Shark Tank Mahantam Chai Glass Washer
In this episode of Shark Tank India Mahantam, an innovative machine for tea sellers presents the pitch. Will the founder get a deal from the sharks? To know about the deal read till the end.
|Founders||Dhaval Prakashbhai Bai and Jayesh Prakashbhai Nai|
|Ask||₹30 lakhs for 10% equity|
Dhaval Prakashbhai Bai and Jayesh Prakashbhai Nai are the founders of Mahantam. Jayesh and Dhaval are 22 and 20 years old respectively from Gujarat. They have got a grant from Dreamdeal, an initiative taken by Anupam and his team where they give grants to small startups in return for no equity.
About the company Mahantam
Indians are so crazy about tea that every corner of Indian street has a tea stall. In these tea stalls, tea is offered in paper cups or in glass cups. These paper cups are harmful to humans as well as to the environment. Whereas the glass cups are not washed properly and are used in hygienic ways in these tea stalls. To solve this problem they have made a tea glass washing machine called Mahantam. It can wash 12 to 15 glasses together at a time in 30 seconds. The USP of this product is its compact size and simple design. By using this design many such products can be developed for the washing industry. Their vision is to set up these machines in every tea stall in India and everyone should get hygienic tea.
During lockdown Dhaval made the machine. It took 6 months for Dhaval to create a design. A friend of Dhawal recorded a video of his machine and uploaded it on YouTube. In Surat Chai By Engineers saw the voice and contacted Dhaval to get the machine. He went to different colleges to present his machines and raised ₹1 lakh.
From that money they made five machines out of which three are sold in Karnataka, Tamil Nadu, and Maharashtra. 38-liter water container can wash up to 250 glasses.
Ask by the Owner Mahantam
The owners made an ask of ₹30 lakhs for 10% equity of the company at the valuation of ₹3 crores.
Mahantam Sales And Revenue
The price of each machine is ₹28000. The manufacturing cost is ₹19000. The gross margin is 32%. Target is to sell 50 machines in the current year.
Offers and counter offers
Anupam gave an offer of ₹30 lakhs for 20% equity of the company.
But later all the sharks joined the deal to support the owners of Mahantam.
The final offer given by all the five sharks for ₹30 lakhs for 20% equity.
Mahantam Final deal
Owners of Mahantam accepted the deal and the final deal was closed with all five sharks Peyush, Veenita, Anupam, Namita and Aman for ₹30 lacs at 20% equity.