:13:50,440 --> 00:13:52,360
- online, and offline?
- Yes.

201
00:13:52,560 --> 00:13:56,160
Of our sales this month, 60%

202
00:13:56,360 --> 00:13:58,120
has come from the B2B channel.

203
00:13:58,200 --> 00:13:59,840
The remaining 40% is split,

204
00:13:59,920 --> 00:14:01,920
with 10%-15% from
marketplace retailers

205
00:14:02,040 --> 00:14:04,960
and the remaining 20%
from our own website.

206
00:14:05,040 --> 00:14:07,280
Do you consider
Harrods as B2B or B2C?

207
00:14:07,480 --> 00:14:09,440
We classify Harrods
as a channel retailer.

208
00:14:09,680 --> 00:14:11,680
- That is just 15%, right?
- Yes.

209
00:14:11,800 --> 00:14:14,320
So, is B2B purely corporate gifting?

210
00:14:14,400 --> 00:14:15,360
- Yes.
- Oh my God!

211
00:14:15,440 --> 00:14:17,480
The numbers are
a little bit here and there

212
00:14:17,600 --> 00:14:19,080
from a channel split point of view.

213
00:14:19,160 --> 00:14:22,400
Because our size is small and our
inventory deployment is very little.

214
00:14:22,800 --> 00:14:25,080
Do you have an MOQ issue with
your suppliers?

215
00:14:25,160 --> 00:14:27,400
We have an MOQ issue with
our suppliers.

216
00:14:27,560 --> 00:14:31,040
We have to pay an advance 60 days
before the inventory is produced.

217
00:14:31,120 --> 00:14:33,960
- How much is MOQ?
- Around Rs. 1,000 per piece.

218
00:14:39,800 --> 00:14:41,560
- Whoa!
- At sale value

219
00:14:42,000 --> 00:14:44,160
- for a year... - Your inventory
amounts to Rs. 2.7 crores.

220
00:14:44,280 --> 00:14:45,800
You have to place an order
60 days in advance,

221
00:14:45,920 --> 00:14:48,600
- requiring accounts payable since
an advance payment is needed. - Yes.

222
00:14:48,680 --> 00:14:50,840
Therefore, your accounts payable
is minus 60 days.

223
00:14:50,920 --> 00:14:53,280
This means your working
capital is significantly affected.

224
00:15:09,440 --> 00:15:10,840
- No! New product lines...
- No!

225
00:15:11,000 --> 00:15:11,720
- With a working capital...
- That's death.

226
00:15:11,920 --> 00:15:12,960
- That is death!
- It will only make it worse.

227
00:15:13,200 --> 00:15:14,720
[pensive music playing]

228
00:15:15,240 --> 00:15:17,440
- Piyush, your cash is over,
isn't it? - Yes.

229
00:15:17,760 --> 00:15:19,560
We do have cash in the bank.

230
00:15:19,680 --> 00:15:20,960
- How much?
- Rs. 22 lakhs.

231
00:15:21,200 --> 00:15:23,600
- That is nothing.
- That might be from your pocket.

232
00:15:23,880 --> 00:15:25,200
- Correct.
- Have you taken any debt recently?

233
00:15:25,280 --> 00:15:27,160
- We both have debt in the business.
- How much?

234
00:15:27,400 --> 00:15:28,440
About Rs. 1.2 crores.

235
00:15:28,640 --> 00:15:29,920
- Whoa!
- Wow!

236
00:15:31,520 --> 00:15:34,520
Neetica and Piyush, your business
is in a challenging position.

237
00:15:35,440 --> 00:15:37,480
You are running
hand to mouth for now.

238
00:15:39,520 --> 00:15:43,640
I'm hesitant to invest
in your business.

239
00:15:43,720 --> 00:15:45,640
- I want to invest.
- Sure.

240
00:15:45,840 --> 00:15:47,960
But help me come to the other side.

241
00:15:48,040 --> 00:15:51,240
Overall, for the next six months,
our focus

242
00:15:51,320 --> 00:15:53,160
is to push our new products.

243
00:15:53,320 --> 00:15:56,360
The revenue was generated
exclusively from one collection.

244
00:15:56,480 --> 00:15:58,640
As you know, building
a premium brand

245
00:15:58,720 --> 00:16:00,560
for product development

246
00:16:00,640 --> 00:16:02,800
- and supply chain... - It requires
significant investment. No doubt.

247
00:16:02,880 --> 00:16:06,440
We made the mistake of
not raising enough money.

248
00:16:06,520 --> 00:16:08,320
- You are doing the same again.
- Right!

249
00:16:08,400 --> 00:16:10,040
You are seeking to raise
Rs. 50 lakhs

250
00:16:10,120 --> 00:16:12,240
while operating at
a financial deficit.

251
00:16:13,080 --> 00:16:15,520
We want to raise
Rs. 8.5 crores overall.

252
00:16:21,280 --> 00:16:22,960
Why didn't you come
and ask for Rs. 2 crores?

253
00:16:23,080 --> 00:16:24,600
We can still... We are open to that.

254
00:16:24,680 --> 00:16:26,920
- You wouldn't give it.
- That's not the crux of the matter.

255
00:16:27,000 --> 00:16:29,280
If we know that they
don't have money,

256
00:16:29,600 --> 00:16:32,960
it seems unlikely that anyone would
be willing to invest Rs. 50 lakhs.

257
00:16:34,760 --> 00:16:37,960
So, we have
conversations happening.

258
00:16:39,280 --> 00:16:40,680
I know you don't
want to hear that again.

259
00:16:40,760 --> 00:16:42,600
But launching new
products is actually

260
00:16:42,840 --> 00:16:44,160
a really powerful thing for us.

261
00:16:44,320 --> 00:16:46,720
We have a strong
customer repeat rate.

262
00:16:46,800 --> 00:16:49,840
The brand we've established with
our customers fosters engagement.

263
00:16:49,920 --> 00:16:52,320
Piyush, the cost of your new
product launch

264
00:16:52,400 --> 00:16:53,600
is between Rs. 30-Rs. 40 lakhs.

265
00:16:53,720 --> 00:16:55,320
You can't make more
products than this.

266
00:16:57,680 --> 00:16:59,080
You are in the pit,

267
00:16:59,200 --> 00:17:02,040
and with each launch, that
pit will keep getting deeper.

268
00:17:02,120 --> 00:17:04,080
It's not that we plan on
launching 50 products.

269
00:17:04,160 --> 00:17:06,200
Our range collection
will remain the same.

270
00:17:06,320 --> 00:17:07,480
You’re not achieving growth

271
00:17:07,600 --> 00:17:09,960
with the same products.

272
00:17:10,280 --> 00:17:13,600
As you're having to rely more
and more on new launches.

273
00:17:13,720 --> 00:17:15,720
The old products aren’t
generating orders anymore.

274
00:17:15,840 --> 00:17:19,480
International retailers have
placed almost no orders.

275
00:17:19,720 --> 00:17:21,800
- Yes. - This clearly means
there's no sell-through. - Yes.

276
00:17:22,040 --> 00:17:25,680
For instance, Harrods hasn’t
placed any orders in six months,

277
00:17:25,800 --> 00:17:27,760
which means they still
have unsold inventory.

278
00:17:27,880 --> 00:17:30,960
For them, this isn’t
a sustainable brand

279
00:17:31,040 --> 00:17:34,200
- because the order frequency should
be once a month at best. - Yes.

280
00:17:34,320 --> 00:17:39,040
Neetica, I believe you are the
source of energy for this company.

281
00:17:39,720 --> 00:17:41,760
What is excellent
about this business

282
00:17:42,080 --> 00:17:43,800
are the products and the design.

283
00:17:44,680 --> 00:17:46,000
- Thank you!
- On the business front,

284
00:17:46,240 --> 00:17:48,400
Piyush is building an
unchallenged business.

285
00:17:49,240 --> 00:17:51,400
Because of that, there have been

286
00:17:51,920 --> 00:17:53,280
- many issues in this business.
- Correct.

287
00:17:53,760 --> 00:17:55,360
Why didn't you restrain him?

288
00:17:55,440 --> 00:17:56,880
To be very honest,

289
00:17:56,960 --> 00:17:59,360
I was really young
when this business started.

290
00:17:59,440 --> 00:18:02,480
And no one from my family
runs a business.

291
00:18:02,560 --> 00:18:04,880
No one had a business.

292
00:18:05,000 --> 00:18:08,160
I am learning a lot about business
from Piyush.

293
00:18:08,240 --> 00:18:09,560
There are times

294
00:18:09,640 --> 00:18:13,880
when I can't instantly
come up with questions.

295
00:18:13,960 --> 00:18:16,680
But when it comes to design...
You asked whether we fight.

296
00:18:16,760 --> 00:18:18,320
There are fights only
when it comes to designs

297
00:18:18,440 --> 00:18:20,000
because I am equally good at it.

298
00:18:20,480 --> 00:18:22,280
Depending on my understanding,

299
00:18:22,360 --> 00:18:24,440
I always tell Piyush that

300
00:18:24,520 --> 00:18:27,440
something doesn't
feel right or it's not good.

301
00:18:27,520 --> 00:18:28,920
It's like I'm learning day by day,

302
00:18:29,040 --> 00:18:31,040
I'm starting to get better at it.
I'm reading... - Nice.

303
00:18:31,120 --> 00:18:33,920
Neetica, what do you think
is going wrong with the business?

304
00:18:34,000 --> 00:18:35,120
Ah...

305
00:18:39,800 --> 00:18:43,000
I think we are trying to do too
many things at the same time.

306
00:18:43,080 --> 00:18:44,440
That is clear.

307
00:18:44,520 --> 00:18:46,440
But what is that leading to?

308
00:18:47,000 --> 00:18:48,760
I think we are not focussed.

309
00:18:48,840 --> 00:18:50,080
You haven't found the right PMF.

310
00:18:52,560 --> 00:18:55,160
When that happens,
there's a lot of temptation...

311
00:18:55,320 --> 00:18:56,560
I've seen many startups,

312
00:18:56,720 --> 00:18:58,240
and I hear this every time,

313
00:18:58,320 --> 00:19:02,200
'We're launching this new product,
and it will solve everything.'

314
00:19:02,320 --> 00:19:04,200
- Silver bullet.
- Right!

315
00:19:04,400 --> 00:19:06,680
Didn't you feel
that if you had stepped back

316
00:19:06,760 --> 00:19:09,640
and focussed
on delivering a major hit,

317
00:19:09,720 --> 00:19:11,320
it would establish credibility?

318
00:19:11,440 --> 00:19:13,960
And then build a business
under the shadow

319
00:19:14,080 --> 00:19:15,440
of that success.

320
00:19:15,520 --> 00:19:18,440
You should target an overseas market
and establish our supply there.

321
00:19:18,840 --> 00:19:21,760
When we first started,

322
00:19:21,840 --> 00:19:24,280
we had considerable sales
of CONFIG 01 overseas,

323
00:19:24,360 --> 00:19:26,720
while our sales in India
were relatively low.

324
00:19:26,800 --> 00:19:29,160
I believe we're now seeing

325
00:19:29,240 --> 00:19:31,120
a growing appreciation
for it in India as well.

326
00:19:31,200 --> 00:19:32,720
There's a lot of repeat rate.

327
00:19:32,800 --> 00:19:36,840
So, I think it's time for us to
focus fully on the Indian market

328
00:19:37,040 --> 00:19:38,600
and try to sell the products
we already have.

329
00:19:38,680 --> 00:19:39,800
And as you mentioned, we'll try

330
00:19:39,880 --> 00:19:42,600
to make our flagship
product and continue selling it.

331
00:19:45,200 --> 00:19:47,360
Okay, guys. It was a pleasure
meeting you.

332
00:19:47,440 --> 00:19:49,480
I believe you are the right fit

333
00:19:49,560 --> 00:19:51,640
for making such a product and brand.

334
00:19:51,960 --> 00:19:54,480
What I appreciate most
is your clear positioning

335
00:19:54,640 --> 00:19:56,000
as a premium product.

336
00:19:56,200 --> 00:19:57,920
You are not trying to traverse

337
00:19:58,040 --> 00:19:59,560
all aspects of the pricing ladder.

338
00:19:59,680 --> 00:20:02,480
The issue is that I believe

339
00:20:02,600 --> 00:20:05,320
you should have raised your pricing.

340
00:20:06,040 --> 00:20:09,640
Currently, the gross margin is 40%.

341
00:20:09,720 --> 00:20:13,600
You should not be working below 85%.

342
00:20:13,880 --> 00:20:16,960
You plan to build a business
worth around Rs. 500 crores, right?

343
00:20:17,120 --> 00:20:19,960
It's okay even if it takes
a dip for some time.

344
00:20:20,080 --> 00:20:21,800
But gradually, what will happen

345
00:20:21,880 --> 00:20:23,400
is that you'll find the customer

346
00:20:23,480 --> 00:20:25,240
or the customer will find you.

