Sony TV’s Shark Tank India got Inspired from ABC’s reality TV show Shark Tank. This show is going to boost the rising entrepreneurs and their start-ups by providing funds they require to change their business to reach new heights. The show has multimillionaires business tycoons as sharks who invest and help the startups to grow in future. The show is hosted by Rannvijay Singh.
Shark Tank India, based on the concept of the popular American Shark Tank show, looks forward to promoting innovative business ideas and creating a sustainable model for business.
The most interesting part of the show are the judges who are also known as the sharks in the show. The Indian sharks are:
- Anupam Mittal (Founder and CEO of Shaadi.com)
- Namita Thapar (Executive Director of Emcure Pharmaceuticals)
- Aman Gupta (Co-founder and CMO of BoAt) Peyush Bansal (Founder and CEO of Lenskart.com)
- Ashneer Grover (Founder and MD of BharatPe)
- Vinita Singh (Co-founder and CEO of SUGAR Cosmetics)
- Ghazal Alagh (Co-founder and Cheif Mama of Mamaearth).
- Peyush Bansal(founder and CEO of lenskart)
Read Here: All About Seven Shark Tank India Judges
For the first episode, only five judges- Anupam Mittal, Vineeta Singh, Namita Thapar, Ashneer Grover and Aman Gupta are on the panel. The sharks will witness various pitches from different startups. They are Blue Pine Foods, BOOZ, Heart Up My Sleeves and various other startups.
1. BluePine Foods Pvt. Ltd.
Here are some important points covered in the show:
- Business Name: BluePine Foods Pvt. Ltd.
- Owner: Aditi Madan.
Aditi Madan born and brought up in Darjeeling. She is currently residing in Delhi. She is known by the name “Momo Mami“. She has been doing business on frozen momos for the last 5 years. Company’s other co-founders are Rohan Singh who is 37 years old from Jaipur, Rajasthan. He is a Professional chef and Naveen Pawar, 20 yrs old from Bikaner, Rajasthan.
About BluePine Foods:
Aditi boasts that her company makes 100% natural, preservatives free and tasty momos made from Himalayan traditional ingredients. These momos have a shelf life of more than 4 months. The company has both made and sold more than 80 lakh momos. They also sell their momos to hotels, restaurants and cafes (HORECA). Other than this they have a front and quick service restaurant (QSR) named “Yangkiez ”. Her vision is to make her company India’s best Himalayan food processing company.
While showing the process of making momos, aditi told the judges that their strength is handcrafted momos in different shapes and variations. The company used different types Skin flour including atta, maida, vegan flour, and gluten free flour. Judges were impressed by her momos. She explained how her craving for authentic and sole nourishing Himalayan food which is not available in Delhi street food led to the thought of “change the way India eats” and started her venture BluePine Foods Pvt. Ltd. Momo mami started their first outlet from malviya nagar.
Gross Profit and Sales: BluePine Foods Company Valuation is ₹10 Crores.
- Sales Details of BluePine Foods Explained Below:
The co-founder Rohan told that their sales from QSR is 3.60 crores within 5 years. Their sales for 5 years are – 9 lakhs, 27 lakhs, 47 lakhs then introduced QSR and sales went up 74 lakhs, 1.09 crores in respective years. During pandemic there was slight drop in sales making 95 lakhs in first quarters and 50 lakhs in second quarter. Before pandemic, the by B2B and QSR is 60% and 40% respectively. But after pandemic QSR is leading by 60% and rest 40% is contributed by B2B.
Shark Aman explains the two different types of business. One is Business-to-business(B2B) and another one is Business-to-consumer(B2C).
Co-founder Naveen illustrated spending 50 lakhs on opening their own outlet, some amount on facilities enhancement and rest as Working capital and on Operational skills.
- Asks by the Pitchers: She has approached the sharks with a ask of ₹50 lakhs for 5% equity.
- Offers and Counter Offers: At first, Shark Ashneer offered ₹50 lakhs for 7% equity. While Anupam and Namita back off. Vineeta Singh offered ₹50 lakh for 20% equity only for her BluePine Foods Pvt Ltd and not for Yangkiez.
Shark Ashneer mentioned how they can earn profit from making cloud kitchen models through platforms like swiggy and zomato. He and Aman gave a joint offer of ₹50 lakhs(₹25 lakhs each) for 12% equity. Again counter offer given by Aditi of ₹50 lakhs for 10% or ₹75 lakhs for 12% equity.
Final offer Received By BluePine Foods:
The last offer was accepted by Aditi given by Ashneer, Aman and Vineeta of ₹75 lakhs(₹25 lakhs each) for 16% stake and deal was done.
2. Booz Scooters
Some important points about this startup covered in the show are:
- Business Name: Booz Scooters
- Owner: Rutvij Dasadia, an automotive engineer.
He is from the dry city of India, Ahmedabad. He was born in Baroda and brought up in Bhavnagar. He along with his father started the first online e-scooter service providing applications where people can book electric kick scooters for their transportation and leisure time. When he was studying the paying guest where he used to stay was a bit far from his college and from there he thought of these ideas and started this business.
