[theme music playing]
- Hi, Sharks! - Hello!
Imagine this.
It's 8 am in the morning and you are groggy.
As usual, you reach out to your go-to drink
- and make coffee or tea. - Okay!
Fast forward to 10 am and boom!
Instant crash and jitters.
And you crave one more drink.
- Sounds familiar, right? - Yeah!
And now, imagine this.
A beverage that provides instant energy,
keeps you free from jitters and crashes
and ensures sustained focus throughout your day's tasks.
- Yes, it's not magic, it's matcha! - Oh!
- Hi, Sharks! - Wow!
And we are team Glow Glossary.
And our hero product is this high-quality,
organic, ceremonial-grade A Japanese matcha.
This is a super green tea powder
This balances your blood sugar.
It balances your hormones
Awesome!
Take your time. It's all right.
Sharks, my Japanese friend made me try this for the first time.
And honestly, it was love at first sip.
This is new in India.
It became our mission to bring matcha from Kyoto to Kanyakumari.
- All right! - Whoa!
We started our business from a B2B model.
Now, we are present in more than 30 cafes.
But that is not enough.
We want to bring the magic of matcha
to every household.
In the future, we will launch even more fun, wellness-based products.
And we believe that healthy doesn't have to be boring.
Our ask is Rs. 60 lakhs for 4% equity.
ready to make a matcha made in heaven?
Let's make you a cup
before we spill the rest of the tea.
- I need it. - Let's do it.
Yes!
We've already whisked it and kept it ready.
You can mix it with milk
or you can add it to any other drink of your choice.
It looks like neem juice.
- Hopefully, it doesn't taste like it. - Yeah!
This is ready to compete with your coffee.
Oh, wow!
So, this is an iced latte in almond milk.
[music playing]
- This one's the strawberry one. - Yes!
All right!
The one with strawberries is delicious.
- I am drinking matcha for the first time. - What?
- Is this your first time? - Really?
[music playing]
The matcha doesn’t have
- that strong powdery taste. It's nice. - Grainy and powdery.
[music playing]
Do you also give this bowl with it?
This is a ceremonial kit. It's very meditative.
It is on our website and Instagram.
What is the price?
Rs. 1,192 with tax.
For the kit?
- I am a functional medicine practitioner. - Okay!
I lived in New York
- for 6 years. - Do you mean you are a doctor?
- Not a doctor. It's more like a nutritionist. - Okay.
Pratishtha, were you born and raised in New York?
No! I was born and raised in Ghaziabad.
And then I studied in London.
After that, I got married and moved to New York.
Basically, my hormones were very off.
I had severe thyroid.
When I first moved to New York,
I gradually adjusted my lifestyle and noticed positive changes.
When I returned to India,
I faced problems.
Back-to-back tea and coffee.
That doesn't suit me.
When I wanted to buy matcha, I couldn't find it.
So, then I launched Glow Glossary.
I am 21 years old.
So, I am in my last year of college.
- Actually, I was a customer of Glow Glossary! - Oh!
Yes! So, it's customer to partner.
I met Pratishtha at a pop-up
where she was making matcha.
And I love matcha.
I went to her and said, 'You are selling matcha.'
And then she took me through the whole process.
That is how we started talking.
And then I started doing marketing for the brand.
It's been almost a year
- that we have been working together. - Yeah!
- When did you become partners? - Last month.
...your matcha powder from?
Shizuoka and Kyoto.
I met her in London when I was in college.
She helped me a lot.
- Do you transport leaves from Shizuoka? - No!
- There is a process of making matcha. - Tell us.
- or is it done on the farm? - Vendor... At the farm.
Farms!
So, your job is to put the powder in a bottle and sell it in India.
- For how long have you been doing this? - One year.
Have you observed a growing number of people in India
searching for matcha products
and coming across your brand?
We started with a B2B model.
Through B2B, we found out
that this might work.
That is when we started doing events and pop-ups.
We noticed that flavoured drinks
like strawberry, blueberry, rose matcha,
work the best.
Who do you think are your sizeable competitors?
Vahdam.
- Vahdam is in Matcha as well? - Yes.
- Do they sell tea bags... - No!
- Powder? - No, they also sell matcha.
I am confused.
What are you exactly selling? I am not clear.
Your name is Glow Glossary.
If I take matcha away,
So, are you selling it as a functional benefit
or as a beauty product
or are you selling it as
the tradition of matcha, good for you tea?
I believe in simple daily rituals
that gives you a long-term health benefits
and not super expensive supplements or a cream.
So, Glow Glossary
is about what you do every day.
- I am confused. - And very simple ritual.
Daily rituals is the whole...
You brush daily, that's a ritual.
- Yes! - You bathe! That's a ritual.
You are not selling that.
- No, so... - Where is the ritual in this?
Rituals for that ultimate glow.
But what is the ritual?
Matcha is a daily ritual.
Are you talking about drinking it or making it? What are you saying?
Making it too. It's like moving meditation.
Once you make it, it's so zen.
You are going to get the hang of it.
What is so zen about it?
- We saw you pour it. - Yes.
- That wasn't so zen. - Yeah!
- You already made it. - Like coffee!
Like getting lost while whisking the coffee.
- Yeah! - It's important to understand this.
So, let's not dismiss it.
Because I understand that what you are saying
is that you are selling a ritual and not a product.
There is a shift for me in terms of what you've brought here.