347
00:20:25,360 --> 00:20:27,560
Your margin will grow,
profit will increase,

348
00:20:27,680 --> 00:20:29,040
money will come in for marketing

349
00:20:29,160 --> 00:20:30,600
and inventory costs will be covered.

350
00:20:30,680 --> 00:20:33,840
Gradually, you will start
building the brand further.

351
00:20:33,920 --> 00:20:37,000
Right now, you have entered a
vicious cycle in your business.

352
00:20:37,520 --> 00:20:40,800
- Secondly, limit your selection.
- Okay.

353
00:20:41,080 --> 00:20:43,880
And finally, restrict your channels.

354
00:20:43,960 --> 00:20:46,280
In your current three years
of operating history,

355
00:20:46,360 --> 00:20:49,440
this is the most promising
and let go of everything else.

356
00:20:49,760 --> 00:20:51,840
For these reasons, today I am out.

357
00:20:52,080 --> 00:20:53,400
- Thank you!
- Thank you!

358
00:20:53,720 --> 00:20:57,960
One major mistake you made
was raising funding.

359
00:20:59,320 --> 00:21:02,000
Creating a luxury brand
under the pressure of growth

360
00:21:02,080 --> 00:21:05,320
means you'll have
to burn a lot of money,

361
00:21:05,480 --> 00:21:07,320
- which is what you're starting
to do. - Sure.

362
00:21:07,400 --> 00:21:10,200
So, I think you should
tell your cap table,

363
00:21:10,280 --> 00:21:13,200
'I'm going to create a luxury
brand, and you'll be proud of me.'

364
00:21:13,280 --> 00:21:15,320
'We'll see the returns
in 10 years.'

365
00:21:15,400 --> 00:21:18,160
But for now, don't get caught
up in the pressure of growth.

366
00:21:18,240 --> 00:21:20,920
All of us will be rooting
for you so that

367
00:21:21,040 --> 00:21:22,720
you become one of the first.
Just like Sabyasachi

368
00:21:22,840 --> 00:21:24,800
is to the world,

369
00:21:24,880 --> 00:21:26,120
NOOE should also be

370
00:21:26,280 --> 00:21:28,200
- a luxury brand from
India for the world. - Thank you.

371
00:21:28,280 --> 00:21:30,840
But it can only be
built with patience.

372
00:21:31,000 --> 00:21:32,880
- I am out for now.
- Thank you!

373
00:21:33,040 --> 00:21:36,280
You said you have a bold dream,

374
00:21:36,440 --> 00:21:38,800
and I agree, it truly is a bold one.

375
00:21:38,880 --> 00:21:42,520
- I don't even think India is ready
at these price points. - Hmm!

376
00:21:42,600 --> 00:21:44,480
You won't be able to
reach a large market

377
00:21:44,640 --> 00:21:46,280
in the short term
even if you want to.

378
00:21:47,000 --> 00:21:48,120
So, I think you need to rethink

379
00:21:48,280 --> 00:21:50,520
whether to focus
on a separate market

380
00:21:50,720 --> 00:21:53,440
or whether you should handle
both B2B and B2C simultaneously.

381
00:21:53,640 --> 00:21:55,040
But I am out today.

382
00:22:02,720 --> 00:22:04,880
I think maybe the challenge
in the business

383
00:22:05,240 --> 00:22:07,480
is the fact that you are from B2B.

384
00:22:07,920 --> 00:22:11,560
But I doubt this brand is ready.

385
00:22:12,280 --> 00:22:14,440
Currently, this is a good
product design

386
00:22:14,520 --> 00:22:16,640
which you are selling
in the B2B market

387
00:22:16,720 --> 00:22:19,160
and you've managed to get a display
in Harrods.

388
00:22:19,320 --> 00:22:22,440
So, you have to work a lot

389
00:22:23,320 --> 00:22:24,920
to make the brand.

390
00:22:26,120 --> 00:22:29,600
Second, I think if you put
your energy in the right category,

391
00:22:30,240 --> 00:22:32,160
your results will be very different.

392
00:22:32,800 --> 00:22:34,960
There are brands in India,
there is Mokobara.

393
00:22:35,040 --> 00:22:38,720
But you can make a premium brand
with your design skills.

394
00:22:38,800 --> 00:22:42,040
We can talk if you
are interested in that.

395
00:22:43,920 --> 00:22:45,880
- We are happy to get an offer.
- Yes.

396
00:22:46,240 --> 00:22:48,400
One option is that you can
take Rs. 3 crores from me

397
00:22:49,920 --> 00:22:52,080
and return all the money
to your investors.

398
00:22:52,160 --> 00:22:53,960
We will be out of cash.

399
00:22:54,040 --> 00:22:56,560
- Right!
- We will talk about cash later.

400
00:22:57,800 --> 00:22:59,360
That's a good starting point.

401
00:23:00,320 --> 00:23:02,760
We definitely are considering
that offer strongly.

402
00:23:02,840 --> 00:23:04,000
- Let me think about this offer.
- Sure.

403
00:23:04,120 --> 00:23:07,520
I haven't given much thought to this
offer yet. Give me five minutes.

404
00:23:07,640 --> 00:23:10,560
Neetica and Piyush, solid design.

405
00:23:10,760 --> 00:23:12,560
I love designs.

406
00:23:13,280 --> 00:23:14,440
Do you know that
the problem is here?

407
00:23:14,520 --> 00:23:17,240
You made a passing statement

408
00:23:17,320 --> 00:23:20,440
and you mentioned that
both of you fight over designs.

409
00:23:20,880 --> 00:23:23,160
No one can fight with you
over your designs.

410
00:23:23,520 --> 00:23:25,600
Because that is your job.

411
00:23:26,200 --> 00:23:28,680
And sir, you are not
doing your job well.

412
00:23:30,400 --> 00:23:31,680
She excels in design,

413
00:23:31,760 --> 00:23:34,000
but unfortunately, Piyush,

414
00:23:34,200 --> 00:23:36,200
there are some business challenges.

415
00:23:37,480 --> 00:23:39,440
Who owns the moulds?

416
00:23:39,760 --> 00:23:40,720
- We do.
- We own it.

417
00:23:40,800 --> 00:23:41,840
- The company?
- Yes.

418
00:23:41,920 --> 00:23:44,160
I would like to give you an offer.

419
00:23:46,400 --> 00:23:48,720
We'll change the cap table.

420
00:23:49,000 --> 00:23:50,520
I'll give you Rs. 3 crores

421
00:23:50,920 --> 00:23:53,040
for 50% of the business.

422
00:23:53,160 --> 00:23:55,600
And the rest 50%

423
00:23:55,680 --> 00:23:58,160
will be 20% with Piyush

424
00:23:58,760 --> 00:24:03,360
and 20% with Neetica
and 10% ESOP and investors

425
00:24:09,800 --> 00:24:11,760
[intense music playing]

426
00:24:13,720 --> 00:24:17,160
Rs. 3 crores for 51% of
the company's primary capital,

427
00:24:17,240 --> 00:24:19,600
with no change in the structure.

428
00:24:22,440 --> 00:24:25,040
He copied my offer. But

429
00:24:26,080 --> 00:24:28,680
don't you think the cap table
should change?

430
00:24:29,440 --> 00:24:30,680
I agree. It should change.

431
00:24:30,760 --> 00:24:33,280
Are you comfortable with
a 50% dilution in equity?

432
00:24:34,280 --> 00:24:35,240
I need to discuss that.

433
00:24:35,400 --> 00:24:37,000
Definitely, the amount of money

434
00:24:37,160 --> 00:24:38,800
that is needed is not enough.

435
00:24:40,320 --> 00:24:41,800
Just from a growth
capital point of view,

436
00:24:41,880 --> 00:24:43,240
if you take 50%

437
00:24:43,320 --> 00:24:45,040
and we raise more money later,

438
00:24:45,120 --> 00:24:46,840
our dilution will be
much lower in the future.

439
00:24:46,920 --> 00:24:50,320
At such a small stake, aiming
for a long journey of 10%,

440
00:24:50,400 --> 00:24:52,560
that's not enough skin
in the game for us.

441
00:24:53,480 --> 00:24:54,320
Point!

442
00:24:54,440 --> 00:24:57,360
First, you need to decide
who you want to partner with.

443
00:24:58,040 --> 00:25:00,920
It's not like I really want
to invest Rs. 3 crores

444
00:25:01,080 --> 00:25:03,440
- because I need equity
in this business. - Yeah!

445
00:25:03,600 --> 00:25:06,560
So, why 51%?
It's a controlling stake.

446
00:25:06,640 --> 00:25:07,720
I am making it very clear.

447
00:25:07,800 --> 00:25:09,840
To help build that brand.

448
00:25:09,960 --> 00:25:11,320
Rs. 3 crores is not enough.

449
00:25:11,400 --> 00:25:13,080
You will need a substantial amount
in the future.

450
00:25:13,160 --> 00:25:15,880
- This is a very risky investment
for me. - Agreed.

451
00:25:15,960 --> 00:25:18,840
If you think my involvement

452
00:25:18,960 --> 00:25:21,240
will benefit you, then
go ahead with this deal.

453
00:25:21,360 --> 00:25:23,440
Otherwise, don't do the deal.

454
00:25:24,080 --> 00:25:25,920
It's not good for you or me.

455
00:25:27,840 --> 00:25:30,080
This is literally a controlling
stake in your company,

456
00:25:30,160 --> 00:25:32,160
so I know it's not
an easy decision.

457
00:25:34,240 --> 00:25:35,640
A controlling stake is when

458
00:25:35,720 --> 00:25:39,720
an investor acquires more than
51% ownership in a company

459
00:25:39,960 --> 00:25:42,120
and also gains control over

460
00:25:42,200 --> 00:25:43,520
the company's strategic matters,

461
00:25:43,640 --> 00:25:45,920
operational decisions,
and the board.

462
00:25:46,560 --> 00:25:48,760
Are you not willing to
give a controlling stake?

463
00:25:48,880 --> 00:25:50,560
So, have you rejected
Peyush's offer?

464
00:25:50,760 --> 00:25:51,960
Not at 51%,

465
00:25:52,040 --> 00:25:55,640
but we are very happy to consider
our original offer

466
00:25:55,760 --> 00:25:59,040
- that was given.
- I will not do this deal below 51%.

467
00:26:00,960 --> 00:26:02,800
Since you don't want to
give a controlling stake,

468
00:26:02,880 --> 00:26:05,640
you want to run the company.
I agree and you should run it.

469
00:26:07,640 --> 00:26:08,800
Rs. 2 crores for 30%.

470
00:26:14,800 --> 00:26:16,680
[music playing]

471
00:26:18,480 --> 00:26:20,360
- Please go and decide.
- Okay.

472
00:26:20,880 --> 00:26:21,880
Thank you.

473
00:26:22,800 --> 00:26:24,680
NOOE!

474
00:26:26,120 --> 00:26:27,440
Wow, this just got interesting.

475
00:26:27,520 --> 00:26:28,800
Yeah!

476
00:26:29,440 --> 00:26:30,720
What are you doing?

477
00:26:31,000 --> 00:26:32,920
You know what I am doing.

478
00:26:33,040 --> 00:26:35,720
- I don't have to explain.
- I know.

479
00:26:37,040 --> 00:26:39,080
- Have you both noticed one thing?
- What?

480
00:26:39,160 --> 00:26:41,040
If you invest Rs. 3 crores,

481
00:26:41,120 --> 00:26:44,240
they have a debt
of Rs. 1.25 crores.

482
00:26:44,440 --> 00:26:47,240
I am okay to pay
that eventually.

483
00:26:48,120 --> 00:26:50,240
- We can't give them a
controlling stake. - It's too much.

484
00:26:50,320 --> 00:26:54,040
That's too much ask. Asking
for a controlling stake is too much.

485
00:26:55,400 --> 00:26:58,520
Let's settle for Rs. 5 crores
for 51%.

486
00:27:00,760 --> 00:27:02,840
You could have stepped out.
I would have made a good deal.

487
00:27:02,960 --> 00:27:04,520
I will be out. They will accept
your offer.

488
00:27:04,600 --> 00:27:06,120
- I am in minority...
- Why did you interfere

489
00:27:06,240 --> 00:27:08,640
when I was trying to
make a deal for 50%?

490
00:27:08,760 --> 00:27:10,720
I don't want to be in
a minority stake in this.

491
00:27:13,880 --> 00:27:15,880
[music playing]

492
00:27:16,400 --> 00:27:18,200
Welcome back, Team NOOE.

493
00:27:22,320 --> 00:27:24,720
Thank you both for your offer.
We really appreciate it.

494
00:27:26,120 --> 00:27:28,640
We won't be able to make a deal from
a controlling stake point of view.

495
00:27:28,720 --> 00:27:30,680
I understand and I respect it.

496
00:27:31,400 --> 00:27:34,880
You know, it doesn't leave us
with any output in the end.

497
00:27:34,960 --> 00:27:36,160
But there is a good
outcome for you.

