1 00:00:33,640 --> 00:00:36,920 [theme music playing] 2 00:00:54,040 --> 00:00:56,680 [theme music continues] 3 00:01:29,440 --> 00:01:32,920 [theme music fading] 4 00:01:33,160 --> 00:01:34,240 [mobile phone ringing] 5 00:01:34,280 --> 00:01:35,680 Just a second, Sharks. 6 00:01:36,480 --> 00:01:38,920 Hello. What's taking you so long? 7 00:01:39,920 --> 00:01:42,040 You took two weeks off just last month! 8 00:01:43,840 --> 00:01:45,760 Hear me out. Hello! 9 00:01:46,280 --> 00:01:47,720 Listen... Hello... 10 00:01:49,520 --> 00:01:51,080 What happened, Niharika? All okay? 11 00:01:51,440 --> 00:01:55,640 It took me a lot of effort to finally hire this babysitter. 12 00:01:55,760 --> 00:01:57,400 - Hmm. - I even paid the agency their commission. 13 00:01:57,480 --> 00:01:58,840 Now neither does the agency answer my calls 14 00:01:58,920 --> 00:02:00,560 nor does the babysitter listen to me! 15 00:02:01,640 --> 00:02:03,000 I've been through it too. 16 00:02:03,560 --> 00:02:05,120 He's in a much worse state than me! 17 00:02:05,200 --> 00:02:07,880 Sharks, he hired a cook that his neighbour vouched for. 18 00:02:08,160 --> 00:02:10,560 He asked the cook to make plain poha. 19 00:02:10,640 --> 00:02:13,960 She said to him, "It's not my expertise. I am out!" 20 00:02:14,040 --> 00:02:16,520 [hysterical laughter] 21 00:02:16,600 --> 00:02:18,160 [Sharks clap] 22 00:02:19,520 --> 00:02:21,480 But it isn't their fault. 23 00:02:21,600 --> 00:02:23,480 It's not like they are trained. 24 00:02:24,000 --> 00:02:26,360 There ought to be a solution to these problems! 25 00:02:26,760 --> 00:02:28,560 [intense music playing] 26 00:02:29,080 --> 00:02:30,720 There is a solution! [in unison] 27 00:02:31,600 --> 00:02:35,120 Sharks, this experience is missing in every Indian household. 28 00:02:36,480 --> 00:02:38,800 A cook that never lets you be late. 29 00:02:40,120 --> 00:02:44,320 A trustworthy babysitter who is your child's favourite. 30 00:02:44,760 --> 00:02:45,680 Wow! 31 00:02:46,080 --> 00:02:47,520 [laughs] 32 00:02:48,480 --> 00:02:52,000 And a home help who keeps your house in an extremely great condition. 33 00:02:52,720 --> 00:02:54,880 [Sharks laugh] 34 00:02:55,080 --> 00:02:56,840 She's a superwoman. [chuckles] 35 00:02:56,920 --> 00:02:59,000 - Yes. - Here with the solution is... 36 00:02:59,240 --> 00:03:00,160 Broomees! [in unison] 37 00:03:00,240 --> 00:03:02,120 India's trusted homemakers. 38 00:03:02,200 --> 00:03:04,840 [uplifting music playing] 39 00:03:04,960 --> 00:03:06,840 Hello, Sharks. I am Niharika. 40 00:03:10,440 --> 00:03:12,960 [uplifting music playing] 41 00:03:13,040 --> 00:03:16,040 Sharks, Broomees is a tech-enabled platform 42 00:03:16,120 --> 00:03:19,240 that helps you hire a home help, 43 00:03:19,320 --> 00:03:22,160 cook, babysitter or an all-rounder for your home. 44 00:03:29,320 --> 00:03:31,000 We will find you a worker 45 00:03:52,840 --> 00:03:55,680 with an ask of Rs. 80 lakhs for 2% equity. 46 00:04:05,200 --> 00:04:06,800 - Wow! Food! - Do I have your consent? 47 00:04:06,880 --> 00:04:08,440 - Yes, bribe us! - Yes. 48 00:04:08,640 --> 00:04:11,080 [pleasant music playing] 49 00:04:16,320 --> 00:04:17,960 Did you make this, Tripti? 50 00:04:18,240 --> 00:04:19,120 Yes, sir. 51 00:04:28,880 --> 00:04:30,360 [pleasant music playing] 52 00:04:30,440 --> 00:04:32,280 Do you get health insurance and... 53 00:04:32,400 --> 00:04:34,280 - I have availed it, ma'am. - Wow! 54 00:04:41,240 --> 00:04:44,000 - Most importantly, I'm happy to see Peyush. - True! Oh, nice! 55 00:04:44,120 --> 00:04:46,640 - Wow! - Wonderful. 56 00:04:46,760 --> 00:04:49,400 - The food is delectable. - Thank you so much, sir. 57 00:04:49,720 --> 00:04:51,640 [pleasant music playing] 58 00:04:57,320 --> 00:04:59,040 - Through Broomees? - Yes. 59 00:04:59,200 --> 00:05:00,960 Why do you let them have the commission? 60 00:05:02,200 --> 00:05:03,680 Why don't you take up work without assistance? 61 00:05:03,760 --> 00:05:06,520 - Then I won't enjoy the benefits the company provides. - Enlist them. 62 00:05:06,600 --> 00:05:08,000 Tell us what benefits you won't get otherwise. 63 00:05:08,080 --> 00:05:11,040 - For instance, if I ask for an advance on my salary... - Okay. 64 00:05:11,160 --> 00:05:14,080 - They wouldn't trust me and honour my request. - Okay. What else? 65 00:05:14,560 --> 00:05:15,960 - What if I need money? - Okay? 66 00:05:16,040 --> 00:05:17,520 - Or if I wish to take a loan. - Yes. 67 00:05:17,600 --> 00:05:20,520 - I won't enjoy these benefits that the company provides. - Okay. 68 00:05:20,640 --> 00:05:22,640 The company takes responsibility for us. 69 00:05:23,640 --> 00:05:24,720 So, are you happy? 70 00:05:26,200 --> 00:05:27,520 Yes. I'm happy to be associated with them. 71 00:05:31,360 --> 00:05:33,480 - Ma'am, earlier... - [unanimous laughter] 72 00:05:35,080 --> 00:05:36,880 - Good joke. - We'll make the deal. 73 00:05:37,040 --> 00:05:39,120 [Sharks laugh] 74 00:05:39,400 --> 00:05:41,600 We've found a customer! 75 00:05:41,800 --> 00:05:44,040 [Sharks laugh] 76 00:05:46,880 --> 00:05:48,680 What was your income earlier 77 00:05:48,880 --> 00:05:51,120 versus what you earn after you joined them? 78 00:05:51,200 --> 00:05:52,920 I worked as a babysitter for five years. 79 00:05:53,000 --> 00:05:55,560 I used to earn Rs. 2000 back then. 80 00:05:56,360 --> 00:05:57,200 - Per month. - That's right. 81 00:05:57,280 --> 00:05:58,920 Later, I worked as a security guard. 82 00:05:59,000 --> 00:06:01,200 - I used to get Rs. 12,000 there. - And now? 83 00:06:01,280 --> 00:06:02,720 From the time I joined this company, 84 00:06:02,800 --> 00:06:05,840 I am earning around Rs. 28,000 as a cook, ma'am. 85 00:06:07,360 --> 00:06:10,200 More than double. Fabulous job. Proud of you. 86 00:06:10,280 --> 00:06:11,240 - Thanks. - Thank you. 87 00:06:11,600 --> 00:06:12,520 Thank you, Tripti. 