1 00:00:20,000 --> 00:00:21,160 [theme music playing] 2 00:00:22,560 --> 00:00:24,760 [theme music playing] 3 00:00:36,120 --> 00:00:38,120 [theme music playing] 4 00:00:44,320 --> 00:00:47,080 [theme music playing] 5 00:01:07,080 --> 00:01:07,920 Greetings, Sharks! 6 00:01:08,000 --> 00:01:10,840 Come, let me take you to an average Indian living room. 7 00:01:10,960 --> 00:01:12,760 We come here every day 8 00:01:13,040 --> 00:01:15,160 after a tiring day at work, 9 00:01:15,440 --> 00:01:17,240 we watch Shark Tank on TV 10 00:01:17,320 --> 00:01:20,520 and get comfortable with our favourite snack. 11 00:01:22,160 --> 00:01:25,360 Then, which startup should get funding or not, 12 00:01:25,440 --> 00:01:28,880 we bet on that 13 00:01:29,040 --> 00:01:32,320 and we don't realise when we end up eating 10 packets. 14 00:01:33,280 --> 00:01:35,400 What does an average Indian want? 15 00:01:35,560 --> 00:01:39,560 They want their TV and snacks, that's all. 16 00:01:45,080 --> 00:01:48,440 I believe in eating and letting people eat snacks. 17 00:01:48,520 --> 00:01:49,880 But if you tell me, 18 00:01:49,960 --> 00:01:53,800 that you have to choose between health and taste, 19 00:01:53,880 --> 00:01:57,120 that's a little difficult, almost like a buzz kill. 20 00:01:57,480 --> 00:02:02,040 Therefore, we thought we should use millet 21 00:02:02,120 --> 00:02:03,960 to not compromise on taste and health, 22 00:02:04,080 --> 00:02:06,080 and we made Madmix. 23 00:02:08,120 --> 00:02:09,760 It's baked not fried, 24 00:02:09,840 --> 00:02:11,080 less in fat and no added sugar. 25 00:02:16,040 --> 00:02:20,760 But it starts at a very affordable price point of just Rs. 20. 26 00:02:21,240 --> 00:02:23,760 We are a crazy brand 27 00:02:23,840 --> 00:02:25,920 where taste comes first 28 00:02:26,040 --> 00:02:28,520 and health goes along with it. 29 00:02:29,040 --> 00:02:32,320 In Madmix, we are slightly crazy. 30 00:02:32,400 --> 00:02:34,920 We can take any ordinary thing 31 00:02:35,080 --> 00:02:38,400 and infuse it with a unique, nostalgic taste. 32 00:02:38,560 --> 00:02:41,040 Take our Paan Pop Raisins, for example. 33 00:02:41,200 --> 00:02:42,720 It's just raisins, 34 00:02:42,800 --> 00:02:44,000 but the moment you eat it, 35 00:02:44,160 --> 00:02:46,640 - you'll feel like you're enjoying a Calcutta Sada Paan. - Wow! 36 00:02:46,760 --> 00:02:49,080 Or our Jowar Bhujia, 37 00:02:49,160 --> 00:02:51,240 once you eat it and you'll be transported back 38 00:02:51,320 --> 00:02:52,640 to your school recess days. 39 00:02:52,720 --> 00:02:54,720 From children to corporate employees, 40 00:02:54,840 --> 00:02:57,040 everyone has indulged in this madness. 41 00:02:57,120 --> 00:02:58,760 We are currently available 42 00:02:58,840 --> 00:03:00,600 online and in more than 5,000 outlets. 43 00:03:06,920 --> 00:03:10,160 - Wow! - Our vision is to make Madmix 44 00:03:10,240 --> 00:03:13,880 the favourite snacking partner in Indian households. 45 00:03:14,280 --> 00:03:17,640 For this, our ask is Rs. 50 lakhs for 1% equity. 46 00:03:22,600 --> 00:03:26,040 I think you shouldn’t just eat Madmix while watching Shark Tank, 47 00:03:26,120 --> 00:03:27,840 but it should also be enjoyed in the Tank! 48 00:03:28,080 --> 00:03:30,440 - So, why don't you give us Madmix. - Just give me a second. 49 00:03:31,480 --> 00:03:32,920 And I want to share 50 00:03:33,000 --> 00:03:35,760 - that Gaurav is married to my ex-colleague. - Oh! 51 00:03:35,880 --> 00:03:38,560 - I couldn't attend their wedding. - What are you saying? 52 00:03:39,320 --> 00:03:41,400 How beautiful. Wow! 53 00:03:42,840 --> 00:03:45,400 - We really missed you at the wedding. - Oh, yeah! 54 00:03:47,440 --> 00:03:49,920 Oh my God! This is delicious. 55 00:03:51,360 --> 00:03:53,000 This Paan Raisin. 56 00:03:53,080 --> 00:03:55,360 And it's with no added sugar, no colour 57 00:03:55,480 --> 00:03:56,720 and no preservatives. 58 00:03:56,840 --> 00:03:58,800 - This one is delicious too, - You know, I love 'paan'. 59 00:03:58,840 --> 00:04:01,080 Hmm! Oh, this raisin is so good. 60 00:04:01,160 --> 00:04:04,480 It tastes like raisins, but feels like a 'paan'. 61 00:04:05,040 --> 00:04:06,640 Which one of these is very delicious? 62 00:04:06,720 --> 00:04:08,600 - You didn't get Chaat Corner. But... - 'Chaat.' 63 00:04:08,680 --> 00:04:10,800 - This one, right? - No, that one is purple in colour. 64 00:04:10,880 --> 00:04:12,560 Is the purple one being sold the most? 65 00:04:12,960 --> 00:04:16,000 In puffs, Pizza Party and Flaming Fun are sold the most. 66 00:04:16,080 --> 00:04:18,480 - The Pizza Party was good. - Flaming Fun is a winner. 67 00:04:18,760 --> 00:04:20,480 It's based on Cheetos, right? 68 00:04:20,560 --> 00:04:22,120 Yes. Flaming Hot Cheetos. 69 00:04:23,080 --> 00:04:25,080 The 'paan-flavoured' is unparalleled. 70 00:04:34,720 --> 00:04:35,600 Unreal! 71 00:04:35,720 --> 00:04:37,840 You used to make something else earlier. 72 00:04:38,320 --> 00:04:39,360 It was Daily Staple. 73 00:04:55,040 --> 00:04:56,800 - with idli and medu wada. - Yes. 74 00:04:57,040 --> 00:04:59,760 It used to be roasted chana dal chutney. We are giving that. 75 00:04:59,880 --> 00:05:00,960 Amazing! 76 00:05:01,040 --> 00:05:02,920 I love your packaging. 77 00:05:08,960 --> 00:05:11,320 She was with me till the creative bit, 78 00:05:11,440 --> 00:05:13,200 after that she asked me to handle the rest. 79 00:05:13,280 --> 00:05:15,880 Wow! Tuisha was my colleague. 80 00:05:16,000 --> 00:05:17,040 - In Sugar? - Yeah! 81 00:05:17,120 --> 00:05:18,360 She left last year. 82 00:05:18,440 --> 00:05:19,600 Just before we got married. 83 00:05:19,720 --> 00:05:21,400 Did you go to Vineeta for funding? 84 00:05:21,480 --> 00:05:23,600 There is a Shark called Vineeta. Did you go to her? 85 00:05:23,720 --> 00:05:25,640 - I didn't get the opportunity. - Why not? 86 00:05:25,720 --> 00:05:27,360 Because I wanted to be absolutely ready. 87 00:05:27,440 --> 00:05:29,320 I didn't want to go unprepared 88 00:05:29,400 --> 00:05:31,120 and ask her to check out the product. 89 00:05:31,200 --> 00:05:33,280 I wanted to prove and wanted to come over here 90 00:05:33,400 --> 00:05:34,800 so that she would also feel proud. 91 00:05:34,880 --> 00:05:37,960 But you also have access to capital 92 00:05:38,080 --> 00:05:40,440 - in the family business and all. - Yes. 93 00:05:40,600 --> 00:05:42,280 Gaurav, let's know more about you. 94 00:05:42,480 --> 00:05:44,280 I was born and raised in Mumbai. 95 00:05:44,360 --> 00:05:46,680 I completed my education at the University of Wolverhampton 96 00:05:49,040 --> 00:05:50,600 So, I finished my BBA from there. 97 00:05:50,680 --> 00:05:52,960 I got married in 2023. 98 00:05:53,040 --> 00:05:56,640 My family background is, that my dad's business is textiles. 99 00:05:56,720 --> 00:05:57,960 And I, as a human being, 100 00:05:58,080 --> 00:06:02,560 since I was born, I had this need to become an entrepreneur. 101 00:06:02,640 --> 00:06:05,880 I started my first venture when I was 8 years old. 102 00:06:05,960 --> 00:06:08,080 - How old are you now? - I am 28. 103 00:06:08,160 --> 00:06:11,000 When I was 8, we organised art competitions. 104 00:06:11,120 --> 00:06:14,400 Rs. 5 per ticket. We started with ticket sales. 105 00:06:14,480 --> 00:06:17,680 At the age of 16, I started a brand 106 00:06:17,760 --> 00:06:20,080 with my brother-in-law called Luxury In Gold. 107 00:06:20,160 --> 00:06:22,200 We used to make gold-plated iPhones, Blackberries, 108 00:06:22,280 --> 00:06:25,800 iPads and sell them mainly to HNIs. 109 00:06:26,320 --> 00:06:28,640 Within six months, we clocked a revenue 110 00:06:28,800 --> 00:06:30,840 - upwards of Rs. 2.5 crores in that. - Wow! 111 00:06:30,960 --> 00:06:33,600 At 18, I became a consultant to a restaurant. 112 00:06:33,680 --> 00:06:35,960 They were doing Rs. 1,500 per day, 113 00:06:36,080 --> 00:06:39,480 and within a month's time, we got it up to Rs. 1.5 lakhs. 114 00:06:40,560 --> 00:06:42,200 Then I finished my education. 115 00:06:42,280 --> 00:06:44,720 After that, I joined my dad's business. 116 00:06:44,840 --> 00:06:47,080 But if you ask anyone 117 00:06:47,160 --> 00:06:49,360 who Gaurav is, they will tell you two things. 118 00:06:49,440 --> 00:06:51,000 A resourceful person who loves his food. 119 00:06:51,000 --> 00:06:52,840 - You are resourceful. - Resourceful. 120 00:06:52,920 --> 00:06:54,440 Since childhood, one thing was clear. 121 00:06:54,560 --> 00:06:57,080 When I grow up, I will open a restaurant once. 122 00:06:57,200 --> 00:06:58,560 When I was with my father, 123 00:06:58,680 --> 00:07:02,920 and I was unable to find creativity in the textile business, 124 00:07:03,120 --> 00:07:05,760 that is when I started Daily Staple. 125 00:07:05,840 --> 00:07:07,800 When did you start this business? 126 00:07:08,200 --> 00:07:09,520 Last year, in September. 127 00:07:12,600 --> 00:07:15,400 Almost two years, under the name of Daily Staple. 128 00:07:19,720 --> 00:07:21,560 which was early for the market at that time. 129 00:07:21,640 --> 00:07:23,560 So, you didn't continue that. 130 00:07:23,640 --> 00:07:27,360 We changed the brand name and we brought the products to Madmix. 131 00:07:28,360 --> 00:07:31,360 - What is the main category? - Ready-to-eat. Snacking. 132 00:07:31,440 --> 00:07:33,400 Currently, puff, bhujia and raisins. 133 00:07:33,520 --> 00:07:35,160 How much percentage of business is this? 134 00:07:35,240 --> 00:07:37,160 97% of my business in India. 135 00:07:42,160 --> 00:07:43,080 It mentions, 136 00:07:43,160 --> 00:07:46,680 preservatives-free. But I see 137 00:07:46,880 --> 00:07:49,720 a few things like silicon dioxide, disodium. 138 00:07:49,800 --> 00:07:51,440 These sound like preservatives. 139 00:07:52,280 --> 00:07:54,920 We had lab-approved preservatives, 140 00:08:00,560 --> 00:08:02,840 ...no trans fat, MSG and I ate it. 141 00:08:04,440 --> 00:08:06,760 We are one of the first brands in India 142 00:08:06,840 --> 00:08:08,160 that is accepted in school. 143 00:08:11,800 --> 00:08:14,000 - Why mention it? - Clinically proven preservatives. 144 00:08:14,080 --> 00:08:16,080 - 'No preservatives', maybe... - Is the wrong word. 145 00:08:17,040 --> 00:08:19,840 Nowadays, we get to hear that 146 00:08:19,960 --> 00:08:22,080 maltodextrin is not a very good ingredient to have. 147 00:08:22,160 --> 00:08:24,480 How is it better for you? 148 00:08:24,560 --> 00:08:27,720 It's just that you used millet instead of refined flour. 149 00:08:28,160 --> 00:08:31,400 We are not... Between the healthiest and unhealthiest... 150 00:08:31,520 --> 00:08:33,800 We are not the healthiest, we are in between. 151 00:08:33,880 --> 00:08:35,600 And even the preservatives you see 152 00:08:35,720 --> 00:08:38,760 are less than 1% of the overall recipe of the product. 153 00:08:38,840 --> 00:08:41,520 Will you replace maltodextrin? 154 00:08:41,600 --> 00:08:45,000 Yes! We are already... The product is ready in our R&D. 155 00:08:45,080 --> 00:08:48,480 We are just waiting for a shelf life report from the lab. 156 00:08:49,280 --> 00:08:53,400 As he said, there are preservatives. You said you will take it out. 157 00:08:53,480 --> 00:08:55,160 If you do that, the product will change. 158 00:08:58,720 --> 00:09:00,480 - It won't. - How would we know? 159 00:09:00,560 --> 00:09:03,920 We did our R&D, and the taste has not altered. 160 00:09:07,520 --> 00:09:10,200 But what is it compared to? 161 00:09:10,320 --> 00:09:12,760 To the other bhujias in the market. From Haldiram... 162 00:09:12,840 --> 00:09:14,560 We have a competitor. 163 00:09:14,640 --> 00:09:15,960 Sorry, Aman. Let's Try. 164 00:09:21,240 --> 00:09:23,080 In bakes puffs we have Snackible. 165 00:09:23,160 --> 00:09:26,840 We have Taali, Farmley has just entered. 166 00:09:26,920 --> 00:09:29,320 In baked bhujia, we have Prime Foods. 167 00:09:29,400 --> 00:09:31,120 We have Open Secret. 168 00:09:31,200 --> 00:09:33,160 In raisins, we have a golden opportunity. 169 00:09:33,240 --> 00:09:36,680 - There are not many in this. - Farmley and Happilo do have raisins. 170 00:09:36,760 --> 00:09:39,240 - Not flavoured raisins. - Okay! Not flavoured raisins. Okay. 171 00:09:39,560 --> 00:09:40,760 Where are we when it comes to the price? 172 00:09:40,760 --> 00:09:43,880 Are we above them, on the same level as them, or below them? 173 00:09:43,960 --> 00:09:45,720 With few brands, we are at par with them. 174 00:09:45,800 --> 00:09:48,280 In some brands... For example, if I say, Let's Try, 175 00:09:58,680 --> 00:09:59,680 Let me tell them. 176 00:09:59,760 --> 00:10:01,720 They grew from Rs. 12 lakhs to Rs. 12 crores in just two years. 177 00:10:01,760 --> 00:10:03,160 Did you sell your share? 178 00:10:03,240 --> 00:10:04,800 - No! He got an offer. - I got an offer. 179 00:10:04,840 --> 00:10:05,960 But he didn't sell. 180 00:10:07,320 --> 00:10:09,600 The investor is believed to be a good investor 181 00:10:09,680 --> 00:10:11,480 when he sells and makes a profit. 182 00:10:11,560 --> 00:10:13,120 - What? - Talk to me when you sell it. 183 00:10:13,200 --> 00:10:15,480 - But... - Hold on! 184 00:10:15,600 --> 00:10:18,600 We are also long-term investors like you. 185 00:10:18,680 --> 00:10:20,480 We've been on Shark Tank for four years. 186 00:10:20,560 --> 00:10:22,640 - You hold on for 15 years... - But... 187 00:10:22,720 --> 00:10:24,760 - We should sell it in four years. - Wow! Hold on! 188 00:10:24,880 --> 00:10:26,720 I have had quite a few exits as well. 189 00:10:26,840 --> 00:10:29,000 - Good one, Vineeta. - Good one, Vineeta. 190 00:10:29,520 --> 00:10:33,680 Tell me something. On the pricing, your packets are for Rs. 20. 191 00:10:33,760 --> 00:10:36,360 Are there others who sell packets for Rs. 20? 192 00:10:36,680 --> 00:10:38,920 Not much in the new age. We have people 193 00:10:39,040 --> 00:10:41,080 who sell for Rs. 30, Rs. 35, Rs. 40... 194 00:10:41,200 --> 00:10:42,560 Who is selling between Rs. 30-Rs. 35? 195 00:10:42,600 --> 00:10:45,960 - There's Let's Try. MOM. - BRB. 196 00:10:46,120 --> 00:10:47,560 - Too Yumm. - BRB also. Too Yumm. 197 00:10:47,640 --> 00:10:48,960 I've invested in BRB too. 198 00:10:49,040 --> 00:10:50,720 Next season, you will able to say 199 00:10:50,800 --> 00:10:53,040 that you invested in a healthy brand 200 00:10:53,120 --> 00:10:54,840 along with Let's Try and BRB. 201 00:10:54,920 --> 00:10:58,000 - Oh! Good one! - That can be an opportunity. 