Hello, Sharks!
Bro, nice shoes and belt!
- Thanks, pal! - Are they leather? - How out-dated are you, bro?
- What do you mean? - I mean
everything that looks like leather need not be leather
- This is non-leather! - Leather without animal skin?
Great! - Sharks, I was taught about non-violence as a child.
When I finished college I realised
that the nation that preaches non-violence
and whose history and scriptures respects animals
that very nation's leather industry took no concrete step
against animal cruelty.
When the cow is so sacred why are they killed?
Why is their skin used to make purses and belts?
So many fabric options. Yet we want leather?
This is not our need, but just our greed.
Sharks, I'm Pankaj Khabiya. I'm 34 years old.
Hello! I'm Bharat Ranka. I'm 31 years old.
From Bangalore we present to you 'Ethik'.
India's premium non-leather brand
that's revolutionising India
about high quality non-leather products.
Using science, technology and innovation
certain fabrics have been created in the lab
that look and feel just like leather.
Such cruelty free fabrics are used to make
Peta approved vegan products of 'Ethik'.
Our brand that started in 2012
aims to acquire leadership in men's fashion industry.
We've already set out on this path.
Sharks, we wish to raise Rs. 15 lakh
for a 5 percent stake in our company.
- Plant cellulose. - Your product is quite good.
- Quality is great. - Craftsmanship is very good.
- Very nice! - Its feel is great, too.
- Even though it's not leather. - Thanks. - What is it made of?
It's made from a material named microfiber.
- What's microfiber made from? - It's a nylon based material
whose coating is PU but of high grade quality.
- But it originates from petrol. - Correct.
Then it's not environmental friendly.
We're not calling shoes environmental friendly
- but leather free. - Got it.
What's the motivation behind starting this brand
to replace leather? Moreover, with non-eco-friendly material.
I was basically raised in a Jain family
and I was inculcated with values like non-leather.
As we grew up and went to college
when we felt the need for formal shoes and belts
we realised what we are wearing.
So we thought of starting a brand
and create a product that looks and feels like leather
and has similar attributes, but without animal skin.
- What does this cost? - 4500.
- One pair? - Yes.
- Pankaj and Bharat.. - Yes?
- Welcome to Shark Tank. - Thank you.
Is he really your bro?
- Friends. - I became one. - Right!
Are you the co-founder? Just to clarify? - Yes.
What's your motivation?
I'm from Mumbai. I was into advertising since around 2010.
But I moved to Bangalore few months ago with Pankaj
to work closely on this project.
My intention was to do something such in life
to go from business to brand.
In 2018 when I'd heard the brand name 'Ethik'
I saw immense possibilities.
- Got it. So when did you join? - In 2018.
- And when did you start? - R and D began in 2010.
- Oh, wow! - It took around 2.5 years
to find materials and correct manufacturing unit.
So it took you 11 years in this business. - Yes.
How much did you invest after joining?
- What's the share percentage now? - Sure
When we met in 2018 we started a private limited company.
I invested 95 lakh rupees
and acquired 60 percent of the company's ownership.
Wow! Awesome! Well done!
- He worked for 8 years. - Exactly!
You're the real shark here!
Why are we even here? - There's a song from 'Bluff master'.
- 'Sabse Bada Rupaiyya.' - Tell me something.
- What are you sales? - From 2013 to 2018
we made a sale of 78 to 80 lakhs
- just through stores. - Collectively? - Yes.
- So 80 lakhs in 5 years? - Correct.
How did you survive with such less sales?
We were too early for the market.
- Correct! - Around 2012 to 2015
no one cared about vegan or non-leather.
What happened then to the sales?
When I joined with him since 2018
we took a sabbatical.
Because Pankaj had a livelihood anyway.
The income from the stores
was not enough, but had we pushed
we would have had few more stores in Bangalore by now.
- Bro, you aren't answering. - Yes.
When we worked on our online website in 2019
we decided that the store limitation is
- it's capital intensive. - State the numbers, pal.
People talk when numbers are low. - He's too eager.
From January 2020 till now our sales are
Rs. 25 lakh, including the lockdown.
- That's until now? - In two years?
Yes.. - In 24 months..
- Tell me something. - Okay, sir.
Haven't your parents thrashed you yet?
They've thrashed a lot.
They've thrashed us, sir..
