'CMM is a foot-tech company'
'we make world class orthopedic footwear and insoles.'
'I really liked the arch'
'probably custom solution is the answer to it.'
'Proxgy-Made In India patented technology brings..'
'By booking your live assist'
'you can see it anywhere.'
'Tweak Labs. We intend for the'
'best coaching for all the atheletes.'
'I like you guys. You've identified with the problem'
'and researched in detail.'
We're fermented food and beverage company.
These products
are made from organic seasonal local ingredients.
'I don't think this fits in Indian palatte.'
'My offer is 40 lakh for 25 percent equity.'
'We're interested in this.'
'10 is our last offer.'
- Hi, sharks. - Hi, sharks.
- Hi. - Your feet is beautiful.
They are not meant for the land.
It only suits in the movies.
But is life possible without walking?
Something of this kind happened with me.
My feet is too broad.
I never found a comfortable footwear
eventually it was discomfort and
had to wear narrow fitted footwear.
Which pushed me to form this company
Color Me Mad Pvt. Ltd.
I am a marathon runner since 15 years now.
I used to falter when I ran.
CMM team evaluated me
and I realized I am severely flat footed.
Sharks, I cannot join my knees
and this condition is called bow legs.
This is severe flat feet condition.
CMM's
supportive insoles helped me run smoothly
without any discomfort.
CMM is a foot-tech company
'we make world class orthopedic footwear and insoles.'
Right here in India and for the first time
we've launched customized made in just 10 minutes.
We're founders of Color Me Mad Pvt. Ltd.
We're here for your support.
We ask for 40 lakhs
for 10 percent equity.
So sharks, would you like to get associated with CMM
and strengthen your foundation?
We'd like to invite Peyush
- to make customize insole. - Oh nice!
We'll give live demo. - To know how we do instant insole.
Peyush, if you can. Thank you. - Thank you so much.
Why only me?
Because you're large footed that suits better.
Can I see your left foot?
Just wanted to see your arch.
Can you just keep your feet straight. Yes, you've arch
but it's very low. We'll go for medium
just put this. Can you remove your feet?
Fine. Now, I'll mould your arch. - Okay.
We've small, medium, large arches
we'll stick it here, then stick the arch
take a blank insole
keep it upside down
put a heat-proof fabric
and heat it with a heat gun
to make it malleable and soft to mould it better.
- Is it more in old age? - It's not related to age.
- Lifestyle issues.. - People in 20's also suffer.
People suffer from osteoporosis in early age
there are people like me
two out of five people are flat footed of some kind
and they've no idea about it.
It's a huge problem.
But women have more issues than men. - Yeah.
This is a shaper to shape.
Then put a blank insole.
I'll shape it with the arch.
Then finally, see the arch
and has a heel cup.
So this is ready to wear. You can feel this.
Just wear it.
Just put it on and feel it.
- The arch.. - Can feel it.
- Thanks a lot. - Thanks.
I really liked the arch
probably custom solution is the answer to it.
Because ready made solution does not give
the exact.. - Right. I cannot mimic your feet.
There's something special in these shoes. - Yes.
It has a changeable insole. You can remove it
and put it for wash, hygienically.
- It's a welcro. - Yes.
It is made up of cork which is best for feet. - Yes.
- So it's like this. - This is world's first time
- we innovated it. - I love it.
Rajeev, Trishla, let's understand it. - Sure.
You claimed, 70 percent
people think foot pain is normal.
And 40 percnt of Indians have flat feet. - Yeah.
If you can enlighten more about it.
How can it affect?
Flat feet is a genetic condition.
Due to miss-posture
eventually the arch
begins to pronate and fall.
Then it becomes flat at a certain age.
Because this arch
works as a shock absorbtion.
Assume this is a feet.
Ths is forefoot, middle arch and this is heel part.
Forefoot helps in striking
heel part helps in absorbing the ground level pressure.
And this helps in preventing the shock.
If the middle arch isn't good enough
the pressure from the ground level
goes to the heel part, in the sole
which translates to the knee
and then to the lower back.