498
00:27:36,280 --> 00:27:38,440
Because you guys
will make a lot of money.

499
00:27:39,480 --> 00:27:41,760
Because now, my skin
in the game is so high.

500
00:27:41,920 --> 00:27:42,880
In many ways,

501
00:27:42,920 --> 00:27:45,520
- I have taken all the liabilities
of the company. - Yes.

502
00:27:45,600 --> 00:27:47,360
I will have to do the clean-up.

503
00:27:47,440 --> 00:27:49,680
You will get a big outcome
in the end.

504
00:27:49,840 --> 00:27:50,960
With that same principle,

505
00:27:51,080 --> 00:27:53,960
- we become employees and
not founders. - Very nice.

506
00:27:55,120 --> 00:27:59,080
I need a clarification.
You mentioned Rs. 3 crores for 30%.

507
00:27:59,160 --> 00:28:01,040
I said Rs. 2 crores for 30%.

508
00:28:01,120 --> 00:28:03,680
Okay! Is that to buy out
the current investors,

509
00:28:03,760 --> 00:28:05,640
or is it a direct infusion
where everybody gets diluted?

510
00:28:05,760 --> 00:28:08,120
The cap table will
completely change.

511
00:28:08,720 --> 00:28:12,200
And the Rs. 2 crores for 30%
will go towards the primary,

512
00:28:29,440 --> 00:28:32,040
I don't want to give Rs. 5 crores
for 20%.

513
00:28:33,600 --> 00:28:37,120
I think this is the best I could
have done for you guys.

514
00:28:43,840 --> 00:28:46,600
So, do you accept
his deal or not?

515
00:28:48,920 --> 00:28:49,960
No!

516
00:28:52,200 --> 00:28:54,000
Why don't you give Peyush a counter?

517
00:28:54,080 --> 00:28:56,000
Okay, guys! So, I think
you are out of options.

518
00:28:56,080 --> 00:28:58,360
Thank you for educating us
about design.

519
00:28:58,440 --> 00:29:00,120
Neetica, do you want
to say something?

520
00:29:00,200 --> 00:29:02,960
No, I think we had also said that

521
00:29:03,040 --> 00:29:04,280
we should give...

522
00:29:04,440 --> 00:29:07,240
You guys had mentioned there
should be counteroffers

523
00:29:07,520 --> 00:29:11,240
for both people. So, do you
also want to ask Peyush?

524
00:29:11,840 --> 00:29:15,120
Would you reconsider that 51%
controlling stake?

525
00:29:19,040 --> 00:29:20,200
How much lower?

526
00:29:22,600 --> 00:29:25,240
- 30%
- No, I am sorry.

527
00:29:25,520 --> 00:29:28,400
Can you increase the amount
of money you are giving?

528
00:29:28,480 --> 00:29:30,920
I can give Rs. 5 crores for 51%.

529
00:29:34,560 --> 00:29:37,240
Look, you have to understand
that this business is going nowhere.

530
00:29:37,360 --> 00:29:40,120
You have a debt of Rs. 1.25 crores.

531
00:29:40,400 --> 00:29:43,280
There is no direction
and strategy in this business.

532
00:29:43,440 --> 00:29:45,960
There is a logic behind why I am
willing to invest Rs. 5 crores.

533
00:29:46,080 --> 00:29:47,840
You said the business
will require money.

534
00:29:47,920 --> 00:29:49,040
If I invest Rs. 3 crores now,

535
00:29:49,160 --> 00:29:51,480
I know I will eventually
have to put in Rs. 5 crores.

536
00:29:51,600 --> 00:29:54,360
So, I will commit it to you today
that I will do it.

537
00:29:54,440 --> 00:29:57,880
Because there will be no benefit
if you dilute more in the future.

538
00:29:58,000 --> 00:29:59,800
Because you have to
win in the entire scheme.

539
00:29:59,920 --> 00:30:02,640
- Without you, this
business is over. - Yes.

540
00:30:02,720 --> 00:30:06,400
You just said you won't give 51%,
but now, you are willing to do so.

541
00:30:06,680 --> 00:30:08,760
[music playing]

542
00:30:09,000 --> 00:30:10,840
When I am giving you
Rs. 2 crores for 30%...

543
00:30:10,920 --> 00:30:13,240
So, I increase the value
for you, okay?

544
00:30:13,320 --> 00:30:15,200
Now, you are saying you
don't want to give 51%.

545
00:30:15,280 --> 00:30:17,040
Now you are agreeing to give 51%.

546
00:30:17,120 --> 00:30:18,760
What is going on?
Why are you so confused?

547
00:30:21,400 --> 00:30:25,000
- For...
- You... You need help.

548
00:30:25,080 --> 00:30:28,040
- A lot of help.
- I am willing to do so 30%.

549
00:30:28,160 --> 00:30:30,640
Keep the cap table same and
speak with your investor.

550
00:30:31,480 --> 00:30:33,400
[music playing]

551
00:30:34,760 --> 00:30:37,680
So, we would like to consider
Peyush's offer

552
00:30:37,760 --> 00:30:40,800
at 51% for Rs. 5 crores.

553
00:30:42,080 --> 00:30:45,520
Neetica, if you want a job or
do something else, let me know.

554
00:30:46,160 --> 00:30:49,000
With Peyush getting into the business,
the perspective of thinking changes.

555
00:30:49,080 --> 00:30:52,080
He is not being an investor,
he's being a partner with us.

556
00:30:52,160 --> 00:30:53,600
Now, when you look at that,

557
00:30:53,680 --> 00:30:55,520
it totally changes the entire game.

558
00:30:55,600 --> 00:30:58,760
Because you gave me an opportunity
to think in that manner.

559
00:30:58,840 --> 00:31:01,040
So, which was...
It was ideal for us.

560
00:31:02,160 --> 00:31:03,520
Click a photo.

561
00:31:13,480 --> 00:31:14,680
Don't listen to anyone.

562
00:31:14,760 --> 00:31:16,480
- It's not a bad deal. Trust me.
- Thank you!

563
00:31:16,560 --> 00:31:17,400
All the best.

564
00:31:20,520 --> 00:31:21,680
Intense!

565
00:31:22,680 --> 00:31:23,960
Hello, Piyush and Neetica.

566
00:31:24,040 --> 00:31:25,560
- Hello!
- Welcome to the PokerBaazi zone.

567
00:31:25,640 --> 00:31:26,840
- Thank you.
- Where you hold the cards.

568
00:31:26,920 --> 00:31:29,240
Whether it's poker or business,
the tide can turn anytime.

569
00:31:29,320 --> 00:31:32,800
In poker, there are three phases
for revealing community cards.

570
00:31:32,880 --> 00:31:35,520
The first phase is flop,

571
00:31:37,280 --> 00:31:39,280
the second phase is turn,

572
00:31:39,360 --> 00:31:41,160
and then comes river.

573
00:31:41,360 --> 00:31:43,800
Just like there are three phases
of entrepreneurship,

574
00:31:43,880 --> 00:31:45,480
the first phase
is introduction phase,

575
00:31:45,600 --> 00:31:47,480
the second phase is growth phase,
and the third one is maturity phase.

576
00:31:47,560 --> 00:31:48,920
Can you share a memorable story

577
00:31:49,080 --> 00:31:50,960
from your journey

578
00:31:51,040 --> 00:31:52,800
that relates to one of these phases?

579
00:31:53,320 --> 00:31:57,120
I think the growth phase
matters a lot to us.

580
00:31:57,200 --> 00:32:00,320
Because we cracked Harrods
as our retail store.

581
00:32:00,400 --> 00:32:02,680
That was the biggest validation
which we celebrated.

582
00:32:02,760 --> 00:32:04,560
If this was our hand while playing,

583
00:32:04,640 --> 00:32:06,120
it would've been a full house.

584
00:32:06,200 --> 00:32:08,640
- Which is the fourth-strongest
winning hand. - Yeah.

585
00:32:08,720 --> 00:32:10,000
I have a gift for you

586
00:32:10,080 --> 00:32:11,760
- for your strategy.
- Wow! Thank you!

587
00:32:11,880 --> 00:32:15,040
It's a ticket to the National
Poker Series 2025,

588
00:32:15,120 --> 00:32:16,160
worth Rs. 1 lakh.

589
00:32:16,240 --> 00:32:19,960
If you too possess the skills
and strategy of a true player

590
00:32:20,080 --> 00:32:21,520
and play your winning hand.

591
00:32:21,600 --> 00:32:23,480
Go and download PokerBaazi app now.

592
00:32:23,560 --> 00:32:26,480
'Shark Tank India, co-presented by
ACKO Insurance,

593
00:32:26,600 --> 00:32:28,640
'PokerBaazi and Swiggy Instamart.'

594
00:32:28,720 --> 00:32:31,360
'Co-powered by Adani,
and Jaguar Bath and Light.'

595
00:32:31,480 --> 00:32:34,480
'And partners, Rayzon Solar,
ICICI Direct,'

596
00:32:34,600 --> 00:32:36,560
'Lenskart and Sofy.'

597
00:32:40,160 --> 00:32:42,640
[theme music playing]

598
00:33:02,440 --> 00:33:05,000
Hello, Sharks! My name is Kiran.

599
00:33:07,160 --> 00:33:09,440
The family I belong to

600
00:33:09,520 --> 00:33:12,640
has been making ice creams
for the last 50 years.

601
00:33:21,200 --> 00:33:22,640
And that was it.

602
00:33:22,720 --> 00:33:25,640
In 2014, I packed up

603
00:33:25,720 --> 00:33:28,000
and returned to help my family.

604
00:33:28,080 --> 00:33:31,280
When I came here,
I thoroughly understood

605
00:33:31,360 --> 00:33:34,560
the consumers' needs
and the competition,

606
00:33:34,680 --> 00:33:38,240
and I expanded my family business,
which was limited to just one store,

607
00:33:38,320 --> 00:33:40,800
- to 100 stores.
- Wow!

608
00:33:47,440 --> 00:33:50,400
...of their health and is
also very aspirational.

609
00:33:51,280 --> 00:33:53,120
So, in 2022,

610
00:33:53,360 --> 00:33:55,560
I launched Go Zero.

611
00:33:56,320 --> 00:33:58,520
Go Zero is a brand

612
00:33:58,600 --> 00:34:00,200
where you can find all types

613
00:34:00,280 --> 00:34:03,000
of ice creams and desserts

614
00:34:03,080 --> 00:34:06,280
with zero sugar and zero guilt.

615
00:34:12,920 --> 00:34:14,000
[chuckles]

616
00:34:14,080 --> 00:34:16,280
So, Sharks, would you
like to try them?

617
00:34:16,360 --> 00:34:19,400
You have been given
our top-selling flavour.

618
00:34:20,240 --> 00:34:22,600
- Wow!
- Which is Belgian Dark Chocolate.

619
00:34:22,680 --> 00:34:24,640
Anupam, since

620
00:34:24,800 --> 00:34:26,280
you are lactose intolerant,

621
00:34:26,360 --> 00:34:28,800
we've provided
a vegan option for you.

622
00:34:28,880 --> 00:34:30,080
Thank you, sir.

623
00:34:32,600 --> 00:34:35,520
Currently, we have
more than 30 flavours

624
00:34:35,600 --> 00:34:37,440
in 8 categories.

625
00:34:37,520 --> 00:34:39,440
Also, we have made it from

626
00:34:39,520 --> 00:34:42,760
our proprietary
sugar replacement blend.

627
00:35:01,000 --> 00:35:02,120
- Number one!
- Well done.

628
00:35:11,760 --> 00:35:14,680
'Why didn't you invest
in such a cool company?'

629
00:35:14,760 --> 00:35:16,440
Won't you feel guilty then?

630
00:35:16,840 --> 00:35:19,040
To free you from this guilt,

631
00:35:19,120 --> 00:35:23,560
- my ask is Rs. 1 crore
for 1% equity. - Phew!

632
00:35:24,240 --> 00:35:26,440
So, Sharks, from now on,

633
00:35:27,320 --> 00:35:29,880
zero is the real hero.

634
00:35:38,880 --> 00:35:41,600
Good ice cream.
I buy your ice creams.

635
00:35:41,680 --> 00:35:43,160
Oh, thank you so much.

636
00:35:43,480 --> 00:35:45,600
It's really good.

637
00:35:45,680 --> 00:35:47,480
Yes. It tastes like
it's made of milk.

638
00:35:47,560 --> 00:35:49,400
- Seriously! It's very milky.
- Yes.

639
00:35:49,480 --> 00:35:52,760
Please tell us about the background.
How did you start?

640
00:35:53,000 --> 00:35:55,520
I was born into an ice cream family.

641
00:35:55,800 --> 00:35:58,360
Since 1971, Apsara Ice Creams...

642
00:36:09,000 --> 00:36:12,320
And then, I worked as
a Software Engineer in Wipro.

643
00:36:12,480 --> 00:36:15,040
In the batches of 2009 and 2011

644
00:36:15,160 --> 00:36:16,920
I did my MBA from IIM Lucknow.