Our confidence comes from the fact
that we retail shoes of up to Rs. 6,000
and wallets up to Rs. 2,500.
Listen to me. In the past 11 years
you've made sales of Rs. 1 Lakh per month. - Yes. - Right?
It is a joke.
Do you admit that? I'm not trying to embarrass you.
- But it is a joke. - Absolutely.
An ordinary shoe shop does sales of Rs. 25 Lakhs.
- Yes. - Okay? Anyone can do that.
You haven't marketed this.
None of us five have heard about this.
As I told you
we haven't done any marketing for the store.
Forget about that. There's such a thing as
- influencer marketing. - Yes.. - It can be used..
You could've approached a social media celebrity..
We should've heard about this somewhere..
- But we haven't. - We haven't done that.
I've decided.. - I.. - Okay, you tell yours first.
Listen, you have no business.
Just for Rs. 2 Lakhs a month..
Yes.. - I don't understand why you've even come here..
It looks like you've got a bit of inventory left
and you've come here
to use this show's influence to sell that out.
Think about it. You're from a business family.
You won't get even a rounding offer for your measly sales.
Yes. - Money is bet on those who prove themselves.
I don't care what sort of shoes you make, leather, paper
or straws.
Sales are what matter.
Stop with this business. You're wasting your time.
Handle your family business.
Apologise to your parents
take their beatings and mend your ways.
You can't do anything else.
I'm also out of this.
I think your brand is good.
So is your product.
I'm most confused about the chemistry between you two.
- Yes.. - I don't understand..
You don't let Pankaj speak.
Okay? This is a problem.
I think you make all decisions.
And your product is overpriced.
For this reason, I'm out.
I've also reached a decision.
The market for purpose driven mindset in India
is very small.
As Piyush said
the market has become smaller
because of increasing prices.
Since your target audience is very small
I don't believe you'll be able to scale very much.
For that reason, I'm out.
Thank you. - Yours is a purpose driver brand.
And millennials do look for such brands.
You've put purpose
into your brand
but not any muscle.
What's the muscle, Sharks?
What does the muscle look according to you guys?
The product is good.
We're using high quality materials
and our manufacturing is top-class.
Yes, maybe we.. Like during
- lockdown last year.. - Yes..
All brands were selling for 70 to 80 per cent discount.
We decided that even if our inventory were to be smaller
we wouldn't dilute our brand.
- Because if someone.. - Not diluting the brand..
That sentence feels weird to me.
With no brand
- what are you diluting.. - Not dilute the product, then.
- What's product diluting.. - Diluting positioning..
Positioning dilution happens due to price.
It doesn't.. Who decides..
All brands offer discounts.
In India, you get coriander leaves for free
when shopping for vegetables.
Discounts need to be offered.
Negotiating and discount is in our blood.
You're being too rigid here.
It's like you're too set on making a purpose driven brand..
Like, you're too rigid to offer discounts.
That breaks the vision, Shark.
There's difference between vision and rigidity.
I'll tell you something simple.
If I so wished, I could reduce prices
All brands offer discounts.
- That could bring gross margin.. - Do it..
The purpose doesn't.. - You could increase the price later.
You're locked in a room.
Okay. - In 10 years, you've made a Rs. 2 Lakhs a month business.
Even in the past three years, you've stuck on those sales.
Go outside your house and observe the world.
You need to be worried.
Open a store in Indra Nagar, Bangalore, and you'll make
Rs. 12 Lakhs a month.. - I was very interested in you.
I know that this market will grow..
Purpose driven brands will..
My problem is with your rigidity.
I don't think you'll take my advice.
And when you don't value me, I shouldn't be with you.
Since I won't be able to add anything to you, it's no use.
But a bit.. - For that reason, I'm also out.
Entrepreneurs are a breed
of passion, energy and improvisation.
Okay? You're passionate
with this category and materials.
But you've got little improvisation.
I can't take risk on that.
Do you get it?
You haven't been able to understand
how to grow this brand.
For that reason, I'm out.
Any feedback, Sharks?
It's time out for that.
Maybe more if we meet outside.
Thank you.. - Ashneer will give you feedback..
Anyone..
We want to grow..
- Then hustle.. - Do improvisation..
I'm wondering how you can sleep with such measly sales..
- You shouldn't be able to sleep. - We're not. - Correct!
- Then do something.. - Experiment..
- All the very best. - Thank you so much.