202 00:10:59,000 --> 00:11:01,600 Are you saying that Let's Try isn't healthy? 203 00:11:02,440 --> 00:11:05,080 It's made from groundnut oil. 204 00:11:05,200 --> 00:11:08,000 But it's high in fats. We are low in fats. 205 00:11:08,080 --> 00:11:09,840 They are fried, we are baked. 206 00:11:09,920 --> 00:11:12,080 Branding is the youth appeal, so... 207 00:11:12,160 --> 00:11:15,920 Haven't they improved their branding even after receiving funding? 208 00:11:17,080 --> 00:11:19,600 Let's talk about you, Gaurav. 209 00:11:19,680 --> 00:11:21,600 - We are talking about Madmix today. - Okay. 210 00:11:21,680 --> 00:11:24,640 - How many SKUs do you have? - 20. 211 00:11:25,520 --> 00:11:27,120 Which are the top 3? 212 00:11:27,200 --> 00:11:28,520 Masala Masti Bhujia. 213 00:11:28,600 --> 00:11:31,200 - How much percent does Bhujia contribute? - 42%. 214 00:11:31,280 --> 00:11:32,880 - The second one? - Puffs. 215 00:11:33,000 --> 00:11:34,760 Which is around 35%. 216 00:11:34,840 --> 00:11:37,520 And premixes are 3%, and the remaining comes from raisins. 217 00:11:37,640 --> 00:11:41,360 - Your business is bhujia and puff and then everything else. - Yes. 218 00:11:41,440 --> 00:11:42,960 What is your channel mix? 219 00:11:43,040 --> 00:11:45,520 35% is Indian distribution. 220 00:11:45,920 --> 00:11:48,560 30% is online, from our website. 221 00:11:48,920 --> 00:11:50,600 20% is export. 222 00:11:50,720 --> 00:11:52,760 And 15% is quick commerce and e-commerce. 223 00:11:52,840 --> 00:11:54,880 What is Indian Distribution? Say GT. 224 00:11:59,520 --> 00:12:01,640 We used an alternate channel. 225 00:12:01,720 --> 00:12:04,760 We are very strong in schools, colleges, 226 00:12:04,880 --> 00:12:07,920 hospital canteens, vending machines and corporate offices. 227 00:12:08,000 --> 00:12:09,440 We are available where 228 00:12:09,520 --> 00:12:12,840 our packets run out within 24-48 hours. 229 00:12:12,960 --> 00:12:14,520 - Why are you not in GT? - And of course hotels. 230 00:12:14,520 --> 00:12:15,920 GT, to be very honest, 231 00:12:16,040 --> 00:12:19,240 I tried it last year from September to Jan. 232 00:12:19,320 --> 00:12:21,160 I joined my hands and ran. 233 00:12:21,280 --> 00:12:22,880 - I ran as fast as I could. - It's difficult. 234 00:12:22,920 --> 00:12:24,240 Why? What happened? 235 00:12:24,360 --> 00:12:28,160 I am too young for GT. I am not that experienced. 236 00:12:28,280 --> 00:12:30,120 The distributors will tear me apart. 237 00:12:30,200 --> 00:12:33,480 The margins they demanded... Even if we gave them those, 238 00:12:33,640 --> 00:12:35,920 the sales support, distribution, 239 00:12:36,040 --> 00:12:39,400 warehousing, and everything else just wasn't feasible for me. 240 00:12:39,480 --> 00:12:42,960 Listen, Gaurav. In which other countries are you available? 241 00:12:43,200 --> 00:12:45,000 Dubai and Canada. 242 00:12:49,960 --> 00:12:52,120 For the export market, premixes are 25% container. 243 00:13:04,720 --> 00:13:06,560 how much is it in India and international? 244 00:13:06,680 --> 00:13:07,920 It's around 80%-20%. 245 00:13:08,880 --> 00:13:12,480 - Tell me, at the start, you said ready-to-cook is 3%. - Yes. 246 00:13:12,560 --> 00:13:14,760 - And ready-to-eat is 97%. - Yes. 247 00:13:18,120 --> 00:13:19,480 Tell us what it is for the company. 248 00:13:19,520 --> 00:13:21,520 It's about 88%-12%. 249 00:13:21,640 --> 00:13:24,600 - So, 12% is that business. - Yes. 250 00:13:24,680 --> 00:13:27,520 But in that 12%, almost entirely is export. 251 00:13:28,000 --> 00:13:29,000 Yes. 252 00:13:29,960 --> 00:13:34,800 - In GT, ready-to-cook didn't work. - It did not. 253 00:13:34,880 --> 00:13:36,880 Did you try ready-to-eat? 254 00:13:37,040 --> 00:13:40,840 We did try roughly 500 stores between Mumbai and Pune. 255 00:13:40,960 --> 00:13:44,360 Difficult... There were packets, but when were they sold, 256 00:13:44,480 --> 00:13:47,000 for someone to go every day and check 257 00:13:47,080 --> 00:13:50,480 once every four days wasn't possible. So, we immediately wrapped that up. 258 00:13:51,400 --> 00:13:53,800 95% of India in this market is still GT. 259 00:13:53,880 --> 00:13:55,000 GT, I agree. 260 00:13:55,080 --> 00:13:58,120 We are waiting to give some more time to the brand, 261 00:13:58,200 --> 00:13:59,920 increase the brand recognition 262 00:14:00,000 --> 00:14:00,880 and then enter 263 00:14:01,000 --> 00:14:02,920 - that market. - Okay! Gaurav, what is the scale? 264 00:14:03,000 --> 00:14:05,080 You started in September 2023. 265 00:14:05,200 --> 00:14:06,440 - Correct. - It has been a year. 266 00:14:06,480 --> 00:14:09,280 From April to October, we did Rs. 1.08 crores. 267 00:14:09,880 --> 00:14:12,080 How much do you think you will make in the year? 268 00:14:12,680 --> 00:14:15,600 This year, Rs. 5.5 crores in net revenue. 269 00:14:20,200 --> 00:14:22,240 The month before that it was Rs. 8 lakhs. 270 00:14:26,480 --> 00:14:28,080 there has been a cash crunch. 271 00:14:28,880 --> 00:14:31,000 Vineeta mentioned that you don't have cash issues. 272 00:14:31,080 --> 00:14:34,160 My grandfather and father built everything themselves 273 00:14:34,240 --> 00:14:36,520 and I am working hard to create something on my own. 274 00:14:36,680 --> 00:14:39,520 - Have you not raised funding? - I did raise funding. 275 00:14:40,320 --> 00:14:43,440 We started the round in December 2022. 276 00:14:43,520 --> 00:14:45,920 We raised Rs. 1.76 crores. 277 00:14:46,120 --> 00:14:48,800 And in December 2023, Rs. 50 lakhs. 278 00:14:55,120 --> 00:14:56,520 - You raised funds for that. - Yes. 279 00:14:56,640 --> 00:14:58,200 How much cash do you currently have? 280 00:14:58,280 --> 00:15:00,000 About Rs. 20 lakhs in our account. 281 00:15:00,080 --> 00:15:01,760 How much is your monthly burn? 282 00:15:01,840 --> 00:15:02,840 Roughly, Rs. 8 lakhs. 283 00:15:07,080 --> 00:15:11,400 You've seen this near-death situation a few months ago. 284 00:15:11,480 --> 00:15:13,880 When you came here with a business 285 00:15:14,000 --> 00:15:16,200 that is potentially at the run rate of Rs. 2 crores. 286 00:15:16,320 --> 00:15:18,000 It might do Rs. 5 crores. 287 00:15:18,080 --> 00:15:20,120 You are raising a valuation of Rs. 50 crores. 288 00:15:20,200 --> 00:15:22,680 It seems like you don't want funding. 289 00:15:23,400 --> 00:15:25,680 Nothing as such at all. 290 00:15:25,800 --> 00:15:27,160 Because of the cash crunch, 291 00:15:27,240 --> 00:15:30,480 we are only able to supply 30%-40% of the POs we're receiving. 292 00:15:38,360 --> 00:15:40,080 The minute we have money in our account, 293 00:15:40,160 --> 00:15:42,600 we have Rs. 80-85 lakhs in POs 294 00:15:42,680 --> 00:15:44,320 month on month, ready to supply. 295 00:15:46,120 --> 00:15:48,920 How much money have we invested in our working capital? 296 00:15:49,120 --> 00:15:50,400 Roughly, 60 days. 297 00:15:50,480 --> 00:15:51,920 - At cost? - At cost. 298 00:15:52,040 --> 00:15:55,760 And the funding of around Rs. 2.2 crores, 299 00:15:55,880 --> 00:15:58,440 was the burn more earlier? Where did it go? 300 00:15:58,800 --> 00:16:01,680 Last year, Daily Staple shifted to Madmix. 301 00:16:01,760 --> 00:16:05,160 We had paused the sale for almost five months. 302 00:16:05,680 --> 00:16:07,440 Initially, when these products were launched, 303 00:16:07,520 --> 00:16:10,200 we were searching for product-market fit and the right placement. 304 00:16:10,320 --> 00:16:12,240 This led to significant burn last year, 305 00:16:12,320 --> 00:16:13,480 and of course, in rebranding as well. 306 00:16:13,520 --> 00:16:15,400 - Okay! Tell us your unit economics. - Sure. 307 00:16:15,480 --> 00:16:17,800 Currently, our COGS is 30%. 308 00:16:17,880 --> 00:16:19,400 - Okay! - Gross margin is 70%. 309 00:16:19,520 --> 00:16:22,120 And our EBITDA is -8.35%. 310 00:16:22,200 --> 00:16:25,040 Your gross margin is 70%. What other expenses do you have? 311 00:16:25,120 --> 00:16:28,320 Our marketing is currently 12%. 312 00:16:28,400 --> 00:16:30,200 12%? Isn't that less? 313 00:16:31,160 --> 00:16:32,720 We don't know where the money is going. 314 00:16:32,800 --> 00:16:33,800 Tell me next. 315 00:16:33,840 --> 00:16:36,000 Our CM1 is around 60%. 316 00:16:36,240 --> 00:16:38,440 CM2 is at 38%. 317 00:16:38,520 --> 00:16:40,200 - CM3 is at 33%. - No! 318 00:16:40,360 --> 00:16:42,160 - You didn't deduct the expenses. - Yes. 319 00:16:42,240 --> 00:16:44,280 What is the expense after Rs. 70? 320 00:16:44,360 --> 00:16:45,640 After 60% 321 00:16:45,760 --> 00:16:48,280 you came down to 38%. What is 22%? 322 00:16:48,360 --> 00:16:49,520 - Marketing! - No! 323 00:16:49,600 --> 00:16:51,480 - From CM1 to CM2. - Yes. 324 00:16:51,560 --> 00:16:53,640 - What is that? - Advertisements. 325 00:16:53,720 --> 00:16:56,600 You are calculating marketing and advertisement separately. 326 00:16:56,680 --> 00:16:59,880 - Okay! - What is this 12% in marketing? 327 00:17:00,000 --> 00:17:01,800 For the agencies and all. 328 00:17:01,880 --> 00:17:04,520 You should calculate that in marketing. 329 00:17:04,640 --> 00:17:05,480 I apologise. 330 00:17:05,560 --> 00:17:08,280 - How much is advertising? - 28%. 331 00:17:08,360 --> 00:17:10,360 - So, 40% is marketing and advertising. - Yes. 332 00:17:40,800 --> 00:17:43,280 I am here now in front of all of you. 333 00:17:43,400 --> 00:17:45,840 You are here today. What will happen if you don't get funding? 334 00:17:47,080 --> 00:17:49,200 Aman, there was a time in office, 335 00:17:49,280 --> 00:17:52,400 when there was Rs. 10,000 and we had to give salaries the next month. 336 00:17:52,480 --> 00:17:55,960 - What did you do? - I have faith in myself. Something will work out. 337 00:17:56,040 --> 00:17:58,760 And I'll tell you why! I have to prove 338 00:17:58,880 --> 00:18:01,440 to many people that I am worth it. 339 00:18:01,520 --> 00:18:03,000 What will you do if it doesn't happen? 340 00:18:06,080 --> 00:18:07,960 - I will do something, Aman. - What will you do? 341 00:18:09,360 --> 00:18:10,560 We will try something. 342 00:18:10,640 --> 00:18:12,360 We won't give up, that is for sure. 343 00:18:12,440 --> 00:18:14,800 There has to be a term sheet or something. 344 00:18:15,440 --> 00:18:17,280 No, nothing as such at all. 345 00:18:17,360 --> 00:18:18,960 We are not even thinking of doing any rounds. 346 00:18:18,960 --> 00:18:20,520 If we do, I will 347 00:18:20,600 --> 00:18:24,640 - in the future... - Hold on! If we have the money for two months... 348 00:18:24,880 --> 00:18:27,360 - I know, this... - This is what I was asking. What is happening? 349 00:18:27,360 --> 00:18:29,040 - Why? - I made two mistakes, Aman. 350 00:18:29,120 --> 00:18:32,200 You are making a mistake now. You know what? You are not running. 351 00:18:34,640 --> 00:18:36,280 Aman, I am running every morning. 352 00:18:36,400 --> 00:18:38,840 - As fast... - Vineeta also runs. I am not talking about that. 353 00:18:38,920 --> 00:18:41,760 No, to figure funding. 354 00:18:42,560 --> 00:18:43,560 You mentioned 355 00:18:43,640 --> 00:18:46,840 - that you are not raising funding. - We've not opened any round 356 00:18:46,920 --> 00:18:49,360 - to get a soft commitment! Yes, sir? - Boss! 357 00:18:52,000 --> 00:18:55,320 You are claiming to be a fighter, you will be at it, 358 00:18:55,720 --> 00:18:58,320 you are running, but right now, you're doing none of those things. 359 00:18:59,680 --> 00:19:00,680 I am out. 360 00:19:02,600 --> 00:19:04,360 If you needed funding, 361 00:19:04,480 --> 00:19:07,720 you should've gone to Vineeta. 362 00:19:08,720 --> 00:19:09,880 You are not a fighter. 363 00:19:10,200 --> 00:19:13,400 I don't feel it. You are claiming it, but I don't sense it. 364 00:19:13,480 --> 00:19:15,080 I don't see a passion. 365 00:19:15,160 --> 00:19:17,400 Involve a co-founder, you are unable to handle it alone. 366 00:19:17,480 --> 00:19:19,840 No, Aman. I am fighting every day. 367 00:19:19,920 --> 00:19:22,760 This is my life, this is what I live for 368 00:19:22,840 --> 00:19:24,560 - every single hour. - Forget me. 369 00:19:24,680 --> 00:19:26,440 Why didn't you try looking for term sheets? 370 00:19:26,560 --> 00:19:29,480 Of course, our existing investors are keen to come back. 371 00:19:29,560 --> 00:19:32,560 But we are just waiting to initiate the round shortly. 372 00:19:32,680 --> 00:19:34,640 But I feel that 373 00:19:34,720 --> 00:19:36,880 you are carrying a burden with you. 374 00:19:38,320 --> 00:19:41,120 Sometimes, founders 375 00:19:41,640 --> 00:19:43,560 don't want to take favours from anyone 376 00:19:43,640 --> 00:19:46,480 because they want to prove something without anyone's support. 377 00:19:46,560 --> 00:19:47,960 It's not that I don't want help. 378 00:19:48,080 --> 00:19:50,240 You won't get help if you don't ask for it. 379 00:19:50,320 --> 00:19:53,320 But I believe in myself and I really believe in Madmix. 380 00:19:53,400 --> 00:19:55,440 So, I know for a fact that we will grow 381 00:19:55,520 --> 00:19:57,760 and prove to the investors who believed 382 00:19:57,800 --> 00:19:59,400 in me when we didn't have Madmix. 383 00:20:03,320 --> 00:20:06,440 Number one, you've priced for GT. 384 00:20:06,520 --> 00:20:07,840 Rs. 20. 385 00:20:07,920 --> 00:20:12,000 But you are selling to D2C, where logistics is killing you. 386 00:20:12,680 --> 00:20:14,080 Secondly, get your numbers right. 387 00:20:14,160 --> 00:20:17,440 When we asked about marketing, 12% seemed very low. 388 00:20:18,440 --> 00:20:21,720 And then you mentioned that you pay the agency for advertising. 389 00:20:21,800 --> 00:20:23,080 You should know your numbers. 390 00:20:23,600 --> 00:20:25,080 Because 12% is not the right number. 391 00:20:25,200 --> 00:20:26,680 - It was over 40%. - Correct. 392 00:20:26,920 --> 00:20:29,480 Third, flavours are not very innovative. 393 00:20:29,600 --> 00:20:33,680 Young people like you are expected to think out of the box. 394 00:20:34,120 --> 00:20:36,840 Fourth is, your competition is crazy. 395 00:20:37,920 --> 00:20:39,840 So, in these four areas, 396 00:20:39,920 --> 00:20:43,680 - you have to be a little bit more alert. - Absolutely. 