It may cause pain and damage. - To an extent.
India is anyway facing a lot of problems
and this must be the last problem in the list.
Assume you're walking smooth right now
after a year
in order to walk 10 steps
you take 5-10 minutes.
- What's the problem? - It is a problem..
- And this pain.. - It's an age problem.
Aman, I'd like to correct. We go to 15,000
orthopedic surgeons at Emcure.
He mentioned
about Osteoporosis.
It is a huge problem in India.
There are many such problems in India.
You mean, it is not a serious problem?
It is neglected in India.
The point is, it is a problem
and we need to create the awareness.
- Tell me something. - Yes, Ashneer.
If it was a severe problem
then Adidas, Reebok, Nike, Bata
that sells in masses
why they'd only focus on shoe size
and not make a sole
to differentiate between size
- and shape. - The shape.
I never saw this arch thing.
Which means this is not a mass problem.
We were into lifestyle footwear
then to the exhibitions, meet the customers
though Trishla isn't a doctor
but ladies approached to ask her for doctor footwear.
The point is there's no accessibility and awareness.
It has ortho issues, pregnancy issues..
Trishla and I met 15-20 gynaecologists in Mumbai
and they thought this is brilliant.
- That's a good point. - Rajeev, let me tell you.
It is a problem
but not for the mass.
Rajeev and Trishla, I am very interested in your business.
I've a few questions.
- Sure. - Answer them quickly.
Sales for the last one year?
Current year sales is 8 lakhs.
Split between B2B, B2C.
It is all mostly B2C.
- Any investor? - He's a doctor.
- How much invested? - 4 lakhs for 1 percent.
- Anything for ladies.. - Yeah..
who wear heels?
Not now but that's the next production
because that's a big market and is problematic.
What percent of sales is shoes versus only insoles?
It's only shoes till now.
No insoles because..
it is tree in the trainer with the kit.
I think, it's a real problem.
I have the same problem.
The scalability is the biggest issue. - Right.
To make it affordable and save expense.
You're on wrong track.
I wonder, why are you in footwear?
Limit yourself to customized insoles
at affordable price, best quality. - Right.
Shut selling the shoes, fashion accessory.
Make the best sole in cheaper rates
and set a supply chain
to make it automated.
Tie up with Adidas, Nike, Bata.
- They'll earn a margin. - Right.
I am out today.
I think, raise 4-5 million dollars
you need a good engineer team
give them 10-40 percent equity
and make it a sole business, it can reach heights.
I still didn't get the problem.
Otherwise someone would have solved it.
Footwear is a big industry
with organised players.
You couldn't solve it if it is a genuine problem.
If I get an insole from Adidas
I will buy that.
Or Reebok becayse I have its shoes
and I'd trust his insoles rather than you.
So I am out.
I like you guys.
identified with the problem and researched in detail.
But I agree to the point that you couldn't make it to
fashion lifestyle products.
I think you should do it.
But standardized and personalized.
No need for customization as that removes scalability.
Today at your go-to market is an ill fit for the strategy.
Hence I am out.
You are solving a good problem so I wish you the best.
Three sharks are out and I had a problem.
You say it is a problem and it can be one
but I am not sure of the scale here.
For now I am out but I wish you all the best.
I would like to make you an offer.
My offer will be a bit steep.
Since I will not be a passive investor.
I would like to give a lot of my personal time.
Expertise and network.
So I'd like to make you an offer.
Four million for 25 percent of your equity.
Namita, we appreciate since you are from the industry
and we needed such a partner and we appreciate
so we have a counter offer.
Are you serious? 25 percent is being kind.
- It is a good offer. - A great offer.
- Four sharks are out. - Give your condition..
I was disappointed with your sales honestly.
- It is as good as pre-revenue. - I think it is a good offer.
It is the good offer and the only offer.
Go forth. - Four million for 20 percent.
Let's close with that?
A deal?
25 percent is good enough for me to get what I want.
I need to have a substantial stake.
I am telling you this is the best that you can get.