645
00:36:23,440 --> 00:36:25,920
So, I returned from
Singapore in 2014.

646
00:36:26,040 --> 00:36:28,840
And, I joined my family business,
Apsara Ice creams.

647
00:36:28,960 --> 00:36:32,200
In 2020-21, I also saw...

648
00:36:36,880 --> 00:36:38,840
had begun picking up sales.

649
00:36:39,040 --> 00:36:40,720
So now, the consumers...

650
00:36:40,800 --> 00:36:44,960
are realising that too much
sugar is not good for them.

651
00:36:45,040 --> 00:36:47,280
So, I decided...

652
00:36:47,360 --> 00:36:49,920
if we want to build a new brand

653
00:36:50,040 --> 00:36:52,560
then, I will have to
select a category

654
00:36:52,720 --> 00:36:55,600
which, in the next 10-15 years

655
00:36:55,680 --> 00:36:57,800
has to pick up a lot...

656
00:37:06,160 --> 00:37:07,680
You have a similar story.

657
00:37:07,800 --> 00:37:09,600
After Apsara, you're here...

658
00:37:09,680 --> 00:37:11,960
We didn't sell Apsara. The family
business is still running.

659
00:37:12,040 --> 00:37:13,520
My dad, my uncle and my brother.

660
00:37:13,600 --> 00:37:14,640
They are running it.

661
00:37:14,760 --> 00:37:16,960
- And, you separately launched this?
- Yes, I did.

662
00:37:17,120 --> 00:37:18,240
And, you have a share in that?

663
00:37:18,520 --> 00:37:20,120
- No, I don't have a share.
- Okay.

664
00:37:20,280 --> 00:37:23,000
Kiran, will you explain
this landscape a little?

665
00:37:23,120 --> 00:37:26,680
A lot of companies have suddenly
come up with guilt-free ice creams.

666
00:37:27,680 --> 00:37:29,480
We are probably the
last ice cream brand

667
00:37:29,480 --> 00:37:31,240
- to enter this category.
- That's right.

668
00:37:31,360 --> 00:37:34,320
4-5 brands have already
arrived before us.

669
00:37:34,400 --> 00:37:38,000
They have brought brands with
a full-fledged guilt-free category.

670
00:37:38,280 --> 00:37:40,880
But, the established
incumbent brands...

671
00:37:40,960 --> 00:37:43,120
Naturals, NIC, Baskins...

672
00:37:43,200 --> 00:37:45,240
they began launching
such flavours too.

673
00:37:45,320 --> 00:37:46,920
But, I believe...

674
00:37:47,040 --> 00:37:49,640
that in any category...

675
00:37:49,720 --> 00:37:52,760
the unique identity that
any brand will have

676
00:37:52,840 --> 00:37:54,960
will help them scale further.

677
00:37:55,040 --> 00:37:57,480
And, a classic example of this

678
00:37:57,560 --> 00:38:00,600
that I noticed in my first 8 years
of ice cream journey

679
00:38:00,720 --> 00:38:01,840
was Natural Ice creams.

680
00:38:02,640 --> 00:38:05,040
Their product and branding...

681
00:38:05,120 --> 00:38:06,400
was so sharp.

682
00:38:06,520 --> 00:38:09,360
- And, their name also
was Naturals, so... - Exactly.

683
00:38:09,480 --> 00:38:11,840
So, with several ice cream brands

684
00:38:11,920 --> 00:38:14,400
if you hear or say their names

685
00:38:14,480 --> 00:38:17,640
you won't be able to pinpoint

686
00:38:17,760 --> 00:38:20,000
what is that ice cream
brand known for.

687
00:38:20,080 --> 00:38:22,320
But, all brands,
except for their names

688
00:38:22,400 --> 00:38:23,600
your name is bang-on...

689
00:38:23,680 --> 00:38:25,480
other than that, all brands

690
00:38:25,560 --> 00:38:29,760
are adding substitutes of sugar
like stevia and maltitol.

691
00:38:29,880 --> 00:38:33,920
So, apart from the brand name,
what is unique about the product?

692
00:38:34,840 --> 00:38:37,200
Vineeta, there are 2-3
different aspects here.

693
00:38:37,280 --> 00:38:39,920
Today, as sugar substitutes,
we have

694
00:38:40,000 --> 00:38:43,240
8-10 types of substitutes
available in the market.

695
00:38:43,320 --> 00:38:45,120
Some of them are artificial.

696
00:38:45,200 --> 00:38:46,440
Some are natural.

697
00:38:46,520 --> 00:38:48,240
Some are a mix of both.

698
00:38:48,800 --> 00:38:51,160
I think, our USP in this is...

699
00:38:51,240 --> 00:38:54,720
we are probably the only
100% zero sugar brand.

700
00:38:55,520 --> 00:38:58,920
But, if I talk about
our existing competition

701
00:38:59,000 --> 00:39:01,160
they are not 100% zero sugar.

702
00:39:01,240 --> 00:39:02,760
So, they claim low sugar.

703
00:39:02,880 --> 00:39:04,200
N-not completely true.

704
00:39:05,120 --> 00:39:08,520
All of them have a no sugar range.

705
00:39:08,720 --> 00:39:11,320
So, they have a no sugar range,
but, sugar ones too.

706
00:39:11,400 --> 00:39:15,960
- So, your differentiative is that
you're sharply focused. - Yes.

707
00:39:16,120 --> 00:39:18,200
And, your identity is very clear.

708
00:39:18,280 --> 00:39:19,800
- What you stand for.
- Yes.

709
00:39:20,760 --> 00:39:22,480
How much market share
do you have in this category?

710
00:39:22,560 --> 00:39:24,000
30-40% market share.

711
00:39:27,440 --> 00:39:28,880
Let's remove the unorganised part.

712
00:39:28,960 --> 00:39:30,840
Organised is 65%.

713
00:39:38,640 --> 00:39:40,000
What must their share be?

714
00:39:40,400 --> 00:39:42,600
So, almost 95% is incumbent.

715
00:39:47,200 --> 00:39:48,760
I think, less than 1000 crores.

716
00:39:48,880 --> 00:39:50,320
You're playing in
a 1000 crore market.

717
00:39:50,400 --> 00:39:52,760
From that, low sugar, and...

718
00:39:53,000 --> 00:39:55,160
whatever you call this category...
how big is that?

719
00:39:55,240 --> 00:39:57,880
So, I will also consider
those brands in this

720
00:39:58,000 --> 00:40:00,440
who have zero sugar
options available today.

721
00:40:00,520 --> 00:40:02,880
But, the 1000 crore market
that you're talking about...

722
00:40:02,960 --> 00:40:05,000
must be seeing the maximum growth?

723
00:40:05,080 --> 00:40:07,600
- The fastest growing segment
is this one. - It is, right?

724
00:40:07,680 --> 00:40:10,280
So, if I talk about the
overall ice cream category...

725
00:40:23,520 --> 00:40:26,200
What is the cost of their
no-sugar ice cream variants

726
00:40:26,320 --> 00:40:29,360
and, how much will yours cost?

727
00:40:30,200 --> 00:40:31,800
In ice creams, generally...

728
00:40:31,880 --> 00:40:34,040
the market sizing done by us

729
00:40:34,120 --> 00:40:36,400
is divided into three price points.

730
00:40:36,520 --> 00:40:39,440
One price point is the cups.

731
00:40:39,600 --> 00:40:41,760
Under Rs. 40-50.

732
00:40:41,840 --> 00:40:44,400
That includes Amul, Vadilal...

733
00:41:10,040 --> 00:41:12,280
What is the market share
of the lower funnel?

734
00:41:12,360 --> 00:41:14,720
That has almost 60% of market share.

735
00:41:14,840 --> 00:41:16,240
And, the one above,
that you're playing at?

736
00:41:16,320 --> 00:41:17,400
Almost 30%.

737
00:41:17,480 --> 00:41:20,680
And, the last 10%
is the ultra premium.

738
00:41:20,760 --> 00:41:24,360
In low-sugar, 300 crores is the
market at your price point.

739
00:41:24,440 --> 00:41:27,320
Currently, and it is growing at 30%.

740
00:41:28,440 --> 00:41:29,600
Can you tell us your revenues?

741
00:41:29,720 --> 00:41:32,760
We launched in July 2022.

742
00:41:32,840 --> 00:41:35,720
That year, our net revenue
was 2.5 crores.

743
00:41:35,920 --> 00:41:39,520
In 2023-24,
our revenue was 11.1 crores.

744
00:41:39,640 --> 00:41:42,560
And, in this financial year,
we're projecting 33 crores.

745
00:41:42,680 --> 00:41:45,000
- Oh, crazy! - And, we've
already done 15.1 crores.

746
00:41:45,080 --> 00:41:46,080
And, loss?

747
00:41:46,160 --> 00:41:49,000
- Uh, we are at around
- 15% EBITDA loss.

748
00:41:49,080 --> 00:41:50,000
Wow!

749
00:41:51,000 --> 00:41:53,560
- Actually, this is the issue
with the food industry. - Yes.

750
00:41:53,640 --> 00:41:56,120
Because, your gross margin
must be 40-45%.

751
00:41:56,240 --> 00:41:59,080
Our gross margin in
today's date is 70%.

752
00:41:59,320 --> 00:42:00,560
And still, 15% loss?

753
00:42:00,640 --> 00:42:03,280
- So, I'll just explain the
unit economics. - Okay.

754
00:42:03,360 --> 00:42:07,080
After removing our
GST and discount margins

755
00:42:07,160 --> 00:42:09,040
we make a net revenue of Rs. 100.

756
00:42:51,040 --> 00:42:53,920
but, it shows that it's
because of your marketing.

757
00:42:54,080 --> 00:42:58,160
But, you're spending more than
you're making to acquire customers.

758
00:42:58,240 --> 00:43:01,920
Today, on this platform,
if I want to acquire a customer

759
00:43:02,040 --> 00:43:03,920
I have to do marketing

760
00:43:04,000 --> 00:43:06,400
and I have to give offers.

761
00:43:06,480 --> 00:43:08,480
So, my target audience

762
00:43:08,560 --> 00:43:12,200
is not somebody who just wants
to have sugar-free ice cream.

763
00:43:12,280 --> 00:43:14,320
I am also targeting the consumer

764
00:43:14,400 --> 00:43:16,840
who wants to eat
a normal indulgent ice cream.

765
00:43:16,920 --> 00:43:19,680
So, for example, if you like
the Magnum chocolate bar

766
00:43:30,760 --> 00:43:32,160
of quick commerce
to understand this.

767
00:43:36,040 --> 00:43:38,040
So, sales are about 3 crores?

768
00:43:38,120 --> 00:43:40,600
With GST, we sell around
4.5-5 crores on quick commerce.

769
00:43:49,080 --> 00:43:51,680
Oh! So, the 33 crores
that you mentioned...

770
00:43:51,760 --> 00:43:53,720
That is post the 35%
margin and commission

771
00:43:53,720 --> 00:43:55,000
which we give to quick comm.

772
00:43:55,080 --> 00:43:57,000
- Oh, that is post this?
- Yes.

773
00:43:57,080 --> 00:44:00,560
How much marketing do you spend
on quick commerce out of 4.5 crores?

774
00:44:00,640 --> 00:44:03,040
So, we spend around 45%.

775
00:44:03,280 --> 00:44:04,680
Of 4.5 crores?

776
00:44:04,760 --> 00:44:07,480
But, that includes marketing
as well as the consumer offers.

777
00:44:07,560 --> 00:44:09,600
How much is only marketing,
other than discounts?

778
00:44:09,680 --> 00:44:13,640
Only marketing, like, we did
almost 30% in the summer.

779
00:44:13,840 --> 00:44:18,080
And now, we scaled down and
spent only 21% in October.

780
00:44:19,440 --> 00:44:23,680
Do you feel, you have out-marketed
everyone on quick commerce?

781
00:44:23,760 --> 00:44:26,800
Today, on quick commerce,
we have 70% market share.

782
00:44:34,080 --> 00:44:37,640
that the first 100-150 crores
that any brand makes

783
00:44:37,720 --> 00:44:39,680
is done by holding on
to any one channel.

784
00:44:39,760 --> 00:44:41,600
So, if I talk about Naturals.

785
00:44:41,720 --> 00:44:45,120
They made their first 100 crores
only through parlour models.

786
00:44:45,880 --> 00:44:48,120
Then came a brand, NIC.

787
00:44:48,200 --> 00:44:50,680
They made their first 100-150 crores

788
00:44:50,760 --> 00:44:53,520
only through the dark store model.
They didn't have a single store.

789
00:44:53,600 --> 00:44:56,320
I've seen that in the last two years

790
00:44:56,440 --> 00:44:58,560
the one channel that has risen

791
00:44:58,640 --> 00:45:01,160
which is very suited
for this category

792
00:45:01,280 --> 00:45:02,840
- is quick commerce.
- That's true.