If you are selling a ritual,
then you have to demonstrate it and sell it to us.
If you are selling a product, then it's in front of us.
That you are not a matcha company.
Zoom out and tell me what you are making.
We want to create products
that can be used in your daily rituals.
Pratishtha tested three products.
Matcha, body scrub
and body oil.
And we realised
that there is not much awareness about it in India
compared to beauty and skincare products in the country.
I am very confused.
If your products
are all related to the benefit of glow,
then in a way, it is a beauty company.
I know you don't want to label it.
So, you turned it into a ritual.
I will then ask you
to tell you the market size of rituals in India.
And you won't be able to say it.
So, I request you
to be open to defining it. Right?
So that we can get to the next level.
- Okay! - Yes, so...
Yeah, okay.
So, we want to make this a beauty and wellness company.
- Okay! Thank you! - Got it.
Now, that was not that hard. Well done.
You are a super luxurious product.
- That is your segment, isn't it? - Yes.
But we want to make it
- accessible and affordable. - I am going to pause you again.
Pratishtha, I keep sensing that you want to say something.
- No. - And then you drive the answer through Kavya.
So, I don't know what exactly is going on.
I am camera-shy.
We already decided
that Kavya is going to take care of all that.
- Okay! You are camera-conscious. - I am... Yes!
- That's the problem. Okay. - I am very camera-conscious.
Kavya has 35%.
What is the breakup of 65%?
- I have it. - All of it?
- Yes, all of it. - Okay!
- And you are the CEO. - Yes.
- And you are the CMO. - Yes.
When did we start selling the product?
In August 2023.
Hold on! When did that start according to you?
- April. March 31st. - Financial year. Okay.
What are you expecting for the full year, Kavya?
Rs. 1.5 crores.
Tell us about the channel.
B2B is 38%.
D2C is 35%.
That is coming from our website.
And event is 27%.
Got it.
What are the top 3 cafes you work with?
How much do you sell this Rs 1,192 product for?
We sell it to them in kilograms.
- How much is that priced at? - Rs. 13,500.
Our revenue is Rs. 67 lakhs this year.
- Yes! - Will you make Rs. 75 lakhs?
Is there anyone else other than you in the team in Glow Glossary?
That's why the margins are so high.
The price difference between
B2B and D2C is three times.
So, the gross margin will be quite different.
Do you have a 90% gross margin on this product?
I am not sure about the exact percentage.
How much does the powder cost?
Around Rs. 395.
That is our B2B COGS.
How much do you sell them for?
Okay!
And how much does Vahdam sell 30 gram matcha for?
- Do they sell at cafes? - Not sure.
Pratishtha, why did you tell us about the quality difference?
Can you explain a bit more?
The grainy matcha has stems
and vines in it. They use machines.
Our matcha is plucked traditionally and...
Have you visited the place
- where this is processed? - I have not been to Japan.
- Have you not been to Japan? - No!
- Oh wow! - How are you convinced that this is high-quality?
I've been drinking matcha for around 15 years.
All of us have been drinking it. But...
I mean, I tried many matchas.
My best friend and the one I consider my sister, is Japanese.
You are basically depending on her.
I am surprised that
you are talking about Japanese philosophy,
rituals, ceremonies
and products.
But you have not visited that place.
I didn't go there because I didn't make a plan.
I became so occupied
- with Glow Glossary. - But you are the founder.
- You have 65% equity. - I will go.
I will go this spring.
- Have you planned a trip to Japan with Rs. 60 lakhs funding? - Yes.
- No! - Pratishtha...
I was...
- Actually, why not? - Why not?
You can all come along with us.
Oh God!
With our money.
What is your vision for this business in the next five years?
How big do you think you can make your business?
We want to make matcha accessible
and for that, we can bring our costs down
when we order bulk orders.
Along with that, we want to bring more products,
which is matcha-infused.
For example, matcha and skincare.
Apart from matcha, also to have a range of products
that are around health and wellness.
Okay, thank you.
It says Magnesium After Glow.
When you mention the compound,
the person will go and check out the ingredients.
The ingredients are not mentioned here.
For investors, these details help in decision-making.
One of you... It would be better if you could tell us, Pratishtha.
Explain the unit economics to us in one minute.
Okay! I think she is the right person.
Why? You are doing this business longer. She just joined.
She is handling that. I handle procurement
and funding.
Funding? You are profitable.
No! I started this with my money.
So, you don't want to answer the question,
but it will go against you. You tell us.
Our COGS and packaging are 42%.
Tell me the unit economics
of B2B and D2C's unit economics.
We...
- I know collectively. - Tell us collectively.
No! I don't want to know collectively.
Why are you testing their math?
I am not testing their math. They are doing business.
If you give them your Rs. 60 lakhs
then you want to try to understand their grip on unit economics.
Look, the B2B business is primarily an importing business,
and its underwriting works very differently.
It's fine if you've come on this serious platform
to fool around, then it's fine.
I will also say, let's travel to Japan.
But if you've come for a serious investment,
then you have to answer serious questions.
If you don't know, then say you don't know.
- I don't know separately. - Okay, got it.
Let's do the combined unit economics.
42% is our COGS.
Shipping is 1.4%.
Salaries and wages are 3.1%.
Events is 9.6%.
Overheads are around 0.7%.
I think the niche markets
have amazing starting points
towards large expansion.
And in lifestyle, it's important that the influencers...