88 00:06:12,600 --> 00:06:14,720 - Thank you very much. - Thank you so much, sir. 89 00:06:23,760 --> 00:06:27,040 Yes, when my domestic help isn't available, 90 00:06:27,120 --> 00:06:29,520 I fill in for her. Right? 91 00:06:30,160 --> 00:06:33,440 Who among you was the first to face this problem? 92 00:06:33,560 --> 00:06:36,440 How did you meet them and where do you know them from? 93 00:06:36,520 --> 00:06:39,600 Sir, we've been friends since the first year of college. 94 00:06:40,400 --> 00:06:42,680 We've done extensive work in social entrepreneurship 95 00:06:42,760 --> 00:06:44,400 even during college. 96 00:06:44,520 --> 00:06:47,600 We had the chance to interact with a lot of people 97 00:06:47,720 --> 00:06:49,760 and identify their problems and troubles. 98 00:06:49,840 --> 00:06:51,520 They don't get regular employment, 99 00:06:51,600 --> 00:06:53,600 salaries as well as dignity. 100 00:06:55,400 --> 00:06:58,440 Keeping those problems in mind, we decided 101 00:06:58,520 --> 00:07:01,080 - there ought to be a platform for these people. - Agreed. 102 00:07:01,160 --> 00:07:03,480 This was about how Saurav and I met. 103 00:07:03,560 --> 00:07:06,160 - Okay. - Niharika and I went to Indian School of Hyderabad. 104 00:07:06,240 --> 00:07:08,000 - Of Business! - Of Business, sorry. 105 00:07:08,080 --> 00:07:10,040 We dropped out of ISB, Hyderabad. 106 00:07:10,120 --> 00:07:11,000 Why? 107 00:07:11,160 --> 00:07:12,840 - Because we started Broomees. - Yes. 108 00:07:13,480 --> 00:07:15,840 What was your work background before you started this? 109 00:07:15,960 --> 00:07:19,120 Back in college, I was a founding member of a company 110 00:07:19,200 --> 00:07:20,280 called The Dance Bible. 111 00:07:20,400 --> 00:07:22,960 They sell gym wear products online. 112 00:07:22,960 --> 00:07:25,520 - Okay. - After that, I joined Egon Zehnder 113 00:07:25,520 --> 00:07:26,960 which is a niche consulting firm. 114 00:07:27,040 --> 00:07:29,720 I worked there for two years and then went on to join ISB. 115 00:07:29,800 --> 00:07:31,800 I notice a pattern here, Niharika. 116 00:07:31,920 --> 00:07:34,320 You first wait and see if someone has got the ball rolling. 117 00:07:34,400 --> 00:07:37,880 If you think it'll fare well, then you join them 118 00:07:37,960 --> 00:07:39,040 - as the first... - No. 119 00:07:39,120 --> 00:07:41,760 Out of the three, I'm the least risk-taker. 120 00:07:41,840 --> 00:07:43,800 I'm a stickler for planning. 121 00:07:44,000 --> 00:07:45,920 - So, I need to see things. - Yes, it's evident. 122 00:07:46,000 --> 00:07:47,800 But you know it and you own it. 123 00:07:47,880 --> 00:07:49,560 - Yes, absolutely. - That's important. 124 00:07:51,200 --> 00:07:53,640 We were the Young Leaders Programme admins at ISB. 125 00:07:53,920 --> 00:07:55,360 We knew each other through it. 126 00:07:55,440 --> 00:07:57,320 We were also connected through a common group. 127 00:07:57,400 --> 00:08:00,480 And I was of the opinion that because covid hit us, 128 00:08:00,560 --> 00:08:01,920 - I don't want to do an online MBA. - Hmm. 129 00:08:02,000 --> 00:08:04,880 So, I put it up on the group if anyone had an idea for a start-up. 130 00:08:04,960 --> 00:08:06,080 So, they told me this. 131 00:08:06,160 --> 00:08:08,000 I was actually their first customer. 132 00:08:08,080 --> 00:08:09,600 [pleasant music playing] 133 00:08:09,680 --> 00:08:11,320 Both my parents work. 134 00:08:11,400 --> 00:08:13,680 My mom is close to 60 years old. 135 00:08:13,840 --> 00:08:16,880 I've seen her ageing away because of the work. 136 00:08:16,960 --> 00:08:18,960 - I said, "This is a big pain point." - Yes. 137 00:08:19,040 --> 00:08:20,360 "Get me a worker." 138 00:08:33,200 --> 00:08:34,480 When was Broomees born? 139 00:08:40,040 --> 00:08:41,520 How do you source people? 140 00:09:00,000 --> 00:09:01,960 Ma'am, we have two apps. The worker app and the customer app. 141 00:09:02,080 --> 00:09:04,080 We have options for feedback and replacement. 142 00:09:04,200 --> 00:09:06,520 Even in the absence of a toll-free IVR team, 143 00:09:13,000 --> 00:09:15,000 But it's a service partner contract. 144 00:09:15,080 --> 00:09:16,480 - Okay. - Similarly, for the customer, 145 00:09:16,560 --> 00:09:18,800 the customer and Broomees enter into a contract. 146 00:09:18,880 --> 00:09:20,440 Superb. Who's your competitor? 147 00:09:20,520 --> 00:09:22,760 There is Bookmybai and Housemaid. 148 00:09:22,840 --> 00:09:24,800 Ma'am, they don't use technology. 149 00:09:24,880 --> 00:09:27,400 So, their scalability is a real question mark right now. 150 00:09:28,440 --> 00:09:31,120 There's a big competitor who you did not mention. 151 00:09:31,240 --> 00:09:33,920 Facebook groups are famous for it. 152 00:09:34,840 --> 00:09:38,360 - Sir, I am a part of at least 20 Facebook groups. - Okay. 153 00:09:38,440 --> 00:09:40,120 But I want to join another 500 groups 154 00:09:40,200 --> 00:09:42,120 where I can market Broomees. 155 00:09:43,400 --> 00:09:45,280 Last question. Are you the CEO? 156 00:09:45,560 --> 00:09:47,320 - No, ma'am. Vaibhav is the CEO. - I am. 157 00:09:47,640 --> 00:09:48,480 Okay! 158 00:09:48,600 --> 00:09:51,400 You oversee COPCOM, Corporate Communications. 159 00:09:51,520 --> 00:09:56,000 No, sir. I'm good with customers. So, I am good with words. 160 00:09:56,080 --> 00:09:59,520 Not COPCOM, you oversee Vaibhav and Saurav's communication! 161 00:10:00,360 --> 00:10:01,200 Right? 162 00:10:01,800 --> 00:10:04,360 I love your passion. You're too good. 163 00:10:06,080 --> 00:10:07,640 What are your roles in the company? 164 00:10:07,720 --> 00:10:09,560 Tell us your roles as well as the equity. 