397 00:20:43,760 --> 00:20:46,280 But love your enthusiasm. But for today, I am out. 398 00:20:46,480 --> 00:20:47,680 Thank you! 399 00:20:48,800 --> 00:20:50,880 Even if you raise Rs. 50 lakhs 400 00:20:50,960 --> 00:20:55,160 during a cash crunch, it will cover your business only for 5 months. 401 00:20:55,320 --> 00:20:57,200 Why did you think of Rs. 50 lakhs? 402 00:20:57,280 --> 00:21:00,680 Why didn't you ask for more? What is your strategy behind this? 403 00:21:01,360 --> 00:21:03,480 Currently, Rs. 50 lakhs is only to solve 404 00:21:03,600 --> 00:21:05,760 my inventory, warehousing and logistics. 405 00:21:05,840 --> 00:21:09,560 Simple! I don't want to put the money into marketing or anything else. 406 00:21:09,640 --> 00:21:13,360 Will this dramatically change your unit economics? 407 00:21:13,680 --> 00:21:15,240 - Yes! - What will change? 408 00:21:15,320 --> 00:21:16,920 Shipping and COGS. 409 00:21:17,000 --> 00:21:19,000 You have to solve the problem for next month. 410 00:21:20,400 --> 00:21:23,960 COGS and shipping improvements are long-term solutions. 411 00:21:24,120 --> 00:21:27,800 When the fire has gone off here, you need to pour water. 412 00:21:27,920 --> 00:21:31,200 We can't say we will build a new house, right? 413 00:21:31,760 --> 00:21:33,880 How will you extinguish this fire? 414 00:21:35,800 --> 00:21:38,320 Do you have access to capital? 415 00:21:38,400 --> 00:21:42,320 Yes, my family. If I require money someday, 416 00:21:42,480 --> 00:21:44,400 then I will request my dad 417 00:21:44,640 --> 00:21:47,040 - to help me in that scenario. - To lend you. 418 00:21:47,120 --> 00:21:48,440 So that the business continues to grow. 419 00:21:48,440 --> 00:21:50,080 And you don't want to do that. 420 00:21:50,560 --> 00:21:51,840 For the time being, yes. 421 00:21:52,240 --> 00:21:55,680 I don't think that anyone doubts whether you are capable or not. 422 00:21:55,760 --> 00:21:58,400 But you are unable to convince us. 423 00:21:58,480 --> 00:22:01,080 Hope and belief are not a plan. 424 00:22:02,000 --> 00:22:05,240 - A lot of respect for you and what you've created so far. - Thanks. 425 00:22:05,400 --> 00:22:07,240 Figure it out, please. I am out. Best of luck. 426 00:22:09,160 --> 00:22:11,640 I was quietly observing you. 427 00:22:11,720 --> 00:22:15,560 There are flashes of intensity in you. 428 00:22:16,600 --> 00:22:20,760 At times, you become intensely focused and driven, 429 00:22:21,000 --> 00:22:24,320 and then suddenly it just starts waning. 430 00:22:24,400 --> 00:22:27,920 I feel that there are certain attachments in your life, 431 00:22:28,240 --> 00:22:31,720 and until you let go of them, 432 00:22:31,960 --> 00:22:35,240 you won't truly be happy or productive. 433 00:22:36,440 --> 00:22:39,760 You have not said 'no' to anything in this business. 434 00:22:39,840 --> 00:22:43,040 You have ready-to-cook and ready-to-eat. 435 00:22:43,120 --> 00:22:45,720 You've done domestic and export, 436 00:22:45,800 --> 00:22:48,200 offline and online, 437 00:22:48,800 --> 00:22:52,400 but you've spread yourself too thin 438 00:22:52,480 --> 00:22:55,280 because I believe you want to prove something to someone. 439 00:22:55,480 --> 00:22:58,240 That's why you agree to do everything that comes your way. 440 00:22:58,360 --> 00:22:59,800 Because you feel 441 00:22:59,880 --> 00:23:03,440 that it's an indication of the beginning of failure. 442 00:23:03,800 --> 00:23:06,080 We've all seen failure in life. 443 00:23:06,240 --> 00:23:10,080 So many times people have come to me and it's over and they are ruined. 444 00:23:11,000 --> 00:23:13,240 It's okay! You can take a step back. 445 00:23:13,520 --> 00:23:16,240 Re-invent yourself. Come back. 446 00:23:16,560 --> 00:23:19,200 This work is for you, not for anyone else. 447 00:23:19,360 --> 00:23:20,800 I wish you the very best. 448 00:23:20,880 --> 00:23:22,720 Today, I won't be able to invest. 449 00:23:22,880 --> 00:23:25,920 But I hope Madmix is back on track 450 00:23:26,040 --> 00:23:28,680 and you are successful in life. All the best. 451 00:23:29,160 --> 00:23:30,720 Thank you so much. Thank you. 452 00:23:31,000 --> 00:23:34,000 Gaurav, you are humble. 453 00:23:34,080 --> 00:23:35,560 You speak with so much warmth and kindness. 454 00:23:35,600 --> 00:23:37,440 It feels like I am talking. 455 00:23:37,520 --> 00:23:39,280 But I have a question. 456 00:23:39,400 --> 00:23:42,160 To heal yourself, to treat yourself, 457 00:23:42,280 --> 00:23:46,080 if we need to rip the band-aid off, we will. 458 00:23:46,160 --> 00:23:48,040 Are you ready to do that? 459 00:23:49,160 --> 00:23:50,400 One thing I promise you, 460 00:23:50,480 --> 00:23:53,280 ripping the band-aid is a no-brainer. 461 00:23:53,360 --> 00:23:57,600 If we don't rip it off, I'll be on the ventilator of the ICU. 462 00:23:57,760 --> 00:24:01,320 And I will lose what I made with such hard work. 463 00:24:02,240 --> 00:24:04,360 I might not have been able to present 464 00:24:04,440 --> 00:24:06,960 that I'm capable, but yeah! 465 00:24:07,040 --> 00:24:08,320 Give me an opportunity, Ritesh. 466 00:24:08,480 --> 00:24:11,120 I promise you, it will be something that you will really enjoy. 467 00:24:14,000 --> 00:24:15,920 Gaurav, I think 468 00:24:16,360 --> 00:24:19,600 you should focus on one business and shut the other down. 469 00:24:19,840 --> 00:24:21,000 Okay! 470 00:24:21,520 --> 00:24:25,200 One business could be export, ready-to-cook. 471 00:24:25,560 --> 00:24:28,960 The second one could be the domestic D2C business, 472 00:24:29,040 --> 00:24:31,520 which is ready-to-eat. You choose. 473 00:24:31,920 --> 00:24:35,800 If you agree to pause one of the two businesses, 474 00:24:51,560 --> 00:24:54,840 I was going to ask for 10%, but I could not bring myself to do it. 475 00:24:56,000 --> 00:24:57,520 Gaurav, what are you thinking? 476 00:24:57,600 --> 00:25:01,120 - Absolutely! - You won a lottery, accept it, do the rest later. 477 00:25:01,200 --> 00:25:03,720 Would you be interested to do it at 2.5%? 478 00:25:09,120 --> 00:25:10,920 - It should've been 10%. - Answer me first. 479 00:25:11,040 --> 00:25:13,240 - Do you accept the condition? - That I am okay. 100%. 480 00:25:13,320 --> 00:25:17,720 Okay! My offer is Rs. 50 lakhs for 5%. Decide soon, friend. 481 00:25:18,720 --> 00:25:20,960 [music playing] 482 00:25:23,000 --> 00:25:24,840 - Gaurav, I really... - Gaurav! 483 00:25:24,920 --> 00:25:26,440 - It's a no-brainer. - I really suggest 484 00:25:26,480 --> 00:25:27,480 you take it. 485 00:25:27,520 --> 00:25:29,360 - Done, Ritesh! Deal accepted. - Good decision. 486 00:25:49,560 --> 00:25:51,040 - Hello, Gaurav. - Hello! 487 00:25:51,160 --> 00:25:53,400 Welcome to our PokerBaazi Zone, where you hold the cards. 488 00:25:53,480 --> 00:25:54,800 Superb! Very excited. 489 00:25:54,880 --> 00:25:56,920 There are a lot of similarities between poker and business. 490 00:25:56,960 --> 00:25:58,480 In both cases, the situation can change at any time. 491 00:25:58,520 --> 00:26:01,840 There are three phases of opening community cards. 492 00:26:02,160 --> 00:26:05,040 The first phase is flop. 493 00:26:34,240 --> 00:26:36,200 - It's from the introduction phase. - Okay. 494 00:26:36,280 --> 00:26:38,960 There is no one in FMCG in my family. 495 00:26:39,080 --> 00:26:42,440 - But I was always passionate about food. - Okay. 496 00:26:42,520 --> 00:26:46,120 I was clear that I didn't mind selling vada pav on the street, 497 00:26:46,240 --> 00:26:48,480 - but I wanted to enter the food industry. - Okay. 498 00:26:48,560 --> 00:26:50,840 When I proposed this idea at home, 499 00:26:51,120 --> 00:26:53,120 the conversation wasn't easy. 500 00:26:53,240 --> 00:26:55,640 There are many hows and don'ts and why. 501 00:26:55,720 --> 00:26:57,320 - 'Will you be able to do it?' - Yeah! 502 00:26:57,400 --> 00:26:59,720 But gradually, they saw my passion and they were convinced. 503 00:27:19,880 --> 00:27:23,360 It's hosted on PokerBaazi with a total prize pool of Rs. 100 crores. 504 00:27:23,480 --> 00:27:25,440 If you are also a master of skills and strategy 505 00:27:25,520 --> 00:27:27,880 then head to PokerBaazi app, and create your winning hand. 506 00:27:27,960 --> 00:27:29,160 Download the app now! 507 00:27:29,280 --> 00:27:32,200 'Shark Tank India, co-presented by ACKO Insurance, 508 00:27:32,280 --> 00:27:34,360 'PokerBaazi and Swiggy Instamart.' 509 00:27:34,440 --> 00:27:37,040 'Co-powered by Adani and Jaquar Bath and Light.' 510 00:27:37,160 --> 00:27:41,160 'And partners, Rayzon Solar, ICICI Direct and Lenskart.' 511 00:27:41,240 --> 00:27:44,280 Jewellery brand! Palmonas. 512 00:27:44,560 --> 00:27:46,360 Hey, this is a Pune brand. 513 00:27:46,520 --> 00:27:47,400 She is Shraddha Kapoor. 514 00:27:47,520 --> 00:27:49,760 No! But the brand is by a Pune girl. 515 00:27:50,120 --> 00:27:52,000 [music playing] 516 00:28:00,600 --> 00:28:03,400 [music playing] 517 00:28:21,080 --> 00:28:23,800 From a distance, it looked like shining gold. 518 00:28:23,880 --> 00:28:24,800 Wow! 519 00:28:24,880 --> 00:28:26,000 Wow! 520 00:28:26,080 --> 00:28:28,720 From a distance, it looked like shining gold. 521 00:28:28,800 --> 00:28:30,440 And when you got closer, what did you see? 522 00:28:30,520 --> 00:28:34,160 I didn't go closer. The gold costs Rs. 70,000. 523 00:28:34,400 --> 00:28:37,240 Oh God! But where did you see a shining gold? 524 00:28:37,360 --> 00:28:38,600 On Vineeta 525 00:28:39,960 --> 00:28:42,360 in the last season of Shark Tank. Look! 526 00:28:44,040 --> 00:28:45,040 Oh, nice. 527 00:28:45,120 --> 00:28:48,400 This is Palmonas. This is demi-fine jewellery. 528 00:28:48,520 --> 00:28:49,520 Oh! 529 00:28:49,720 --> 00:28:52,680 Hi, Sharks! Welcome to the world of demi-fine jewellery. 530 00:28:56,080 --> 00:28:57,880 - Pune! - Yes! 531 00:28:58,520 --> 00:29:00,880 And with our third co-founder, Shraddha Kapoor, 532 00:29:00,960 --> 00:29:03,000 we are building India's most-loved 533 00:29:03,120 --> 00:29:05,400 demi-fine jewellery brand, Palmonas. 534 00:29:10,360 --> 00:29:12,160 It falls between imitation and fine jewellery. 535 00:29:43,640 --> 00:29:47,440 Sharks, we make this jewellery for you and not your locker. 536 00:29:47,640 --> 00:29:50,200 We want you to wear this jewellery every day. 537 00:29:50,280 --> 00:29:51,680 There is no jewellery-care guide. 538 00:29:51,880 --> 00:29:53,480 Put it on with confidence and enjoy. 539 00:29:54,200 --> 00:29:56,360 Our journey started two years ago. 540 00:29:56,480 --> 00:29:59,680 And we've served more than 1 lakh customers. 541 00:30:00,840 --> 00:30:03,200 We sell on our website, Palmonas.com. 542 00:30:12,320 --> 00:30:14,920 - Rs. 1.26 crores for 1% of Palmonas. - Oh my! 543 00:30:20,320 --> 00:30:21,760 ...how India buys jewellery, 544 00:30:21,840 --> 00:30:24,640 one stunning piece at a time or maybe all. 545 00:30:24,800 --> 00:30:26,320 [laughing] 546 00:30:27,080 --> 00:30:28,200 Shraddha Kapoor didn't come. 547 00:30:28,200 --> 00:30:30,800 - She was very excited to come on the show. - Then? 548 00:30:30,880 --> 00:30:33,400 But I told her that this is not your expertise. 549 00:30:33,520 --> 00:30:35,440 [laughing] 550 00:30:35,520 --> 00:30:37,000 I'll go. 551 00:30:37,120 --> 00:30:39,280 And right now, as we are here, 552 00:30:39,360 --> 00:30:40,880 she is also doing her Palmonas duty. 553 00:30:41,000 --> 00:30:43,520 So, she is in an event promoting Palmonas. 554 00:30:43,600 --> 00:30:44,600 So, I am happy. 555 00:30:45,800 --> 00:30:47,200 How much equity does she have? 556 00:30:47,280 --> 00:30:48,280 21%. 557 00:30:48,360 --> 00:30:50,280 - Oh, that's a substantial amount. - That's why. 558 00:30:50,360 --> 00:30:51,800 And both of you? 559 00:30:51,920 --> 00:30:53,120 I have 50%. 560 00:30:53,240 --> 00:30:55,320 - And I have 29%. - Okay. 561 00:30:55,560 --> 00:30:57,840 - Amol and Pallavi. - Yes. 562 00:30:57,920 --> 00:30:59,080 Welcome to Shark Tank. 563 00:30:59,240 --> 00:31:01,200 - Thank you! - Thank you! Dream come true. 564 00:31:01,360 --> 00:31:04,640 Tell us about your background. 565 00:31:04,760 --> 00:31:06,400 So, Kunal, I am from Udgir 566 00:31:06,800 --> 00:31:08,360 which is in the Latur district of Maharashtra. 567 00:31:08,400 --> 00:31:10,320 I completed my MBBS from Latur. 568 00:31:10,400 --> 00:31:14,200 I pursued a Master's in Surgery in Orthopaedics from Sangli. 569 00:31:14,320 --> 00:31:15,920 - Nice! - Post that, 570 00:31:16,280 --> 00:31:19,680 I did superspeciality in joint replacement from Pune. 571 00:31:19,760 --> 00:31:22,000 - Oh! - And I worked as a joint replacement surgeon 572 00:31:22,120 --> 00:31:24,520 - for around 4-5 years. - Very good. 573 00:31:24,600 --> 00:31:25,600 Amazing! 574 00:31:25,680 --> 00:31:26,720 - Lovely! - And then? 575 00:31:26,840 --> 00:31:29,280 After that, we got married. 576 00:31:29,360 --> 00:31:30,680 [laughing] 577 00:31:30,760 --> 00:31:32,240 - Why are you blushing? - What's making you blush? 578 00:31:32,240 --> 00:31:34,080 [laughing] 579 00:31:34,160 --> 00:31:35,840 How many years have you been married? 580 00:31:35,920 --> 00:31:37,400 - They are blushing. - 8 years. 581 00:31:37,480 --> 00:31:40,320 - 8 years! You are blushing like newlyweds. - Yes. 582 00:31:40,400 --> 00:31:41,960 We have two children. 583 00:31:42,640 --> 00:31:45,240 What happened after you got married? 584 00:31:45,640 --> 00:31:48,120 - In business. - He means in business. 585 00:31:48,320 --> 00:31:51,080 - Yes! - We launched our first brand 586 00:31:51,160 --> 00:31:52,760 called Karagiri. 587 00:31:52,880 --> 00:31:54,360 - It is a saree brand. - Yeah, sarees. 588 00:31:54,440 --> 00:31:55,840 - I've heard that. - Yes, sarees. 589 00:31:55,920 --> 00:31:59,000 Yes! We launched that in 2017. 590 00:31:59,080 --> 00:32:02,040 We grew the business organically for four years 591 00:32:02,120 --> 00:32:04,120 in a bootstrapped way very profitably. 592 00:32:04,200 --> 00:32:06,160 I think an accelerator bought it, right? 593 00:32:06,240 --> 00:32:08,760 Yes, it was acquired in 2021. 594 00:32:08,840 --> 00:32:11,440 Was Karagiri started by both of you or just you alone? 595 00:32:11,560 --> 00:32:14,320 Yes. Let me tell you about my journey. 596 00:32:14,920 --> 00:32:16,040 I'm from Nashik. 597 00:32:16,120 --> 00:32:17,600 I did my schooling there. 