You mentioned Soho House. For instance,
if someone experiences your product there,
I would expect
that patrons from other cafés would inquire about it.
Exactly! Everyone asks.
But on the other hand, I saw some challenges.
You are not crystal clear about your future.
I was unable to understand your vision.
For that reason, I want to be out. I wish you the best.
- Thank you. - Thank you!
Kavya and Pratishtha, I am out.
I think there are some gaps in the founding team.
The biggest gap is
that entrepreneurs need to do sales.
This is a huge gap.
If you are unable to sell your passion project convincingly
to the investors,
then you must solve this.
Secondly, a significant portion
of your current business,
particularly events and cafés, is not scalable.
So, I am out.
But I am very happy that you know your purpose
of creating these rituals and wellness.
You are good at it
because you make 45% EBITDA.
But it is not investable.
Pratishtha, smile.
You look quite nervous.
And I know that it is difficult.
- Yeah! - But you have to have a big smile.
- Because it's not easy being an entrepreneur. - It's not.
I think your business model needs a lot of work.
You really have to figure out
in which direction you want to go.
More tea... Even your beauty products
should have a common theme of matcha.
Right? You have to learn a lot from a business perspective.
Please spend some time on that.
Because of that, I am out.
But smile and be proud of your achievements
and I wish you the best.
- Thank you so much, Namita. - Thank you. That was really sweet.
Thank you!
Pratishtha and Kavya, your product is awesome.
I finished it.
It tastes good.
I won't say I am an expert at matcha.
But I drank a lot of matcha over the years.
I believe it might be a Grade A quality matcha.
At this point, we've perfected this product.
But our other endeavours are ordinary.
But I think there is a good opportunity here.
You must've heard of a goldmine, this could be a 'greenmine'.
The last thing I would like to say is attention to detail.
The founder who feels pain about their business
must know the most critical aspect.
Where the product is coming from.
These are the details you need to know as a founder.
I don't think you're eager to delve into the details.
So, for these reasons, today, I am out.
But I wish you all the best.
Tell me honestly, what is it that you want to do?
How big of a business do you want to build?
We want it to be at least Rs. 200-300 crores.
Okay! At least that much.
- Have you had a job? Is this your first job? - No.
And have you done a job anywhere?
- Never worked in my life. - That's what I thought.
And don't take it the wrong way.
- I've done business, real estate. - Let me be honest.
- In New York? - Yes.
Okay, good. I think this is an investable business.
This is your reflection, Pratishtha.
Everything about it is you.
You will need a lot to become investable.
- His question was about the supply chain. - Okay!
Right? So, you don't have an understanding of all this
And numbers! You are not good with them.
I don't think it's just camera-shy.
- It is. - I think... It is?
Okay, I'll give you the benefit of the doubt.
I am out. But I am going to wish you something
which I don't generally wish everyone.
I wish you a lot of struggle.
If you want to make a company worth Rs. 200-Rs. 300 crores,
then you have to fail. Then your up will be high.
That's my view. Thank you!
- Thank you! - Thank you!
- All the very best. Thank you! - Thank you!
- Best wishes. Good luck. - Yes.
To summarise, they appreciated
- our products. - I agree.
And their feedback
and constructive criticism...
I think... As...
As team Glow Glossary
it is very valuable for us.
- Because if not from them, who would we hear it from? - Exactly!
- Hello, team Glow Glossary. - Hello!
- How are you feeling? - Hello!
- Hopes are still up. - Yes!
- Nothing's coming down? - This is just the beginning.
Because all of them almost finished their drinks.
And matcha is an acquired taste.
I also went to Japan and matcha was all over.
And I also thought it was an acquired taste.
So there is something very different about your products.
- So, congratulations. - Thank you!
To be on the tank and face the Sharks.
So, I wanted to gift you something.
- I ordered teacups for you from Swiggy Instamart for you. - So cute.
So that you can enjoy your morning routine.
It was delivered in 10 minutes.
I hope you like it.
Thank you, sir. This is for you.
- Thank you so much. - Thank you so much.
- So sweet. - I really want to try your product.
- So, maybe we can have a little matcha party after this. - Yes.
- Definitely! - Yes.
Guys, while we have our matcha party,
you go on Swiggy Instamart.
Order what you want and it will be delivered in 10 minutes.
Order now!
What is the Shark within you saying?
Which pitcher should get a deal or not, right?
Do one thing, just hear it out.
There is a contest going on at Lenskart,
Offer or No Offer.
Participate in that
[theme music playing]
Sharks, there is a saying in Punjabi.
When vision is lost, the world disappears,
if you lose your teeth, you lose your taste.
- Yes! - Good oral health
not only helps you enjoy delicious food
and look beautiful
but it also has a significant impact on your overall health.
I agree.
If we have tooth issues
like a toothache or need to get braces,
we still visit the same dentist in the area.
Such as oral medicine,
Greetings, Sharks!
I am Dr. Bikramjeet Singh, from the city of Guru Ram Das, Amritsar.
Braces specialist puts on braces.
All under one roof.
But Sharks, this is what I used to do 10 years ago.
that in order to provide standardized dental care
and reach the masses, we needed a state-of-the-art facility.
That's why we have three clinics and a team of 12 doctors.
And we want to spread our wings
to 100 clinics in the next 5 years.
It means visit us and smile.
- Thank you. - Amazing!
- Lovely! - Welcome to Singh Tank.