165 00:10:10,040 --> 00:10:11,760 I oversee customer acquisition, 166 00:10:11,880 --> 00:10:14,480 - marketing and strategy. - Okay. 167 00:10:14,600 --> 00:10:18,200 Vaibhav is the CEO. He oversees product and tech. 168 00:10:18,280 --> 00:10:20,000 Saurav is the COO. 169 00:10:20,080 --> 00:10:22,360 He oversees operations and the supply chain. 170 00:10:35,760 --> 00:10:37,200 Let me tell you why. 171 00:10:37,480 --> 00:10:39,400 The service you're providing 172 00:10:39,960 --> 00:10:42,400 is not exactly measurable and tangible. 173 00:10:43,600 --> 00:10:45,200 It's about the chemistry. 174 00:10:45,320 --> 00:10:47,480 It is about the relationship between two people. 175 00:10:47,560 --> 00:10:49,520 Particularly the person who runs the house 176 00:10:49,600 --> 00:10:51,360 and the help that is employed. 177 00:10:51,680 --> 00:10:56,320 Converting and standardising that into a formula 178 00:10:56,520 --> 00:10:58,560 is a very daunting task. 179 00:10:59,720 --> 00:11:00,840 What is your experience? 180 00:11:00,920 --> 00:11:02,880 Sir, when we just started, 181 00:11:02,960 --> 00:11:06,400 we found it very difficult to find the right match. 182 00:11:06,520 --> 00:11:09,560 Both the customer and the worker had various demands, 183 00:11:09,640 --> 00:11:11,080 and finding a match was tedious. 184 00:11:11,880 --> 00:11:14,360 Now, our approach is to standardise things. 185 00:11:14,440 --> 00:11:16,040 Everything is clearly laid out. 186 00:11:16,880 --> 00:11:19,040 When you access our website or app 187 00:11:19,120 --> 00:11:21,960 to choose the services you want, you can't input what you wish. 188 00:11:22,040 --> 00:11:23,920 You have to choose from the options available. 189 00:11:24,000 --> 00:11:26,280 - Okay. - The set salary shows right then. 190 00:11:26,360 --> 00:11:27,600 And no negotiation? 191 00:11:27,680 --> 00:11:28,920 - No negotiation. - Alright. 192 00:11:29,040 --> 00:11:30,520 We conduct a reference check. 193 00:11:30,520 --> 00:11:34,240 - We actually call their ex-employer for feedback. - Very good. 194 00:11:35,320 --> 00:11:38,040 What if the workers don't wish to give out information 195 00:11:38,120 --> 00:11:40,480 - about their past employer? - A salary of Rs. 30,000 196 00:11:40,560 --> 00:11:42,480 is incentive enough for them! 197 00:11:44,600 --> 00:11:46,280 This is our customer app. 198 00:11:46,480 --> 00:11:48,520 The customer will download the app and log in. 199 00:11:48,600 --> 00:11:51,720 You see our services right at the top. 200 00:11:51,960 --> 00:11:54,320 If Niharika wishes to book a chef or cook, 201 00:11:54,720 --> 00:11:56,680 she needs to simply tap on chef/cook. 202 00:11:56,760 --> 00:11:59,000 She can see all the information beforehand 203 00:11:59,120 --> 00:12:00,480 of what services are included in the price. 204 00:12:00,560 --> 00:12:04,240 After this, she needs to select "book now" and enter her address. 205 00:12:04,320 --> 00:12:06,880 Enter a start date, and voilà, the booking is done. 206 00:12:07,280 --> 00:12:09,000 If you look at the bottom, 207 00:12:09,080 --> 00:12:12,760 the estimated monthly salary and hours are clearly mentioned. 208 00:12:13,000 --> 00:12:14,360 But you haven't found a match. 209 00:12:14,440 --> 00:12:16,040 You've only received a request as of now. 210 00:12:16,160 --> 00:12:17,880 - What is the match percentage? - Yes. 211 00:12:17,960 --> 00:12:19,560 If I talk about August 2022, 212 00:12:29,800 --> 00:12:31,640 - May... - For a Rs. 40-crore valuation, 213 00:12:31,720 --> 00:12:32,760 - it's quite low. - Yes. 214 00:12:34,800 --> 00:12:37,760 We operate in South Delhi, Gurgaon and Noida currently. 215 00:12:37,840 --> 00:12:39,480 We follow a training centre model. 216 00:12:39,560 --> 00:12:41,640 No sooner do we establish small centres 217 00:12:41,720 --> 00:12:43,760 than that area becomes functional for us. 218 00:12:43,880 --> 00:12:46,120 We normally receive over 1000 bookings. 219 00:12:46,120 --> 00:12:47,680 But the number of qualified bookings, 220 00:12:47,760 --> 00:12:50,760 the ones we accept and fulfil, is 250. 221 00:12:50,840 --> 00:12:51,840 Why is the fill rate low? 222 00:12:59,120 --> 00:13:01,200 We follow the minimum wage. 223 00:13:01,320 --> 00:13:04,080 Unfortunately, the customers in this industry 224 00:13:04,160 --> 00:13:06,800 are used to exploiting and paying helpers a meagre sum. 225 00:13:07,760 --> 00:13:09,680 What is your average contract life? 226 00:13:15,000 --> 00:13:16,600 and the contract comes to an end. 227 00:13:16,680 --> 00:13:18,720 - We enter into a new contract. - Okay. 228 00:13:18,880 --> 00:13:21,880 It's attrition, but in a way, a continued booking... 229 00:13:22,000 --> 00:13:24,760 You should look at it as one contract only. 230 00:13:24,840 --> 00:13:27,200 You should not look at it as two separate contracts. 231 00:13:28,520 --> 00:13:30,760 You will make errors in analysis. 232 00:13:31,000 --> 00:13:32,040 - Okay, thanks. - Got it. 233 00:13:32,120 --> 00:13:34,760 What is your average contract value? 234 00:13:50,520 --> 00:13:53,960 We've raised a pre-seed round 235 00:13:54,040 --> 00:13:56,480 and the investment raised was Rs. 4.2 crores. 236 00:13:57,640 --> 00:13:58,800 What was the valuation? 237 00:14:06,880 --> 00:14:09,720 in which we expect to raise Rs. 7 crores. 238 00:14:16,800 --> 00:14:19,360 Why did you exhaust Rs. 4.2 crores and raise another round? 239 00:14:19,440 --> 00:14:22,560 No, ma'am. We have Rs. 3 crores left in the bank. 240 00:14:29,960 --> 00:14:32,360 We don't make frivolous expenditures. 241 00:14:32,440 --> 00:14:33,560 - And... - Why are you raising money now? 242 00:14:33,640 --> 00:14:35,440 The market might be better next year. 243 00:14:35,520 --> 00:14:37,000 You stand to get better terms. 244 00:14:37,080 --> 00:14:38,240 [intense music playing] 245 00:14:38,360 --> 00:14:41,400 Ma'am, opportunity cost really matters. 246 00:14:41,480 --> 00:14:43,800 The chances of the market doing better 247 00:14:43,880 --> 00:14:45,480 - or the terms... - Lovely answer. 