Thank you..
- Best of luck. - Bye.
Passion, energy and improvisation.
Passion and energy aren't enough.
We need to improvise too.
We need hustle too, like Piyush said.
This is a huge lesson.
Yes. - It's not right to stay one's plan for too long.
If correct understanding is reached within the right time
it's great.
Or we get such feedbacks.
My company exists
because of Amazon.
Flipkart and Amazon made us.
No one taught us. If you work yourself
you'll understand.
Improvisation and experimentation is needed.
- These guys don't have that. - Correct.
Greetings, Sharks.
- My name is Sreeshankar. - And my name is Romeo.
We are the co-founders of Brainwired from Kerala.
You must be thinking why do I have a coffee mug.
Well, from morning coffee to evening tea
we use milk in everything.
But we don't think were this milk comes from.
Or the dairy farm this milk came from
was it from a healthy cow or not.
All of us have a special relation with our pets.
Similarly, I have a relation with my cow in our village.
The cow's name was Gowri.
Gowri fell ill one day suddenly.
My family was confused about what to do.
And the closest doctor was one hour away.
By the time he would arrive, it would've been too late.
And that's what happened. We lost Gowri that night.
The doctor told me on that day which I've remembered till now.
He said, "If we knew about the illness before"
"then maybe we could've saved Gowri."
Then I decided to make something
which just like my family all the dairy farmers
who make their living on dairy will help them.
For that we have Brainwired.
We made Westock in Brainwired
which is an IoT device.
An IoT ear tag put on cow's ear.
It monitors the cow's health and reproductive cycle
shows on the farmer's mobile application.
So that they can have all the information on their fingertips.
Not only that, it has artificial intelligence
and machine learning has been used.
And we assign a veterinary doctor to each farmer
so that through the app
they can test all the livestock in their farm
and give advice to farmers.
We are proud to say
we've made the world's most affordable
livestock health monitoring system
which is made in India.
In Brainwired we have only one dream
Everyone who is doing livestock or dairy farming
should have our product.
And what happened in our farm, shouldn't happen anywhere.
That's why Sharks, we're here to fulfil our dream
to ask for 50 lakhs in exchange for five person of the company.
So Sharks, for your livestock, we have Westock.
So we would like to show the product.
This is Westock's ear tag.
Which is put on the cow's ear.
The applicator of Westock
using which we pin this to the cow's ear.
We have Westock reader.
One reader is enough for each farm.
It has weather station built-in too.
So they can monitor cow's temperature
if the cow has heat stress or any problems
it'll pass the information too.
It collects information from tags and pushes it to the cloud.
Our machine learning algorithm process it in the cloud
and shows it on the mobile application to farmers.
So Sharks, this is our mobile application.
As you can see the farmer's name
and the problems the cows can have in the farm.
Like heat or illness
or pregnancy or medication.
All the info about it is given here.
We've named the dairy as Rajeev Dairy.
The cattle we've tag.
Which is five. Out of which, one is male
and three are female cows and one is hyper.
Hyper means is one which is not pregnant yet.
We made this simple interface here.
We've tagged five cows so we have five numbers.
You can see how is healthy, who is pregnant
and how is on the cycle.
We'll choose tag number one.
We introduce Bhavani. Bhavani is the cow's name.
The temperature, weight
and the activities for the day.
We want you to introduce you to Bhavani.
- So let's call her up. - What?
Right you can see
she's in our Kerala farm
and as you can see
all the activities she does in a day
it is all visible here.
It'll be updated here. Now she's just standing still.
Which will update shortly.
Arjun, can you give her something to eat.
Now you can see her eat, it'll update every ten seconds.
And it was updated through the sensor on the ear.
Yes..
Because it can track the moment of the jaw.
So it's permanently installed to the cow. - Yes.
Pregnancy and diseases
can you detect that with the ear device?
We can detect diseases
but pregnancy after insemination
causes changes in the body and activities
or next onset of heat.
Sreeshankar and Romeo welcome to Shark Tank.
- Thank you. - I like what you're wearing.
Very traditional. Very nice and colour coordinated.
- So my compliments. - Thank you so much.
Are you guys brothers?
No, we did college together.
We did BTech. Electronics Communication Engineering.
And we've been friends for seven years.
And only both of you are in this business.
- Yes, we are co-founders. - Why did you get involved?
Why did you feel you want to do this?