- Thank you! - Shark Tank. We are both Singh's.
Thank you so much.
How did you become a dentist?
One more thing, dentists are expensive in Mumbai.
Why is it so expensive?
First of all, I am grateful to all of you.
I've learnt a lot from Shark Tank.
I think that was the trigger point
that pushed me to think beyond.
Wow!
- There was a book for Founders on Shark Tank. - Yes.
I read it a few times and made notes.
I learnt about EBITDA and PAT.
I am truly grateful.
I've come this far and I believe God will guide me ahead.
Coming back to the question.
I was born and raised in Amritsar.
I come from a middle-class family.
And my parents wanted one son to be a doctor and another an engineer.
Since I was good with my studies, I was forced to go into medical.
But I didn't get into MBBS in my first attempt.
In my second attempt for MBBS, I missed it by just one rank.
- Oh! - I thought that this was what God wanted.
I entered BDS.
Where did you do BDS?
- This was in 2013. - Okay!
I opened a second clinic after four months.
So, I shut down the first clinic.
This went on for 2022.
One of my patients from the UK, who I worked on, said,
'You are such a good doctor.'
'How many patients are you treating in a year?'
I said, 'Hardly 1,000 patients in a year.'
So, he said, 'Why not 5,000 or 10,000 patients?'
I couldn't do that single-handedly.
- There is this huge block in doctors. - Yes.
That the patient will come to me.
How will they go to others?
That is when I realised
that if that was the case, then how would Medanta Hospital scale up?
In dentistry, Clove started in 2012.
They have 500 clinics now.
So, I formulated it.
And now, I am here.
And it is expensive in Mumbai
because it is a Tier 1 city.
This is not the standardisation in procedures.
Tell me something simple.
For a cleanup, what is the cost in Mumbai and Amritsar?
That is why it is expensive in Mumbai.
Yes! Exactly, sir. Let me give you an example.
I can only do 10 procedures in a day.
But it is about demand and supply.
When I have 20 patients in my waiting room
who want me to do the procedure from me.
So, what can I do? I will increase the prices.
That is the only thing.
Good doctors think they can't scale
so they increase their price.
Dr. Bikram, what is your vision?
Do you want to build one more Clove? What do you want to do?
- Yes, sir. We will be better than Clove. - How?
- As a professional, I know what is missing in Clove. - What?
They don't have standardisation of procedures.
They will charge Rs. 10,000 for the same procedure
or Rs. 20,000 as well.
By looking at the bag and shoes?
Exactly! The point is that I want to build transparent health care.
As a doctor, there isn't enough transparency
as there should be.
Whether we have rich or poor patients, we charge the same.
We designed the interior of our clinics in such a way
that 50% of the patients forget about their pain.
Because when people enter the clinic...
- Can we see the photos? - Yes, sir.
This is one of our consultation rooms.
- This looks standardised. - This is 1,000...
What makes someone happy here?
The interior is such
that when the patient sits on the chair,
a lot of them fall asleep.
Your layout looks standard.
There is a sky on the ceiling. People have put TV now.
This is no big deal.
Our main product... People didn't come to see the interior.
Wow!
People...
- We are on the same page. - Let me tell you.
- It is a combination of the same. - I agree.
- I spoke about what you... - Let me tell you.
- I'll give you an example. - I mentioned it
- and you changed the topic. - No!
- Amazing! - 2,000...
Sir, I am saying it is a combination of everything.
Specialised dentists, affordable prices,
good clinic infrastructure also.
I have automated our system
where we will simultaneously open three clinics.
- Where? - Either Ludhiana or Mohali.
How many patients can you treat at once?
Our clinics are 2-chair clinics.
I recently upgraded
my oldest clinic to a 4-chair clinic.
Given the current scenario, we are about 20% less than them.
Have you planned where to open these clinics?
In the first three years, we will cover major cities in Punjab.
- Then Delhi NCR region. - What do you mean
by 'Major Cities'?
Tier 2 cities.
Ludhiana, Patiala, in that segment?
Let me tell you why I am after Tier 2 cities.
Insurance is not involved in the dental clinic business.
So, it is not a big revenue generating business.
One clinic can't afford eight specialities, Anupam, right?
So, this bunch of three clinics
is able to afford all the specialists on roll.
- Are these specialists on roll? - Yes, sir.
As far as I know,
when you standardise things and bring them on the employee roll,
it becomes a fixed cost.
The standalone practices, where I go,
over there, the doctor is the main guy
and then, there are consultants
who come in on certain days of the week.
So, people go there accordingly, which is okay I feel.
So, how is this better than the standalone thing?
In the medical field, 2x2 is not always 4.
We can take any approach
- depending on the speciality. - That's a good point.
Suppose a 60-year-old female comes in to get dentures.
So, our endodontist,
root canal specialist, implant specialist,
prostho... Crown specialist.
They jointly take a call about what is good for the patient.
With doctors on roll, we can take the right call, point number one.
Point number two.
When we call doctors on consultation, Namita,
they take 50% to up to 70% of the chunk.
So, these eight specialists
- rotate between three clinics. - Yes. Yes, ma'am.
- What's the CapEx per clinic? - Rs. 35 lakhs, sir.
After 6-9 months, how much profit do you make from a clinic per month?
I'll give you the figures for a bunch.
- Last year, it was Rs. 90 lakhs. - Okay.
This year, we've touched Rs. 1.1 crores last month.