248 00:14:45,560 --> 00:14:47,960 I tell all the companies who come on Shark Tank 249 00:14:48,280 --> 00:14:51,040 that they shouldn't raise funds, but you're right in raising a round. 250 00:14:51,120 --> 00:14:53,160 If you raise funds in the current market, 251 00:14:53,520 --> 00:14:55,400 then it will be very good for you. 252 00:14:55,520 --> 00:14:57,480 I think you're being smart about it. 253 00:14:58,920 --> 00:15:02,800 You said you're raising Rs 42 crores on post-money valuation. 254 00:15:02,880 --> 00:15:05,160 On a 35-crore pre-money valuation, 255 00:15:05,280 --> 00:15:06,800 - you raised Rs. 7 crores. - Correct. 256 00:15:06,880 --> 00:15:08,640 Yet you've come here 257 00:15:09,080 --> 00:15:11,960 with an ask of Rs. 80 lakhs for 2% equity. 258 00:15:13,480 --> 00:15:15,440 That's a valuation of Rs. 40 crores. 259 00:15:16,520 --> 00:15:18,480 The money is far too less for the valuation. 260 00:15:19,080 --> 00:15:23,480 Honestly, we don't have an amazing Indian investor on board 261 00:15:23,560 --> 00:15:25,280 who has done things on a large scale. 262 00:15:25,400 --> 00:15:27,480 So, you're in need of expertise. 263 00:15:28,920 --> 00:15:29,920 - Dire need of it. - Correct. 264 00:15:30,000 --> 00:15:33,080 Ma'am, the business idea isn't all that great. 265 00:15:55,560 --> 00:15:56,840 Whoa! 266 00:15:57,120 --> 00:16:00,680 We love your entrepreneurship and passion. 267 00:16:00,880 --> 00:16:03,760 The mission you're out to achieve is truly important. 268 00:16:03,960 --> 00:16:08,320 - And the clarity with which you answered was fantastic. - Thank you. 269 00:16:08,480 --> 00:16:12,240 We would like to offer you Rs. 80 lakhs for 3%. 270 00:16:18,800 --> 00:16:21,520 of bringing dignity to this profession... 271 00:16:21,640 --> 00:16:23,440 But finally, as you rightly mentioned, 272 00:16:23,520 --> 00:16:27,040 it'll boil down to a very complicated execution game. 273 00:16:27,160 --> 00:16:30,280 Where at some point, 274 00:16:30,360 --> 00:16:33,120 a large funded player steps in 275 00:16:33,240 --> 00:16:36,000 and decides to burn a certain amount of money 276 00:16:36,120 --> 00:16:37,720 in order to attract all the workers 277 00:16:37,840 --> 00:16:40,640 and promise them better prospects, say Rs. 50,000 salary. 278 00:16:40,760 --> 00:16:44,640 For a start-up to win, the risks are very high. 279 00:16:44,720 --> 00:16:46,200 So, I would like to be out. 280 00:16:48,600 --> 00:16:51,080 If you don't get a big round next, 281 00:16:51,160 --> 00:16:53,280 how do you plan on growing the business? 282 00:16:53,400 --> 00:16:56,920 We can work even without funds, sir. 283 00:16:57,120 --> 00:16:58,000 How so? 284 00:16:59,360 --> 00:17:02,200 Our main expenditure is on the product as of now. 285 00:17:02,320 --> 00:17:05,560 We wish to build good tech that's long-lasting. 286 00:17:06,320 --> 00:17:08,720 You can ignore them. How many people are in your team? 287 00:17:09,600 --> 00:17:11,520 - You're ignoring us! - You are ignoring us! 288 00:17:11,600 --> 00:17:15,360 Sir, our tech team consists of five people now. 289 00:17:15,600 --> 00:17:18,040 That's one area where we're spending. 290 00:17:18,120 --> 00:17:20,160 We just started marketing. 291 00:17:20,360 --> 00:17:23,080 But as and when more of our areas become operational, 292 00:17:23,200 --> 00:17:24,920 this huge fixed cost 293 00:17:25,000 --> 00:17:26,880 will get divided over other centres 294 00:17:27,000 --> 00:17:28,320 once they start generating revenue. 295 00:17:28,400 --> 00:17:30,600 I believe you have a complementary team 296 00:17:30,680 --> 00:17:32,520 and you're doing a good job. 297 00:17:32,640 --> 00:17:35,200 Someone has to do it. This has to be solved. 298 00:17:35,280 --> 00:17:37,080 I'll offer you a dream deal. 299 00:17:37,160 --> 00:17:38,200 Oh, my! 300 00:17:40,600 --> 00:17:44,080 By dream deal, I mean I will offer you what you asked for. 301 00:17:52,160 --> 00:17:53,320 We match it. 302 00:17:58,440 --> 00:18:00,680 Oh! [laughs] 303 00:18:01,320 --> 00:18:04,480 - We, too, can offer you a dream deal. - Well done, guys! 304 00:18:07,080 --> 00:18:08,880 Aman, I'm of the opinion 305 00:18:08,960 --> 00:18:11,320 that if Rs. 80 lakhs for 3% equity is doable, 306 00:18:11,400 --> 00:18:12,600 then all three of us can come on board. 307 00:18:12,680 --> 00:18:15,080 [intense music playing] 308 00:18:16,880 --> 00:18:18,040 That's a good idea. 309 00:18:23,640 --> 00:18:25,160 If we can come up with a collective offer... 310 00:18:25,280 --> 00:18:28,960 Think of a counteroffer that all three might accept. 311 00:18:29,120 --> 00:18:31,120 Got it. Just give us one minute. 312 00:18:31,680 --> 00:18:34,200 [intense music playing] 313 00:18:35,600 --> 00:18:37,760 Whoa! Full-on rivalry. 314 00:18:37,840 --> 00:18:40,160 It's alright, they need more money. 315 00:18:40,280 --> 00:18:42,080 - Yes. - Let's get a collective deal. 316 00:18:42,200 --> 00:18:44,600 If we pitch Rs. 40 lakhs each, that's Rs. 1.6 crores... 317 00:18:44,680 --> 00:18:46,640 Rs. 1.6 crores for 4% equity. 318 00:18:46,720 --> 00:18:49,080 I suggest that we offer Rs. 1 crore for 3.75% equity. 319 00:18:49,160 --> 00:18:50,760 Rs. 1 crore for 3.75% equity. 320 00:18:50,840 --> 00:18:53,120 - We can split it. - 4%, that way we get 1% each. 321 00:18:53,240 --> 00:18:55,720 [intense music playing] 322 00:18:58,520 --> 00:19:00,760 We have a counteroffer. 323 00:19:00,960 --> 00:19:03,000 If the four of you 324 00:19:10,720 --> 00:19:13,840 Look, I am out. You can speak to others. 325 00:19:14,160 --> 00:19:16,320 [intense music playing] 326 00:19:17,040 --> 00:19:20,120 Consider Rs. 1 crore for 3% equity. What will the valuation come to? 327 00:19:20,400 --> 00:19:22,240 Rs. 80 lakhs for 2%... 