793
00:45:02,920 --> 00:45:05,520
Now, today, the number two
searched keyword

794
00:45:05,600 --> 00:45:07,400
on quick commerce

795
00:45:07,520 --> 00:45:09,680
on any platform today is ice cream.

796
00:45:09,760 --> 00:45:11,560
The number one search
keyword is milk.

797
00:45:19,560 --> 00:45:23,080
to a range of 40-45,000 crores.

798
00:45:23,160 --> 00:45:25,680
The second searched
in that is ice cream?

799
00:45:25,760 --> 00:45:29,680
- Yes. And, if... - And, guilt-free
is sold only for 75 crores?

800
00:45:29,760 --> 00:45:31,920
- Yes. - How much is
the guilt-filled selling for?

801
00:45:54,800 --> 00:45:57,000
You are saying,
3600 crores worth ice cream

802
00:45:57,000 --> 00:45:59,400
- is selling per year on
quick commerce in India? - Yes.

803
00:46:01,000 --> 00:46:01,800
And, this is...

804
00:46:01,880 --> 00:46:04,920
- That's where I was getting...
- You've researched this data?

805
00:46:05,400 --> 00:46:07,680
No, this is...
I mean, it is not my data.

806
00:46:08,560 --> 00:46:10,160
Look, he belongs to this category.

807
00:46:10,800 --> 00:46:13,400
He's saying, this much ice cream
is selling in the market.

808
00:46:13,600 --> 00:46:16,440
I-I want to believe
what you're saying is right.

809
00:46:16,520 --> 00:46:19,120
As per your category, this is done.
Because...

810
00:46:19,240 --> 00:46:22,280
if it wouldn't, so many investors
wouldn't enter it too.

811
00:46:22,400 --> 00:46:24,000
Several investors are entering.

812
00:46:24,080 --> 00:46:26,760
They're buying brands too.
Brand acquisition is happening.

813
00:46:26,840 --> 00:46:28,560
I am believing that
your market share...

814
00:46:28,640 --> 00:46:30,440
market category can be this high.

815
00:46:30,520 --> 00:46:32,240
But, your valuation.

816
00:46:32,640 --> 00:46:34,720
It is an actual reason to scream!

817
00:46:34,880 --> 00:46:37,680
Ice cream valuation at 100 crores.
Why?

818
00:46:37,960 --> 00:46:40,720
He's taken funding, so,
he must have calculated valuation.

819
00:46:40,800 --> 00:46:42,600
When I raised my first round

820
00:46:42,680 --> 00:46:45,520
it was a seed round
raised in Jan 2023.

821
00:46:45,600 --> 00:46:49,960
I raised 8.5 crores at
a pre-money of 25 crores.

822
00:46:50,160 --> 00:46:54,120
At that time, our annual
run-rate was at 2.5 crores.

823
00:46:54,200 --> 00:46:56,280
Later, in Jan 2024

824
00:46:56,360 --> 00:46:57,600
we raised a follow-up round

825
00:46:57,600 --> 00:46:59,800
- with the same investors.
- Who are the investors?

826
00:46:59,920 --> 00:47:02,040
Uh, so, we have three
consumer VC funds.

827
00:47:02,120 --> 00:47:05,320
DSG Consumer,
SAMA Capital and V3 Ventures.

828
00:47:06,200 --> 00:47:09,560
We raised a follow-up round
with them in Jan 2024

829
00:47:09,800 --> 00:47:13,120
which was 12 crores at
a pre-revenue of 63 crores.

830
00:47:13,200 --> 00:47:16,000
We were making a revenue
of 12 crores then.

831
00:47:16,080 --> 00:47:19,440
Based on a multiple of 5,
we got a pre-revenue of 63.

832
00:47:19,880 --> 00:47:22,600
But, in the summer season after that

833
00:47:22,680 --> 00:47:25,080
our sales went up from a monthly

834
00:47:25,160 --> 00:47:27,720
revenue of around 1-1.5 crores

835
00:47:27,800 --> 00:47:30,840
and, we are consistently clocking
revenue of 2.5 crores now.

836
00:47:30,920 --> 00:47:32,600
But, Kiran, your investors...

837
00:47:32,680 --> 00:47:35,640
Are they okay that you're spending
so much money to buy sales?

838
00:47:35,720 --> 00:47:37,800
Or, have they told
you to stop a little?

839
00:47:37,880 --> 00:47:39,440
Even if the investors don't say it

840
00:47:39,520 --> 00:47:42,560
as a Gujju entrepreneur, I don't
believe in wasting money myself.

841
00:47:43,440 --> 00:47:46,600
So, what's the path
to profitability here?

842
00:47:46,960 --> 00:47:49,440
In our coming season...

843
00:47:49,520 --> 00:47:50,800
we are projecting

844
00:47:50,880 --> 00:47:54,240
that we will close
this year at -5% CM 2.

845
00:48:30,360 --> 00:48:33,920
I have a dream that I want
to fulfil with Go Zero

846
00:48:34,000 --> 00:48:35,960
and, this is the reason
with which I've started.

847
00:48:36,080 --> 00:48:36,880
What was the dream?

848
00:48:36,960 --> 00:48:38,960
To build the biggest
ice cream company in India.

849
00:48:39,680 --> 00:48:43,360
Kiran! There are no questions
that you are unable to answer.

850
00:48:43,440 --> 00:48:48,400
Because, it is almost perfect
founder-market fit.

851
00:48:49,000 --> 00:48:50,880
- Founder-market fit.
- So, you know everything.

852
00:48:51,560 --> 00:48:53,000
What's scaring me is...

853
00:48:53,200 --> 00:48:55,040
are you a little too smart?

854
00:48:55,920 --> 00:48:57,920
In the sense, anyone else...

855
00:48:58,000 --> 00:49:00,080
Is there room for anybody else?

856
00:49:00,200 --> 00:49:01,800
- I mean...
- Do you have a co-founder?

857
00:49:01,880 --> 00:49:03,520
Uh, no, I don't.

858
00:49:03,600 --> 00:49:05,440
I don't feel a need for a co-founder

859
00:49:05,520 --> 00:49:07,800
but, I definitely feel
the need for a mentor.

860
00:49:09,000 --> 00:49:11,600
At the end of the day,
I need to back my ability, as well.

861
00:49:11,720 --> 00:49:14,480
- Perfect! So, you need guidance?
- Correct.

862
00:49:14,560 --> 00:49:17,920
You already have that
with DSG, SAMA and V3.

863
00:49:18,000 --> 00:49:19,560
The way I look at it is...

864
00:49:19,640 --> 00:49:22,200
uh, consumer VC funds

865
00:49:22,280 --> 00:49:24,640
have a suitable modus operandi.

866
00:49:24,720 --> 00:49:28,120
But, uh, these are
not founder operators.

867
00:49:28,200 --> 00:49:31,960
So, the guidance and the journeys
that you guys have seen...

868
00:49:32,080 --> 00:49:35,920
The way you have scaled
your respective businesses...

869
00:49:36,040 --> 00:49:38,880
I am pretty sure there is
a lot of value to be derived there

870
00:49:39,000 --> 00:49:41,240
which a consumer VC fund
cannot give me.

871
00:49:41,520 --> 00:49:44,560
Okay, I'll make you
a guilt-free offer.

872
00:49:45,360 --> 00:49:47,960
What I love is clarity of thought.

873
00:49:48,040 --> 00:49:50,720
And, your understanding
of the market is excellent.

874
00:49:50,800 --> 00:49:55,120
One problem is,
you're a 75% market leader

875
00:49:55,240 --> 00:49:57,600
in a market which is very small.

876
00:49:57,840 --> 00:49:59,120
You'll have to solve that

877
00:49:59,200 --> 00:50:02,080
but, I'm sure you'll figure it out
as you're very sharp.

878
00:50:02,240 --> 00:50:06,400
So, my offer to you is
50 lakhs for 0.79%

879
00:50:06,480 --> 00:50:08,120
which is 63 crore valuation.

880
00:50:08,240 --> 00:50:09,720
And, 50 lakhs debt

881
00:50:09,800 --> 00:50:12,480
at 12% interest rate for 3 years.

882
00:50:16,280 --> 00:50:17,440
[chuckling]

883
00:50:19,440 --> 00:50:21,480
So, my offer was,
actually, very different.

884
00:50:21,560 --> 00:50:25,240
I wanted 5% of the
company for 2 crores.

885
00:50:25,520 --> 00:50:29,240
So, lesser valuation
than what you last got.

886
00:50:29,360 --> 00:50:31,000
And, this is conditional.

887
00:50:31,560 --> 00:50:34,520
If you're doing another round
of at least 10 crores.

888
00:50:45,480 --> 00:50:49,240
And, I think, there are
a few overlap areas here.

889
00:50:49,520 --> 00:50:51,320
It will be uncomfortable for

890
00:50:51,320 --> 00:50:54,240
the founder of NOTO and you,
if I invest here.

891
00:50:54,360 --> 00:50:56,920
- Today, I'm out.
- Thank you so much, Kunal.

892
00:50:57,080 --> 00:51:00,880
I think, somewhere,
you're into intense marketing

893
00:51:00,960 --> 00:51:04,360
raising revenue, raising GMV,
lot of companies.

894
00:51:04,720 --> 00:51:07,760
I have 15 years of experience too.
I've made that mistake.

895
00:51:08,600 --> 00:51:11,920
Uh, some people revive,
several companies

896
00:51:12,240 --> 00:51:13,840
don't get a chance to revive.

897
00:51:13,920 --> 00:51:16,440
And, very good companies
and founders

898
00:51:16,800 --> 00:51:19,760
are unable to revive, because,
when your costs rise that high

899
00:51:19,960 --> 00:51:22,040
and, there's a mad rush.

900
00:51:22,120 --> 00:51:24,320
'We had a 70% market share.'

901
00:51:24,400 --> 00:51:26,720
'How did we reach 50?
I have to push the money.'

902
00:51:27,080 --> 00:51:28,960
Right? And, somewhere, I feel...

903
00:51:29,080 --> 00:51:31,080
you are among them.

904
00:51:31,200 --> 00:51:33,840
For these reasons,
I am out right now. Best of luck.

905
00:51:33,920 --> 00:51:35,080
Thanks, Peyush.

906
00:51:35,480 --> 00:51:37,400
Kiran, ah! I think, we don't have

907
00:51:37,400 --> 00:51:39,720
as much knowledge
as you about the product.

908
00:51:39,800 --> 00:51:41,920
As you've been selling this
since you were a kid.

909
00:51:42,720 --> 00:51:44,840
I think, you've built a good brand,
Go Zero.

910
00:51:44,920 --> 00:51:48,880
It's very clear branding,
about what you do.

911
00:51:48,960 --> 00:51:51,840
But, you want
the outsider perspective too.

912
00:51:51,920 --> 00:51:54,560
I agree, investors cannot give that.

913
00:51:54,640 --> 00:51:57,640
Founder-investor is different
from these VC investors.

914
00:51:57,760 --> 00:52:00,080
I personally feel, I can help you.

915
00:52:00,840 --> 00:52:03,880
But, your valuation makes me scream.

916
00:52:04,680 --> 00:52:06,920
Uh, so, I'll give 1 crore for 2%.

917
00:52:08,160 --> 00:52:10,400
[tense music playing]

918
00:52:13,960 --> 00:52:16,880
Thank you so much
for the generous offers.

919
00:52:17,200 --> 00:52:19,280
Aman,
I have a counter offer for you.

920
00:52:19,440 --> 00:52:21,400
Uh, can we do this at 1.5%?

921
00:52:21,480 --> 00:52:23,480
[suspenseful music playing]

922
00:52:29,120 --> 00:52:32,000
It's a little less than
my previous round.

923
00:52:34,640 --> 00:52:35,760
Okay, do it.

924
00:52:37,280 --> 00:52:38,200
Less than that?

925
00:52:39,840 --> 00:52:40,840
That's all you want.

926
00:52:40,920 --> 00:52:42,800
It's a little less, but...

927
00:52:42,880 --> 00:52:44,720
Not much difference
between 2 and 1.5.

928
00:52:44,800 --> 00:52:46,560
So, the hero...

929
00:52:48,680 --> 00:52:50,720
- is here!
- Deal done!

930
00:52:54,800 --> 00:52:55,880
[laughter]

931
00:53:07,480 --> 00:53:08,960
and, most importantly, I think

932
00:53:09,080 --> 00:53:12,600
nobody understands this phase of
marketing and D2C better than him.

933
00:53:12,680 --> 00:53:16,920
So, while every Shark was
an equally important pitch for me,

934
00:53:17,120 --> 00:53:19,360
I think, I'm very happy that
I received a cheque from Aman.

935
00:53:19,960 --> 00:53:21,880
Congratulations, sir.
How was it inside?

936
00:53:22,000 --> 00:53:23,480
It was a fantastic experience.

937
00:53:23,560 --> 00:53:25,320
I think, 'dreams come true'
moment for me.