Thank you, Ashneer. Very kind of you.
What do you say?
Okay, we'll take your offer and it is a deal.
It is a great offer. I will help you make it big.
Thank you. - Good job, guys.
- Congratulations, guys. - Congratulations.
I wish you best of luck.
- We will make it happen. - Absolutely.
- Means a lot. - Thank you. - Bye. Take care.
We did it guys! Thank you!
I am very happy with this deal. Good deal.
- I loved it. I loved this. - Very nice.
- I love it. - Good one.
Hi, I am Mashi I am 41 years old.
And our company is Mavi.
Hi, Sharks. I am Vikram and I am 36 years old.
If I were to tell you that our products are perfect
from your designated driver friends
to your cocktail loving friends.
One that elders and kids can enjoy the same.
Be it an office party or a Sunday family picnic
our products are a universal fit.
We are a fermented food and beverage company.
With gut friendly functional food like Kambucha
along with Kvaas, Tepache, Sauerkraut, Kefir etc..
All these products are artisanal.
And made from local organic seasonal ingredients.
Fermentation is a an age old skill of food preservation
that turns your regular food delicious
but also aids a lot in digestion.
With this skill, we bring world class ferments.
That we developed in accordance with Indian taste buds.
And we present it to you.
Today we ask for four million for five percent stake.
Sharks, the platter you have have three shot glasses
I think, it's a real problem.
Namita, you are having Ginger Honey Kambucha.
- Ginger Honey. - Ginger Honey. - Cheers? - Why not!
Cheers to your health and mine!
The second is Hibiscus Ginger Ale.
It has hibiscus infused in ginger ale.
And this has no sugar.
We use sugar for fermentation
and not for taste enhancement.
- And what is this? - The third one.
This third one is love potion 66.
It has Kambucha and blue berries.
And homemade rose water.
Next in your plate is fermented garlic.
- It is garlic fermented in honey. - I am not eating that.
It will not taste like garlic.
Garlic has a property that when it is fermented
it is not as strong and does not smell.
It is not as strong as regular garlic but strong.
Longer it ferments it becomes like a candy.
You should've brought an older batch.
This does not go bad. We have a batch three years old.
We keep tasting it periodically.
- It does not go bad. - You make guests eat that?
No, it is a delicacy. As wine. Gets better with age.
- What is this? - Kimchi. - Kimchi.
A vegan Kimchi without fish sauce.
Just for Indian Palate.
We can use these as side dish with our meal.
And we can use it in Pizza, sandwiches and friend rice.
Drinks are good. So is Kimchi.
- I did not like the drinks. - Very spicy.
- Drinks are good. - I loved this.
The ginger honey? Our very popular flavor.
So Vikram and Minakshi. So how did you guys meet?
How did you get the idea
to start a very important health related business?
We were raised in Jaipur.
We got married in 2015. He was in merchant Navy.
So we travelled to USA in 2017
and there we met our two friends.
Those who helped us meet.
And they are US citizens
and they introduced us to each other in 2011.
Earlier we got married and next time we got Kambucha.
So we got the culture from there
and he knew the health gains
so he said we can start drinking that.
We went to organic farmers in Powai
and we were sold out in Day one. - Wow!
What just happened? We were not expecting that.
So by end of 2018 we felt the idea.
So we gave it some time about two years.
And worked for it.
And we consciously followed it.
- This brand is of your name? - Mashi and Vikram.
- We call Minakshi as Mashi.
And we got the name from our names.
Since it was the brand name
and we named our company Miraculous and vital Indulgence.
Wow! - We found it to be very miraculous.
- Can we see the bottles? - Yes, please.
Thank you.
The soda feel you get is not from artificial carbonation.
It is all natural, nothing artificial.
One that you have is Beet Kvass.
In North they make it out of carrots
and in Russia they make Kvass from bread.
So we merged it as beet root Kvaas.
It is a very good hangover cure.
Very good for blood.
Two months shelf life is a problem in this line.
Product is not ruined. Edibility is not an issue.