328 00:19:22,320 --> 00:19:24,920 It's easy now. It's easy. 329 00:19:25,000 --> 00:19:27,000 Look, two Sharks are out. 330 00:19:27,200 --> 00:19:28,520 Three Sharks are in 331 00:19:28,880 --> 00:19:31,200 which is Peyush, Namita and me. 332 00:19:39,720 --> 00:19:43,280 [intense music playing] 333 00:20:01,800 --> 00:20:02,840 Superb! 334 00:20:03,000 --> 00:20:05,080 - And you are awesome. - Thank you. 335 00:20:05,200 --> 00:20:06,800 I love the way you answered us. 336 00:20:06,920 --> 00:20:08,360 - Thank you, ma'am. - Very nice. 337 00:20:08,600 --> 00:20:10,800 [euphoric music playing] 338 00:20:10,880 --> 00:20:12,080 [camera shutter clicks] 339 00:20:54,600 --> 00:20:55,680 Hello, Sharks. 340 00:20:56,800 --> 00:20:59,320 Meet my friends, Rekha, Jaya and Sushma. 341 00:20:59,400 --> 00:21:01,320 - You reminded me of Nirma's ad. - [chuckles] 342 00:21:01,480 --> 00:21:03,440 [music playing] 343 00:21:03,640 --> 00:21:06,560 All three have different hair types and so their problems vary. 344 00:21:08,000 --> 00:21:09,720 While one suffers from hair fall and dandruff, 345 00:21:09,840 --> 00:21:11,960 the other suffers from oily scalp and frizziness. 346 00:21:12,080 --> 00:21:15,040 But when they step out to buy shampoo, 347 00:21:15,120 --> 00:21:16,640 they find the same old thing. 348 00:21:17,000 --> 00:21:20,040 A different shampoo for dandruff, a different shampoo for hair fall, 349 00:21:20,120 --> 00:21:21,400 and a third one for oily scalp. 350 00:21:21,480 --> 00:21:23,200 How many products must a person buy? 351 00:21:24,600 --> 00:21:29,200 If we customize shoes to fit our feet, 352 00:21:29,280 --> 00:21:33,200 then why can't we customise our shampoo as per our needs? 353 00:21:33,280 --> 00:21:36,840 Why must we use the same timeworn generic products 354 00:21:36,920 --> 00:21:39,000 that don't yield results? 355 00:21:40,360 --> 00:21:44,160 I established my company to solve just this problem. 356 00:21:48,520 --> 00:21:51,120 [music playing] 357 00:21:52,120 --> 00:21:53,640 Ravel is a brand 358 00:21:53,720 --> 00:21:57,840 that takes into consideration your hair type, requirements and goals 359 00:21:57,920 --> 00:21:59,880 to make customised hair care products. 360 00:22:00,040 --> 00:22:02,800 You simply need to go to our website and take a quiz. 361 00:22:02,880 --> 00:22:04,920 The questions will cover every aspect 362 00:22:05,000 --> 00:22:07,160 right from your hair type to treatments. 363 00:22:07,240 --> 00:22:09,480 You can choose the colour as well as the fragrance. 364 00:22:09,680 --> 00:22:12,680 Not just that, you can even choose to get the bottle personalised. 365 00:22:12,760 --> 00:22:13,680 Wow! 366 00:22:14,080 --> 00:22:15,880 On the basis of your answers, 367 00:22:15,960 --> 00:22:19,040 our team will curate unique and customised products for you 368 00:22:19,120 --> 00:22:21,520 by using the right and effective ingredients. 369 00:22:22,560 --> 00:22:26,560 Sharks, all our products are sulphate and paraben free. 370 00:22:26,640 --> 00:22:29,600 They're made in India and follow clean beauty standards. 371 00:22:40,640 --> 00:22:42,840 that are solely meant for them. 372 00:22:43,920 --> 00:22:48,240 So, today, in exchange of 2.5% equity, 373 00:22:54,760 --> 00:22:56,800 [Sharks laugh] 374 00:22:56,920 --> 00:23:00,360 - Ayush, welcome to Shark Tank. - Thank you. 375 00:23:00,480 --> 00:23:03,640 How did the idea of this venture occur to you? 376 00:23:03,720 --> 00:23:05,400 And also tell us something about yourself. 377 00:23:05,480 --> 00:23:09,640 I come from a small city in Maharashtra by the name Amravati. 378 00:23:11,240 --> 00:23:13,200 I came to Mumbai to pursue graduation. 379 00:23:13,280 --> 00:23:15,760 I did engineering in computer science. 380 00:23:16,520 --> 00:23:20,520 I was sure of one thing. I didn't want to take up a job after college. 381 00:23:20,640 --> 00:23:22,640 But I didn't know what I wanted to do either. 382 00:23:22,800 --> 00:23:24,160 After I did engineering, 383 00:23:24,280 --> 00:23:27,080 I went backpacking for 6 months all over India. 384 00:23:27,160 --> 00:23:30,800 I have been to Sikkim, Meghalaya, Himachal... 385 00:23:30,880 --> 00:23:31,840 Everywhere basically. 386 00:23:32,440 --> 00:23:35,160 I understood India's cultural diversity. 387 00:23:35,280 --> 00:23:38,000 The diet, environment and the people of every region are different. 388 00:23:38,080 --> 00:23:40,080 But the products are similar. 389 00:23:40,160 --> 00:23:41,760 That's how the idea dawned upon me. 390 00:23:42,880 --> 00:23:46,080 I began working on the company in November 2018. 391 00:23:46,560 --> 00:23:49,160 The R&D lasted for 1.5 years. 392 00:23:55,680 --> 00:23:57,680 The company was established in November 2018. 393 00:23:58,720 --> 00:24:01,360 And you launched it in January 2021. 394 00:24:01,440 --> 00:24:03,920 Even the time to market is important. 395 00:24:04,000 --> 00:24:05,560 Don't you think you took too long? 396 00:24:06,520 --> 00:24:09,400 I am not from this background. So, I had to assemble a team. 397 00:24:09,880 --> 00:24:12,760 I hired consultants and we did a lot of trial and error. 398 00:24:12,880 --> 00:24:13,840 Many batches failed. 399 00:24:13,840 --> 00:24:16,880 Then we started all over again, and the lockdown was imposed. 400 00:24:18,120 --> 00:24:21,080 - We launched the company on 16 March 2020. - Okay. 401 00:24:21,160 --> 00:24:22,480 But the lockdown was imposed five days later. 402 00:24:23,680 --> 00:24:25,040 What is your current revenue? 403 00:24:44,680 --> 00:24:48,120 Has your business gained traction in the last four months 404 00:24:48,320 --> 00:24:49,880 because you've raised funds? 405 00:24:49,960 --> 00:24:51,000 We haven't raised funds. 406 00:24:51,000 --> 00:24:52,640 We're completely bootstrapped even now. 407 00:24:52,720 --> 00:24:57,080 So, are your current sales of Rs. 40 lakhs per month 408 00:24:57,240 --> 00:24:58,720 GMV or net sales? 