938
00:53:25,400 --> 00:53:27,200
And, very happy to get
the offer from Aman.

939
00:53:27,280 --> 00:53:29,440
You wanted Aman or someone else?

940
00:53:29,520 --> 00:53:30,680
I wanted all five.

941
00:53:30,800 --> 00:53:33,480
But, if I had to choose
any one of them, I think

942
00:53:33,560 --> 00:53:35,360
I'm glad the marketing guru
is with me.

943
00:53:35,440 --> 00:53:37,160
Oh, man! Brilliant, excellent!

944
00:53:37,320 --> 00:53:40,480
You know, you were getting the
Sharks to taste your ice cream there

945
00:53:40,560 --> 00:53:43,280
and, my mouth was watering
as I watched.

946
00:53:43,360 --> 00:53:46,080
And, I immediately ordered it
for myself on Swiggy Instamart.

947
00:53:46,160 --> 00:53:48,040
See, it's here in 10 minutes.

948
00:53:48,200 --> 00:53:52,200
- Wow! - Yes! You're doing
such a noble job with ice creams.

949
00:53:52,280 --> 00:53:53,200
It's my favourite.

950
00:53:53,280 --> 00:53:54,880
What is better than
Go Zero ice cream?

951
00:53:54,960 --> 00:53:56,880
Getting Go Zero in
ten minutes from Instamart.

952
00:53:56,960 --> 00:53:58,240
Wow! Very nice.

953
00:53:58,320 --> 00:54:00,760
I'll make you pay for it.
You're using me for your ad.

954
00:54:00,840 --> 00:54:03,720
Our parents stopped us
from eating ice creams.

955
00:54:03,800 --> 00:54:06,400
Your family business was ice cream!
Your family didn't stop you?

956
00:54:06,480 --> 00:54:08,440
Ice cream was breakfast,
lunch and dinner for me.

957
00:54:08,520 --> 00:54:10,440
He had the excuse that...

958
00:54:10,560 --> 00:54:12,440
he was contributing to
his dad's business.

959
00:54:12,720 --> 00:54:14,120
- By buying ice cream.
- Exactly.

960
00:54:14,200 --> 00:54:15,640
Friends, I am going to eat this.

961
00:54:15,760 --> 00:54:18,200
You don't wait either,
go to Swiggy Instamart right now

962
00:54:18,280 --> 00:54:20,280
and order his products,
which are available.

963
00:54:20,360 --> 00:54:22,200
- And, they'll be there
in 10 minutes. - Of course.

964
00:54:22,320 --> 00:54:23,360
Order now.

965
00:54:35,480 --> 00:54:38,120
[theme music playing]

966
00:54:47,400 --> 00:54:49,520
[gentle music playing]

967
00:54:58,400 --> 00:54:59,920
Greetings, Sharks.

968
00:55:00,200 --> 00:55:03,760
If there are snowy peaks covered
with white sheets in front of you

969
00:55:03,920 --> 00:55:08,080
if you have a cup of fresh kahwa
filled with saffron in your hands

970
00:55:08,800 --> 00:55:10,720
isn't that like experiencing
the heavenly Kashmir?

971
00:55:10,800 --> 00:55:13,320
But, this white layer
of snow is melting.

972
00:55:13,920 --> 00:55:15,440
And, our heaven is being destroyed.

973
00:55:16,720 --> 00:55:18,400
During a few months in a year,

974
00:55:18,480 --> 00:55:22,000
our air quality index is above 350.

975
00:55:30,160 --> 00:55:32,920
...cover a distance of less than 5 km.

976
00:55:33,080 --> 00:55:36,800
That means, our e-bikes
can cover that distance too.

977
00:55:37,120 --> 00:55:40,080
And, we saw the need
and opportunity here

978
00:55:40,200 --> 00:55:42,280
to give a green solution to Kashmir

979
00:55:42,440 --> 00:55:44,880
And, that's how
Curve Electric begins.

980
00:56:05,320 --> 00:56:08,080
more than 1.5 tonnes
of carbon emissions.

981
00:56:08,200 --> 00:56:09,720
Meaning, we...

982
00:56:09,800 --> 00:56:13,520
created an impact
equal to planting 7,200 trees.

983
00:56:23,280 --> 00:56:26,200
like Simla, Dehradun
and Manali and...

984
00:56:26,320 --> 00:56:27,280
20 more campuses like

985
00:56:33,040 --> 00:56:36,200
is 50 lakh rupees in
exchange for 5% equity.

986
00:56:37,760 --> 00:56:41,160
Sharks, only one heaven remains,
let’s keep it intact.

987
00:56:41,280 --> 00:56:42,600
- Wow!
- It’s lovely.

988
00:56:49,000 --> 00:56:51,840
Tell us about yourselves.
How do you know each other?

989
00:56:51,920 --> 00:56:54,000
We are childhood friends,
we were neighbours.

990
00:56:54,080 --> 00:56:56,000
We grew up together.

991
00:56:56,080 --> 00:56:57,840
I did my MBA in Finance.

992
00:56:57,960 --> 00:57:00,320
He completed his MBA
two years after me.

993
00:57:00,440 --> 00:57:03,240
How did you two feel
the passion to build a start-up?

994
00:57:03,320 --> 00:57:07,200
If you remember,
the COVID lockdown ended in 2022.

995
00:57:07,280 --> 00:57:09,120
So, people were travelling a lot.

996
00:57:09,360 --> 00:57:12,160
So, there was a record inflow
of tourists in Kashmir that year.

997
00:57:12,280 --> 00:57:15,800
But, our city could not handle
so much traffic very well.

998
00:57:17,880 --> 00:57:19,560
[pleasant music playing]

999
00:57:20,320 --> 00:57:24,040
Srinagar is called
'Jannat-e-Benazir' by us

1000
00:57:24,120 --> 00:57:25,680
which means, Paradise.

1001
00:57:27,400 --> 00:57:29,800
Tourism has always been
a booming industry.

1002
00:57:29,880 --> 00:57:32,960
And, recently,
connectivity has improved a lot

1003
00:57:33,040 --> 00:57:35,960
between Kashmir and
the rest of the country.

1004
00:57:36,040 --> 00:57:39,800
And, after the COVID lockdown,
it has multiplied by many times.

1005
00:57:42,080 --> 00:57:43,840
After 2022, we saw that...

1006
00:57:43,920 --> 00:57:47,200
our air quality index
is continuously falling.

1007
00:57:47,280 --> 00:57:48,880
Which is the first indication

1008
00:57:48,960 --> 00:57:50,920
that we are moving
towards over-tourism.

1009
00:57:54,400 --> 00:57:57,000
Air pollution has a lot of reasons.

1010
00:57:57,080 --> 00:57:58,920
One of them is also...

1011
00:57:59,000 --> 00:58:02,160
the smog which is developed,
especially in the Kashmir valley

1012
00:58:02,240 --> 00:58:05,480
due to various factors, especially in
months of November and December

1013
00:58:05,840 --> 00:58:09,640
which are very difficult for us
in terms of air quality.

1014
00:58:09,720 --> 00:58:11,480
It deteriorates rapidly.

1015
00:58:11,560 --> 00:58:15,320
People begin burning
wood piles for charcoal.

1016
00:58:15,400 --> 00:58:18,400
Then, there are emissions
from vehicles.

1017
00:58:18,480 --> 00:58:21,000
There are emissions
from industries, as well.

1018
00:58:21,120 --> 00:58:24,040
So, all these together create
a deadly combination.

1019
00:58:25,160 --> 00:58:26,720
When we were kids...

1020
00:58:26,840 --> 00:58:29,080
there used to be a clear blue sky.

1021
00:58:29,160 --> 00:58:33,320
Literally, you could see in Srinagar
why Kashmir is called a valley.

1022
00:58:33,400 --> 00:58:36,200
Suddenly, one day, we were
a few friends sitting together

1023
00:58:36,280 --> 00:58:38,560
and we were just
having a cup of coffee.

1024
00:58:38,640 --> 00:58:41,600
And, we suddenly realised,
all that is gone now.

1025
00:58:42,720 --> 00:58:44,800
[mellow music playing]

1026
00:58:45,760 --> 00:58:47,160
The mountains can't be seen now.

1027
00:58:47,240 --> 00:58:50,080
You can't even see beyond
a kilometre or so.

1028
00:58:50,160 --> 00:58:53,520
Now, it's become really
uneasy to breathe.

1029
00:58:53,640 --> 00:58:56,720
That's when we heard
about AQI for the first time.

1030
00:58:56,800 --> 00:59:00,200
And, we checked out
how much our AQI was.

1031
00:59:00,280 --> 00:59:01,440
And, it was worse!

1032
00:59:01,560 --> 00:59:04,400
Then, we learned in research
that in 2016

1033
00:59:04,520 --> 00:59:07,640
we were the tenth most
polluted city in the world!

1034
00:59:08,000 --> 00:59:10,920
And, that shock somewhere
had a deep impact on us.

1035
00:59:11,040 --> 00:59:14,080
Because, this has always
been our home.

1036
00:59:15,920 --> 00:59:17,520
When your home is in trouble

1037
00:59:17,640 --> 00:59:20,280
no outsiders will
come in to solve it.

1038
00:59:20,360 --> 00:59:22,560
So, we took the onus on ourselves

1039
00:59:22,640 --> 00:59:24,640
and, we thought, let's do something

1040
00:59:24,720 --> 00:59:26,880
to let our Paradise be a Paradise.

1041
00:59:30,040 --> 00:59:33,320
So, four friends sat together.
Where are the other two?

1042
00:59:33,400 --> 00:59:35,080
- They are with us.
- Part of our core team.

1043
00:59:36,160 --> 00:59:38,320
- They have equity?
- No.

1044
00:59:38,440 --> 00:59:40,080
- So, only you two do?
- Yes.

1045
00:59:40,160 --> 00:59:41,240
How much? 50-50?

1046
00:59:41,320 --> 00:59:44,000
- Yameen has 57%.
- Okay.

1047
00:59:44,080 --> 00:59:45,800
And, I have 33%.

1048
00:59:45,880 --> 00:59:47,000
Is that why he talks more?

1049
00:59:47,080 --> 00:59:48,160
[laughter]

1050
00:59:48,240 --> 00:59:52,120
Our two incubators
from GIF and NIT...

1051
00:59:52,200 --> 00:59:52,760
They're there too?

1052
00:59:52,880 --> 00:59:55,680
- They have 4%.
- Okay.

1053
00:59:55,760 --> 00:59:59,760
And, the VCs and Angels from
recent fundraise have 6%.

1054
01:00:06,760 --> 01:00:08,000
Where did you do this?

1055
01:00:08,080 --> 01:00:10,680
One is an early stage VC fund.

1056
01:00:10,760 --> 01:00:12,200
And, several Angels.

1057
01:00:13,320 --> 01:00:15,960
Explain a little
about Curve Electric.

1058
01:00:16,520 --> 01:00:19,160
Curve Electric is a public
e-bike sharing platform.

1059
01:00:19,240 --> 01:00:21,520
We have 11 docking stations
in Srinagar city.

1060
01:00:21,600 --> 01:00:25,160
A little different from the ones
you see in normal bike sharing.

1061
01:00:25,240 --> 01:00:29,560
Usually, what happens is,
front-end is completely automatic.

1062
01:00:45,240 --> 01:00:49,960
So, if Peyush, you come to Srinagar
and want to use our e-bike

1063
01:00:50,120 --> 01:00:52,520
you have to go to any
one of our docking stations

1064
01:01:19,800 --> 01:01:21,840
Our docking executive present there

1065
01:01:21,920 --> 01:01:23,800
will complete the whole process.

1066
01:01:23,920 --> 01:01:25,720
He makes a physical verification.

1067
01:01:36,560 --> 01:01:39,040
That's okay. Look, I have
to go from one point to another.

1068
01:01:39,120 --> 01:01:40,560
- Yes.
- I leave from here.

1069
01:01:40,760 --> 01:01:42,440
I go there instead of going there.

1070
01:01:42,520 --> 01:01:43,920
I dropped your bike and left.

1071
01:01:44,120 --> 01:01:46,200
Firstly, we have a geo-fence.

1072
01:01:46,320 --> 01:01:49,880
So, whenever one goes out of the
geographical boundary of Srinagar

1073
01:01:50,000 --> 01:01:51,120
we get an alert.

1074
01:02:00,760 --> 01:02:03,760
- But, you can take a cash deposit.
- But, we don't want to.

1075
01:02:03,920 --> 01:02:06,480
We don't want to take
a security deposit, because

1076
01:02:06,560 --> 01:02:09,240
we have such faith in our system,
and, it's been two years

1077
01:02:09,320 --> 01:02:11,880
we have zero theft
and vandalism till now.

1078
01:02:12,280 --> 01:02:13,960
And, one more reason also is...

1079
01:02:14,040 --> 01:02:17,960
the presence of our docking
executives at our docking stations.