Palatability fades.
Since this has to be refrigerated.
Beet Kvass does not need refrigeration.
But the people do not store it well.
So we do not want that when we introduce it
and people begin to like it
then they get bad experience. So two months.
It is moved in that time so no issues there.
Tell me something.
What is new in this? There are various drinks out there.
Indeed. - Being fresh and natural is a given now.
Sometimes I wonder why earlier people add preservatives.
Why?
What makes this different?
How can it be scaled?
I do not think the taste is for Indian palate.
We thought the same first when we began in 2018.
People would get startled at our events.
They would refuse.
But slowly and now you see the awareness has spread
of Kambucha, Kvass and other such beverages.
If customer does not like it at first
what is the incentive?
One thing is acquired taste.
I guess that is it here.
And that is for the rich.
- Be it wine. - Thai food.
So it takes time.
Is that not it? - We are serving elite clientele.
We are targeting upper middle class and elite class.
My dad will not buy a beverage of Rs. 200.
But I do as I know the health benefits.
I do not want to have alcohol every day.
- Let us come to sales. - Sales! - Sales, please.
Last year we made Rs. 24,50,000 in sales.
And the previous year we were under 12,00,000.
This year to date, we are are 21,50,000.
Projected sales are at 35,00,000.
If it is not sold in two months
and expired then it comes back to you.
Plus you must give it on credit.
Our RTV rates are low.
Given the small scale of business.
Be it pharma or any other trade
expiry and shelf life matter a lot.
And when you keep shelf life of two months
and you have got so many SKUs.
And yet you have 35,00,000 in sales.
So your RTV is less since business is small.
Once it scales, returns and expiry
will trouble you a lot and that is why I am out.
Tell me how your brand
will differentiate the market and make an identity here.
The identity. - How can it be the coke of this time?
As we are not just about Kambucha.
It will be a fermentation food expert.
I have made my decision. I am out.
I am stuck on one thing.
Of how you are different here?
And when you said you are not Kambucha
you lost me there.
I will say you must become the best Kambucha brand.
Then you may go to other things.
I loved the taste of your products.
I will be your user.
I saw the low calorie count.
I think the price is steep for anyone.
It is not equal to a coke or a fresh lime soda.
So I am out now.
Make it big and then come to Shark Tank.
Then, I'll evaluate.
You said, in India
'Kaanji' is also fermented.
I never saw a branded product of 'Kaanji' drink in the market.
If you know that 'Kaanji' has an Indian taste
and too, fermented, you can retain the Indian name.
Why give an American name?
'Aam panna'.. Paper Boat packaged it.
After that, everybody copied it.
It is Paper Boat who categorised 'Aam panna'.
Before that, nobody used to sell it as a packaged drink.
Everything has an opportunity. Play according to that.
I'm out of this as your vision isn't that good
to make 'Kaanji' as a mainstream drink.
Send two cartons to my house, I'll pay for it. - Sure.
I'll pay you through 'Bharat Pe'.
If you see the beverage industry's history in India
it is chock-a-block with this bottles and brands.
For what? Either the pricing was wrong
or they brought such a product to create a habit.
This will not run without an honest pricing.
A juice for around Rs. 250.. India has a small market.
And it can't be a big business even after differentiating it.
You should be realistic and think accordingly.
And that's the reason, I'm out today. Sorry.
Sorry. But wish you all the best.
Thank you very much. We appreciate your feedback.
- Thank you so much. - Thank you.
Then, it's okay. I'll be their customer. - Product is good.
He is a passionate salesman.
But the drink business is a difficult one.
Their product is good but there isn't focus.
Sharks, at the local level
sports coaching is somewhat like this.
Coach, I've been trying to enact like Zaheer Khan
- but the ball isn't taking speed. - Run fast.
Take a long run-up. Swing your arms
and the speed of the ball will increase.
But Jasprit Bumrah takes up speed in just a few steps.
Everybody isn't unique as Bumrah.
Do as I say.
If I coach this way, then, most of the time
the player doesn't know where his problem lies.