409 00:25:13,040 --> 00:25:15,000 - It's unheard of. - I'm trying to fathom it. 410 00:25:15,120 --> 00:25:17,040 Well, I handle marketing all by myself. 411 00:25:17,040 --> 00:25:18,120 So, I run all the ads. 412 00:25:18,240 --> 00:25:19,520 Do you have a background in marketing? 413 00:25:19,640 --> 00:25:21,520 Not exactly, but I've learnt it. 414 00:25:21,760 --> 00:25:25,840 What did you show in the ad that instantly clicked with people? 415 00:25:25,840 --> 00:25:27,880 My pattern-breaking hooks worked. 416 00:25:27,960 --> 00:25:30,120 He's doing breakthrough marketing. 417 00:25:30,320 --> 00:25:32,360 Firstly, it's such a competitive market. 418 00:25:32,440 --> 00:25:35,960 If, at the core level, all the brands are sustaining solely on marketing, 419 00:25:36,040 --> 00:25:38,200 then how sustainable is it to... 420 00:25:38,320 --> 00:25:41,080 That's my point. A business can't sustain itself on marketing. 421 00:25:41,200 --> 00:25:42,640 You need to work on the product. 422 00:25:43,520 --> 00:25:44,600 You get repeat orders, 423 00:25:44,600 --> 00:25:47,320 and word-of-mouth recommendations are of great help too. 424 00:25:47,400 --> 00:25:48,720 What's the percentage of repeat orders? 425 00:26:03,440 --> 00:26:05,200 - No, 40. - Net revenue. 426 00:26:05,320 --> 00:26:07,400 Net revenue will be lower. He's talking about net sales. 427 00:26:07,480 --> 00:26:09,080 Yes, I'm talking about GMV. 428 00:26:09,160 --> 00:26:11,280 Yes, you could minus 10% from all the figures. 429 00:26:11,400 --> 00:26:14,280 [music playing] 430 00:26:14,640 --> 00:26:15,840 'What is net revenue?' 431 00:26:15,920 --> 00:26:18,640 'From your gross revenue, you deduct discount,' 432 00:26:19,040 --> 00:26:21,080 'commission, GST' 433 00:26:21,160 --> 00:26:24,440 'and sales return, and you get your net revenue.' 434 00:26:25,760 --> 00:26:28,520 From this Rs. 35 lakhs, give us a split of body care, 435 00:26:28,600 --> 00:26:30,640 skincare and hair care. 436 00:26:30,720 --> 00:26:31,760 That's the best part. 437 00:26:31,760 --> 00:26:34,240 100% of sales are from hair care. 438 00:26:43,000 --> 00:26:44,920 How will you customise over there? 439 00:26:45,040 --> 00:26:46,560 We have data of about 2 lakh people. 440 00:26:46,680 --> 00:26:50,960 So, I know what profiles are mainly the people's requirements. 441 00:26:51,720 --> 00:26:54,440 - Interesting. - So, for about 60 to 70% profiles, 442 00:26:54,440 --> 00:26:57,840 we can make mass-produced products and launch those. 443 00:26:58,760 --> 00:27:01,640 Give me an example or show me your website. 444 00:27:01,760 --> 00:27:04,280 - Give us a demo. - Yes. 445 00:27:04,360 --> 00:27:06,680 - Then show us your products after that. - Done. 446 00:27:06,800 --> 00:27:09,280 - Namita, would you like to take the quiz? - Okay. 447 00:27:09,360 --> 00:27:12,280 [pleasant music playing] 448 00:27:14,000 --> 00:27:17,280 - Should I tap order your formula? Okay. - Yes, order your formula. 449 00:27:19,080 --> 00:27:22,320 Female. Wavy. Medium. 450 00:27:22,400 --> 00:27:25,440 [pleasant music playing] 451 00:27:26,120 --> 00:27:29,360 You know? Won't answering so many questions 452 00:27:29,440 --> 00:27:31,240 - exhaust the customer? - Those who intend to, do it. 453 00:27:31,320 --> 00:27:33,840 It's every day. The answer is every day. 454 00:27:33,920 --> 00:27:36,240 What's the percentage of people who answer all the questions? 455 00:27:36,360 --> 00:27:38,400 We get 55% submissions. 456 00:27:38,480 --> 00:27:41,800 A lot of people start, but 55% get to this stage. 457 00:27:41,880 --> 00:27:44,560 - You can have this back. - Can we see the products? 458 00:27:44,680 --> 00:27:46,240 - Sure. - Thank you. 459 00:27:46,520 --> 00:27:48,920 [uplifting music playing] 460 00:27:54,760 --> 00:27:56,720 - It's personalised. - Wow! 461 00:28:00,400 --> 00:28:01,440 Good job. 462 00:28:02,600 --> 00:28:04,800 The colour seems artificial. 463 00:28:04,880 --> 00:28:08,160 I find this artificial and gimmicky. 464 00:28:08,280 --> 00:28:09,520 It doesn't seem authentic. 465 00:28:09,600 --> 00:28:11,240 [intense music playing] 466 00:28:11,440 --> 00:28:13,720 The blue one in particular 467 00:28:13,800 --> 00:28:16,080 is preferred by most people. 468 00:28:16,200 --> 00:28:19,080 Let's take a minute to understand your industry. 469 00:28:20,480 --> 00:28:23,040 This is personalised BPC, beauty and personal care. 470 00:28:23,120 --> 00:28:24,720 Let's establish its boundaries. 471 00:28:24,800 --> 00:28:26,200 On the one hand, 472 00:28:26,200 --> 00:28:29,480 you consult one on one with an expert. 473 00:28:29,600 --> 00:28:32,640 He prescribes you the products you should use. 474 00:28:34,200 --> 00:28:36,000 On the other hand, is AI. 475 00:28:48,440 --> 00:28:50,440 which is very painful according to what I saw. 476 00:28:50,520 --> 00:28:52,480 [intense music playing] 477 00:28:52,560 --> 00:28:54,440 On the basis of those answers, 478 00:28:54,680 --> 00:28:57,000 you formulate your product and sell them. 479 00:28:57,400 --> 00:28:58,600 Do you think 480 00:28:58,960 --> 00:29:02,040 the market will split and become fragmented 481 00:29:02,200 --> 00:29:03,640 in these various spaces? 482 00:29:04,680 --> 00:29:06,760 The hybrid model would be perfect. 483 00:29:06,840 --> 00:29:10,480 I need a little guidance when it comes to the tech stack, 484 00:29:10,480 --> 00:29:12,120 and that is something we can do later on. 485 00:29:12,200 --> 00:29:14,040 We started the company a year ago. 486 00:29:14,160 --> 00:29:15,680 The technology is not yet developed 487 00:29:15,800 --> 00:29:18,000 and we haven't gone in that direction yet. 488 00:29:18,080 --> 00:29:20,200 [intense music playing] 489 00:29:20,280 --> 00:29:23,720 The dynamics seem half-baked to me. 490 00:29:25,000 --> 00:29:26,400 I would suggest 491 00:29:26,520 --> 00:29:30,480 that you conduct a bit more research on your own industry. 