598 00:32:17,880 --> 00:32:19,120 Then I went to COEP 599 00:32:19,200 --> 00:32:21,560 - and studied engineering there. - Oh, wonderful! 600 00:32:28,400 --> 00:32:29,840 My grandfather was a weaver. 601 00:32:30,000 --> 00:32:33,720 My native place is a small village called Pauni near Nagpur. 602 00:32:33,800 --> 00:32:35,600 We had two handlooms there. 603 00:32:35,680 --> 00:32:37,880 I always wanted to do something for this community. 604 00:32:37,960 --> 00:32:40,760 When I was in Lucknow, there were so many 'chikankari'... 605 00:32:40,840 --> 00:32:43,560 I mean, there are loads of shops on a single street, 606 00:32:43,680 --> 00:32:45,400 but there wasn't a single shop in Nashik. 607 00:32:45,520 --> 00:32:47,400 I identified a demand and supply gap 608 00:32:47,480 --> 00:32:49,560 and thought of doing something there 609 00:32:49,640 --> 00:32:51,480 which would also help me understand e-commerce. 610 00:32:51,600 --> 00:32:54,760 So, I procured 15 basic designs that are available everywhere 611 00:32:54,840 --> 00:32:57,920 and I started selling them on eBay.com. 612 00:32:58,000 --> 00:32:59,160 And to my surprise, 613 00:32:59,240 --> 00:33:02,000 within a week, I started selling 6 to 8 saris everyday. 614 00:33:02,520 --> 00:33:03,320 Wow! 615 00:33:03,400 --> 00:33:06,360 A small hobby had turned into a business. 616 00:33:06,520 --> 00:33:08,560 And my entire education cost 617 00:33:08,640 --> 00:33:11,520 literally from my college fees was covered. 618 00:33:11,600 --> 00:33:13,920 I decided I wanted to do this, 619 00:33:14,120 --> 00:33:17,200 but I belong to a Maharashtrian traditional family. 620 00:33:17,640 --> 00:33:19,640 They hadn't even heard of the word start-up. 621 00:33:19,720 --> 00:33:22,880 Mom said, "Why'd you go to IIM if you just wanted to sell saris?" 622 00:33:22,960 --> 00:33:24,600 - "Take up a job now." - [Sharks laugh] 623 00:33:25,120 --> 00:33:27,120 - Typical mother. - Yes. 624 00:33:27,640 --> 00:33:31,120 Then I joined GS and worked there for nine months. 625 00:33:31,240 --> 00:33:32,240 I saved up money 626 00:33:32,320 --> 00:33:34,880 and my entrepreneurship journey began from there. 627 00:33:34,960 --> 00:33:36,960 So, you quit your profession as a doctor 628 00:33:37,040 --> 00:33:39,840 - and joined her in Karagiri. - Yes. 629 00:33:40,080 --> 00:33:42,680 Pallavi told you to quit 630 00:33:42,760 --> 00:33:46,560 - being a doctor and you did! - No, it's not like that. 631 00:33:46,640 --> 00:33:47,680 Who convinced you? 632 00:33:47,760 --> 00:33:49,560 Was it her or did you come willingly? 633 00:33:49,680 --> 00:33:53,040 After marriage, nothing is more important than your wife. 634 00:33:53,120 --> 00:33:54,760 [all laugh] 635 00:33:55,680 --> 00:33:57,920 Pallavi used to take care of all the things. 636 00:33:58,120 --> 00:33:59,400 I'd return home from the hospital. 637 00:33:59,440 --> 00:34:01,440 Then we would pack the saris together 638 00:34:01,560 --> 00:34:03,400 and hand them to the delivery guy. 639 00:34:03,520 --> 00:34:08,240 So, that journey from scratch to acquisition... 640 00:34:08,520 --> 00:34:09,760 I enjoyed that. 641 00:34:09,840 --> 00:34:13,560 Her passion and energy are contagious. 642 00:34:13,920 --> 00:34:14,920 [laughs] 643 00:34:15,520 --> 00:34:18,080 I thought I should stand by her. 644 00:34:18,200 --> 00:34:19,360 - Aw, that's nice. - Amazing. 645 00:34:19,480 --> 00:34:21,000 - Very sweet, - So sweet. 646 00:34:21,840 --> 00:34:24,120 How did Palmonas start? 647 00:34:24,200 --> 00:34:25,800 It stemmed from a personal need. 648 00:34:26,440 --> 00:34:27,800 My skin is highly sensitive. 649 00:34:27,920 --> 00:34:30,360 - So, I could never wear imitation jewellery. - Okay. 650 00:34:30,560 --> 00:34:33,120 I always thought there had to be something. 651 00:34:33,600 --> 00:34:36,840 And just then, one of my friends was coming down from the US. 652 00:34:36,960 --> 00:34:38,040 She got me a pendant 653 00:34:38,120 --> 00:34:40,440 from an international Demi-Fine jewellery brand. 654 00:34:40,520 --> 00:34:41,880 I really loved it 655 00:34:41,960 --> 00:34:44,000 and I wanted more because I could wear it 656 00:34:44,080 --> 00:34:45,960 and didn't have to spend a lot of money either. 657 00:34:46,080 --> 00:34:48,400 I looked up 'buy Demi-fine jewellery in India'. 658 00:34:48,920 --> 00:34:50,440 There was no one selling it. 659 00:34:51,080 --> 00:34:53,200 Pallavi, what's the underlying metal? 660 00:34:53,280 --> 00:34:54,120 Is it silver? 661 00:34:54,200 --> 00:34:55,720 Yes, silver and steel. 662 00:34:55,920 --> 00:34:59,600 - So, you do 18-carat plating on silver and steel. - Yes. 663 00:35:04,040 --> 00:35:05,720 Thick gold plated is Demi-Fine. 664 00:35:05,800 --> 00:35:07,160 So, I'll tell you the difference. 665 00:35:07,240 --> 00:35:09,640 What everyone currently does is known as flash plating 666 00:35:22,480 --> 00:35:24,600 - This takes about seven seconds. - Tell me something. 667 00:35:24,600 --> 00:35:28,720 - Coming to your problem of sensitive skin. - Yes. 668 00:35:28,800 --> 00:35:31,480 You can wear the thin gold-plated jewellery. 669 00:35:32,480 --> 00:35:36,040 Yes, but if you wear it twice, it oxidises. 670 00:35:36,120 --> 00:35:37,360 Is this a real problem? 671 00:35:37,440 --> 00:35:40,120 Even the artificial jewellery brands 672 00:35:40,200 --> 00:35:41,800 are doing revenues of Rs. 200-300 crores. 673 00:35:41,840 --> 00:35:44,640 - They aren't facing the issue of people... - What was our company? 674 00:35:44,720 --> 00:35:46,240 - Rubans. - Rubans. 675 00:35:46,360 --> 00:35:49,840 - So... - See, the problem is not only having sensitive skin 676 00:35:49,960 --> 00:35:51,840 and not being able to find the right solution. 677 00:35:52,080 --> 00:35:55,760 The problem is finding a brand which has aspirational designs. 678 00:35:55,920 --> 00:36:00,040 - The brand Melorra started in 2015. - Yes. 679 00:36:00,280 --> 00:36:04,040 - GIVA started somewhere around 2019. - 2019. 680 00:36:04,160 --> 00:36:06,560 Melorra recently had a distress sale 681 00:36:06,640 --> 00:36:08,160 - to Senco Gold. - Yes. 682 00:36:08,240 --> 00:36:12,080 - And GIVA is really progressing well. - Yes. 683 00:36:12,160 --> 00:36:15,040 Though Melorra had the first mover advantage, 684 00:36:15,360 --> 00:36:17,840 there was a distress sell whereas the other one's growing. 685 00:36:18,040 --> 00:36:19,320 What do you think the reason is? 686 00:36:19,400 --> 00:36:21,360 Melorra is a fine jewellery brand 687 00:36:21,440 --> 00:36:23,680 versus GIVA which is a silver jewellery brand. 688 00:36:28,080 --> 00:36:32,640 Secondly, I feel, what GIVA cracked well, was distribution. 689 00:36:32,760 --> 00:36:35,080 I mean, open your stores in every alley. 690 00:36:35,200 --> 00:36:36,960 Sell jewellery in Rs. 1,500 to 2,000. 691 00:36:37,080 --> 00:36:38,080 Everybody will buy 692 00:36:38,160 --> 00:36:40,520 - because this is a huge gifting use case also. - Offline. 693 00:36:40,600 --> 00:36:42,840 - They realised the importance of offline early. - Offline, yes. 694 00:36:42,840 --> 00:36:45,040 Because many times, the Indian consumer 695 00:36:45,120 --> 00:36:47,080 - makes a discovery online. - Exactly. 696 00:36:47,200 --> 00:36:48,280 But for jewellery, 697 00:36:48,360 --> 00:36:51,200 - they prefer an offline model to purchase. - Correct. 698 00:36:51,320 --> 00:36:53,040 100 on 100 marks. 699 00:36:53,640 --> 00:36:54,920 Thank you. [giggles] 700 00:36:57,960 --> 00:36:59,160 Oh, wow! 701 00:36:59,240 --> 00:37:00,560 - Lovely! - Oh, wow. 702 00:37:00,640 --> 00:37:01,840 How nice! 703 00:37:03,080 --> 00:37:04,320 - How cool is that? - Thank you. 704 00:37:04,400 --> 00:37:06,080 Thank you so much. Wow, lovely. 705 00:37:06,280 --> 00:37:08,280 Oh, wow. I love it. 706 00:37:08,760 --> 00:37:09,760 I like this. 707 00:37:09,800 --> 00:37:11,760 - Can this be used as a pendant? - Um... 708 00:37:11,840 --> 00:37:13,840 - Or is it like a dangler? - It's like a dangler. 709 00:37:13,920 --> 00:37:16,000 - Dangler to your bag or something. - Maybe you can... Bag, yes. 710 00:37:16,000 --> 00:37:17,040 - Very nice. - Oh, nice. 711 00:37:19,280 --> 00:37:21,360 What's the story of the name Palmona? 712 00:37:21,440 --> 00:37:22,520 What does it mean? 713 00:37:22,640 --> 00:37:24,200 It is a combination of our names. 714 00:37:24,280 --> 00:37:25,720 Amol and Pallavi. 715 00:37:25,800 --> 00:37:26,680 - Pallavi... - And Anaya. 716 00:37:26,760 --> 00:37:28,640 - Anaya. - Hey, what about Shraddha? 717 00:37:28,720 --> 00:37:30,480 - She just joined them. - She just joined us. 718 00:37:30,520 --> 00:37:33,120 When we started, it was just Amol, Anaya and me. 719 00:37:33,240 --> 00:37:35,040 - Is Anaya your daughter? - Yes, right. 720 00:37:35,240 --> 00:37:36,120 - So sweet. - Three years old. 721 00:37:36,240 --> 00:37:37,880 I love the design. 722 00:37:39,080 --> 00:37:40,320 I'm going to try your earrings. 723 00:37:40,320 --> 00:37:41,440 Please do. 724 00:37:45,760 --> 00:37:48,080 This is very pretty and quite trending. 725 00:37:48,160 --> 00:37:49,560 How do you like the earrings on me? 726 00:37:49,760 --> 00:37:51,040 - I love it! - They're looking lovely. 727 00:37:51,080 --> 00:37:53,280 - See! Beautiful, right? - They're actually suiting you. 728 00:38:03,760 --> 00:38:05,920 it contains 0.01 gram gold. 729 00:38:06,040 --> 00:38:07,480 - 1%. - Yes. 730 00:38:07,920 --> 00:38:09,680 Pallavi, could you tell us the price points 731 00:38:09,760 --> 00:38:11,480 of the products you gave us? 732 00:38:11,560 --> 00:38:14,360 Our price points start at Rs. 1,000 733 00:38:14,440 --> 00:38:16,760 and go on till Rs. 8,500. 734 00:38:17,240 --> 00:38:20,320 What's for Rs. 1,000 and what's for Rs. 8,500? 735 00:38:20,440 --> 00:38:23,480 Our entry-level necklaces start at Rs. 1,000 736 00:38:23,600 --> 00:38:26,680 - and you get our Mangalsutra for Rs. 8,500. - Got it. 737 00:38:27,160 --> 00:38:28,160 Is it fitting you? 738 00:38:28,200 --> 00:38:29,400 Yes! Perfect fit. 739 00:38:29,480 --> 00:38:30,960 Made for you. [giggles] 740 00:38:31,960 --> 00:38:33,480 Fully Palmona today. 741 00:38:33,560 --> 00:38:34,560 [laughs] 742 00:38:34,680 --> 00:38:36,000 We're clear on the products. 743 00:38:36,120 --> 00:38:38,040 Let's discuss numbers. 744 00:38:38,240 --> 00:38:41,560 - Yes. In 2022-23, we did Rs. 3.8 crores. - Okay. 745 00:38:41,640 --> 00:38:44,520 In 2023-24, we did Rs. 6 crores. 746 00:38:44,800 --> 00:38:48,080 - Till November, we've done Rs. 13.5 crores. - Amazing. 747 00:38:48,160 --> 00:38:49,680 And projected sales for the whole year? 748 00:38:49,760 --> 00:38:50,760 Around Rs. 30-35 crores. 749 00:38:56,600 --> 00:38:59,840 This growth happened sustainably over the last six months 750 00:38:59,920 --> 00:39:03,160 where we highly improved our performance marketing. 751 00:39:03,360 --> 00:39:05,360 Shraddha's arrival was a great help. 752 00:39:05,440 --> 00:39:08,960 What was the bottom line in 2022-23? 753 00:39:23,080 --> 00:39:24,080 Why? 754 00:39:25,280 --> 00:39:26,640 And you're bootstrapped. 755 00:39:26,720 --> 00:39:28,880 It's not like you had a prior valuation. 756 00:39:29,000 --> 00:39:31,040 No, we've just closed our angel round. 757 00:39:33,240 --> 00:39:35,800 So, by next week, we will get all the money in the bank. 758 00:39:35,880 --> 00:39:37,320 - Who is it? - What's the valuation? 759 00:39:37,400 --> 00:39:38,480 Rs. 126 crores. 760 00:39:38,560 --> 00:39:39,960 How much are you raising? 761 00:39:40,160 --> 00:39:41,160 Rs. 6 crores. 762 00:39:42,080 --> 00:39:45,360 Tell me how you got Shraddha Kapoor on board. 763 00:39:45,440 --> 00:39:47,080 What's the whole story? And when was this? 764 00:39:47,200 --> 00:39:48,920 It's a very interesting story. 765 00:39:49,120 --> 00:39:50,760 One day, I was scrolling through Instagram 766 00:39:50,840 --> 00:39:52,400 and stumbled upon Shraddha's reel 767 00:39:52,520 --> 00:39:54,880 in which she was wearing a Palmonas piece 768 00:39:56,000 --> 00:39:57,240 which is our statement piece. 769 00:39:57,320 --> 00:39:59,440 In fact, we have it on display here. 770 00:39:59,600 --> 00:40:03,680 I found a fan's comment that said, "Your necklace is so pretty." 771 00:40:04,000 --> 00:40:06,000 To which Shraddha replied, 772 00:40:06,240 --> 00:40:08,680 "I love it so much that I've ordered a few more." 773 00:40:08,840 --> 00:40:10,760 Whoa! 774 00:40:11,120 --> 00:40:12,880 I went back, checked my orders 775 00:40:13,000 --> 00:40:15,480 and found this customer S Kapoor. 776 00:40:15,640 --> 00:40:17,200 - Oh my God! - Oh, nice. 777 00:40:17,280 --> 00:40:18,680 She was buying from us. 778 00:40:18,800 --> 00:40:19,920 - Crazy. - We didn't know. 779 00:40:20,000 --> 00:40:21,400 I made a reel about it. 780 00:40:21,520 --> 00:40:22,920 Um, you know... 781 00:40:23,240 --> 00:40:25,560 We collated all the content pieces 782 00:40:25,640 --> 00:40:27,280 and showed that Shraddha wears Palmonas. 783 00:40:27,360 --> 00:40:28,840 Hope this reel reaches Shraddha Kapoor 784 00:40:28,880 --> 00:40:30,640 and it did. 785 00:40:30,880 --> 00:40:32,840 Then she messaged me saying, 786 00:40:32,920 --> 00:40:35,680 "Pallavi, I love Palmonas. I love what you're building." 787 00:40:35,960 --> 00:40:37,680 And I took the chance 788 00:40:37,760 --> 00:40:39,640 because to me, Shraddha was 789 00:40:39,840 --> 00:40:42,000 - the face that I was looking for. - Yes. 790 00:40:42,240 --> 00:40:43,480 I said, "Let's meet up." 791 00:40:43,600 --> 00:40:45,480 I was eight and a half months pregnant. 792 00:40:45,760 --> 00:40:47,360 We went to Mumbai. 793 00:40:47,440 --> 00:40:49,080 We spent the entire day together 794 00:40:49,240 --> 00:40:50,960 and it just happened organically. 795 00:40:51,560 --> 00:40:54,680 You went to meet her when you were eight and a half months pregnant 796 00:40:54,760 --> 00:40:55,560 - and spent the day together. - Yes. 797 00:40:55,640 --> 00:40:57,280 You put in a lot of effort. 798 00:40:57,360 --> 00:41:01,080 - She manifested it with Shraddha. - It was actually a manifestation. 799 00:41:01,800 --> 00:41:05,240 Pallavi, if I like the founders, I make a deal quickly. 