He doesn't even know the root cause of it also.
Everything is working on guess and feel.
So, one doesn't know how to rectify it.
So, a lot of players lose motivation.
- So, we.. - Anant. - Ayush. - Shwetank. - Aman.
We have a professor and a student team
which has brought the solution to this problem.
Tweek Labs.
We've made a smart wearable in Tweek Labs
which captures an athlete's motion in 3D.
We minutely scrutinise an athlete's action
in his respective sport. The insights given on that
are quickly provided on the coach and the player's phones.
There are twelve sensors which are placed on the body.
The sensors capture different limbs of the body.
They're strapped to limbs and work on different ones.
After that, a player needs to stand in a 'T' pose
where he is being calibrated.
After this calibration, his entire motion is captured on 3D.
The movement he did now
after ten second it will show the result
which I'll explain you.
When the player delivers the ball
he wants to see his action in a replay mode.
Basically, we can see this entire action
and the result shows his entire action
which we call it as a player's 'KPI'.
So, what is relevant for a fast bowler
- is summarised in it. - Very interesting.
On his front foot
the player was inclined at minus five degrees..
Forward bend.
This is the system
and we list all these parameters
so that, on the first delivery of the ball, he comes to know
where is his problem.
Sharks, we want all athletes
to do best coaching in his sport with this technique.
So that, he can discover his maximum potential.
In India, not only in cricket
we want to bring a change in every sport.
In this, we have come to raise Rs. 40 lakhs
with a stake of 2 percent equity. - Wow!
Sharks, we want you to join in this sports revolution.
So that no athlete is left behind.
Of course.
Are all four of you equal co-founders in this venture?
No, the equity stake..
Me and Anant hold 33.2 per cent equity.
- Each? - Yes, each of us.
Ayush has 19.4 per cent.
- Mr. Aman has 13.4. - 13.4 per cent.
So, as you saw the motion capture..
If you look at the app then there were several events.
We have divided the entire run-up into five events
and that was done automatically.
First one is pre-impulse. Impulse, back foot contact..
...front foot contact and release.
So, all the events are detected automatically.
The jump is detected automatically.
How is it automatic?
You're tracking the sensor. So how come AI is involved?
We track the sensor and do a segmentation
to get the relevant information of that particular bowling.
The sensor doesn't know if it's cricket..
That someone is bowling or someone is batting.
That sensor doesn't know that.
The sensor is producing the data on the same level.
Good point.
Can't you do it through video sensor?
The cricket is a very rich sport.
- Absolutely. - When we watch the World Cup..
- Yes. - It goes to the third umpire.
And he tells everything. About the tracking.. - Yes.
- About the swing.. - Yes.
All that's happening through the video.
Yes. But we need a lot of annotated data for that.
You will get a lot of things from the camera footage.
But at a local level or in such places
installing so many cameras is a very expensive setup.
Isn't this expensive?
Will only the coach have one set or is it B2C?
If I want to improve my game then can I buy this for myself
and use it on my own?
You can do it both the ways.
We have both the models.
An academy can purchase it or take it on rental basis.
They can provide it to the players.
And these are sharable models.
One module you can see here. He just strapped it.
One player can remove it and give it to another player
when the players are switched in the nets.
So, even 10 players can share one module.
So, the cost is already distributed.
But I will have to wear the bodysuit too
along with the straps.
Right. - The players already wear bodysuits.
This is a very bad thing.
Why would someone wear another player's bodysuit
which is all sweaty?
You can buy or take one on rent for your personal use.
What's the cost if I want to buy it for personal use?
We are offering it at a cost of 5000 rupees per month.
Rental.
- Per month! - Yes.
If I want to purchase it outright
then what's the total cost?
We are not offering it for outright, right now.
We are focusing on the service based model.
Have you sold anything?
We went to a coach and offered him the service model.
He was an early adopter and he wanted this thing.
He really liked the product.
So, we deployed it in his academy.
We gave him one kit.
Other than that, we have done a workshop
and there the cost was 2000 rupees.