- My grandfather is a farmer. - Okay.
The reasons he said, I felt the same.
That's why we took this as an idea for a major project.
Later we thought we came make it a business
because it's a major problem faced by all the farmers.
Very nice..
Are you two alone or did you make a team?
We have made a team.
Right now we're a nine member team.
- So you're funded too. - Yes.
What's your valuation and how much did you raise?
We did our first round in 2020.
Which was for a valuation of 2.5 crores.
And our second round we did it four months ago
which was for a valuation of 5.5 crores.
- How much did you raise? - 50 lakhs.
- And in the first round? - 27 lakhs.
I want to ask
that four months ago your valuation was 5.5 crores
and now it's 10 crores. Why?
Basically after that we onboarded major players
Tech Mahindra and we teamed up with Godrej Maxximilk.
We got 400 cattle order from Government of Maharashtra.
We got a grant from Government of India for 25 lakhs.
Well done.
Tell us about sales and how many farmers have you onboarded.
The ones using your app.
Yes. We started our sales cycles last month.
Oh, last month was the first month of sales. - Yes.
Okay. - Our first customer was Government of Maharashtra.
Which is an order for 400 cattle for 15 lakhs.
Apart from that from Tamil Nadu, Kerala and Karnataka
we got orders from some small scale farmers.
Which is two lakhs in additional.
What is the total revenue pipeline?
Our pipeline presently is to tag 4,000 cattle
which can generate a front revenue of 54 lakhs
and monthly 6.7 lakhs.
What is the manufacturing cost?
Since we're making it in lower quantities
it comes to Rs. 1,200.
- Cost of one tag. - Yes, cost of one tag.
- What about the base? - It costs Rs. 3,000.
Are there such solutions like this outside India?
Yes, outside India there are many solutions.
There average price is between 150 to 300 dollars.
- What is your price? - Our price is 20 dollars.
Your Global competitors
do they have the same ear device?
They have multiple options.
- Majorly they use collar. - Collar.
There are few companies doing ear tags.
So there are ear tag companies too. - Yes.
- Same logic. - Is it just good to have
or does it help the farmers in business?
Productivity is important for every dairy farmer
and for that it is important to track heat cycle
and insemination.
If you can't inseminate one month
then you'll have to wait 25 days for the next insemination
So you lose one month's milking.
That's the main reason for this. Rest is just good to have.
- Yes. - Tell me something
you're saying there's solution outside India too.
If your solution is effective
you must sell this in Australia and US.
In half the price.
They have farms that span millions of hectares
for one farmer.
There are 10 lakh cows in one farm.
It'll become very relevant there.
Definitely.
And you said it's 150 dollars.
- That's Rs. 10,000. - Yes.
You're making it for Rs. 1,500.
You can capture the market there.
Why didn't you try there?
Sir, that's our plan. We are getting orders.
As you said, from Australia.
We are getting orders from Africa too.
We are focusing in India first.
Once we have a foothold here.
- That's in your vision. - Yes, it's in our vision.
I'm getting interested in this business.
It is purpose driven too. And you are nice too.
Engineering background. Everything is good.
And something new for the country.
And it's addressing farmers
which is 80 percent of our population.
- So it's very good. - What's the growth plan?
We are starting with cattle.
But the idea is to get all the livestock species
and create a marketplace for farmers.
And farmers training.
Technology isn't easy for a basic farmer.
Yes. One step we took is made the app vernacular.
It is available in local language.
Okay. Very good.
You must work on speech.
Yes. - Because farmer can't use too much of vernacular.
Eventually a farmer has to be told by voice
about the cattle's health and next steps.
- We don't want to join him. - Why?
I want to be out of this discussion.
I've invested in India's number one cattle technology company.
So it'll be a conflict of interest for me.
But you're doing a good job and keep doing it.
I wish you all the best.
I want to make you an offer.
I'm close to AI and ML
and I work with these problems every day.
I think I can help you.
It'll take some time and you'll have to be patient.
Are you making an offer?
I'm seeing what are the other offers.
We're making one. - We are too. Do you want to join us?
We'll make an offer. Not all of us need to do it.
Let the three of us make an offer.
Join us if you want to.
Three means, you three..
The three of us. One two, there.
Because this is health
and as you said veterinary and doctors.
I have a lot of interest in this
and I have information about it.
Ashneer, make them an offer from three of us.