492 00:29:31,480 --> 00:29:32,920 When I was starting, 493 00:29:33,000 --> 00:29:35,360 a lot of Indian brands had already entered the market. 494 00:29:35,480 --> 00:29:38,400 But the problem with them was they wouldn't focus on quality 495 00:29:38,520 --> 00:29:40,080 or the price. 496 00:29:41,320 --> 00:29:42,880 I learnt from their mistakes. 497 00:29:43,000 --> 00:29:45,040 I met the founders of those companies. 498 00:29:45,240 --> 00:29:47,720 That's how I got to know what issues they faced internally. 499 00:29:48,640 --> 00:29:50,640 This is my suggestion to you. I am out. 500 00:29:52,200 --> 00:29:54,000 Go deeper into your industry 501 00:29:54,080 --> 00:29:56,560 so that you don't make the mistakes the others did. 502 00:29:56,680 --> 00:29:58,520 That's my only suggestion. 503 00:29:59,480 --> 00:30:03,080 Firstly, Ayush, I like your energy and positivity. 504 00:30:03,080 --> 00:30:04,200 - Keep that up. - Thank you. 505 00:30:04,280 --> 00:30:06,400 But if you remember, in season one, 506 00:30:06,480 --> 00:30:08,520 I had invested in a brand 507 00:30:08,600 --> 00:30:11,520 that is into hair care, skincare... 508 00:30:11,600 --> 00:30:12,440 Auli. 509 00:30:12,520 --> 00:30:14,360 Body care... Auli. 510 00:30:14,440 --> 00:30:16,320 [Sharks laugh] 511 00:30:16,400 --> 00:30:18,320 I have already invested in it. 512 00:30:19,400 --> 00:30:21,360 I would like to say 513 00:30:21,440 --> 00:30:23,480 please focus on hair care 514 00:30:23,680 --> 00:30:25,560 and expand it. 515 00:30:27,080 --> 00:30:31,040 Then make an entry into other segments. 516 00:30:31,120 --> 00:30:32,400 That's my only feedback. 517 00:30:32,400 --> 00:30:34,320 But I am out. I wish you the very best. 518 00:30:36,960 --> 00:30:40,040 Look, this category is very interesting. 519 00:30:40,120 --> 00:30:42,600 Let me tell you the challenges, Ayush. 520 00:30:43,360 --> 00:30:47,240 You're creating all the combinations through your quiz. 521 00:30:47,400 --> 00:30:49,080 Curly, straight, wavy, 522 00:30:49,200 --> 00:30:51,200 curly but oily and others. 523 00:30:51,280 --> 00:30:53,400 Even if there are 50 combinations... 524 00:30:53,480 --> 00:30:56,640 Nowadays, D2C brands 525 00:30:56,720 --> 00:30:58,400 are exploring every single category. 526 00:30:58,480 --> 00:31:01,200 For instance, curly with 20 different problems. 527 00:31:01,320 --> 00:31:02,400 Similarly for wavy hair. 528 00:31:02,480 --> 00:31:04,320 They have an SKU for everything. 529 00:31:04,320 --> 00:31:06,200 That's where the challenge lies. 530 00:31:06,480 --> 00:31:09,960 So, inventory or the number of SKUs is no longer a constraint. 531 00:31:10,840 --> 00:31:13,600 Best of luck to you. For now, I am out. 532 00:31:13,800 --> 00:31:15,520 [intense music playing] 533 00:31:15,520 --> 00:31:16,920 What is your repeat cohort? 534 00:31:26,760 --> 00:31:28,040 [tense music] 535 00:31:28,280 --> 00:31:29,200 But... 536 00:31:29,280 --> 00:31:31,360 According to me, 35% is good for a 6-month cycle. 537 00:31:31,440 --> 00:31:33,680 And our 20% repeat rate 538 00:31:33,760 --> 00:31:36,240 is because our business doubles up every two months. 539 00:31:37,480 --> 00:31:38,760 What is your personal goal? 540 00:31:38,840 --> 00:31:40,360 Do you want to stick to this category 541 00:31:40,440 --> 00:31:43,320 or you may choose any category as you want to grow your business 542 00:31:43,400 --> 00:31:44,720 somehow? 543 00:31:46,040 --> 00:31:47,480 I want to stick to this category 544 00:31:47,640 --> 00:31:51,560 and I want to optimise the product and give the best solutions. 545 00:31:54,400 --> 00:31:57,520 I can see a lack of product differentiation 546 00:31:57,600 --> 00:32:01,960 and the lack of a wow factor in terms of packaging and branding. 547 00:32:02,080 --> 00:32:03,280 I find it missing. 548 00:32:03,360 --> 00:32:04,720 So I'm out. 549 00:32:04,800 --> 00:32:06,160 [sweeping music] 550 00:32:07,840 --> 00:32:10,360 If you want to change the category 551 00:32:10,440 --> 00:32:12,160 and expand your business to make glasses... 552 00:32:12,240 --> 00:32:13,600 [chuckling] 553 00:32:13,800 --> 00:32:15,520 Then I might fund you. 554 00:32:15,760 --> 00:32:17,320 Ayush, tell me something. 555 00:32:17,520 --> 00:32:20,400 You spent just Rs. 10 lakhs out of Rs. 35 lakhs on marketing. 556 00:32:20,480 --> 00:32:21,960 How much profit did you make? 557 00:32:22,040 --> 00:32:23,640 [dramatic music] 558 00:32:33,480 --> 00:32:35,800 Secondly, your business will double up in two months 559 00:32:35,920 --> 00:32:37,400 and you'll generate Rs. 10 lakhs profit. 560 00:32:37,480 --> 00:32:38,920 Why do you want an investment? 561 00:32:40,040 --> 00:32:43,480 - I don't need just money, I need guidance too. - What guidance? 562 00:32:43,600 --> 00:32:46,560 Like you said that we can make its operation tech-based. 563 00:32:46,640 --> 00:32:50,480 I need input because I'm just 26 years old. 564 00:32:50,640 --> 00:32:52,040 There's a lot that I don't know. 565 00:32:52,160 --> 00:32:55,520 And we have marketed our product to the best of our abilities. 566 00:32:55,600 --> 00:32:58,720 I think all Sharks are out so I'll tell you my decision. 567 00:33:00,160 --> 00:33:02,040 I think your business is enticing. 568 00:33:02,160 --> 00:33:04,800 I was excited after I heard your profit numbers. 569 00:33:06,000 --> 00:33:09,360 On second thoughts, you are doing everything alone. 570 00:33:10,720 --> 00:33:13,200 You'd need a team as you scale up. 571 00:33:14,920 --> 00:33:16,960 So I think your profitability will take a hit. 572 00:33:18,240 --> 00:33:22,160 Sir, I agree but my profit will increase in proportion to the cost. 573 00:33:23,120 --> 00:33:25,240 Alright. I have a conditional offer for you. 574 00:33:25,400 --> 00:33:27,160 [suspenseful music] 575 00:33:27,800 --> 00:33:32,080 It's based on your profit in the next two months. 