800 00:41:05,360 --> 00:41:06,200 Oh! 801 00:41:06,280 --> 00:41:07,880 [joyous music playing] 802 00:41:08,640 --> 00:41:11,640 - So, my offer to you is what you asked for. - Gosh! 803 00:41:11,720 --> 00:41:14,560 Which is Rs. 1.26 crores at 1% equity 804 00:41:14,720 --> 00:41:16,040 but I'll take a royalty 805 00:41:16,400 --> 00:41:18,800 which is 1% of your sales 806 00:41:19,320 --> 00:41:22,800 till I recover my Rs. 1.26 crores. 807 00:41:28,280 --> 00:41:30,120 - Lifetime warranty. - Yes. 808 00:41:30,200 --> 00:41:32,800 - Effectively, this is plating. - Right. 809 00:41:32,960 --> 00:41:36,040 And as we know, plating fades eventually. 810 00:41:37,080 --> 00:41:40,120 How long does it take for the plating to fade in your case? 811 00:41:40,200 --> 00:41:41,960 Almost after 3 to 4 years. 812 00:41:42,040 --> 00:41:44,640 So, is there a caveat regarding the lifetime warranty? 813 00:41:44,720 --> 00:41:47,800 Basically, of course, it is a depreciating asset. 814 00:42:06,840 --> 00:42:09,560 If you buy gold and wish to sell it, 815 00:42:09,640 --> 00:42:11,080 it does depreciate. 816 00:42:11,200 --> 00:42:13,360 There's a lot of sunk cost that you end up losing 817 00:42:13,440 --> 00:42:15,720 like making charges and GST. 818 00:42:15,800 --> 00:42:16,760 In that comparison, 819 00:42:16,840 --> 00:42:20,680 if you are getting even 15% back after three years of usage, 820 00:42:20,880 --> 00:42:22,880 it's an additional benefit for the customer. 821 00:42:22,960 --> 00:42:24,640 Let's take an example. 822 00:42:24,720 --> 00:42:27,600 What's your top-selling product priced at? 823 00:42:28,120 --> 00:42:29,960 That is for Rs. 5,800. 824 00:42:30,280 --> 00:42:31,600 How much gold is in it? 825 00:42:31,880 --> 00:42:33,080 Worth Rs. 600. 826 00:42:33,160 --> 00:42:35,680 - Is the underlying metal silver? - Silver, yes. 827 00:42:35,760 --> 00:42:37,760 - What's the value of the silver? - Rs. 300. 828 00:42:43,720 --> 00:42:46,440 Effectively, you're giving back the value of the metal. 829 00:42:47,760 --> 00:42:49,400 Yes. I mean, you can say that. 830 00:42:50,200 --> 00:42:52,200 However, when they learn 831 00:42:52,280 --> 00:42:54,920 that they've been cheated in the name of lifetime warranty... 832 00:42:55,080 --> 00:42:56,360 [solemn music playing] 833 00:42:57,080 --> 00:42:59,160 That will have some impact on the brand. 834 00:42:59,280 --> 00:43:00,600 At the end of the day, 835 00:43:00,680 --> 00:43:02,960 if I buy something worth Rs. 3,000 836 00:43:03,080 --> 00:43:06,840 - and if you give me a voucher for your store worth Rs. 450... - Yes. 837 00:43:06,920 --> 00:43:08,960 Saying that this is the lifetime warranty, 838 00:43:09,040 --> 00:43:10,840 that'd be of no value to me 839 00:43:10,960 --> 00:43:13,360 because your store has nothing that costs Rs. 400. 840 00:43:13,880 --> 00:43:15,720 That's exactly what I'm saying, Vineeta. 841 00:43:15,800 --> 00:43:18,200 Our customers don't buy our products 842 00:43:18,280 --> 00:43:19,720 because we offer a lifetime warranty. 843 00:43:19,920 --> 00:43:22,520 They are buying because they love the products and designs 844 00:43:22,600 --> 00:43:23,720 and they want to own it. 845 00:43:23,840 --> 00:43:24,840 Tell me something. 846 00:43:24,880 --> 00:43:27,360 Suppose a customer comes back to you after three years 847 00:43:27,480 --> 00:43:29,240 - once the gold has faded. - Yes. 848 00:43:29,360 --> 00:43:32,240 - And says, "I bought this necklace for Rs. 6,000." - Okay. 849 00:43:32,360 --> 00:43:34,280 - "I'll give you Rs. 600." - Okay. 850 00:43:34,360 --> 00:43:36,320 "Replate this, please." Will you do it? 851 00:43:36,520 --> 00:43:38,760 We do lifetime replating free of charge. 852 00:43:45,400 --> 00:43:46,400 Yes. 853 00:43:47,320 --> 00:43:51,000 Until now, we have fulfilled almost 1.08 lakh orders 854 00:43:51,080 --> 00:43:54,440 out of which 60 customers said that the plating on the clasp... 855 00:43:54,520 --> 00:43:56,960 Because it hasn't been 3 to 4 years, Pallavi. 856 00:43:57,040 --> 00:43:59,200 - Have you considered that? - It has been 2.5 years, Vineeta. 857 00:43:59,200 --> 00:44:03,040 - I know, but you said the plating wears off in 3 to 4 years. - Yes. 858 00:44:03,120 --> 00:44:04,960 And in India, if people know 859 00:44:05,040 --> 00:44:07,480 that plating worth Rs. 600 will be done free of cost, 860 00:44:07,560 --> 00:44:08,760 why wouldn't they avail of it? 861 00:44:08,880 --> 00:44:12,040 - Do you account for the warranty cost in your gross margin? - Yes! 862 00:44:12,120 --> 00:44:13,520 Can you tell me how? 863 00:44:13,600 --> 00:44:16,520 Our gross margin includes all of the costs 864 00:44:16,600 --> 00:44:18,000 that might arise in the future. 865 00:44:18,920 --> 00:44:20,920 Tell us the unit economics for this. 866 00:44:21,040 --> 00:44:23,920 Our gross margin is 76%. 867 00:44:24,680 --> 00:44:27,800 Our cost of doing business is 11% 868 00:44:27,960 --> 00:44:30,200 which includes marketplace commissions, 869 00:44:30,280 --> 00:44:32,400 shipping and logistics charges and others. 870 00:44:32,880 --> 00:44:35,600 Then, we spend 40% on marketing. 871 00:44:36,320 --> 00:44:39,920 Our central cost comes to almost 10 to 12% 872 00:44:40,000 --> 00:44:41,960 that's rentals, salaries and others. 873 00:44:42,080 --> 00:44:44,800 And then, we're left with around 12 to 15% of EBITDA. 874 00:44:44,880 --> 00:44:47,160 So, where is this Rs. 600, 875 00:44:47,280 --> 00:44:51,080 which is spent on replating every four years, factored? 876 00:44:51,160 --> 00:44:53,480 Because our gross margin I think is very healthy. 877 00:44:53,600 --> 00:44:54,880 - No... - 76%. 878 00:44:54,960 --> 00:44:58,280 I know, but that is because you're spending Rs. 900 of that Rs. 5,800. 879 00:44:58,400 --> 00:45:00,200 That's your 76% gross margin. 880 00:45:01,720 --> 00:45:04,480 When you break down Rs. 5,800, 881 00:45:04,600 --> 00:45:06,120 you said Rs. 900 was your cost. 882 00:45:06,200 --> 00:45:09,160 Rs. 600 was for the gold and Rs. 300 was for silver. 883 00:45:09,240 --> 00:45:10,480 I think, Pallavi, 884 00:45:10,560 --> 00:45:12,760 you didn't account for it in your financials. 885 00:45:12,840 --> 00:45:15,000 - And if you didn't, you can say so. It's fine. - Okay. 886 00:45:15,000 --> 00:45:15,880 No problem. 887 00:45:15,960 --> 00:45:17,840 But just say it transparently. 888 00:45:18,680 --> 00:45:20,400 So, this is our thought process. 889 00:45:20,480 --> 00:45:22,000 Even if people come back to replate, 890 00:45:22,080 --> 00:45:25,080 that will be around 1 to 2% of our entire orders. 891 00:45:25,320 --> 00:45:27,400 And the pace at which we're scaling, 892 00:45:27,560 --> 00:45:30,600 if this feature is helping us gain trust... 893 00:45:30,760 --> 00:45:32,920 Because I'm very confident of the product. 894 00:45:33,000 --> 00:45:34,760 All right. I think let's move forward. 895 00:45:34,840 --> 00:45:37,080 What's your average order value? 896 00:45:37,320 --> 00:45:38,320 Rs. 2,600. 897 00:45:38,880 --> 00:45:40,880 What are your sales channels? 898 00:45:41,240 --> 00:45:43,720 The majority of sales is through our website 899 00:45:43,800 --> 00:45:45,160 which is 70%. 900 00:45:45,320 --> 00:45:47,640 Then 20% comes through marketplaces 901 00:45:47,720 --> 00:45:49,520 and 10% from our stores. 902 00:45:50,000 --> 00:45:53,440 Is your main USP or superpower your design? 903 00:45:53,760 --> 00:45:54,560 Yes. 904 00:45:54,720 --> 00:45:55,720 - Or marketing? - Yes. 905 00:45:56,240 --> 00:45:57,800 - I would say first... - Or is it pricing? 906 00:45:57,880 --> 00:45:58,880 Or Shraddha? 907 00:46:00,120 --> 00:46:01,120 Or is it you? 908 00:46:02,160 --> 00:46:03,200 All of the above! 909 00:46:04,280 --> 00:46:07,720 So, if I have to prioritise, I think the first will be design. 910 00:46:09,000 --> 00:46:12,360 Then second, our execution, which is our distribution. 911 00:46:12,760 --> 00:46:14,120 Third will be our price. 912 00:46:14,480 --> 00:46:17,200 And Shraddha Kapoor is a face 913 00:46:17,280 --> 00:46:19,080 which communicates all of these three. 914 00:46:19,280 --> 00:46:21,160 So, she is not a USP 915 00:46:21,280 --> 00:46:24,080 but I think she's a part of the ecosystem. 916 00:46:24,520 --> 00:46:26,480 Amol! Pallavi! Amazing founders. 917 00:46:26,600 --> 00:46:29,800 - Particularly, Pallavi, you're a real rockstar. - Thank you. 918 00:46:29,880 --> 00:46:31,640 Thank you, sir. Means a lot coming from you. 919 00:46:31,720 --> 00:46:32,960 I have just one issue. 920 00:46:34,400 --> 00:46:37,240 - This stage has progressed too far. - Okay. 921 00:46:37,320 --> 00:46:41,880 - I prefer to make investments in earlier-stage companies. - Okay. 922 00:46:42,000 --> 00:46:44,200 So, wish you all the best. Today, I'm out. 923 00:46:44,400 --> 00:46:46,320 - Thank you. - You'll be very successful. 924 00:46:46,400 --> 00:46:47,680 - Thank you. - Thank you so much. 925 00:46:48,480 --> 00:46:49,480 Will you give royalty? 926 00:46:49,920 --> 00:46:50,920 No. 927 00:46:51,520 --> 00:46:52,360 Sorry. 928 00:46:52,440 --> 00:46:54,800 No, I didn't ask for it. She did. Turn her down. 929 00:46:54,880 --> 00:46:55,880 [all laugh] 930 00:46:56,200 --> 00:46:59,440 As they say, "Only a jeweller knows a real diamond when he sees it." 931 00:47:00,880 --> 00:47:02,440 Similarly, I too see your worth, 932 00:47:02,520 --> 00:47:03,840 that you will do something big. 933 00:47:05,040 --> 00:47:07,680 The valuation is bad. I can't meet it. 934 00:47:07,880 --> 00:47:09,560 I'll take a chance. Let me try. 935 00:47:09,680 --> 00:47:11,800 If I get a deal, good. If not, that's okay too. 936 00:47:12,680 --> 00:47:14,480 Rs. 40 lakhs for 3% equity 937 00:47:15,000 --> 00:47:18,280 and the rest Rs. 86 lakhs debt at 12% for 3 years. 938 00:47:27,120 --> 00:47:28,960 Your dilution would be lower. 939 00:47:29,040 --> 00:47:30,640 You wouldn't have to give royalty either. 940 00:47:31,480 --> 00:47:33,240 Hey, do you want to give equity or royalty? 941 00:47:33,320 --> 00:47:35,480 Royalty is much better. It's like an expense. 942 00:47:35,560 --> 00:47:37,480 Equity is like a lot 943 00:47:37,560 --> 00:47:39,480 - when you believe in your business. - Your revenue this year 944 00:47:39,520 --> 00:47:41,360 - is already over Rs. 13 crores. - 30 crores. 945 00:47:41,440 --> 00:47:43,520 You're getting a valuation of Rs. 13 crores though. 946 00:47:45,280 --> 00:47:47,840 I'll make you a better offer if you want. 947 00:47:47,920 --> 00:47:49,480 Rs. 40 lakhs for 2% equity, 948 00:47:49,600 --> 00:47:51,480 but I can't do any more than that. 949 00:47:52,240 --> 00:47:55,040 I'll give you the rest as debt at 12% for 3 years. 950 00:48:00,040 --> 00:48:02,160 So, a Rs. 126-crore valuation, 951 00:48:02,520 --> 00:48:05,040 but I'll change the royalty to 0.5%. 952 00:48:10,480 --> 00:48:12,840 I am out today. 953 00:48:14,000 --> 00:48:19,040 I still have a slight confusion about the value proposition. 954 00:48:19,120 --> 00:48:24,000 I think, Demi-Fine jewellery as a space currently doesn't exist. 955 00:48:24,080 --> 00:48:25,320 I'm not sure it will 956 00:48:25,400 --> 00:48:28,440 because above it comes those selling real gold. 957 00:48:28,520 --> 00:48:30,480 They are always perceived as an investment. 958 00:48:30,560 --> 00:48:34,320 And at the bottom, you have artificial jewellery brands. 959 00:48:34,400 --> 00:48:36,800 What you sell for Rs. 5,000, 960 00:48:36,880 --> 00:48:39,720 they might sell the same designs for Rs. 1,000 to 1,500. 961 00:48:39,840 --> 00:48:42,720 And I agree, your shine will last for 3 to 4 years 962 00:48:43,320 --> 00:48:45,080 whereas theirs might last probably for a year. 963 00:48:45,120 --> 00:48:47,320 But when you compare the cost, 964 00:48:47,400 --> 00:48:49,280 it's 3 to 4 times their pricing. 965 00:48:49,560 --> 00:48:53,200 So, will the middle price point of Rs. 5,000 to 6,000 966 00:48:53,280 --> 00:48:55,920 make it in the long term? 967 00:48:56,040 --> 00:48:58,240 That is 5 or 10 years down the line. 968 00:48:58,920 --> 00:49:02,640 - I'm not finding a lot of confidence in this market. - Okay. 969 00:49:02,720 --> 00:49:04,080 - So, I wish you the best. - Thank you. 970 00:49:04,080 --> 00:49:05,280 I'd be happy to help 971 00:49:05,360 --> 00:49:07,880 - if you need any help in offline and expansion. - Definitely. 972 00:49:07,960 --> 00:49:09,920 - Thank you so much. Thanks, Vineeta. - Thank you. 973 00:49:10,640 --> 00:49:14,240 I really like Namita's offer and I believe she's based in Pune. 974 00:49:32,560 --> 00:49:35,000 Sharks, we really appreciate all the feedback. 975 00:49:35,080 --> 00:49:36,080 Thank you so much. 976 00:49:36,280 --> 00:49:38,200 But we don't wish to give royalty 977 00:49:38,280 --> 00:49:39,960 because currently, the business 978 00:49:40,080 --> 00:49:41,880 - is in the hypergrowth phase. - Good decision. 979 00:49:41,880 --> 00:49:42,760 Good decision. 980 00:49:42,840 --> 00:49:44,800 All the money has to go into the business. 981 00:49:44,880 --> 00:49:47,160 See, I'll tell you. Let me just explain our logic. 982 00:49:48,320 --> 00:49:50,200 You haven't yet made Rs. 30 crores, right? 983 00:49:50,280 --> 00:49:51,280 It's Rs. 13 crores. 984 00:49:51,320 --> 00:49:53,480 Usually, the valuation you get 985 00:49:53,720 --> 00:49:56,760 is based on the prior year's sales. 986 00:49:57,280 --> 00:50:00,800 But I'm believing in your forecast, that is number one. 987 00:50:01,280 --> 00:50:02,280 Number two. 988 00:50:02,360 --> 00:50:05,280 Your round that happened is mostly angel. 989 00:50:06,960 --> 00:50:11,640 I could very easily have offered you Rs. 1.26 crores for 3% equity. 990 00:50:11,800 --> 00:50:14,760 I gave you the valuation that you asked for, 991 00:50:15,200 --> 00:50:16,560 to conserve your equity. 992 00:50:16,640 --> 00:50:19,520 If you are confident about your sales, 993 00:50:19,600 --> 00:50:21,040 what is 0.5%? 994 00:50:21,120 --> 00:50:22,880 I think it's a very fair deal. 995 00:50:23,640 --> 00:50:25,320 [ominous music playing] 996 00:50:25,440 --> 00:50:26,800 - We'll just take a minute. - Sure. 997 00:50:26,880 --> 00:50:27,880 Thank you. 998 00:50:28,040 --> 00:50:29,640 [gripping music playing] 999 00:50:34,680 --> 00:50:37,000 So, Namita and Ritesh have given an offer. 1000 00:50:37,080 --> 00:50:40,080 The valuation is Rs. 126 crores, 1001 00:50:40,160 --> 00:50:42,560 but they're asking for 0.5% royalty. 1002 00:50:42,640 --> 00:50:45,840 If you want my opinion, no need to take a royalty. 