Hey, don't you want to discuss?
Why discuss? He'll handle it alone.
Okay, make it good.
We trust you.
- What was your last round? - Five crores.
- Yes, 5.5. - And you want 50 lakhs.
Okay. We'll give 50 lakhs for nine percent
and all three of us will join in.
My offer is that, I don't know what you want
if you want to optimize or if you want more Sharks.
I'm ready to join them. In same offer.
If you want a single Shark
then I'm ready to join alone. I have two offers.
No, we don't have second options.
- We don't want to join him. - Why?
He's saying, he can join us or he'll do it alone.
He's enjoying from both sides.
So you won't make a deal with me.
Aman's point is that you're offering individually
and also to join us. So it's a win-win for you.
I saw it in 'Sholay'. He wins the toss either way.
Please go and make your decision
until then they'll keep talking. Thank you.
My problem is that you can't play from both sides.
You didn't tell me the offer.
You didn't tell me you three are together.
It's misunderstanding.
I am ready to join hands
because there will be discounting in single.
We will bargain with each other and we will not get the deal.
So, I am ready to join hands.
Like a joint family.
Sharks, we have a counter offer for you.
We want all of you to come onboard.
So, could you make a deal for 75 lakhs for 10 percent?
You have given a valuation of 7.5.
We can make it 60 lakhs for 10 percent.
- 60 for 10 is very fair. - Yes.
We even negotiate while buying vegetables.
You are getting.. Listen to me..
Wearable device.
Finance.
Healthcare.
Technology.
Very different skills.
Just think about that.
What's your call? On, two, three..
Four, sir. Let's make a deal.
Wow! Deal done!
- Thank you. - Superb!
Thank you so much.
Actually, we had a great experience.
We got almost what we had in our mind.
Apart from that we got a lesson..
You know.. If you believe in your work
then the world will believe too.
And everyone will be with us.
So, that's the way.
Hello, Sharks. My name is Sahil Pruthi.
And I am the founder of 'Keto India'.
Hello, Sahil.
17 September, 2017.
Four years ago my mother had a major brain surgery.
After that surgery me and my sister
had to quit our jobs immediately to take care of our mother.
We didn't do any jobs for nine months.
And in those nine months, every day I tried to understand..
Why did she even need a surgery?
And how can we prevent this?
During that period
I put my mom a personalised nutrition..
That is her diet..
Supplementation..
That is type of food ingredients..
And also a clinical trial.
That is the medical treatment she should get.
And it's been more than four years.
My mother is healthy
and she is with me at the backstage.
After this mission, after this success story
I started reading about healthcare in details
despite being an engineer and a product manager
And I tried to understand
if it is only limited to brain surgery
or can we apply this for other diseases too.
And after that I came to know
that issues like type 2 diabetes..
...PCOS, polycystic ovary syndrome
where the women get irregular period cycles..
...hair growth on face, pimples on face
and a heavy voice.
Critical problems like these..
Hypothyroid.
In such cases people gain a lot of weight.
And they are told that their weight will never reduce.
Or be it obesity.
All of these diseases can be reversed
through personalised nutrition, supplementation
and clinical trials.
And that's when I started 'Keto India'.
Now, I'll explain the platform in details
as to how we do the diet personalisation
and protocol personalisation.
It's very important to understand that.
Suppose Kartika. Let me take a girl for example.
Suppose she has PCOS, polycystic ovary syndrome
and type two diabetes.
I will show you one demo. It's showing a demo for PCOS
where the platform is showing the symptoms.
She will fill that up.
Since when she has been diagnosed with PCOS.
In this month or last month.
And then we will ask her about her dietary preferences.
Where she is vegetarian or a non-vegetarian..
What are her intolerances..
Considering all these things it will go to CRM
and then the payment is done.
And after the payment our platform personalise
the similar nearest protocol for Kartika
considering her insensitivities, her portion of meals
and how to give her a supplementation recommendation.
Right. And once her symptoms start reversing
and the weight gain the decreases..
Then we modify her protocol
so her weight loss remains in control.
So that her insulin levels keeps reducing..
And we modify her protocol regularly.
And the platform gets richer as more data is fed.
And my advisor, Mr. Prabhat Gupta
works with me closely to build this platform.
We are a bootstrapped and profitable company.
We have consulted 3100 clients in 16 states in India
and in 25 countries across the globe.