Projected full-year sales?
Could you tell us your EBITDA for the last and current year?
and treatment counsellors,
a 30% EBITDA after deducting their salaries is impossible.
The numbers don't add up.
Let's take our oral surgery cases, right.
We target new patients.
What's the flow of new patients in a month?
It's around 230-250 right now.
The surgery cases are not lined up for all seven days.
- For now, we're onboarding doctors only twice a week. - So, now...
- How... - You mentioned at the start
that the most important aspect was
- that you have payroll doctors. - Yes, ma'am.
That's not currently in force.
- Now, they're only part-time. - No, ma'am.
They are with us on a payroll basis
but I've had them for
let's say two days in a week, three days in a week...
That's not a payroll, right?
Because two days a week or three days a week is not employment.
It is again consulting.
I mean, I don't give a profit cut on that.
Because it takes Rs. 35 lakhs to set up one clinic,
so the cost for three clinics is Rs. 1.25 crores.
You're currently not paying them the full salaries
- but on a part-time basis. - Yes.
Even after that, your payback
on the basis of your EBITDA is taking 2-3 years.
Scaling to 100 is going to be very difficult
because the payback time is too long
and this is also where you have a presence.
Then it'll take longer in Mohali and Ludhiana.
It'll take six years.
Ma'am, the business has been in operation only for 1.5 years.
I designed the SOPs during...
- But you didn't get a payback yet. - Yes, ma'am.
So, gradually over time now,
the payback for your Amritsar cluster
will take another 1.5-2 years.
- How did you calculate that? - No, ma'am...
- Because... - It's really simple.
- He earns Rs. 15 lakhs. - Correct.
- 30%... - The capacity utilisation is 35%.
- Currently, we... - I know
but capacity utilisation is also a bottleneck.
The bottleneck will be the same.
You'll open clinics in Ludhiana and Mohali.
The first year, they'll be at 15% too
and then 30% in the next year, 40% after that...
- They'll also take 4-5 years to touch 50-60%. - No, ma'am.
That won't happen. We'll follow a proper launch plan.
If we're launching a clinic in any city,
it'll be with a proper launch plan
to get full capacity of the clinics on day one.
The launch plan will require you to do marketing.
That will take your EBITDA down.
So, then again,
one cluster isn't going to recover before 3-4 years.
Ma'am, we're achieving that in 13-14 months
considering that the average cost of a patient's treatment
- is... - It has been 18 months but Amritsar hasn't made money.
Our model just got finalised.
It was in the process.
Vineeta, we need to get 120 patients in our clinic
to achieve a Rs. 10-lakh revenue per clinic.
Two scalings and polishing, consultation, X-rays.
What's the tenure of your lease?
A minimum of 9 years.
One of them is for 15 years.
- So, two are for 9 years each and one is for 15 years. - Yes.
The business currently has two challenges.
One, it has only been 1.5 years.
It isn't clear
what the payback period of your clinic is.
The second and more important point.
You ran the clinic in the first city
and did all the work yourself.
You served your customers and patients well
and motivated your team.
When it becomes two cities
and you expand to a few more,
you can't be everywhere all at once.
That's when you can tell
if the company has operational excellence.
So, for these two reasons, I'm out
but I really loved your energy.
Wish you all the best.
Dr. Bikram, today, you're not at a stage
where you should raise funding.
Take any of your numbers,
as of today, one clinic does Rs. 5 lakhs a month on average.
You want to take it to 50% utilisation
but a dentist's business doesn't go beyond 50%
because they've to contend with the fact
of uneven traffic on weekends and weekdays.
So, I think for now,
just continue to operate the way you have been for a while
and prove your model in not one, but a few clusters
and only then, raise capital.
I wish you the best, Dr. Bikram. I'm out.
Thank you.
The business sure does have some opportunities.
The supply of dentists is very high
and people's teeth are going from bad to worse
because of bad eating habits and lifestyle.
There's an opportunity
but the challenge is it is capital-intensive.
The scale won't be optimum till you get a lot of funding
to take care of that upfront payment.
If you do it on your own or take Rs. 1 crore from us,
the speed will be very slow.
So, I think there are a lot of challenges.
Proud of you. Wish you the best but I'm out.
Thank you very much.
This is an execution business out and out.
Unless you master its playbook,
two clusters in two cities,
a minimum of Rs. 2 crores per clinic in a year,
until then, you shouldn't scale the business
to avoid knee-deep problems.
Nail it and then scale it, okay?
I'm out.
I hope you do well
because Singh is the king.
- Good luck. - Singh is the king and he'll remain the king.
[laughs]
- I agree with that. - Yes.
We spoke about payback many times today.
By any means possible, you need to...
Set your target as 12 months.
You have to chase it as a single target
and ensure that you fix things in Amritsar properly
and along with that, also ensure
that your documentation and playbook are in place
to implement in other cities.
Today, because I feel you're not there yet,
I'm out.
All the very best, Doctor.
It is said that pressure makes diamonds.
- And every entrepreneur must possess grit, right? - Absolutely.
I'm not denying the feedback which I got from you.
This is part of a journey.
- I hope so. - Amazing.
- Thank you. Can I shake hands with you? - Goodbye.
- Sure, sir. - Yes, please. We'll come there.
So sweet.
- Thank you, sir. - You're very likeable, Doctor.
- Thank you. - All the best.
Sir, I won't shake hands with you. I'll give you a hug.