1080
01:02:18,040 --> 01:02:21,000
That makes an impact
on people's minds, that...

1081
01:02:21,160 --> 01:02:22,120
they can't drop them just anywhere.

1082
01:02:22,240 --> 01:02:25,760
Because, our docking stations
are within 5 km of each other.

1083
01:02:25,880 --> 01:02:27,360
How many docking stations
do you have?

1084
01:02:35,680 --> 01:02:37,000
...and you don't have manpower.

1085
01:02:37,160 --> 01:02:40,080
So, why do you need to dock it in
a specific point? Just for charging?

1086
01:02:40,160 --> 01:02:41,600
No, it's not docking.

1087
01:02:41,680 --> 01:02:43,520
It's just a parking point, right?

1088
01:02:43,800 --> 01:02:46,640
So, you come and replace
the batteries with charged ones.

1089
01:02:46,760 --> 01:02:48,960
All our docking stations

1090
01:02:49,040 --> 01:02:50,960
have a charging point
for the battery.

1091
01:02:51,040 --> 01:02:53,280
But, we don't prefer that much.

1092
01:02:53,360 --> 01:02:56,360
Because, we've taken a centralised
warehouse in the middle of Srinagar.

1093
01:02:56,440 --> 01:02:58,360
We have controlled
temperature there.

1094
01:02:58,440 --> 01:03:00,360
We have controlled voltage.

1095
01:03:00,440 --> 01:03:02,520
So, we've built such a system there

1096
01:03:02,600 --> 01:03:04,280
which will increase battery life.

1097
01:03:04,360 --> 01:03:06,680
- And, we have additional
battery packs. - Batteries.

1098
01:03:06,760 --> 01:03:08,440
We have 1.5x batteries.

1099
01:03:08,520 --> 01:03:12,000
What I like is that you went
completely consumer backward

1100
01:03:12,080 --> 01:03:13,760
and found solutions to problems

1101
01:03:13,840 --> 01:03:16,520
versus a cookie cutter,
as they say, copy-paste.

1102
01:03:16,600 --> 01:03:19,320
Then, customised and altered
the global model

1103
01:03:19,400 --> 01:03:20,640
- to suit the needs of the market.
- Yes.

1104
01:03:20,720 --> 01:03:22,800
It is very good. This is the
right way to build the business.

1105
01:03:22,960 --> 01:03:24,480
In fact, you've not used any model.

1106
01:03:24,600 --> 01:03:26,720
Whatever you did
was with your intuition.

1107
01:03:26,800 --> 01:03:28,800
Did you study it a lot from
the global point of view?

1108
01:03:28,920 --> 01:03:32,080
Yes. The one important factor
we found in it

1109
01:03:32,160 --> 01:03:33,440
was from a research paper.

1110
01:03:33,520 --> 01:03:37,160
The ideal ratio of bikes to people

1111
01:03:37,240 --> 01:03:38,720
who can ride the bikes

1112
01:03:47,880 --> 01:03:50,200
so that, we can cater
to the full demand.

1113
01:03:50,320 --> 01:03:51,480
Reached saturation, meaning?

1114
01:03:51,560 --> 01:03:53,400
They haven't reached it,
they will at 2000.

1115
01:03:53,480 --> 01:03:54,720
It will be at 2000.

1116
01:03:55,240 --> 01:03:58,480
- How many bikes do you have now?
- Our fleet size is currently 150.

1117
01:03:59,360 --> 01:04:01,680
How many total rides
have you catered yet?

1118
01:04:01,720 --> 01:04:03,160
55,000 till date.

1119
01:04:03,160 --> 01:04:08,080
- And, of 55,000 rides, you never
got an abandoned cycle? - No.

1120
01:04:08,240 --> 01:04:09,640
There were thefts twice.

1121
01:04:09,760 --> 01:04:12,360
And, we recovered them
within 2 hours, both times.

1122
01:04:12,440 --> 01:04:13,360
And, damages?

1123
01:04:16,320 --> 01:04:18,600
This is an industry...

1124
01:04:18,880 --> 01:04:20,680
which has seen a lot of failures.

1125
01:04:20,800 --> 01:04:22,760
And, a lot of investment too.

1126
01:04:22,840 --> 01:04:24,920
Including China,
every part of the world.

1127
01:04:25,000 --> 01:04:25,680
Agreed.

1128
01:04:25,800 --> 01:04:29,000
Why did you feel that
you won't fail, when

1129
01:04:29,280 --> 01:04:30,680
line after line, people have failed

1130
01:04:30,760 --> 01:04:33,560
only because, when the user
doesn't own the asset

1131
01:04:33,640 --> 01:04:35,160
they begin to misuse it.

1132
01:04:35,840 --> 01:04:39,520
As you said, I think,
there are hardly any names

1133
01:04:39,640 --> 01:04:42,920
whether in public bicycle sharing
or e-bike sharing

1134
01:04:43,000 --> 01:04:44,000
which have been successful.

1135
01:04:44,080 --> 01:04:45,360
[chuckling]

1136
01:04:45,720 --> 01:04:47,240
And, we studied all that

1137
01:04:47,320 --> 01:04:49,760
because, now we wanted
to learn from their mistakes.

1138
01:04:50,440 --> 01:04:51,520
Wow!

1139
01:04:52,040 --> 01:04:54,520
The first thing we noticed was that

1140
01:04:54,680 --> 01:04:57,480
people are not gentle
when it comes to rental.

1141
01:04:57,560 --> 01:04:58,680
This is the truth in India.

1142
01:04:58,800 --> 01:04:59,800
[laughing]

1143
01:04:59,920 --> 01:05:02,520
People are not gentle
when it comes to rental.

1144
01:05:02,600 --> 01:05:03,280
Very good.

1145
01:05:03,360 --> 01:05:07,600
Okay? So, we urge people to please
be gentle because it's rental.

1146
01:05:07,680 --> 01:05:08,960
[laughing]

1147
01:05:09,040 --> 01:05:11,640
Sorry, Peyush, I know
you're in huge favour of technology

1148
01:05:11,840 --> 01:05:15,040
but, unnecessarily shoving
technology anywhere...

1149
01:05:15,360 --> 01:05:16,520
doesn't make sense.

1150
01:05:16,600 --> 01:05:18,200
[overlapping dialogues]

1151
01:05:18,280 --> 01:05:20,520
- He shoves it here too.
- I believe in assisted commerce.

1152
01:05:20,600 --> 01:05:23,360
I am absolutely in favour
of having humans there.

1153
01:05:24,520 --> 01:05:26,160
Our advice to him is also...

1154
01:05:26,240 --> 01:05:27,960
not to shove technology everywhere.

1155
01:05:28,040 --> 01:05:30,080
He may heed you.
[laughter]

1156
01:05:31,280 --> 01:05:32,920
We studied everything after that

1157
01:05:33,000 --> 01:05:34,440
and, we began from scratch.

1158
01:05:34,520 --> 01:05:36,120
And, to be honest,
we're not engineers.

1159
01:05:36,240 --> 01:05:39,080
We thought we'll buy
off-the-shelf e-bikes and start.

1160
01:05:39,120 --> 01:05:40,440
But, the terrain was different.

1161
01:05:40,720 --> 01:05:42,920
Then, we had to get into
the engineering part too.

1162
01:05:43,040 --> 01:05:44,920
Gradually, we designed
the bike ourselves.

1163
01:05:45,000 --> 01:05:46,920
Yameen, there's another
company in India.

1164
01:05:51,360 --> 01:05:53,600
It is a 3500 crores
company right now.

1165
01:05:53,720 --> 01:05:56,120
- 3500?!
- 3500, yes.

1166
01:05:56,200 --> 01:05:58,240
According to reports from KPMG

1167
01:06:20,600 --> 01:06:23,600
Because, it has become sort of
a taboo for other people.

1168
01:06:23,680 --> 01:06:24,840
They don't want to travel in a...

1169
01:06:24,920 --> 01:06:26,840
- But, you're solving that problem?
- We're solving it.

1170
01:06:26,920 --> 01:06:28,280
- By premium bikes.
- Yes.

1171
01:06:28,400 --> 01:06:30,680
But, why do you make
premium bikes yourselves?

1172
01:06:30,760 --> 01:06:33,280
You can buy them from someone.

1173
01:06:33,640 --> 01:06:36,360
Terrain. Our needs are different.

1174
01:06:36,440 --> 01:06:38,920
- What's the difference? Explain it.
- In the Himalayas...

1175
01:06:39,040 --> 01:06:42,920
Yes. We need a specific motor power.

1176
01:06:43,040 --> 01:06:44,960
Because, there is excessive
incline and decline.

1177
01:06:45,040 --> 01:06:48,360
Plus, it needs a little ruggedness.

1178
01:06:48,440 --> 01:06:51,920
We've not shot this video.
A customer sent it to us.

1179
01:06:52,360 --> 01:06:54,080
So, you're saying, the other bikes

1180
01:06:54,160 --> 01:06:56,600
- are not suitable. Your bike
is unique. - They're not so rugged.

1181
01:06:56,720 --> 01:06:58,480
If it is ridden on this terrain

1182
01:06:58,560 --> 01:07:01,760
it will result in the motor
burning out in 30 minutes.

1183
01:07:01,840 --> 01:07:02,680
Really?

1184
01:07:02,800 --> 01:07:04,880
And, if you've done so much study...

1185
01:07:05,000 --> 01:07:08,360
A company called MYBYK had come
to Shark Tank in Season 2.

1186
01:07:08,440 --> 01:07:09,400
MYBYK, yes.

1187
01:07:09,480 --> 01:07:11,280
So, how are they doing?

1188
01:07:11,360 --> 01:07:12,840
What were the issues in their model?

1189
01:07:12,920 --> 01:07:15,880
They had also paid attention
to all such things.

1190
01:07:16,000 --> 01:07:17,800
They had low vandalism
and theft too.

1191
01:07:17,880 --> 01:07:20,480
Basically, they tried to sell
the system to the government.

1192
01:07:20,560 --> 01:07:22,920
They were consumer-first,
when they came.

1193
01:07:23,040 --> 01:07:24,640
So, why did they make that shift?

1194
01:07:24,720 --> 01:07:25,760
There must be some challenge.

1195
01:07:25,840 --> 01:07:27,640
Yes, obviously,
there are challenges.

1196
01:07:27,720 --> 01:07:31,200
First of all, we have
a 100% control on the pricing.

1197
01:07:31,320 --> 01:07:34,360
- So, we charge Rs.1.5 per minute.
- Per minute.

1198
01:07:35,480 --> 01:07:38,640
So, we are not trying to
make it extremely cheap

1199
01:07:38,720 --> 01:07:41,600
with the outcome that
our asset is ruined.

1200
01:07:42,520 --> 01:07:45,960
I think, you've thought
of the problems in detail.

1201
01:07:46,040 --> 01:07:47,080
Tell us the numbers.

1202
01:07:50,080 --> 01:07:52,360
Our revenue was 4.5 lakhs.

1203
01:08:30,880 --> 01:08:32,760
- and, some Universities.
- University campuses, right.

1204
01:08:32,880 --> 01:08:35,920
So, won't that shrink your
market a little, because

1205
01:08:36,040 --> 01:08:39,880
- you've already captured
5% market in Kashmir. - Yes.

1206
01:08:40,000 --> 01:08:42,200
Your annual is almost 50 lakhs.

1207
01:08:42,280 --> 01:08:43,400
60 lakhs is expected.

1208
01:08:44,960 --> 01:08:47,600
So, even if we fully reach it...

1209
01:08:47,920 --> 01:08:51,000
If we capture 50%...
competition is natural...

1210
01:08:51,080 --> 01:08:52,080
- Yes, obviously.
- Right?

1211
01:08:52,160 --> 01:08:54,680
Even if we capture 20-30%

1212
01:08:54,800 --> 01:08:57,960
six times that,
which is, 3.6 crores.

1213
01:08:58,040 --> 01:09:01,840
- If we do it in 10 towns, it's
business of 30-40 crores. - Yes.

1214
01:09:02,160 --> 01:09:05,360
So, by adding universities, it may
go up to a maximum of 50 crores.

1215
01:09:05,480 --> 01:09:07,320
So, where do you see
the big leverage coming?

1216
01:09:07,400 --> 01:09:09,760
According to a report by McKinsey...

1217
01:09:09,840 --> 01:09:12,200
[laughter]

1218
01:09:13,040 --> 01:09:15,840
the global micro-mobility market

1219
01:09:15,960 --> 01:09:18,080
is supposed to reach

1220
01:09:18,160 --> 01:09:21,360
300 billion dollars by 2029.

1221
01:09:37,320 --> 01:09:40,040
...this is not a business, which will

1222
01:09:40,120 --> 01:09:42,240
suddenly see a hockey stick curve.

1223
01:09:46,360 --> 01:09:48,280
- Correct.
- So, it will take cost.

1224
01:09:48,400 --> 01:09:52,080
But, we also have to understand
why we went to campuses.