We want to scale our company and take this mission ahead.
And I need your support to carry this mission forward.
We are asking for 1.5 crores
for 1.25 percent equity.
The valuation of the company is 120 crores.
Wow!
Why did you keep the name, 'Keto India'?
Yes. - Do you recommend ketogenic diet
for every diet plan?
Because I have a strong opinion on this.
'There are so many people in this world who follow'
'ketogenic diet.'
'But our Shark, Anupam Mittal doesn't agree to that.'
'Our Sharks think the use of the word 'keto' can disappoint'
'those people who don't believe in ketogenic diet.'
Like you said that many people have strong opinion on keto.
We cater those opinions in our business development call.
But we have set up one domain called livofy.com.
And those who are talking about PCOS diet plan
or PCOS care protocol or PCOS reversal..
We redirect them to that domain.
I am a little confused.
What does keto do and what does livofy do?
Yes, ma'am.
So, 'Keto India' helps people reverse their PCOS..
...weight gain, type 2 diabetes.
And the persona who are easily convinced..
It is people with keto and low-carb lifestyle.
This is basically about them.
But in livofy.com.. The people who
are not satisfied and they want further answers
then we redirect them to livofy.com.
And they pay from there.
It is tricky to build two brands simultaneously.
Customer acquisition will be your biggest expense.
I would genuinely consider
that you should think of building one brand only.
- Will you take my advice? - Sure.
Will you remove the word 'Keto' from your brand?
With a mutual discussion and for a good reason
I'll definitely consider it. But why not have a discussion.
- What is your revenue model? - It's a subscription model now.
I've a plan of 1, 3, 6 and 12 months plan.
My clients are Indian and foreign also.
Our pricing is different for India and abroad.
Plan for India is Rs. 4500 per month.
Rs. 9000 for 3 months. Rs. 15000 for 6 months.
And Rs. 25000 for 12 months. This is the pricing for India.
Outside India, our pricing is Rs. 6000 per month.
Rs. 12000 for 3 months. Rs. 20000 for 6 months.
And Rs. 35000 for 12 months.
- You said, it is profitable. - Yes.
What is your sales and profits till now?
Till date, our revenue has been Rs. 2.10 crores.
We've grown 100 percent year after year.
Rs. 15 lakhs was our last month's revenue.
Since when you've been doing this work?
I'd done it full time from February 2019.
It has been almost two and a half years. - Yes.
In two and a half years, you've reached
Rs. 15 lakhs revenue per month. Good.
60 times
is your annual revenue valuation..
Your justification in that sends me in a tizzy.
Let me explain it, Shark. Till now, we've received
a soft interest from a UK based investor.
We've a commitment from high network individual.
Our justification for this value is
because we've results. We also have commitments.
Right from visitors to lead.. To activation..
To conversion.. To post conversion..
We've done 'show and tell'.
We are stepping ahead profitability..
My mentor says, 'show and tell' can scale a business.
Say about the customer growth on a daily and month basis.
Our monthly active user on AMU is about 45000
across desktop and mobile app. On an average last month
- 200 clients had paid. - In an entire month? - Yes.
Only 7 to 8 persons are paying per day. - Yes.
Out of 45000..
Don't you think your pricing is entirely wrong?
If there is no cost and is AI based..
Your pricing is so high, you're not getting any conversion.
Our conversion is good as per industry standards.
There aren't any profits. Forget about industry standards.
Only Rs. 15 lakhs is coming.
45000 people are coming to your site
- your conversion is so less. - Let me explain the Maths.
That is over. Your revenue is only Rs. 15 lakhs.
I'm still perplexed seeing your valuation.
Seriously. I don't think I'll get a sound sleep.
Good luck. I wish you get this valuation.
But there aren't any bridge between you and me
which will make us a team. So, consider me out of this.
I've a couple of questions.
How big this business grow?
We're achieve a post fund-raise of Rs. 7 crores.
- Around Rs. 50 lakhs.. - Yes.
That we can reach. So, in three years
the valuation Rs. 50 crores..
What to do to make Rs. 200 crores in 3 years?
- What is the barrier? - The barrier is that
we'll go with careful experimentation.
Being careful doesn't make a business.
If you've come to Shark Tank
and we can't make Rs. 200 crores in 3 years
then, no use taking money from Sharks.
- You're already being funded. - The world is funding you.