- You're from Amritsar. - Thank you.
- All the best. - Thank you.
You're right, execution.
Keep at it. Execution is key.
Thank you. Thank you, guys.
'If my goal was to get a cheque, I'd have been elated.'
'And if I didn't get it, I'd have been sad.'
'That's not my goal.'
'My goal is to open 100 clinics'
'and provide transparent dental care to India'
'at affordable prices.'
That goal still remains.
This is the process.
I was running, I fell but I got back up again.
That is the thing.
- Greetings, Doctor. - Greetings.
Are you familiar with poker?
Um, no. I've never played it.
Then you set up three clinics, that was the growth phase.
- Hopefully, there will be maturity as well. - Yes.
Is there a story relating to any of these phases you'd like to share?
- Yes, I'd like to talk about the introductory phase. - Alright.
- I'm sure you must have had some dentistry experiences. - Hmm.
- I've had some trigger points too. - Hmm.
When I see that
a patient goes to a particular dentist out of the many options,
- to them, that dentist is the best in the world. - Right.
They're paying for the service
- but still, they don't get any transparency. - Hmm.
So, I think that was the base for my business plan,
- to prove transparent care. - Hmm.
If health, education and farming are transparent,
- then a person can do anything in life. - How nice!
So, in the introductory phase, my whole idea started from there.
We've formulated it well in Amritsar.
- I also got feedback from the Sharks. - Hmm.
I will prove it in other cities.
God willing, very soon...
You will, and let me know when you come to Delhi
and I will definitely...
I'll never forget the loss of Rs. 15,000 that I suffered.
The next time we meet,
- get me 'aam papad' from Amritsar. - Sure!
Yes! If you're a master of skills and strategies,
log on to the PokerBaazi app and make a winning hand.
Download the app now.
[theme music concludes]
Sharks, there's a saying,
"What you've been searching for was in plain sight."
I too was in a similar situation.
I left my village when I was 16 and came to Mumbai.
I tried my hand at many things,
but the real treasure was in the forests of my village.
That is our lovely jamun
which is called the 'Fruit of the Gods'.
There's a mention of it in our Vedas.
'Jambudweep Bharat Khande.'
Our subcontinent is named after jamun
and jamun is only found in the Indian subcontinent.
Both Ayurveda and modern science
recognise its benefits.
It contains dietary fibre, calcium, magnesium
and minerals in high quantities.
Being a low glycemic food, diabetics prefer eating this.
The problem is it grows only for one month in a year
And our tribal sisters
carry them in baskets
and sell them on the roadside for one-fourth the price
or throw them away in the evenings.
Over 30% of the fruit that stays on the trees eventually rots.
With that in mind, we started Tribalveda
We husband and wife hail from Jaswantgarh,
- a small village amid the forests located in Udaipur district. - Nice.
Not just jamun, Tribalveda also creates
products by processing seasonal fruits like custard apple
and source and process the products from the tribal women.
and process 5 lakh kg of wild fruits annually.
and wish to create employment opportunities
for our tribal community.
So, our ask is Rs. 50 lakhs for 2% equity.
- Lovely. - Always in season. Very nice.
What a wonderful tagline. Always in season.
I want to try Jamun Shot.
- What did you bring? Did you bring anything? - Jamun Shot.
- Yes, we have. - Jamun Shot.
- Bring it here. - Quickly.
I want Jamun Shot.
Hey! Your tongue will become purple.
Oh, really? And the teeth as well?
The entire tongue becomes purple. I've eaten loads when I was a kid.
When I'd visit my maternal grandmother for summers,
she'd give me jamun.
Hmm!
Oh my God!
Potent!
Oh, it's really the taste of jamun!
I loved the cubes.
- This looks like a mini jamun. - Outstanding.
If you like jamun, you're going to like the cubes.
For how long are you able to store the cubes and strips?
Their shelf life varies from 6-18 months
depending on the product.
Do you use preservatives?
No, we don't use any kind of preservatives.
I was born in Bera village which is close to Udaipur.
I studied only till the twelfth grade.
I came to Mumbai in 2002 after completing my twelfth
and the first job I landed was as a delivery boy in a shop.
After that, I worked as a helper
and later on, as a salesman.
I did that for seven years.
One day in 2011, I was at a friend's place.
He was a broker in the commodities market.
I had no idea absolutely
as I didn't know English and hadn't studied much.
So, I learned about the commodities market there.
- Then I started my own broking firm... - Oh!
- Where I worked with a team. - Whoa!
I did that for three years but even shut down.
I went to the village during that time.
Since childhood, tribal women
would bring custard apples and jamun in baskets
to sell in the villages.
I already knew that.
But I noticed that custard apple grew in large quantities there
and I decided to do something about it.
So, I borrowed Rs. 80,000 from my friends
and took a loan of Rs. 4 lakhs from the bank.
Did you start with jamun or custard apple?
Custard apple. We started with custard apple.
We extract the pulp
and supply the processed frozen ice cream pulp
We made jamun pulp in 2018.
but they don't have any health benefits.
So, I thought people prefer eating jamun
as a medicinal fruit but don't get it easily.
I acted on that thought
and in 2022,
Who are your customers zone-wise and age-wise?
Are they men or women? Why do they buy it?
- Yes... - Hang on!
- Pooja, you could answer too. - Yes.
I'm not aware of the marketing bit.
- I oversee processing during season time. - Okay.