As these are kits, so we could serve
only 15 people there.
But what is the cost of this sensor?
For now.. If we make 100 kits
then the manufacturing cost is 35 thousand.
35 thousand for the sensors?
- For 100 kits.. - No, 100 kits..
Per unit cost is 35 thousand.
- Oh! - Yes.
Wow!
So, manufacturing is your problem.
Your sensor is inhibiting your business. - Yes.
If you can make it for 500 to 1000 rupees..
- Okay. - It's a hypothetical figure.
Maybe not 1000.. But if you can make it for 1000 rupees
then you can sell it on Amazon.
This should be free for all customers.
Then they can download the app and check for themselves.
And if they need consultation or professional help
then they will press the button and pay the money.
So, you can earn money.
It's true that the sensors have a minimal cost.
But we can do a lot of cost cutting later
when we will scale the business.
Once we can afford it then we'll definitely enable it.
How much can you cut down?
How much cost can you cut from 35?
As per our calculation it'll come down to 25 thousand.
- Oh dear! - The manufacturing cost.
Why don't you want to go for B2C?
- Go for B2C model. - Okay.
If I want to use it then the cost, 25 thousand..
It's really high.
If the cost is a few thousand rupees
then the scalability will increase.
We want to go there.
We just want to give it some time.
- Our target audience is.. - Academy.
...serious sports people, in the beginning.
Correct. - We are solving their burning problems.
Of course, when we will scale it
- then we will go for B2C segment - Right.
Do you have a projection about your sales? - Yes, sir.
We did some market sizing..
So, we have 10 lakh active cricket players
in our country.
Semi-professional, serious. - Yes, serious.
- Okay. - 10 per cent of them
goes to the cricket academy.
- That's one lakh. - Yes, one lakh.
We will target 20 per cent people from there, for now.
- It's 20 thousand. - 20 thousand players. - Yes.
Our KPI is the number of players.
Those players give us a monthly subscription.
So, 20 thousand players will give us 1000 rupees
- per month. - How much is that?
24 crores.
- This is the annual figure. - Yes. - Yes, it's annual.
The product is good.
But for me, it's in a early stage.
And the valuation is too high
for something that's pre-revenue.
So, I am out.
Absolutely. It's very reasonable.
Thank you so much.
I feel that its revenue model will be limited
after a time.
Only the professional bowlers will use it.
Even then, once they improve themselves
they might use it less.
So..
For that reason, I am out.
I think that the biggest issue with this is the hardware.
It will keep getting damaged.
If you charge 1,000 rupees for maintenance
it will cost 12,000 rupees per year.
- Yes. - If two players use it
it will take them one year to recover
from the hardware's cost alone. Excluding the maintenance cost.
No, the hardware cost is different.
This is the subscription price which the player will pay
- to access the analytics. - Per player? - Yes.
The hardware's price is 5,000 rupees per month
for the kit, if an academy is renting it.
So, that is the hardware's cost.
I will make you an offer.
I am willing to give you forty lakh rupees.
But I want eight percent equity.
I have the same offer.
And I willing to partner up with you.
All right.
I will give you forty lakhs for seven percent.
Or you can take 60 lakhs from all of us
and give us 12 percent.
Give us 12 percent.
Deal done.
You can take five minutes to discuss.
Yes.
Okay.
What's up, guys?
- I want to make a counter offer. - Go ahead.
Come on..
Would you consider..
Six percent?
- Come on! - Come on!
It's a very high valuation.
We really want to invest in this.
Listen, you have one customer so far.
You have to prove it to them.
You don't have enough date either.
We are just trusting you.
I will hire engineers globally
for the thing you are working on.
So, this deal is non-negotiable.
Because, it's too early for that.
It's a fair deal.
Our final counter offer is sixty lakhs for eight percent.
Sixty lakhs for 10 percent. Deal.
Eight percent is the final offer.
We have come down to ten. We cannot go any lower.
- We are ready to go with it.. - It's a deal.
- All right! - Good decision.
Good decision.