Ambition looks weak but I think, we can help.
I think, Ashneer has so many customers in India
who can get exposure..
20 million customer from Lenskart will get exposure..
You can get customers.. Also brand building..
You can get healthcare expertise.
Sahil, let me simplify it.
Our offer is given
to a genuine smart founder..
We all four will give Rs. 1.6 crores
in your funding.
But we need 16 percent equity in your company.
- 16 percent equity.. - Correct. So..
Each shark pays Rs. 40 lakhs
and 4 percent equity against that.
And with each shark you'll get access
- to grow your business potential. - And more mentors.
And more mentors. Yes. Thank you.
Don't cry for me.
Thank you so much for the offer, first of all.
But I need to think.. That's because..
Take your time. I'd like to say
we'll welcome you with swag.
- Let me think. - Please. - Thank you.
- We need to work a lot on it. - Just him as a resource
- we need to start a new business. - I know it requires work.
IPO valuation. - Lots to be done.
No business at all.
You need to build the business. You just have him now.
- But he's amazing. - He has it in him. - Right!
Yes, he has it.
Hello... Hi, Prabhat!
- Hi... - I have an offer of 1.6 crores
for 16 percent equity.
- 16? - Yes.
I see the valuation has reduced.
What do you think? Will Sahil agree?
- Get the cheque ready. - Okay.
Let him come. - He will I am sure he will agree.
- He will. - I'd like someone to say no.
- There he is. - He's here.
- Enter with style. - My tiger!
Hi, Sharks... So...
Firstly, thank you so much for the offer.
- I have a counter offer. - The cheque is ready.
- Cheque? - No scope for counter offer.
Not open for negotiation.
You will hear I tearing it up.
Let him come. - He will I am sure he will agree.
I know what value will you all bring.
I want it to work so making a counter offer.
You have potential but you seem misguided.
The reason is you listen to many advisors. - Yes.
I agree to it too.
You are not driving though you have the wheel.
You are a very capable driver.
If you can drive faster than him even batter than him.
- I... - Hence...
Listen to our counter offer.
That's our original offer. If that doesn't exist
then we won't work.
Sahil, have you watched the Shahrukh's film, Badshah.
The voice over... 'Accept...'
Let me do that voice over for you. - 'Accept...'
Like Amitabh says that the other might give you a house, cars
but now you have Pharma queen.
- Think again. - Pharma Ma...
- Phar Ma... - Pharma Ma...
Time for you to decide, Sahil.
Please go ahead.
I would like to give you a counter offer.
Because it will be a fair valuation.
The book is closed.
It will be unfair to me.
I feel bad to do this but..
You have lost the cheque.
Keep trying. You will do great.
You have immense passion.
And we wish you the very best.
Thank you so much for the offer, sharks.
Thank you so much for the feedback. - Good job!
- Thank you so much. - Take care. - Good luck. - Thank you.
Thank you.
Hi, sharks. My name is Zubin Bhatt.
I am representing Magic Lock.
He is the co-founder, Mr. Tejas Shah.
He is my father who is the founder.
And he is the founder of this product too.
Sharks, do you know? All over India
there are around 45 crores LPG connections.
So I can say
around 45 crore houses and the premises around them
might be unsafe.
If the cylinder which weighs 14 kilo
develops a leakage
and it catches on fire
even the fire brigade cannot extinguish the fire
until it gets empty.
For safety purpose.. You can see this.
This device which is smaller than even 1 inch
Magic Lock device.
It's a patented product.
The flow of the gas, from the cylinder to the oven..
If there is a slight fluctuation
I mean, if there is a leakage
it detects that and locks the cylinder automatically
within a fraction of a second.
Our vision is
if we can take this product to every house
it will be a great thing.
For that, we are offering our company's 8 per cent share
for Rs. 1.20 crore.
- So Zubin, Dhananjay and Tejas. - Yes.
Welcome to Shark Tank.
I want to know one thing from you.
How many such incidents do happen in a day now?
In one year
around 700 to 800 domestic LPG cylinders exploded.
Industrial accidents are more.
It's the official figure. Unofficially, it must be more.
Did any accident happen
which has brought you in this field?
What's your background?
I got hold of a similar thing
which used to be imported from China.
And that product was unauthorised
according to Indian government.
As per Indian government's rules and regulations
nothing can be fixed on a LPG cylinder.