1225
01:09:52,240 --> 01:09:55,360
There are more than
1400 big campuses in India.

1226
01:09:55,560 --> 01:09:57,240
There may be an opportunity there.

1227
01:09:57,320 --> 01:10:00,000
- I may not be able to go
to Delhi... - The captive audience.

1228
01:10:23,040 --> 01:10:24,800
take our 15% EBITDA

1229
01:10:24,880 --> 01:10:26,920
to 25-30%.

1230
01:10:34,640 --> 01:10:36,000
So, you need to
change it in how long?

1231
01:10:36,080 --> 01:10:37,680
- 5 years.
- In 5 years.

1232
01:10:38,200 --> 01:10:40,960
But, how much is the bike's
maintenance cost per year?

1233
01:10:41,080 --> 01:10:44,520
- If I can explain a little in
unit economics. - Yes, explain it.

1234
01:10:44,600 --> 01:10:47,840
Our revenue per ride is Rs. 97.

1235
01:10:48,000 --> 01:10:51,800
Firstly, we deduct the
maintenance, servicing

1236
01:10:51,960 --> 01:10:54,760
mainly, any costs from it,
which is Rs. 12.5.

1237
01:10:55,000 --> 01:10:58,680
Then, we deduct our
on-ground expenses

1238
01:10:58,800 --> 01:11:01,200
like salaries etc, which is Rs. 29.

1239
01:11:01,280 --> 01:11:05,320
So, our gross margin
remaining is Rs. 55.5.

1240
01:11:06,240 --> 01:11:10,800
From that, we deduct our core team's
salaries, expenses etc.

1241
01:11:11,040 --> 01:11:12,600
That is Rs. 24.

1242
01:11:12,680 --> 01:11:15,160
Then, we deduct all variable costs.

1243
01:11:15,240 --> 01:11:18,960
Like, rent, electricity,
server cost etc.

1244
01:11:19,040 --> 01:11:21,480
All that comes up to Rs. 16.5.

1245
01:11:21,560 --> 01:11:24,120
So, we have a net saving
of Rs. 15 in every ride.

1246
01:11:24,240 --> 01:11:26,840
How much revenue is one bike
bringing in a year, or a month?

1247
01:11:26,960 --> 01:11:31,200
One bike brings us almost
Rs. 4000 in a month.

1248
01:11:33,880 --> 01:11:37,280
I think, it's a small market
that you're operating in.

1249
01:11:41,760 --> 01:11:42,840
Thank you, Aman.

1250
01:11:43,600 --> 01:11:47,840
There are a few challenges
that I find in this model.

1251
01:11:57,880 --> 01:12:00,720
And, as far as I've seen
in all the other companies

1252
01:12:00,800 --> 01:12:04,440
with regulations and
government local bodies...

1253
01:12:04,520 --> 01:12:07,560
The setting that is done
leads to making or breaking.

1254
01:12:07,680 --> 01:12:10,200
- Yes.
- Which city you want to expand to

1255
01:12:10,400 --> 01:12:13,440
will not depend on the
ambition of where it is possible,

1256
01:12:13,480 --> 01:12:16,800
- but depends on where you'll
find local support. - True.

1257
01:12:16,960 --> 01:12:21,000
At this point, at this scale,
it's a little risky for me.

1258
01:12:21,120 --> 01:12:24,520
And for that reason, I won't be
able to associate myself with you.

1259
01:12:24,600 --> 01:12:25,960
- Thank you.
- Thank you.

1260
01:12:32,120 --> 01:12:34,120
What happens in these
kinds of businesses is

1261
01:12:34,240 --> 01:12:37,200
one city in which the founder is,

1262
01:12:37,320 --> 01:12:39,280
they run the business with

1263
01:12:39,400 --> 01:12:41,000
- both their arms and legs.
- Yes, they do.

1264
01:12:41,080 --> 01:12:43,240
- You might be going to the docking
station. - That's right.

1265
01:12:43,360 --> 01:12:46,240
When you add one city, two cities,

1266
01:12:46,360 --> 01:12:49,400
three cities, then
the level of complexity

1267
01:12:49,480 --> 01:12:51,120
does not increase in a linear way.

1268
01:12:51,200 --> 01:12:52,880
It increases in
geometric progression.

1269
01:12:54,880 --> 01:12:56,840
It won't multiply three times
if you expand in three cities.

1270
01:12:56,960 --> 01:12:58,560
It increases the complexities
by thirty times.

1271
01:13:00,040 --> 01:13:02,040
This does not mean
you won't be able to do it.

1272
01:13:03,080 --> 01:13:04,960
Given your qualities

1273
01:13:05,040 --> 01:13:07,120
and attributes, you
might be able to do it.

1274
01:13:07,320 --> 01:13:09,680
But I would like to
see when that happens.

1275
01:13:09,760 --> 01:13:12,240
Because that will
give the confidence

1276
01:13:12,320 --> 01:13:14,720
that you can go from one to three,

1277
01:13:14,800 --> 01:13:17,000
- three to ten and ten to thirty.
- That's right.

1278
01:13:17,440 --> 01:13:18,800
So please stay in touch.

1279
01:13:19,000 --> 01:13:20,560
All the best. I'm out.

1280
01:13:26,640 --> 01:13:29,320
- this will come in the way
of your scale. - True.

1281
01:13:30,160 --> 01:13:33,280
Especially when your
margins are so thin.

1282
01:13:33,760 --> 01:13:36,120
We've already seen
the payback period.

1283
01:13:36,200 --> 01:13:37,560
I think it's tough to scale.

1284
01:13:37,640 --> 01:13:39,800
Because of that reason, I'm out.

1285
01:13:39,880 --> 01:13:41,160
- Thank you.
- Thank you.

1286
01:13:41,240 --> 01:13:43,320
Yameen, you are just me.

1287
01:13:43,960 --> 01:13:45,800
I mean, it's like I'm
looking at a mirror.

1288
01:13:58,720 --> 01:14:00,920
For now, in no sense

1289
01:14:01,040 --> 01:14:02,960
can I make money on this business.

1290
01:14:03,840 --> 01:14:06,160
You said it's a 50-crore business.

1291
01:14:06,240 --> 01:14:08,640
How much can I value it for today?

1292
01:14:08,960 --> 01:14:12,400
Right? Even if you make ten
per cent EBITDA at five crores

1293
01:14:12,480 --> 01:14:16,840
even then for an
outcome of 100 crores, today

1294
01:14:17,000 --> 01:14:18,640
I cannot invest in more than...

1295
01:14:18,760 --> 01:14:21,280
As Anupam said, if we want to see

1296
01:14:21,360 --> 01:14:23,640
100x or 50x, which means 2.5 crores,

1297
01:14:23,720 --> 01:14:26,320
that means I'll end up taking
10-15 per cent of your company.

1298
01:14:27,720 --> 01:14:29,520
And you've raised
a round for eight crores.

1299
01:14:29,600 --> 01:14:33,440
So it will not make sense
for me and that's why I'm out.

1300
01:14:34,720 --> 01:14:36,160
Well done, man. Well done.

1301
01:14:36,280 --> 01:14:37,400
- Thank you.
- Thank you so much.

1302
01:14:37,480 --> 01:14:40,360
- Thank you, Zubair and Yameen.
Make us proud. - Well done.

1303
01:14:40,720 --> 01:14:42,200
- Bye.
- Thank you, bye-bye.

1304
01:14:57,680 --> 01:14:59,200
Welcome to ACKO Change Makers.

1305
01:14:59,280 --> 01:15:00,880
Where we really welcome change.

1306
01:15:01,000 --> 01:15:02,680
With the help of
innovation and connectivity

1307
01:15:02,760 --> 01:15:05,560
we are making a digitally empowered
and sustainable future.

1308
01:15:06,040 --> 01:15:08,800
Our change makers for today are
Yameen and Zubair.

1309
01:15:08,880 --> 01:15:09,840
How was your experience inside?

1310
01:15:09,920 --> 01:15:11,520
- Oh! That was awesome.
- It was awesome.

1311
01:15:11,600 --> 01:15:14,680
- I saw your cycle and I genuinely
think it's good. - Thank you.

1312
01:15:14,760 --> 01:15:17,440
I loved it and I wish we had
these cycles in our childhood.

1313
01:15:17,560 --> 01:15:20,800
You are encouraging
the eco-friendly ways.

1314
01:15:20,880 --> 01:15:24,280
Along with trying to improve transportation
and bring down pollution levels,

1315
01:15:24,360 --> 01:15:25,440
which is the need of the hour.

1316
01:15:25,560 --> 01:15:27,040
We really appreciate the change
that you're bringing.

1317
01:15:27,120 --> 01:15:27,880
Thank you.

1318
01:15:27,960 --> 01:15:30,760
As a tourist, what
changes can we bring

1319
01:15:30,840 --> 01:15:35,400
so that we can apply sustainable
and eco-friendly practices?

1320
01:15:35,480 --> 01:15:39,360
- We follow recycle, reduce,
reuse and re-think. - Hmm.

1321
01:15:39,440 --> 01:15:43,000
What we want is a change
in the mentality.

1322
01:15:43,200 --> 01:15:47,120
When tourists make
their budget to visit a destination

1323
01:15:47,280 --> 01:15:51,560
they should also pay attention to
what their carbon footprint will be.

1324
01:15:51,640 --> 01:15:55,440
- Hmm. - They should aim at
having a negative carbon footprint.

1325
01:15:55,520 --> 01:15:56,880
- That's right.
- Because this world belongs to everyone

1326
01:15:56,960 --> 01:15:58,680
and everyone has a right to it.

1327
01:15:58,840 --> 01:15:59,480
That's right.

1328
01:15:59,560 --> 01:16:01,360
- That's also our home,
and this is also our home. - Yes.

1329
01:16:01,440 --> 01:16:03,880
- You're genuinely bringing
a good change. - Thank you.

1330
01:16:03,960 --> 01:16:07,000
Just like ACKO is transforming
the insurance landscape

1331
01:16:07,080 --> 01:16:08,920
with their revolutionary offering.

1332
01:16:09,040 --> 01:16:11,600
While purchasing a car from the
showroom, purchase only the car.

1333
01:16:11,760 --> 01:16:13,240
Don't purchase car insurance
under pressure.

1334
01:16:13,320 --> 01:16:16,800
Did you know it's not necessary to buy
car insurance from the car showroom?

1335
01:16:16,880 --> 01:16:18,680
Get a new car insurance from ACKO

1336
01:16:18,800 --> 01:16:20,720
and save up to Rs 36,000.

1337
01:16:20,800 --> 01:16:23,360
To show our appreciation
for the change you've brought

1338
01:16:23,440 --> 01:16:25,200
we'd like to give you a gift
from Shark Tank and ACKO.

1339
01:16:25,280 --> 01:16:26,360
Thank you.

1340
01:16:27,960 --> 01:16:30,120
[music playing]

1341
01:16:31,760 --> 01:16:33,000
[camera clicking]

1342
01:16:39,600 --> 01:16:41,440
Hello and welcome
to 'Ask the Shark.'

1343
01:16:41,520 --> 01:16:43,240
Today's shark is exactly like me.

1344
01:16:45,520 --> 01:16:48,440
Co-founder and CMO of boAt
Lifestyle, Mr Aman. How are you, sir?

1345
01:16:48,720 --> 01:16:49,880
- I'm fine.
- All good?

1346
01:16:50,120 --> 01:16:54,120
- Going on well. - Today's question
is from Tanvir Prakash from Chennai.

1347
01:17:08,040 --> 01:17:10,680
they want they'll say they
want whatever is in the towns.

1348
01:17:10,960 --> 01:17:13,560
The town people will say they
want what is being sold in cities.

1349
01:17:13,640 --> 01:17:16,120
The people in the city want to
buy what's being sold in the metros.

1350
01:17:16,200 --> 01:17:17,760
Indians are very aspirational.

1351
01:17:17,840 --> 01:17:20,400
Our country has always
seen value for money.

1352
01:17:20,480 --> 01:17:22,480
In everything.
Say, I'm buying a car,

1353
01:17:22,560 --> 01:17:24,040
I'll want to know
what mileage it gives.

1354
01:17:24,120 --> 01:17:25,920
We want value for money everywhere.

1355
01:17:26,000 --> 01:17:29,160
Even the customer's
buying capacity is increasing.

1356
01:17:29,360 --> 01:17:30,840
And they're ready
to pay a little bit extra.

1357
01:17:30,920 --> 01:17:32,640
Let's say our consumers were 'x.'

1358
01:17:32,720 --> 01:17:35,000
Even their salaries are increasing.

1359
01:17:35,080 --> 01:17:36,760
Their purchasing
capacity is increasing.

1360
01:17:36,840 --> 01:17:40,240
- They are also saying, 'We can
pay more and buy more.' - Yes.

1361
01:18:15,840 --> 01:18:17,760
We'll meet you on
the next 'Ask the Shark'

1362
01:18:17,840 --> 01:18:19,520
with a new question
and a new shark.