- Thank you. - Thank you so much.
- Thank you.
Let's democratise sports.
- Greetings, sharks. - Greetings.
I am Pulkit Ahuja
senior entrepreneur, author and an inventor.
I am Inderjit, an entrepreneur
and we are team Proxgy.
In Dvapara Yuga, in Mahabharata
Sanjay had a gift of seeing events at a distance.
Through which Dhritarashtra
could see anything and everything.
And now in Kala Yug
Proxgy, Made In India patented technology
helps you know everything, anywhere
but by booking your live assist
you can see anything and everything
and in order to be everywhere at the same time
you need to download Proxgy app
and book Proxgy at your desired location.
How is it different from a normal video call?
There's a vast difference.
During a phone call, the receiver
is always busy holding the phone.
It becomes a jittery experience.
You need to have a contact already to make calls.
As you call him
all your contact details gets shared with him.
Proxgy solves them all and gives you
privacy, discoverability
and immersive experience.
Assume I am in a cab, I intend to view a property.
Possible.
Assume I am home, I intend to do
live shopping from Delhi market..
Possible.
Assume I am in Mumbai
and need to guide a junior in real time..
With Proxgy, it is possible.
- It's a boon. - No. It's technology.
Proxgy has six granted patents of these inventions.
And multiple patents are pending.
We've more than 1,20,000 pre-orders of our products
the order book value is more than 10 crore.
We ask 35 lakhs for one percent equity.
So sharks, who all will join us and be everywhere?
Pulkit, Inder, welcome to Shark Tank.
Where are you from? And how did you meet?
I was born and raised in Delhi.
I pursued my Engineering in Delhi
and my MBA from Lal Bahadur Shastri Institute, Dwarka.
I was an MBA Gold medallist.
I was the first one to be placed in Standard and Poor's
as a Research Analyst. I met Inder there in 2012.
- He was my 7 level up boss. - Oh!
We gelled together well.
I realised in 1.5 years that I didn't want to work.
I just kept in touch with him. Then while talking to him
I thought we'd definitely work together someday.
When he told me about Proxgy I asked him for some time
to think over it on how to about it.
- Which year did it happen in? - Last year. - In June.
- May I see the cap? - Sure, sir.
- How is the cap 360 degree? - This isn't 360.
This helmet has 360 degree view.
It has use cases in four domains which we covered.
One is it's a multi-payment gateway audio-box.
We enabled it for all merchants and payment gateways.
It will enable video commerce and sound-box will be on always.
Second use is in warehouses.
We're in final stage talks with one of the biggest food-startups
and it's almost ready. Whenever you scan in warehousing
you can tap to scan instead and use that.
It also has voice. Using the sound box
you can tell them the next item for the order.
It also records video from Point Of View
so pilferage is also zero.
Let's talk of barcode scanning in simple warehouse.
If I put a strap on my forehead
and install barcode reader
it solves my warehouse problem. This isn't needed for it.
You've to voice-enable it and provide GPS, too.
And the cap patent is not needed
since I can use it on a strap and your patent will be invalid.
But ergonomically a cap is easier to wear for long hours.
I'll tell you about the product use cases.
You're really confused.
I can list simple use cases.
High value delivery like jewellery
and phones where pilferage occurs.
If you send this for delivery
and the agents wear this
if he turns it on when he rings the doorbell
and claims he delivered the box that's one use case.
You had to solve that. You tried to put many things.
Sound and all of that. It wasn't needed.
Secondly, in food company.
Even when I was in Grofers we had a relevant use case.
- Pilferage was at all levels. - Right!
If one wears a bodycam or a headcam
even if you're not checking it..
- It's a deterrent. - It's a deterrent.
I have another major use case. We've to do KYC.
I have a QR and my employee goes to fix it
I ask him to take its picture.
But if he's worn a cap already he needn't do anything.
He fixes the QR and everything is recorded.
Even KYC is done. If you have to lend a loan
RBI regulation says KYC should be on video.
you can do KYC in a branch
or fix a camera for video KYC.