I took that thing out.
I set the mechanism in my mind.
I tried that. But it was very difficult
because it is easy to work when the pressure is high.
But it is very difficult to work when the pressure is low.
We use LPG cylinders in our house.
And there is a regulator too.
The pressure surrounding the regulator
is very minor.
To lock something there..
It took two years to work when the pressure is low.
If the pressure is high, there is no problem.
I succeeded after two years.
It is such a device
which can be applied inside the pipe.
It can't be seen from outside.
First, I researched and developed the device.
After that, I tested the device.
After that, I applied for a patent.
Did you manufacture anything
before? - No, it's for commercial use too.
You can see.
There is one for commercial use too.
- Gas leakage is your domain. - Yes.
To prevent accidents from gas leakage.
Tell me one thing. As per the government rules
nothing can be fixed on the cylinder. - Yes.
You are asking people to fix this.
So if I.. I don't know you.
If the government delivers us a LPG cylinder
they must have taken safety measures.
Why should I fix this device? Why should I even consider that?
This device
is applied inside the pipe.
It increases safety.
Then you should sell pipes which come with this device.
We have that plan in future.
Why don't you convince the government to make it mandatory?
That's why we are here.
Because we need to know how to reach the government.
We have nothing. That's why we came to you?
- Interesting. - Try to understand that.
We have a master product.
We have a pattern register.
We can outlast anyone in India with this product.
The IGL CNG company
Indraprastha Gas won't allow you to fix anything in the pipes.
This will be applied inside rubber pipes
And at every place including PNG
a rubber pipe will be installed.
So why didn't you manufacture a rubber pipes?
No, that's what I meant.
This is just the first stage.
If an agreement is reached there are bigger steps further.
What's your revenue so far? Do you sell?
From the B2B business we know
we're getting constant enquiries but we don't have the funds.
- But how much did you sell? - In B2B businesses?
In B2B businesses from January until now
we made a turnover of 14 lakhs.
If you want an overall number of the product
we've sold around 85,000 units of the small ones.
- What's the monthly sale? - Around 4,000 devices.
- How does each piece cost? - 70 rupees in B2B.
And customers who buy directly get it for an MRP of 499.
- And what's your cost? - 10 rupees for manufacturing.
I don't get it. It's such a revolutionary product.
Why isn't it growing? Something is wrong somewhere.
Let me tell you my decision.
If you manufacture the gas pipe
from the end socket till the stove
and sell it as a safe product it's fine.
No consumer would put this inside the pipe.
He will have more doubts
than the feeling of safety.
Hence I'm out.
Even my decision is made.
This seems more like a government contract business
and less of consumers which I like more of
since they're also scalable.
For that reason even I'm out.
I'm out because I do not understand
this technology and product.
Therefore, I cannot contribute
or help you out much, but all the best.
Why do you need 1 crore from us?
So far we never tried to sell this product.
We only put demonstration videos on Facebook and all.
We want to take it to the next level.
Try to understand why we've come to you.
We want a good investor.
I work in two areas generally.
Technology and marketing.
You already have the technology.
I cannot help you with its marketing.
Hence I'm out.
But I wish you the best because your work is good.
You say it's a safety device.
What if we install this in all homes
and a mishap still occurs?
This safety pipe is sold
as approved by the government
through the LERC.
Even they say it's 100 secure.
Yet mishaps occur.
Then it's the same even without your product.
No. - So did you perform any study on this?
About percent of reduced incidents?
Because it's not 100 percent efficient. - Yes.
We were not allowed to bring a gas cylinder to demonstrate.
Thank God! I've warned them so many times.
Just because we won't invest will you threaten our lives?
I'm out of this for now.
But I don't really want to be.
I feel like I should help you.
Had this product been clinically proven
I would be really glad and meet you outside.
By clinically you mean field proven?
If it's field proven
I commit to you that to every Lenskart customer
I'll send this product for free
and also sponsor your cost of 10 rupees.
Thank you for coming to Shark Tank. - Thank you so much!
- All the best! - Thank you!
Why are you so against the mentor?
- Why do you need a mentor? - I'm here due to my mentor.
We're not used to mentors.
- You're different. - Let me explain.
At that age, we don't know things.
Platforms like Shark Tank came up now
where people can guide you. But we did not know.
We would not know before how to go about things.
Not everyone has your phone number.
How can people approach you then?