1003 00:50:46,080 --> 00:50:48,640 You'll make money. Do the deal. 1004 00:50:48,720 --> 00:50:51,240 - You'll make five to ten times the money. - Agreed. 1005 00:50:51,320 --> 00:50:52,720 But my point is she'll give it. 1006 00:50:52,800 --> 00:50:54,400 It doesn't matter if you get 60 lakhs back. 1007 00:50:54,440 --> 00:50:56,080 I guarantee she'll give it to us. 1008 00:50:56,560 --> 00:50:58,600 'See, an exitable business should not have royalty,' 1009 00:50:58,680 --> 00:51:01,600 'and you're protecting them pretty much' 1010 00:51:01,680 --> 00:51:04,000 - 'with whatever equity rights you're giving them.' - Okay. 1011 00:51:04,120 --> 00:51:05,560 'Principally, it doesn't make sense.' 1012 00:51:05,720 --> 00:51:07,320 My point is don't lose the deal over it. 1013 00:51:07,400 --> 00:51:08,480 - No. - It's a good deal. 1014 00:51:08,600 --> 00:51:11,360 Ritesh, show some faith. 1015 00:51:11,680 --> 00:51:13,000 Don't underestimate me. 1016 00:51:13,080 --> 00:51:14,560 [gripping music playing] 1017 00:51:20,520 --> 00:51:24,080 Sharks, we actually want you to be on our board 1018 00:51:24,440 --> 00:51:27,440 but giving royalty at this stage 1019 00:51:27,520 --> 00:51:30,760 is not making sense from our business standpoint. 1020 00:51:32,360 --> 00:51:33,720 We want to open multiple stores. 1021 00:51:33,800 --> 00:51:36,000 - Very nice. - Our target is to open 100 stores. 1022 00:51:36,080 --> 00:51:38,080 - Very nice. I'm proud of you. - Whoa! 100 stores. 1023 00:51:38,200 --> 00:51:40,360 And, so I request you, please. 1024 00:51:40,520 --> 00:51:42,720 - Um, if we can do this... - Pallavi, to be honest, 1025 00:51:42,800 --> 00:51:46,440 for the kind of effort we'd be putting in, 1% is nothing. 1026 00:51:46,640 --> 00:51:49,440 We both get 0.5% each. 1027 00:51:49,760 --> 00:51:50,880 That's nothing! 1028 00:51:50,960 --> 00:51:52,440 Let me give you an example. 1029 00:51:52,520 --> 00:51:54,520 Let's say next year, you're at Rs. 100 crores. 1030 00:51:54,600 --> 00:51:56,640 What is 0.5% of Rs. 100 crores? 1031 00:51:58,280 --> 00:51:59,080 I'm not able to think right now. 1032 00:51:59,200 --> 00:52:00,280 - Rs. 50 lakhs. - 50 lakhs. 1033 00:52:00,360 --> 00:52:01,120 Rs. 50 lakhs. 1034 00:52:01,200 --> 00:52:02,360 Rs. 50 lakhs, right? 1035 00:52:03,360 --> 00:52:07,400 Within 1 to 1.5 years, you'll pay us the royalty back. 1036 00:52:07,480 --> 00:52:10,040 And see, we ought to have some value too. 1037 00:52:10,160 --> 00:52:12,240 - Absolutely. - We also want to feel wanted. 1038 00:52:13,240 --> 00:52:15,120 I think this is our final offer. 1039 00:52:15,320 --> 00:52:17,360 - I think we have been very fair. - Aman! 1040 00:52:17,440 --> 00:52:18,920 - Very fair! - Do you want to change your offer? 1041 00:52:18,920 --> 00:52:20,960 - No, let them talk. - We have been very fair. 1042 00:52:21,680 --> 00:52:22,840 [tense music playing] 1043 00:52:25,360 --> 00:52:26,640 [music concludes] 1044 00:52:27,000 --> 00:52:28,120 Okay, you have a deal. 1045 00:52:28,200 --> 00:52:29,200 - Deal! - Yay. 1046 00:52:43,880 --> 00:52:45,560 Well done, congratulations to you. 1047 00:52:45,720 --> 00:52:46,800 [camera shutter clicking] 1048 00:52:50,960 --> 00:52:52,360 Namita, you're an outstanding Shark! 1049 00:52:52,360 --> 00:52:54,520 Gosh! This is unbelievable. Even I can't believe it. 1050 00:52:54,600 --> 00:52:55,840 - I knew it. - She strikes hard! 1051 00:52:55,840 --> 00:52:57,080 - I knew it. - She's a real Shark! 1052 00:52:57,080 --> 00:52:58,360 - Yo! - I knew it! 1053 00:52:59,240 --> 00:53:01,000 I can't believe it. Good deal. 1054 00:53:03,120 --> 00:53:06,080 'I was very clear I wanted a deal from Namita' 1055 00:53:06,160 --> 00:53:08,320 because she's from Pune and she's fab. 1056 00:53:08,640 --> 00:53:11,560 And Ritesh brings so much experience 1057 00:53:11,720 --> 00:53:12,920 on the offline side 1058 00:53:13,000 --> 00:53:14,960 where we've just begun. 1059 00:53:15,120 --> 00:53:17,640 So, I think that value-add cannot be compared with 1060 00:53:17,720 --> 00:53:21,640 the 0.5% royalty that we've actually shared with them. 1061 00:53:21,720 --> 00:53:23,240 So, I think I'm pretty happy about it. 1062 00:53:23,320 --> 00:53:24,480 Hello, Pallavi and Amol. 1063 00:53:24,560 --> 00:53:25,400 - Hi. - Hi! 1064 00:53:25,480 --> 00:53:26,640 How was your experience? 1065 00:53:26,720 --> 00:53:27,960 - Great. - Amazing. 1066 00:53:28,040 --> 00:53:29,040 - Amazing? - Yes. 1067 00:53:29,120 --> 00:53:32,280 You're bringing a big change in the world of gifting 1068 00:53:32,360 --> 00:53:33,400 and solving a big problem. 1069 00:53:35,840 --> 00:53:36,960 My wife and I... 1070 00:53:37,040 --> 00:53:39,920 I mean, we majorly fight over her wanting gifts. 1071 00:53:40,040 --> 00:53:42,360 - And girls want cute gifts, you know. - Correct. 1072 00:53:42,440 --> 00:53:44,160 - That makes them go "aw". - Yes. 1073 00:53:44,280 --> 00:53:46,560 When my wife sees my gift, she says, "Outrageous!" 1074 00:53:46,640 --> 00:53:47,560 [all laugh] 1075 00:53:47,680 --> 00:53:50,320 "What have you got me? Don't show me your face again." 1076 00:53:50,440 --> 00:53:52,640 You definitely won't experience that again. 1077 00:53:52,720 --> 00:53:55,560 Yes. There's no way I want to experience that again! 1078 00:53:55,640 --> 00:53:56,840 Okay, let me tell you. 1079 00:53:56,920 --> 00:53:59,800 - Your product is a great gift. - Yes. 1080 00:53:59,880 --> 00:54:02,920 - Because this is much cheaper but of good quality. - Yes. 1081 00:54:03,000 --> 00:54:05,760 And I saw that your products are available on Swiggy Instamart. 1082 00:54:05,840 --> 00:54:08,280 I said let me order it right away and make my wife happy. 1083 00:54:08,360 --> 00:54:10,440 So, I placed the order and it arrived in ten minutes. 1084 00:54:12,080 --> 00:54:13,080 Thank you so much, sir. 1085 00:54:14,120 --> 00:54:15,160 I'm delighted! 1086 00:54:15,240 --> 00:54:17,840 I ordered earrings from your website. 1087 00:54:17,920 --> 00:54:18,920 Amazing! 1088 00:54:19,080 --> 00:54:20,760 - Wow! - Your wife is going to be very happy. 1089 00:54:20,800 --> 00:54:21,800 Yes, I'm also very happy. 1090 00:54:21,840 --> 00:54:23,200 - Amazing products. - Thank you. 1091 00:54:23,320 --> 00:54:25,560 You should bring some sweetness into those relationships. 1092 00:54:25,600 --> 00:54:27,360 Order whatever you need from Swiggy Instamart. 1093 00:54:27,360 --> 00:54:28,920 Delivery in ten minutes. Order now. 1094 00:54:44,040 --> 00:54:45,640 [theme music playing] 1095 00:55:05,760 --> 00:55:07,440 [theme music concludes] 1096 00:55:12,880 --> 00:55:13,880 Wow! 1097 00:55:14,440 --> 00:55:18,040 Age is immaterial if you have a passion to work. 1098 00:55:18,880 --> 00:55:21,320 I am still in the same line of work 1099 00:55:21,400 --> 00:55:23,640 and this is my fifth entrepreneurial venture. 1100 00:55:31,240 --> 00:55:33,440 Bhupen and my father were friends. 1101 00:55:33,520 --> 00:55:36,600 We united once again in 2022, 1102 00:55:36,880 --> 00:55:38,840 and Mehta and Kangutkar together 1103 00:55:39,000 --> 00:55:42,880 formed the company MK Power & E-Mobility. 1104 00:55:44,600 --> 00:55:48,760 We make passenger and cargo electric three-wheelers 1105 00:55:55,320 --> 00:55:57,440 I currently have 40 years of experience 1106 00:55:57,520 --> 00:55:59,480 in the automobile industry. 1107 00:56:00,280 --> 00:56:02,560 I was also an executive committee member 1108 00:56:02,640 --> 00:56:04,640 of the All India Taxi and Autorickshaw Association. 1109 00:56:05,320 --> 00:56:08,080 I know what owners and drivers want. 1110 00:56:08,280 --> 00:56:10,200 High mileage, 1111 00:56:10,760 --> 00:56:14,080 low maintenance and high earnings 1112 00:56:14,160 --> 00:56:16,480 are preferred by all autorickshaw drivers. 1113 00:56:17,200 --> 00:56:21,680 So, our passenger electric and cargo electric autorickshaws 1114 00:56:36,600 --> 00:56:38,200 We funded this company ourselves. 1115 00:56:38,320 --> 00:56:40,800 We have all the required approvals 1116 00:56:40,880 --> 00:56:44,440 like the ARAI approval that are accepted pan-India, 1117 00:56:44,720 --> 00:56:45,800 as well as state approvals. 1118 00:56:52,120 --> 00:56:54,600 we'll head to the dealerships and get ready to hit the road! 1119 00:56:55,720 --> 00:56:58,400 We've started with three-wheelers, 1120 00:56:58,600 --> 00:57:01,000 but in future, we'll go into four-wheelers also. 1121 00:57:01,480 --> 00:57:03,840 Sharks, our vehicle is ready. 1122 00:57:04,160 --> 00:57:06,840 Hop on and join the young and the youngest. 1123 00:57:06,960 --> 00:57:08,360 - Amazing. - [all laugh] 1124 00:57:16,960 --> 00:57:19,160 Your energy at this age 1125 00:57:19,880 --> 00:57:22,800 is really going to inspire people. 1126 00:57:22,880 --> 00:57:23,880 Thank you. 1127 00:57:24,000 --> 00:57:26,320 I believe one should never retire. 1128 00:57:26,960 --> 00:57:28,920 Really amazing and very inspiring. 1129 00:57:29,360 --> 00:57:32,120 If you wish to sit, please go ahead. 1130 00:57:32,200 --> 00:57:33,320 The chairs are at the back. 1131 00:57:33,520 --> 00:57:35,120 [music playing] 1132 00:57:37,440 --> 00:57:39,280 - Sir, we... It's okay. - No problem. 1133 00:57:39,520 --> 00:57:40,800 We still have the spirit. 1134 00:57:40,880 --> 00:57:42,520 Please sit, Bhupen. 1135 00:57:42,600 --> 00:57:44,760 There's no doubt you're in high spirits! 1136 00:57:45,000 --> 00:57:46,440 It is our duty, you see. 1137 00:57:46,600 --> 00:57:47,600 Thank you. 1138 00:57:50,960 --> 00:57:53,120 Could you tell us about your journey? 1139 00:57:53,200 --> 00:57:57,160 Bhupen, you mentioned this was your fifth venture. 1140 00:57:57,240 --> 00:58:01,000 I used to supply metals earlier, ferrous and non-ferrous. 1141 00:58:01,880 --> 00:58:04,200 Then we shut down that business. 1142 00:58:04,320 --> 00:58:06,120 Which year was this in, Bhupen? 1143 00:58:06,480 --> 00:58:09,280 This must have been 1972 I guess. 1144 00:58:09,520 --> 00:58:12,160 After that, I made a foray into social activities. 1145 00:58:12,240 --> 00:58:15,240 Um, Rotary Club and Lions Club. 1146 00:58:15,360 --> 00:58:17,920 Then I realised it wasn't my calling. 1147 00:58:18,400 --> 00:58:20,880 Then I joined George Fernandes. 1148 00:58:20,960 --> 00:58:23,840 The Motor Vehicles Act was enforced in 1989. 1149 00:58:23,960 --> 00:58:27,000 Back then, Rajesh Pilot was the Minister of Surface Transport. 1150 00:58:27,400 --> 00:58:30,160 I moved on to become the All India Executive Committee Member 1151 00:58:31,520 --> 00:58:33,920 and our president was George Fernandes. 1152 00:58:34,000 --> 00:58:35,920 Bhupen, do you mean Mr. George Fernandes 1153 00:58:36,000 --> 00:58:37,320 who was a politician? 1154 00:58:37,440 --> 00:58:38,760 Yes, Defence Minister. 1155 00:58:38,840 --> 00:58:41,000 The Defence Minister and Railway Minister. 1156 00:58:41,360 --> 00:58:43,240 What business did you do after that? 1157 00:58:43,320 --> 00:58:44,600 I was the leader in India. 1158 00:58:44,680 --> 00:58:47,360 Then, diesel autorickshaws were introduced in Pune, 1159 00:58:47,440 --> 00:58:48,680 three-wheeler Greaves Garuda. 1160 00:58:48,760 --> 00:58:49,920 So, I was the first dealer. 1161 00:58:50,000 --> 00:58:54,360 They gave me the dealership because they knew I could run it. 1162 00:58:54,960 --> 00:58:57,840 I ran it from 1996 till 2008. 1163 00:58:58,040 --> 00:58:59,440 And I was the number one dealer 1164 00:58:59,520 --> 00:59:02,120 for the Greaves Garuda diesel autorickshaw. 1165 00:59:02,240 --> 00:59:05,480 I had sold 4,000 vehicles in just three years. 1166 00:59:06,360 --> 00:59:08,600 After that, we started a consultancy 1167 00:59:08,720 --> 00:59:11,720 where I'd source dealers for Piaggio, 1168 00:59:11,840 --> 00:59:15,200 TVS and MLR. 1169 00:59:15,320 --> 00:59:17,960 They had one or two-year contracts. 1170 00:59:18,080 --> 00:59:21,360 After that passed, I wondered how long I would do that work. 1171 00:59:22,400 --> 00:59:24,120 Automobiles were my passion. 1172 00:59:24,200 --> 00:59:25,640 His father was my friend. 1173 00:59:25,720 --> 00:59:28,080 He'd always tell me to go into business with him. 1174 00:59:28,720 --> 00:59:32,360 We had electric automobiles in mind. 1175 00:59:32,480 --> 00:59:35,920 So, we studied it and began finalising suppliers. 1176 00:59:36,160 --> 00:59:38,600 Who could supply good motors? 1177 00:59:38,720 --> 00:59:42,920 The same went for batteries, chargers as well as controllers. 1178 00:59:43,000 --> 00:59:45,480 By the grace of God, we got good suppliers. 1179 00:59:45,880 --> 00:59:48,800 In which year did you enter the automobile market? 1180 00:59:48,880 --> 00:59:50,080 2022. 1181 00:59:50,440 --> 00:59:51,440 Any particular reason? 1182 00:59:51,480 --> 00:59:53,080 Did an event occur in 2022 1183 00:59:53,160 --> 00:59:55,720 that compelled you to start your own business? 1184 00:59:56,360 --> 00:59:59,320 I did many jobs and ran many ventures, 1185 00:59:59,400 --> 01:00:02,840 I took dealerships of many companies and ran them, but not any more. 1186 01:00:03,080 --> 01:00:04,680 - Okay. - I wanted to start my own business 1187 01:00:04,720 --> 01:00:06,520 - and offer dealerships to others. - [laughs] 1188 01:00:06,640 --> 01:00:08,320 - Fantastic, Bhupen. - Amazing. 1189 01:00:08,440 --> 01:00:10,480 Tell us about yourself, Pramod. 1190 01:00:10,760 --> 01:00:11,920 I am from Pune. 1191 01:00:12,000 --> 01:00:16,480 I have done my BE from COEP, Pune, in 1986 1192 01:00:16,920 --> 01:00:18,200 in Metallurgy. 1193 01:00:18,560 --> 01:00:20,600 After that, I went to the US. 1194 01:00:20,720 --> 01:00:23,760 I did my Master's from Drexel University in Philadelphia 1195 01:00:26,960 --> 01:00:29,440 After that in 1991, 1196 01:00:29,520 --> 01:00:31,760 I got a Postdoctoral Research Fellowship 1197 01:00:31,840 --> 01:00:33,320 with the University of Tokyo. 1198 01:00:33,400 --> 01:00:35,040 Ritesh was just about to be born. 1199 01:00:35,120 --> 01:00:36,600 [all laugh] 1200 01:00:37,000 --> 01:00:40,600 After my PhD, I was in Tokyo, Japan, for a year. 1201 01:00:40,840 --> 01:00:44,320 Then I went back to the US and worked in research for a while. 1202 01:00:44,480 --> 01:00:47,560 Then I thought my father has a business in India 1203 01:00:47,640 --> 01:00:49,400 and I should get into that. 1204 01:00:49,760 --> 01:00:54,320 Then I joined my father's business of hydraulic hoses and fittings. 