- I mean, I train the tribal women on the processing methods. - Okay.
Please answer.
The customers of these products
- are majorly 35 years and above. - Okay.
They consume it as a health product.
Mumbai and Bengaluru regions.
We get more orders from the South.
What's the sales percentage split between Mumbai and Bengaluru?
Around 40% from Mumbai
and 20% from Bengaluru. I'm talking about the city.
Rajesh, tell us about your channel distribution.
Our major sales this year... We stopped the rest.
Our sales on marketplaces is barely 8-10%.
Out of Rs. 91 lakh sales,
Rs. 20 lakhs is from retail,
some through the farmer's market, events and other such activities.
The rest is from the website
where we do performance marketing.
We don't have our own team.
We've hired an agency.
Could you tell us about your B2B business?
Out of your Rs. 2-crore sales,
how much profit do you make approximately?
We have a gross margin of 45-47%.
Very good. And D2C?
In D2C, our profit ranges from 70% to 500.
How is your gross margin calculated?
There is a 100 km area in the forest
- where jamun grows naturally. - Okay.
We've split the tribal women in the forest into different groups,
what you call self-help groups.
We source our jamun from those groups.
And in the nearby village...
We have ten collection centres in total.
We have a small processing centre in one of the villages
capable of processing 2 tonnes.
1 kg of jamun...
After removing the seeds,
2 kg of jamun generates about 1 kg of pulp.
So, the cost of the fruit is Rs. 80.
Coming to the products we make from the pulp.
The pulp costs us Rs. 160 per kg.
When we dry...
It cost you Rs. 110.
Yes, that pulp for Rs. 110
is sent for the drying process.
The drying process will include the packaging cost.
So, you add about Rs. 20.
Let's talk about the kilo-wise prices.
Our Jamun Strips
- sell for about Rs. 3,500 a kg. - Oh!
- And... - So, the pulp that costs Rs. 110,
after processing and value-add
- it is sold for Rs. 3,500 a kilo... - Rs. 3,500.
It's not direct
because drying causes the food to lose water content.
So, 10 kg of pulp gets reduced to 1 kg.
The cost is about Rs. 1,500-1,600
The cost of the pulp is Rs. 110.
We put it in the mixer.
Add a meagre cost of Rs. 10 for the electricity.
Add another Rs. 10-13 for the cost of the bottle and the label.
You operate at 70% gross margin.
Your making cost is Rs. 1,500 and selling cost is Rs. 3,500.
Rajesh, I want to hear from you.
Right now, our marketing problem is a big challenge
because I don't have the know-how.
Okay. How much are you currently spending on marketing?
Rs. 18 lakhs this year.
- Rs. 18 lakhs. - Yes.
And even getting into export...
- Have you made any exports yet? - None.
Whoever we sell to B2B is exporting the products.
Rajesh! Pooja!
is so sub-scaled
that figuring out whether we'll have a product-market fit,
or whether people above 35 will buy it or not
at scale is also difficult to figure out.
I have a suggestion.
Tell the story of these tribal women.
You've not mentioned it anywhere on your packs
that you're providing them employment.
The marketing you do should be purpose-driven
because your purpose is very strong.
I wish you the best of luck.
May you get the fruit of your labour and may it be sweeter than jamun.
I'm out but best of luck.
Thank you so much.
I have two issues.
The number one issue is that jamun is an acquired taste.
A lot of people might not even like its taste.
I had Jamun Strips
but I found it a little hard to chew.
And even the taste... Sorry, I didn't like it that much.
Secondly, the TAM is also small.
Thank you.
I feel that
you should only grow your B2B business for now.
Look at the size.
There's a vast difference between B2B and B2C businesses.
I believe you can do Rs. 100 crores
only by expanding B2B supply.
You don't even need money for that.
Not equity capital,
but you will need working capital
which banks and NBFCs will give you.
Also, there are many players in the market who will too.
Today, I am out.
I really like your story and found it very inspiring.
- Wish you all the best. - Thank you.
How's your ownership divided?
I hold 42%
and she holds 19%.
10% is in the ESOPs pool.
Wow! Very good.
And we already have an investor called Benzai10.
IIM Calcutta gave us incubation funds.
They hold 6... 7%.
And another 15% is with the director.
In 2018, I had absolutely no funds.
So, he had invested.
How much?
Only Rs. 20 lakhs in instalments.
And Zerodha has agreed to invest Rs. 2.5 crores
in our company
at a post-money valuation of Rs. 17.5 crores.
- Congratulations. - Thank you.
Do you have the term sheet?
Listen, it was nice to meet you.
I feel that this isn't as big right now
and might grow eventually
I think I'll be out for that reason.
Thank you.
Rajesh! Pooja! I'm very sorry.
Um, I see some challenges in your business.
I feel that your TAM is small.
Your business wasn't successful on marketplaces.
But I think I really like you.
You have this ability.
Put you in any bad situation
and you'll turn it around.
I'll take a bet on you.
I'll invest in your company.
I feel your TAM can be grown through exports.
- You need to focus more on B2B and HoReCa. - Okay.
that some of the restaurants there serve Jamun Shots.
I believe the opportunity is there.
So, I'll make you an offer. Rs. 50 lakhs as you asked.
But because this involves a lot of hard work,
as it's a small business and has to be grown later,
instead of 2%, I request you to give me 7.5%.
I was going to offer you Rs. 50 lakhs for 10-15%.