There are many use cases.
Your problem is you're putting in too many things.
I have made my decision. I am out.
My strong point is execution.
- He's the innovator and inventor. - How is the equity split?
- Inder has 13 percent. - 13 percent? - Yes.
- And he's the COO in a sense. - Chief Production Officer.
Chief Production? And you? - 57 percent.
Fundamentally you are a technology company.
Do you agree or disagree?
We're a product company. We understand the market's pulse
and innovate products as per that.
Otherwise, we didn't need an audio-box as you said.
We had direct contracts from insurance.
But we also thought of including a speaker
so that the serviceable market..
Add a speaker..
- Solar panels.. - Here's the problem..
Tell me, can you focus? - Solar panel..
You are the inventor
so you constantly want to invent things.
Someone has to run the business with an invention
- and scale it. - I do deal with that headache.
- That is what we do. - That is what you do.
I was thinking about it. I found it to be interesting.
But I think you don't know what you are.
When you came you said
you are an inventor, serial entrepreneur..
Author..
'Google By God'. I wrote that book.
'Google By God'. Okay. You are an author.
The product in which investment is being made
and which I think has a market
I can see it commoditising rapidly.
You will make it, you will get orders here
and outside as well
but you won't have defensibility there.
That is the reason I am out.
But I advise you to please find focus
and then build a business. Good luck.
I think you need a salesman.
A star salesman who can come here
just with this, simply..
With no surrounding confusion.
No gold standard.. No mention of what you achieved
or your books and inventions..
That wouldn't have been needed. You'd have got orders here.
I am out for the reason that I think
you need some maturity about these things
and a salesman.
I carry no expertise of this industry.
Hence I won't be able to contribute much.
So I am out but I wish you
the very best. Keep up the good work.
We have an offer for you.
I think you need help, some focus..
Technology wise, the product is great..
It's mainly UX..
Ashneer and I will come together to help you.
Let me tell you about our investments.
There are a whole lot of companies
that provide solutions to retail companies.
Like for computer vision..
There is another company in which we have invested
which provides location based intelligence
only.. For retail. This finds application there as well.
Thirdly is the hardware manufacturing.
I can help you with that.
So our offer is not Rs. 35 lakh. We need meaningful equity.
Both of us are strategic investors.
So we will offer Rs. 50 lakh for 10 per cent equity.
We'll take 5 per cent each.
That's one offer, the other three sharks are out.
So I think you should respond to that. What say?
We have a counter offer.
We seek Rs. 50 lakh in return of 2.5 per cent equity.
That puts the company's valuation at Rs. 20 crore.
Shall I propose something? - Yes.
If we offer.. Listen. We need a decent equity
and the valuation you are quoting appears extreme.
What if we give you Rs. 1 crore for 10 per cent?
I am doubling the offer. Both of us will invest Rs. 50 lakh.
Go for it! Let's do it.
Can we have another Rs. 2 crore evaluation.. - Oh..
No, I think this is a great offer.
- Lower than.. - Not done.. - No skin in the game.
- We are okay with it.. - The percentage is fine..
But the valuation is something we think..
Leave that to us. We will invest in it.
Your company will be important to us also
with regards to the next round.
And I am quite flexible with that.
Anything.. I am making a commitment.
If there is anything harmful to the company
we'll adjust with it. We are flexible.
Pulkit and Inder, what now? Decide.
- Go for it, guys. - Take it..
- It's a deal. - Yes..
- Deal.. - Good decision. - Congratulations, guys.
- Good luck. - We got loads to do.
Good job and..
I am very excited about IoT and software put together.
Happy to have you.
- Very nice.. - Thank you so much.
- You need to focus now. - All the best, guys.
Thank you so much, Sharks..
Such people, you know..
We don't find them when we are hiring.
You'll find them when the market crashes.
Such guys
want to be entrepreneurs..
I told you this morning, such people want to be entrepreneurs.
We don't find such people, pal.. - You won't.
You won't find such smart people.
You'll find only nerds. - Correct..