About Booz Scooters:
India’s first electric scooter will say hello to everyone who ever took a ride with Booz scooter. Rutvij, the owner of Booz scooters states that they are the service provider and did not do retail. Starting from installation, maintenance, charging station, plugin, and plug out charging cables they provide all these services based on the monthly subscription for daily commute and leisure purposes. They also have the option for ride per go where user pay while they took the service from them and it is on a daily basis.
Whether it is business parks, commercials sector, residents, apartments, educational campus, hotels, resorts the company looks to target those as the main audience for their businesses. Rutvij stated that their vision is to reduce the use of fuel scooters and make an eco-friendly environment. Rutvij told that they want to make this company as the best urban mobility company. He imported the demo scooters from Europe and US where it has been quite popular for the past few years. Rutvij also added that in India infrastructure is not so developed for this kind of service business so they target specific communities and sectors where it is possible to introduce these kick electric scooters.
Gross Profit and Sales: The valuation of Booz Scooters is 2.6 crore.
The details of sales are given: The revenue generation of the company is 4 lakhs.
The company was founded in the month of October 2017 and they started their business in the month of December 2019. They start with the free trial till the month of mid of January 2020. From February to march they started their operations and then there was lockdown. Again from November they continued with their business and the total operating tenure is about 10 months and they generate a revenue of 4 lakhs. He along with his co-founder his father invested about 9 to 10 lakhs and after four years the investment is becoming 40 lakhs as of now.
- Ask by the Pitchers: Rutvij approached the sharks to make an investment of 40 lakhs for the 15% stake of the company.
- Offers and Counter Offers:
Anupam Mittal backed off and explained why he did not show interest in this investment. Anupam Mittal stated that this operational business is good if you had the proper density and the business needs a huge connection in the city.
Namita Thapar also backed off as she said that he is not interested in service-providing business as she is more into product-based business. Aman Gupta also did not show interest in this company as the revenue generation is so less compared to the investment he stated.
Vineeta Singh and Ashneer Gover counter offer to invest 20 lakhs each for the 50 percent stake in the Booz Scooter.
The sharks told him to call his father and re-discuss the offer. Rutwik again counter-offered for the third partner and told to give 33% stake in his company.
Shark Vineeta and shark Ashneer explained how they need to structure his company and this will need a lot of time and effort.
Final Offer Received by Booz Scooter:
Finally Rutviz agreed to give the sharks half the stake of his company at the cost of 40 lakhs.
3. Heart Up My Sleeves
Insights about this startup are as follows:
- Business name: Heart Up My Sleeves.
- Owner: Riya khattar, 23 years old from New Delhi.
She explained the thought behind her startup. During a pandemic, one day she thought of cleaning her cupboard and it was full of clothes. But she found she has no good and suitable outfit to wear. And this is the problem for every woman. “Even many clothes will be less for them”. Everybody wants new clothes and a new look for every different occasion. Then she thought of a product that can give every time a new look. And finally launched Heart Up My Sleeves.
About Heart Up My Sleeves:
She started her buisness just nine months ago. She describes her brand as very unique where they make detachable statement sleeves. These detachable sleeves are unique, reusable, sustainable and one type of sleeves can be styled in various ways. Hansika Motwani and Neha Kakkar are the name of few celebrities who have tried their sleeves. She showed sharks how one outfit can be styled up two different sleeves for two different occasions.
Initially she invested ₹10 thousand rupees to make samples of her product and started posting about it on social media, she received good response. She has given her products to few social media influencers. Using this organic marketing she gained 11.6k followers on social media. Her company has dispatched one thousand and three products in 19 months. The company has their own website and these detachable sleeves will be available on Nykaa Fashion from November 2021.
For stitching purposes, two tailors do hand stitching in her father’s place. For further prospects, she has launched brooches and getting good response on it. They will also design for capes and detachable collars.
- Gross profit and sales: She has a total sale of ₹11.5 lakhs on this product.
Her last month sales is ₹1.96 lakhs. When it started in January, they hit ₹70 thousands.The cost price of her one pair sleeves is ₹500 to ₹750 and selling price is ₹1300 to ₹2900 which can be reduced upto 20%.
Asks by the pitchers: Riya approaches with a ask of ₹25 lakhs for 10% equity.
Offers and Counter Offers: Ashneer said that this is an lifestyle buisness rather than investable buisness and hence he stepped out.
Aman also objected about the non flexibility of her brand as they can only sell sleeves. He suggested to broaden the idea of her buisnesd an step out.
Namita said that most Indian women have pear shaped body size. And using this sleeves can make look wide. So the market size of this product is quite small. Thus she steeped out. Vineeta and Anupam see a good potential in Riya who can make a buisness around fashion and they both offered ₹25 lakhs in demand of 40% equity( 20% each).
Riya stated a counter offer for ₹25 lakhs of 30% equity ( 15% each)
Final offer Received by Heart Up My Sleeves:
And finally the deal is done with the offer given by Vineeta and Anupam for ₹25 lakhs of 30% equity.
And finally the first episode ended on a good note, all startups getting good offers from sharks for uplifting their business. In Upcoming episodes audience will get see some more interesting pitches in Shark Tank India.