The offer is good.
What's your counter?
Um, Rs. 1 crore for 5% equity.
You want a valuation of Rs. 20 crores.
Here's my final offer.
I'll invest Rs. 50 lakhs as you requested for 5%.
We could structure it like this.
Whatever your round of valuation Rs. 17-17.5 crores,
I'll invest equity in that.
For the rest, you said you have a director on board to support you,
so you could give it to me as advisory shares
through which I could help you with your HoReCa business,
team building and making links.
Let me tell you my offer clearly.
Rs. 50 lakhs for 2.8% equity
along with 2.2% advisory equity.
[music concludes]
- You have a deal. - [Namita chuckles]
'I admit we have loads.'
'We'll get his help to sort them out'
'Ritesh supported our vision.'
That feels great
and this will benefit us all.
[up-tempo music playing]
Welcome to ACKO Change Makers where we really welcome change,
whose lovely portrayal we see behind us
on our Change Makers wall.
Through technological advancements and a forward-thinking mindset,
we're bringing about
a revolution of efficient farming in rural India.
Today's Change Makers are Team Tribalveda.
- Welcome. - Thank you.
You got a deal.
And also specifically
you're helping so many tribal communities,
which is phenomenal.
I also... I mean, sure, many of our viewers need to know this.
And this is my question to you as well.
We don't know
which tribal communities are into what business,
what products they're making and what their livelihood is.
As individuals, what can we do to help or support them?
The tribal communities
in different regions of India
are making some or the other product.
- Some run a start-up while some work. - Hmm.
- We could purchase their products. - Hmm.
- They should work towards educating them. - Yes.
- That will help... - So they become empowered
and don't have to struggle
- like their parents are. - May they become capable.
If they get a good education, then they could
- get good jobs. - Progress.
Yes, they could make progress.
- That will really matter. - I absolutely agree.
- Thank you so much for doing what you do. - Thank you.
Just as they're bringing about a change,
ACKO too with its range of revolutionary offerings,
is changing the insurance landscape.
If your car ever breaks down, don't worry.
ACKO car insurance gives you roadside support
along with real-time updates on cars.
It's so chill, guys.
To celebrate your time in the Tank
and because you also got a cheque,
here's a memento on behalf of ACKO and Shark Tank.
- Congratulations. - Thank you.
[camera shutter clicking]
'Shark Tank India co-presented by ACKO Insurance,'
'PokerBaazi and Swiggy Instamart.'
'Co-powered by Adani and Jaquar Bath & Light.'
'Partners Rayzon Solar, ICICI Direct and Lenskart.'
[bubbles warbling]
Hello and welcome to Ask The Shark.
along with Co-Founder of Snapdeal and Titan Capital
and the promoter of Unicommerce eSolutions,
I have something interesting to discuss with you.
Both of you have been investing for a really long time.
You identified many big businesses in their early stages,
invested in them and helped them grow.
We want the audience of our show to know and learn about
the philosophies followed by people who have been long-term investors.
I have a good template.
We see the team most importantly because...
If I look at my history of the many companies I'm invested in,
most of the time if a company fails,
it's either because of a discord in the team
- or there's a problem with the founder. - Okay.
Fundamentally, that's the problem.
A lot of people say product-market fit,
but a good team eventually gets it right.
So, I think that becomes a critical piece.
The second piece, as I always say, is the TAM.
The total addressable market.
How would it be?
They might not have it now,
but is there a proxy that they might understand
or such a trend
that might become a big market in future?
And finally, the timing.
Had you invested in D2C 10-15 years ago,
- you might not have made money. - Okay.
But today, the infrastructure is ready
for delivery and payments.
- People trust it now. - Yes.
The D2C companies launched in the last five to six years
are doing very well, not all of them, but a few of them.
The ones coming up now will also do well.
These three things are highly critical.
We study them in detail.
Nobody will refuse if you want to make one.
Certainly! That's true.
That's a philosophy.
- Sir, you? - The ecosystem is becoming mature.
The founders have also become sophisticated.
Essentially, many investors have similar philosophies.
You see it in Shark Tank, too.
All founders understand everything.
The recipe for being
a good investor is clear.
- The problem is with the discipline of following the recipe. - Okay.
Our recipe involves
seeking individuals who have excelled
at something in life,
such as dance, art, music,
or academic or professional degrees.
When you want to excel in life,
you need intensity, rigour,
resilience, and grit,
and the same is required of an entrepreneur.
Secondly, TAM.
We consider whether the opportunity being pursued
- is of short TAM or not. - Okay.
When a company is young, it cannot compete
with a short TAM.
Bigger TAM has influential players and more money.
The third and perhaps most important thing is
that many good teams
with a doable TAM
lack discipline in economics.
So, even good businesses can go through a slump
if they don't focus on economics.
Early on, it's necessary to define whether
the business is a squirrel with a tail or an elephant with a trunk.
Will the business have a margin of 20 per cent, 50 per cent
or 70 per cent?
We consider these three things.
There are other factors, too. However, largely,
- if these three are ticked, the others are also ticked. - Okay.
Since you've been investing for a long time,
do you see any difference between the founders before and now?
I've seen an immense transformation.
Our nation has progressed
a lot in the last 15 to 20 years.
The entrepreneurs
they're ready to challenge US billion-dollar companies.
Our founders have this confidence now.
See you at the next Ask the Shark with a new question and a new shark.