1205 01:00:54,840 --> 01:00:58,160 Parallelly, I set up a powder metallurgy plant 1206 01:00:58,240 --> 01:00:59,240 in Markal. 1207 01:00:59,800 --> 01:01:01,720 I ran it for 15 years. 1208 01:01:02,000 --> 01:01:03,480 - 15 years! - Yes. 1209 01:01:03,600 --> 01:01:04,800 In which year, sir? 1210 01:01:04,880 --> 01:01:07,440 1996 to 2012. 1211 01:01:07,880 --> 01:01:11,200 Powder metallurgy is actually a very cash-intensive business. 1212 01:01:11,400 --> 01:01:14,640 It didn't do that well. So, I sold it off. 1213 01:01:14,720 --> 01:01:18,000 Then I continued running my father's business. 1214 01:01:18,160 --> 01:01:21,400 In 2022, I was dealing in electric cycles. 1215 01:01:21,480 --> 01:01:22,880 I had got the motor and everything. 1216 01:01:22,920 --> 01:01:24,640 He told me, "Let's do this together." 1217 01:01:24,720 --> 01:01:26,200 I said, "Okay, let's do it." 1218 01:01:41,360 --> 01:01:44,320 As you know, Bajaj Auto is a leader in three-wheelers. 1219 01:01:45,040 --> 01:01:47,800 They made a successful transition into EV. 1220 01:01:48,240 --> 01:01:50,760 When you were aware of the dynamics, 1221 01:01:50,960 --> 01:01:55,480 didn't you think about what you'd do differently in EV 1222 01:01:55,840 --> 01:01:57,520 that the big players weren't able to achieve 1223 01:01:57,520 --> 01:01:59,680 with that kind of market capitalisation? 1224 01:01:59,760 --> 01:02:00,800 Here's the thing. 1225 01:02:00,880 --> 01:02:03,920 If you take our dealership, you're sorted in Rs. 30 to 40 lakhs. 1226 01:02:04,040 --> 01:02:07,120 60,000-70,000 electric autorickshaws are currently sold each month. 1227 01:02:14,640 --> 01:02:18,200 So, we're operating on a plan of 500 vehicles. 1228 01:02:18,440 --> 01:02:22,360 How will this benefit consumer autorickshaw drivers? 1229 01:02:39,120 --> 01:02:40,800 The government is extending benefits. 1230 01:02:40,880 --> 01:02:44,400 If someone specially takes an electric connection for this, 1231 01:02:44,520 --> 01:02:46,840 they'll sanction it for as low as Rs. 3 per unit. 1232 01:02:46,960 --> 01:02:49,440 It's not a subsidy. They start getting billed at Rs. 3. 1233 01:02:49,720 --> 01:02:53,800 Is this cheaper than Bajaj's electric autorickshaw? 1234 01:02:53,880 --> 01:02:55,240 Ours is a bit cheaper. 1235 01:02:55,320 --> 01:02:56,440 Cheaper! 1236 01:02:56,840 --> 01:02:58,640 Bajaj has two versions. 1237 01:02:58,720 --> 01:03:00,800 - One is costly and the other is priced a bit lower. - Yes. 1238 01:03:00,840 --> 01:03:03,600 My vehicle is in the same range as their high-end model. 1239 01:03:03,680 --> 01:03:04,920 What's the price difference? 1240 01:03:05,000 --> 01:03:07,720 In Pune, it costs Rs. 4.35 lakhs. 1241 01:03:07,800 --> 01:03:09,960 How much does Bajaj sell the cheaper one for? 1242 01:03:10,040 --> 01:03:12,120 That's also around Rs. 4 lakhs. 1243 01:03:12,200 --> 01:03:13,440 Rs. 4 lakhs. And yours? 1244 01:03:15,840 --> 01:03:19,280 So, there's a price difference of say about Rs. 20,000 to 30,000. 1245 01:03:19,360 --> 01:03:20,480 In automobiles, the price difference 1246 01:03:20,520 --> 01:03:22,560 is never more than Rs. 5,000 to 10,000. 1247 01:03:23,400 --> 01:03:27,440 - Bhupen, a very important factor is the service network. - Hmm. 1248 01:03:27,560 --> 01:03:31,600 Customers buy cars from sellers they feel will provide 1249 01:03:31,680 --> 01:03:33,280 - a hassle-free service in future. - Yes. 1250 01:03:33,400 --> 01:03:36,120 More than service centres, this is what matters. 1251 01:03:36,200 --> 01:03:38,520 The parts in this like the suspension, brakes 1252 01:03:38,840 --> 01:03:40,680 and tyres are common 1253 01:03:40,760 --> 01:03:42,640 whether the make is Bajaj, Piaggio or TVS. 1254 01:03:42,720 --> 01:03:45,280 They don't go to the company's service station 1255 01:03:45,360 --> 01:03:46,520 for such things anyway. 1256 01:03:47,040 --> 01:03:48,800 They have this idea in their head. 1257 01:03:48,880 --> 01:03:51,680 They think it's more time-consuming and will cost them double. 1258 01:03:51,880 --> 01:03:54,640 So, they get the servicing done at any of these small repair shops. 1259 01:03:55,000 --> 01:03:57,400 As for the controller, motor and battery, 1260 01:03:57,800 --> 01:04:00,760 we provide a warranty of 3 to 4 years on them. 1261 01:04:12,480 --> 01:04:15,240 You just have to replace it with a new battery. 1262 01:04:15,320 --> 01:04:17,240 Your sales and service dealers would be the same? 1263 01:04:17,280 --> 01:04:18,120 - Same. - Yes. 1264 01:04:18,240 --> 01:04:19,760 Where will you manufacture? 1265 01:04:19,840 --> 01:04:20,720 - In Pune. - In Pune. 1266 01:04:20,840 --> 01:04:22,040 What will be the capacity? 1267 01:04:22,120 --> 01:04:25,000 For now, we have thought of making 50-100 units per month. 1268 01:04:33,480 --> 01:04:37,720 So we sorted out the dealers according to our range. 1269 01:04:37,800 --> 01:04:39,880 Have you already got the dealers ready, Mr Bhupendra? 1270 01:04:39,960 --> 01:04:42,240 We have finalized two dealerships in Pune. 1271 01:04:46,800 --> 01:04:49,120 - We sold only 2 vehicles, sir. - Okay. 1272 01:04:49,200 --> 01:04:52,280 Then we'll get the report on how it is working. 1273 01:04:52,360 --> 01:04:55,400 Whenever we are satisfied, we'll put it on the market. 1274 01:04:55,520 --> 01:04:58,240 And the manufacturing, Mr Bhupendra, 1275 01:04:58,480 --> 01:04:59,880 are you assembling? 1276 01:05:00,000 --> 01:05:01,000 - Assembly. - Yes, sir. 1277 01:05:01,040 --> 01:05:03,080 From where do you source the parts? 1278 01:05:03,160 --> 01:05:05,360 The main parts like motor and controller, 1279 01:05:05,440 --> 01:05:08,520 comes from GPP. Ghaziabad Precision Product. 1280 01:05:08,600 --> 01:05:10,560 And it supplies A to Z everything to all the automobile industries 1281 01:05:10,600 --> 01:05:13,400 according to their requirements. 1282 01:05:13,480 --> 01:05:15,240 Lithium battery is of CLN 1283 01:05:15,880 --> 01:05:17,600 which has a factory in Noida. 1284 01:05:18,920 --> 01:05:21,480 Mr Bhupendra, 79 years, great! 1285 01:05:23,240 --> 01:05:26,480 - God's grace. - When you raise your hand, I am scared. 1286 01:05:26,640 --> 01:05:28,960 I feel good to talk to you. 1287 01:05:29,520 --> 01:05:33,720 - Because my wife and I have been watching this for 3-4 years. - What? 1288 01:05:33,880 --> 01:05:35,440 - Shark Tank. - How did you feel? 1289 01:05:35,560 --> 01:05:37,840 My wife likes it more than me. 1290 01:05:37,920 --> 01:05:39,440 [laughing] 1291 01:05:39,520 --> 01:05:41,880 I told her what are you seeing? You won't understand it. 1292 01:05:41,960 --> 01:05:43,840 She says, I understand. 1293 01:05:43,920 --> 01:05:45,680 Many ladies come here. 1294 01:05:45,760 --> 01:05:47,600 - Yes. - Even young people come here. 1295 01:05:47,720 --> 01:05:49,840 Even young girls participate here. 1296 01:05:49,960 --> 01:05:52,680 "Look how inspiring it is. Why are you sitting at home?" 1297 01:05:52,760 --> 01:05:54,120 [laughing] 1298 01:05:57,160 --> 01:06:00,040 Please tell me the truth, who is your wife's favourite shark? 1299 01:06:02,560 --> 01:06:04,080 The rest of them will feel bad. 1300 01:06:04,160 --> 01:06:06,160 [laughing] 1301 01:06:07,720 --> 01:06:09,160 It was nice meeting you. 1302 01:06:09,240 --> 01:06:14,480 Does your wife like to see that you are still working and... 1303 01:06:14,560 --> 01:06:17,080 - She doesn't let me stay in the house. - Why? 1304 01:06:17,400 --> 01:06:19,440 Go out. You will be free and so will I. 1305 01:06:19,520 --> 01:06:21,040 Oh! 1306 01:06:21,440 --> 01:06:23,600 We'll stay healthy if we keep working. 1307 01:06:23,680 --> 01:06:24,760 Wonderful. 1308 01:06:24,840 --> 01:06:26,200 Did you ever think 1309 01:06:26,280 --> 01:06:30,120 that at this age you will come to Shark Tank and pitch? 1310 01:06:30,200 --> 01:06:31,760 - No, I never thought. - Never. 1311 01:06:31,840 --> 01:06:35,920 But I knew that someday I will make my own vehicle. 1312 01:06:36,080 --> 01:06:37,320 - Wonderful! - Great! 1313 01:06:37,400 --> 01:06:38,480 Superb! 1314 01:06:38,560 --> 01:06:42,560 I was adamant that I'd make an auto with CNG or diesel, for sure. 1315 01:06:42,640 --> 01:06:44,400 Great! 1316 01:06:45,400 --> 01:06:47,840 How did you convince him? 1317 01:06:47,960 --> 01:06:49,960 To convince him, his father was enough. 1318 01:06:50,080 --> 01:06:52,720 - He had confidence in me. - Alright. 1319 01:06:52,840 --> 01:06:55,160 He was sure that if I invest there will be no problem. 1320 01:06:55,240 --> 01:06:57,160 How much did you invest in this business? 1321 01:06:57,280 --> 01:07:00,000 Sir, till now we have invested 2 crores. 1322 01:07:00,800 --> 01:07:02,400 - We both, together. - You both, together. 1323 01:07:02,440 --> 01:07:03,960 How do you divide it? 1324 01:07:04,080 --> 01:07:06,400 - I invested less than him. - Okay. 1325 01:07:06,520 --> 01:07:07,800 - But still. - I can't give you figures. 1326 01:07:07,800 --> 01:07:09,640 - It's 50-50%. - I am unable to give you figures. 1327 01:07:09,640 --> 01:07:10,720 No problem. 1328 01:07:11,320 --> 01:07:13,160 Did you ever feel that... 1329 01:07:17,320 --> 01:07:20,320 My son is also there. He is 28 years old. 1330 01:07:20,480 --> 01:07:23,200 - His nephew is there. He is 37 years old. - Okay. 1331 01:07:23,280 --> 01:07:26,720 The models that are getting popular today, for example, Rapido. 1332 01:07:27,000 --> 01:07:28,840 - Have you heard about Rapido? - Yes. 1333 01:07:28,920 --> 01:07:30,880 - They provided auto rides in the beginning. - Yes. 1334 01:07:30,920 --> 01:07:32,600 Now they are giving car rides also. 1335 01:07:33,000 --> 01:07:35,640 So in the business of the auto rickshaw... 1336 01:07:39,400 --> 01:07:42,720 vs directly going through dealers and selling to customers, 1337 01:07:42,800 --> 01:07:44,160 there are two models like that. 1338 01:07:44,240 --> 01:07:47,280 Have you thought about a partnership with someone like Rapido? 1339 01:07:47,640 --> 01:07:50,120 If we get contacts like that 1340 01:07:50,200 --> 01:07:52,400 and it gets us tied up then we'll be happy. 1341 01:07:54,240 --> 01:07:56,640 Have you heard about a company name Altigreen? 1342 01:07:56,760 --> 01:07:58,640 - Altigreen. - Altigreen, it is Bengaluru based. 1343 01:07:58,680 --> 01:08:00,360 Yes. That is bought by Reliance. 1344 01:08:00,440 --> 01:08:03,280 - Yes. - It was bought by the Reliance and got the money back. 1345 01:08:03,400 --> 01:08:04,400 Okay. 1346 01:08:04,560 --> 01:08:07,800 What will be the difference between their and your product? 1347 01:08:07,880 --> 01:08:11,000 The product is similar but marketing is different. 1348 01:08:11,480 --> 01:08:14,280 - How is it? - Those are from NASA. 1349 01:08:14,400 --> 01:08:16,320 NASA people are manufacturing auto? 1350 01:08:16,400 --> 01:08:17,320 [laughing] 1351 01:08:17,400 --> 01:08:19,560 Yes, their engineers are over there. 1352 01:08:20,200 --> 01:08:22,000 They are there to manufacture the auto. 1353 01:08:22,080 --> 01:08:23,880 They don't realize that it's not Chandrayaan 1354 01:08:23,960 --> 01:08:25,720 but auto which runs on the road. 1355 01:08:25,800 --> 01:08:28,480 - It would fly like a rocket. - In Delhi, they fly it like a rocket. 1356 01:08:28,480 --> 01:08:29,480 Yes. 1357 01:08:30,440 --> 01:08:33,080 Why did you launch the tempo together with it? 1358 01:08:33,160 --> 01:08:35,160 There are dealers where 1359 01:08:35,280 --> 01:08:37,280 the passengers' demand is more. 1360 01:08:37,400 --> 01:08:40,160 - But in the industrial area, cargo is needed. - Tempo is needed. 1361 01:08:47,480 --> 01:08:48,400 Ah! 1362 01:08:48,480 --> 01:08:50,480 When you see in this industry, 1363 01:08:50,560 --> 01:08:54,480 in many companies the technologies are made inside the company by itself. 1364 01:08:54,640 --> 01:08:56,480 Have you thought, in this sector 1365 01:08:56,560 --> 01:08:58,240 that in the long run you will have your own R&D 1366 01:08:58,240 --> 01:09:01,120 or will you focus more on the third-party assembly only? 1367 01:09:01,240 --> 01:09:02,880 There are two things in this, sir. 1368 01:09:03,200 --> 01:09:06,040 Either you should have a good investment 1369 01:09:06,160 --> 01:09:08,640 so that you can work at home 1370 01:09:09,320 --> 01:09:12,520 or your inventory will go low 1371 01:09:12,600 --> 01:09:15,400 and at the end the price will get cheaper. 1372 01:09:15,480 --> 01:09:18,360 Today we bought 500 things to make the battery. 1373 01:09:18,440 --> 01:09:21,840 - But 10 batteries didn't work. That is our wastage. - Correct! 1374 01:09:21,920 --> 01:09:26,240 But if it is outsourced then we can return if the battery doesn't work. 1375 01:09:26,440 --> 01:09:28,440 Do you know, in this industry 1376 01:09:28,640 --> 01:09:32,280 the decision finally rests upon the investor or the owner. 1377 01:09:32,480 --> 01:09:35,080 So your proposition for the owner, 1378 01:09:35,160 --> 01:09:39,040 the price is cheaper than Bajaj, Mahindra or Piaggio, 1379 01:09:39,280 --> 01:09:41,960 is that enough or is there anything else 1380 01:09:42,040 --> 01:09:44,920 - which will draw the owner's attention? - I think, at our price, 1381 01:09:45,280 --> 01:09:49,360 they sell it at this price even by taking a subsidy of 20,000 rupees. 1382 01:09:49,560 --> 01:09:52,040 But we sell it without subsidy as we have kept our expenses low. 1383 01:09:52,080 --> 01:09:53,680 Our needs are less. 1384 01:09:54,120 --> 01:09:56,800 Most of the companies get it for credit. 1385 01:09:56,920 --> 01:09:58,600 It would cost 10 to 15% more. 1386 01:09:58,720 --> 01:10:01,320 But we buy the parts in cash. That is the difference. 1387 01:10:06,760 --> 01:10:08,560 Is there any reduction in the service too? 1388 01:10:08,680 --> 01:10:12,720 Like in our product if we talk about mileage or top speed, 1389 01:10:12,800 --> 01:10:15,040 or torque, is it less than Bajaj? 1390 01:10:29,240 --> 01:10:31,240 Nowadays, you must have heard that 1391 01:10:31,320 --> 01:10:32,880 - EV got burnt or... - Yes, right. 1392 01:10:32,960 --> 01:10:34,400 - I was about to ask you. - I will tell you about that. 1393 01:10:34,400 --> 01:10:36,160 - So many scooters get burnt. - The battery here, 1394 01:10:36,200 --> 01:10:38,240 this doesn't have lithium. 1395 01:10:38,320 --> 01:10:39,800 It is the lead acid battery. 1396 01:10:40,280 --> 01:10:41,720 The battery that we bought from the company, 1397 01:10:41,760 --> 01:10:45,080 we asked them to set their battery temperature till 70. 1398 01:10:45,520 --> 01:10:47,600 Till 70, the battery should not get heated. 1399 01:10:47,680 --> 01:10:48,560 Is this also lithium-ion? 1400 01:10:48,640 --> 01:10:51,160 Lithium-Ion with iron phosphate coating. 1401 01:10:56,680 --> 01:10:59,040 Mr Bhupendra, how big do you want your company to be? 1402 01:10:59,040 --> 01:11:00,600 Sir, my thoughts are big. 1403 01:11:00,760 --> 01:11:01,360 It should be. 1404 01:11:01,440 --> 01:11:03,200 But if it comes to money, it is difficult. 1405 01:11:03,320 --> 01:11:05,560 You can fake everything but not money. 1406 01:11:05,680 --> 01:11:08,240 But you might have something in mind. 1407 01:11:08,400 --> 01:11:11,880 Sir, for me, I wish to sell 500 units every month. 1408 01:11:12,680 --> 01:11:16,720 Mr Bhupendra and Mr Pramod, I am very happy to meet you. I enjoyed it. 1409 01:11:16,800 --> 01:11:18,560 I don't have much knowledge about this industry 1410 01:11:18,560 --> 01:11:20,400 and I won't be able to help you much. 1411 01:11:20,480 --> 01:11:22,280 So, unfortunately, I am out 1412 01:11:22,400 --> 01:11:25,800 But I have a suggestion that you can hire some automobile engineers 1413 01:11:25,880 --> 01:11:28,280 and professionalize it. 1414 01:11:28,400 --> 01:11:30,360 We'll definitely meet you when we'll visit Pune. 1415 01:11:30,480 --> 01:11:31,560 We'll meet your wife also. 1416 01:11:31,640 --> 01:11:33,800 100%, sir. You are most welcome. 1417 01:11:33,880 --> 01:11:35,720 Thank you. And please, keep watching Shark Tank 1418 01:11:35,760 --> 01:11:37,680 and tell your wife that I should still be the best. 1419 01:11:37,720 --> 01:11:40,080 I'll tell my wife that Mr Aman said that he was out. 1420 01:11:40,200 --> 01:11:41,960 Oh, no, sir. 1421 01:11:42,040 --> 01:11:42,800 That is my dialogue. 1422 01:11:42,880 --> 01:11:44,840 But I am in for coming to your house. 1423 01:11:44,960 --> 01:11:46,280 [laughing] 1424 01:11:46,360 --> 01:11:48,040 Okay, Mr Bhupendra, and Dr Pramod, 1425 01:11:48,120 --> 01:11:51,360 in the EV space, 1426 01:11:51,600 --> 01:11:53,600 there are some concerns, 1427 01:11:53,680 --> 01:11:55,680 like Ritesh said that it can get burnt 1428 01:11:55,760 --> 01:11:58,240 and there are safety and servicing issues. 1429 01:11:58,400 --> 01:12:01,560 When there is no expertise and you hear all these things happening, 1430 01:12:01,640 --> 01:12:03,680 so to keep a distance, 1431 01:12:03,920 --> 01:12:06,120 I feel would be better for someone like me. 1432 01:12:06,240 --> 01:12:08,640 That is why I am out. 1433 01:12:08,720 --> 01:12:10,000 - Okay. - You are from Pune. 1434 01:12:10,080 --> 01:12:13,320 I think you should have talks with Rapido. 1435 01:12:13,440 --> 01:12:16,040 - Happy to make that connect. Thank you. - Thank you. - Thank you. 1436 01:12:17,160 --> 01:12:21,320 I didn't feel that this innovation 1437 01:12:21,360 --> 01:12:24,680 is something that it may create a revolution in the market. 1438 01:12:24,800 --> 01:12:26,400 In this category, 1439 01:12:26,480 --> 01:12:29,600 I think with the significant price difference 1440 01:12:29,800 --> 01:12:32,400 there will be significant impact on the market. 1441 01:12:32,840 --> 01:12:36,040 But your aspiration to make a business of 240 crores, 1442 01:12:36,120 --> 01:12:38,080 I think you will achieve it. 1443 01:12:38,160 --> 01:12:40,680 I wish you the best of luck. 1444 01:12:40,760 --> 01:12:42,520 But today I am out. 1445 01:12:43,120 --> 01:12:44,240 Thank you. 1446 01:12:44,360 --> 01:12:47,520 Mr Bhupendra and Mr Pramod, it was nice meeting you. 1447 01:12:47,600 --> 01:12:49,000 You are very inspiring. 1448 01:12:52,960 --> 01:12:54,280 Thank you for that. 1449 01:12:54,360 --> 01:12:56,640 I think dealer network is a good idea. 1450 01:12:56,760 --> 01:13:00,200 But for a young company, I feel 1451 01:13:01,080 --> 01:13:03,800 it would be better that you look for an anchor customer 1452 01:13:04,800 --> 01:13:07,720 so that they can become your captive buyer. 1453 01:13:07,840 --> 01:13:10,000 You will get a production volume. 1454 01:13:10,440 --> 01:13:13,800 In the auto sector, it is all about the volumes. 1455 01:13:13,880 --> 01:13:17,680 - Without volumes, it is difficult to make an auto sector. - Correct. 1456 01:13:18,000 --> 01:13:19,400 I am out today 1457 01:13:19,560 --> 01:13:22,360 because I think this business is too early. 1458 01:13:23,040 --> 01:13:26,120 But it will be a big business in the future. 1459 01:13:26,760 --> 01:13:29,840 But that is yet to be seen. 1460 01:13:30,680 --> 01:13:33,120 I wish you the very best. 1461 01:13:33,200 --> 01:13:35,560 And keep inspiring the whole country. Thank you. 1462 01:13:35,680 --> 01:13:36,760 - Thanks. - Thank you. 1463 01:13:36,880 --> 01:13:38,000 Mr Bhupendra and Mr Pramod, 1464 01:13:38,080 --> 01:13:42,000 there is a rapid revolution in the EV industry in India 1465 01:13:42,320 --> 01:13:44,680 for passenger vehicles or commercial. 1466 01:13:44,760 --> 01:13:47,720 The opportunities in this industry are quite exciting 1467 01:13:47,800 --> 01:13:49,520 which makes me enthusiastic 1468 01:13:49,600 --> 01:13:51,480 when it comes to this industry. 1469 01:13:51,840 --> 01:13:55,840 But today, unfortunately, I couldn't appreciate completely that 1470 01:13:55,960 --> 01:13:57,120 your strength, 1471 01:13:57,200 --> 01:14:00,400 which is to bring unique dealers, how will you translate it. 1472 01:14:00,560 --> 01:14:04,760 I will be more than happy to introduce you to Rapido and Uber, both. 1473 01:14:05,040 --> 01:14:07,320 They won't buy your products by themselves 1474 01:14:07,400 --> 01:14:11,280 - but they can recommend your business to their partners or owners. - Franchise. 1475 01:14:11,400 --> 01:14:13,320 And hopefully, that will make you successful. 1476 01:14:13,840 --> 01:14:16,600 I really wish you all the very best. Thank you. 1477 01:14:16,680 --> 01:14:17,840 - Thank you. - Welcome. 1478 01:14:17,920 --> 01:14:19,400 - Greetings! - Thank you. - Thank you. 1479 01:14:19,760 --> 01:14:22,240 - Good luck, Mr Bhupendra - Thanks a lot. 1480 01:14:22,360 --> 01:14:24,040 - and Dr Pramod. - Thank you. 1481 01:14:24,120 --> 01:14:26,160 - Thank you. - Bye. - It was a pleasure meeting you. 1482 01:14:28,600 --> 01:14:32,120 - Sir! - God bless you in all respects. 1483 01:14:32,200 --> 01:14:34,520 - Keep your blessings and maintain the standards. - Bye! 1484 01:14:34,760 --> 01:14:35,920 - Thank you. - I bow to your feet. 1485 01:14:35,960 --> 01:14:37,040 - You are young. - Yes. 1486 01:14:37,120 --> 01:14:37,760 I am. 1487 01:14:37,840 --> 01:14:41,000 - Sir is young too, in fact, younger than you. - Younger than him. 1488 01:14:41,120 --> 01:14:42,840 - You are the youngest, actually. - Cheers! 1489 01:14:42,920 --> 01:14:44,680 - Thank you. - Thank you. 1490 01:14:50,800 --> 01:14:54,480 [upbeat music] 1491 01:15:01,920 --> 01:15:05,560 We have seen its beautiful portrayal on our Change Maker Wall as well. 1492 01:15:05,640 --> 01:15:07,240 With innovation and connectivity, 1493 01:15:07,320 --> 01:15:10,280 we are creating a digitally empowered sustainable future. 1494 01:15:10,520 --> 01:15:13,680 And today's Change Makers are Mr Bhupendra and Mr Pramod. 1495 01:15:13,960 --> 01:15:14,760 How are you? 1496 01:15:14,880 --> 01:15:15,840 - Very good. - Fine. 1497 01:15:15,920 --> 01:15:16,760 - Great? - Yes. 1498 01:15:16,840 --> 01:15:18,840 The change you are bringing is extremely important. 1499 01:15:18,880 --> 01:15:21,560 Revolutionising the transportation industry 1500 01:15:21,640 --> 01:15:23,080 and moving towards greener 1501 01:15:23,160 --> 01:15:25,680 and cleaner options is the need of the hour. 1502 01:15:25,760 --> 01:15:27,800 But our generation today 1503 01:15:27,880 --> 01:15:30,600 has a mindset of not wanting to work, aiming to retire by 30. 1504 01:15:30,720 --> 01:15:33,440 You are setting an example 1505 01:15:33,520 --> 01:15:36,640 and are still dedicated to your passion. 1506 01:15:36,760 --> 01:15:40,200 I want to know what change should people bring in their mindset 1507 01:15:40,280 --> 01:15:41,600 to feel more inspired 1508 01:15:41,680 --> 01:15:44,080 and attached to their work. 1509 01:15:44,240 --> 01:15:46,440 Keep working, even if you face failures, 1510 01:15:46,520 --> 01:15:48,160 keep moving towards success. 1511 01:15:48,400 --> 01:15:50,360 Yes. Would you like to add something to that? 1512 01:15:50,440 --> 01:15:51,840 No, that is the best way to say it. 1513 01:15:51,920 --> 01:15:54,200 Absolutely, 100 per cent, short and concise. 1514 01:15:54,440 --> 01:15:56,160 Thank you so much for sharing your thoughts. 1515 01:15:56,200 --> 01:15:57,880 You are bringing a great change, 1516 01:15:58,000 --> 01:15:59,800 just like Acko is revolutionising 1517 01:15:59,880 --> 01:16:02,240 the insurance landscape with its offerings. 1518 01:16:02,360 --> 01:16:04,360 Don't fall into the trap of random agents. 1519 01:16:04,480 --> 01:16:05,920 Know your insurer. 1520 01:16:06,160 --> 01:16:07,320 Trust Acko. 1521 01:16:07,440 --> 01:16:09,160 It is the trusted choice of lakhs of Indians 1522 01:16:09,240 --> 01:16:11,600 and has settled over 300,000 car claims. 1523 01:16:11,680 --> 01:16:13,480 We appreciate this change you are bringing 1524 01:16:13,600 --> 01:16:15,160 and for the time you gave on Shark Tank, 1525 01:16:15,160 --> 01:16:17,640 Shark Tank and Acko would like to present you with a gift. 1526 01:16:18,560 --> 01:16:19,640 [uplifting music] 1527 01:16:19,760 --> 01:16:20,760 Here. 1528 01:16:21,240 --> 01:16:22,320 [clicking sound] 1529 01:16:22,880 --> 01:16:25,440 [Shark Tank theme] 1530 01:16:25,800 --> 01:16:26,800 Hello and welcome 1531 01:16:26,880 --> 01:16:29,960 to this special segment of Invest Smart with ICICI Direct. 1532 01:16:30,360 --> 01:16:31,600 I am your wealth buddy. 1533 01:16:31,800 --> 01:16:36,240 Today we will discuss some important investment topics 1534 01:16:36,320 --> 01:16:40,000 that will help you make informed and 1535 01:16:40,080 --> 01:16:42,720 confident investment decisions. 1536 01:16:42,800 --> 01:16:45,680 Our aim is to make you aware and empowered. 1537 01:16:45,960 --> 01:16:46,760 So, let's get started. 1538 01:16:46,840 --> 01:16:50,240 I am joined by Bharat and Shashwat from Indi Hop Shop. 1539 01:16:50,320 --> 01:16:51,960 And today, 1540 01:16:52,080 --> 01:16:54,360 I will also pitch a product 1541 01:16:54,480 --> 01:16:57,640 that will ensure your money is always working for you. 1542 01:16:57,720 --> 01:17:00,440 You decide whether you want to invest through it or not. 1543 01:17:00,520 --> 01:17:01,520 - Sounds good? - Yes. 1544 01:17:01,600 --> 01:17:05,240 So, let me introduce you to the ICICI 3-in-1 account, 1545 01:17:05,440 --> 01:17:07,680 where you get savings, Demat, 1546 01:17:07,760 --> 01:17:10,960 and trading facilities all in one place. 1547 01:17:11,160 --> 01:17:13,560 When you invest through this, 1548 01:17:13,680 --> 01:17:17,040 your funds always remain in your ICICI Bank savings account 1549 01:17:17,200 --> 01:17:18,600 and continue earning interest 1550 01:17:18,680 --> 01:17:21,280 until your buy order is successfully executed. 1551 01:17:21,720 --> 01:17:23,800 - So, let me show you how it works. - Sure. 1552 01:17:45,000 --> 01:17:48,120 ...from our ICICI savings bank account. 1553 01:17:48,520 --> 01:17:50,560 And whenever you sell your stocks, 1554 01:17:50,720 --> 01:17:52,840 the money will be credited directly to your savings account, 1555 01:17:52,840 --> 01:17:55,880 where it will continue to earn interest at all times. 1556 01:17:56,520 --> 01:18:00,440 - So, would you invest through the ICICI 3-in-1 account? - Yes, sure. 1557 01:18:00,640 --> 01:18:01,600 So why wait? 1558 01:18:01,680 --> 01:18:04,000 Simplify your investment journey... 1559 01:18:13,480 --> 01:18:15,920 Invest smart, invest conveniently. 1560 01:18:30,600 --> 01:18:33,680 We have Ritesh Agarwal, founder of OYO. Hello. 1561 01:18:36,120 --> 01:18:38,640 Today's question is from Shiva Sharma, 1562 01:18:38,720 --> 01:18:41,200 33 years old, from Gurdaspur, Punjab. 1563 01:19:00,080 --> 01:19:02,120 I have a couple of key learnings on going international. 1564 01:19:02,120 --> 01:19:05,080 First, identify which market 1565 01:19:05,160 --> 01:19:06,960 has the lowest cost of entry. 1566 01:19:07,080 --> 01:19:09,560 Because learning takes time and money. 1567 01:19:09,680 --> 01:19:11,680 So, keep the cost of entry as low as possible. 1568 01:19:11,800 --> 01:19:13,440 When OYO started, 1569 01:19:13,600 --> 01:19:15,720 we first entered Malaysia. 1570 01:19:15,800 --> 01:19:18,600 Because the cost of entry was very low there. 1571 01:19:18,680 --> 01:19:23,320 Second, see if your customers and suppliers have past ties. 1572 01:19:23,440 --> 01:19:25,680 Many of our property owners were from Tamil Nadu 1573 01:19:25,760 --> 01:19:27,280 who had properties in Malaysia. 1574 01:19:27,680 --> 01:19:29,800 So we leveraged that connection. 1575 01:19:29,880 --> 01:19:32,080 Similarly, when we made a major acquisition 1576 01:19:32,160 --> 01:19:34,360 in the United States worth half a billion dollars, 1577 01:19:34,440 --> 01:19:37,520 one of the main reasons was that 70 per cent of the hotel owners 1578 01:19:37,800 --> 01:19:39,320 - there were of Gujarati origin. - Yes. 1579 01:19:39,360 --> 01:19:40,680 Sindhis, Gujaratis, Punjabis. 1580 01:19:40,760 --> 01:19:42,600 Sindhis, Gujaratis, Punjabis, 1581 01:19:42,680 --> 01:19:44,840 many communities have been running businesses there for generations. 1582 01:19:44,840 --> 01:19:48,440 So, we felt there was an existing relationship we could build upon. 1583 01:19:48,560 --> 01:19:51,600 Look for markets where you have some kind of connection. 1584 01:19:51,840 --> 01:19:53,000 And last but not least, 1585 01:19:53,080 --> 01:19:55,200 a crucial point, 1586 01:19:55,400 --> 01:19:57,440 whatever market you decide on, invest your own time. 1587 01:20:33,000 --> 01:20:34,760 ...choose your favourite shark, 1588 01:20:34,840 --> 01:20:36,360 and we'll be happy to address them.