576 00:33:32,160 --> 00:33:34,480 We'll earn Rs. 75 lakhs after two months. 577 00:33:35,520 --> 00:33:38,640 As of now, we have a net profit of 17%. 578 00:33:38,720 --> 00:33:40,080 To be on the conservative side, 579 00:33:40,160 --> 00:33:44,360 I think we can make a profit of 10%-11% out of Rs. 75 lakhs. 580 00:34:03,200 --> 00:34:06,640 The BPC industry has companies with Rs. 2 crores monthly revenue 581 00:34:07,680 --> 00:34:10,640 but VCs aren't investing in them. How will I get the exit? 582 00:34:10,800 --> 00:34:14,400 I'll get it either from your cash flow or if a VC invests money. 583 00:34:14,640 --> 00:34:15,440 Right! 584 00:34:15,520 --> 00:34:17,360 I made this offer because of that reason. 585 00:34:18,400 --> 00:34:20,960 Plus your net revenue isn't Rs. 5 crores ARR. 586 00:34:21,080 --> 00:34:22,440 The ARR is Rs. 3.5 crores. 587 00:34:22,520 --> 00:34:26,400 It is Rs. 3.5 crores. If we reduce the GST, the valuation would be... 588 00:34:26,560 --> 00:34:28,040 - It would be 2X. - It's 2X. 589 00:34:28,120 --> 00:34:29,320 Higher than 2X. 590 00:34:30,760 --> 00:34:32,040 That's my last offer. 591 00:34:32,120 --> 00:34:34,000 [adventurous music] 592 00:34:45,400 --> 00:34:48,240 - Is it your final? - It's my final offer. It's non-negotiable. 593 00:34:48,320 --> 00:34:50,480 [dramatic music] 594 00:35:07,480 --> 00:35:08,640 Good decision, buddy! 595 00:35:08,800 --> 00:35:10,040 Thank you! 596 00:35:11,120 --> 00:35:12,440 Another A in the tank. 597 00:35:12,520 --> 00:35:13,800 Ah! 598 00:35:14,480 --> 00:35:15,680 [photo clicking] 599 00:35:16,240 --> 00:35:17,080 - All the best! - Thank you! 600 00:35:17,160 --> 00:35:18,720 - Okay, Ayush! Bye! - Thank you! 601 00:35:18,800 --> 00:35:20,360 - Good luck! - Thank you! Good luck! 602 00:35:20,800 --> 00:35:23,120 [triumphant music] 603 00:36:17,400 --> 00:36:19,080 'HoneyVeda!' 604 00:36:19,720 --> 00:36:23,720 If a honeybee is let out onstage somehow and it doesn't get caught, 605 00:36:24,720 --> 00:36:26,240 all of us will have to run away. 606 00:36:26,760 --> 00:36:30,960 [bee buzzing] 607 00:36:35,560 --> 00:36:37,920 [bee buzzing] 608 00:36:47,200 --> 00:36:50,960 Greetings, Sharks! You must have got scared after hearing this noise. 609 00:36:51,320 --> 00:36:53,600 - Yes! - It's natural. 610 00:36:53,680 --> 00:36:54,840 Contrarily, 611 00:36:54,920 --> 00:36:58,160 honeybees are no less than a boon for human beings. 612 00:36:58,240 --> 00:36:59,520 Really? 613 00:37:00,280 --> 00:37:02,240 Also, Albert Einstein said 614 00:37:02,320 --> 00:37:05,280 if honeybees don't exist, the world will end. 615 00:37:06,400 --> 00:37:09,480 Without the pollination done by honeybees, 616 00:37:09,560 --> 00:37:12,720 more than 70% of our crop yield will be affected. 617 00:37:18,880 --> 00:37:21,440 And we human beings 618 00:37:21,520 --> 00:37:24,800 destroy or burn the beehives 619 00:37:24,880 --> 00:37:27,080 mercilessly. 620 00:37:27,160 --> 00:37:29,240 [ethereal music] 621 00:37:29,320 --> 00:37:30,680 Only 20% of the hive 622 00:37:30,800 --> 00:37:33,880 contains honey. 623 00:37:34,000 --> 00:37:35,880 The remaining 80% of the hive 624 00:37:36,000 --> 00:37:39,000 consists of honeybees not yet born. 625 00:37:39,880 --> 00:37:43,080 All of them die or lose their home after the hive is destroyed. 626 00:37:44,800 --> 00:37:46,440 I couldn't tolerate this unfair practice. 627 00:37:46,520 --> 00:37:49,840 We started HoneyVeda to solve this problem. 628 00:37:49,920 --> 00:37:51,640 Greetings! My name is Hardik. 629 00:37:55,960 --> 00:37:58,080 [ethereal music] 630 00:37:59,400 --> 00:38:01,240 HoneyVeda is a brand 631 00:38:01,360 --> 00:38:04,000 that delivers bee products like honey and beeswax 632 00:38:04,080 --> 00:38:07,600 to customers without killing the bees. 633 00:38:08,160 --> 00:38:11,200 We have achieved expertise as a bulk supplier 634 00:38:11,280 --> 00:38:15,320 in the B2B vertical currently. 635 00:38:19,160 --> 00:38:21,760 into a reliable D2C brand. 636 00:38:23,040 --> 00:38:25,840 We have trained more than 200 farmers 637 00:38:25,920 --> 00:38:29,080 and tribal people in beekeeping. 638 00:38:36,680 --> 00:38:38,480 Sharks, our ask 639 00:38:38,560 --> 00:38:41,880 is Rs. 75 lakhs for 7.5% equity. 640 00:38:52,960 --> 00:38:55,600 Beekeeping is an interesting profession. 641 00:38:55,680 --> 00:38:58,920 Did you like doing it since your childhood or... 642 00:39:10,640 --> 00:39:13,440 And I chose beekeeping as a part of that programme. 643 00:39:14,240 --> 00:39:17,800 Later on, I came to know about the importance of honeybees 644 00:39:17,880 --> 00:39:19,800 and their contribution to farming. 645 00:39:19,920 --> 00:39:22,080 I got inspired 646 00:39:22,160 --> 00:39:23,800 and researched for three years 647 00:39:23,880 --> 00:39:27,680 in beekeeping alongside my job. I made mistakes and learnt 648 00:39:27,760 --> 00:39:31,080 from them. When I was confident, I left my job 649 00:39:31,200 --> 00:39:32,960 and launched HoneyVeda. 650 00:39:33,040 --> 00:39:35,280 [ethereal music] 651 00:39:37,400 --> 00:39:40,560 The pollination process 652 00:39:40,640 --> 00:39:42,880 has been benefiting 653 00:39:42,960 --> 00:39:46,080 farmers in getting a good yield for centuries. 654 00:39:47,960 --> 00:39:51,400 So naturally, when honeybees were killed near the farms, 655 00:39:51,680 --> 00:39:54,720 the farmers experienced a decline in their yield. 656 00:39:54,800 --> 00:39:57,320 [vocalising] 657 00:39:58,760 --> 00:40:00,240 Beekeeping is a scientific way 658 00:40:00,320 --> 00:40:03,880 of handling honeybees. 659 00:40:04,000 --> 00:40:06,480 [vocalising] 660 00:40:08,400 --> 00:40:09,720 Instead of killing them, 661 00:40:09,800 --> 00:40:12,680 we breed them to increase their population 662 00:40:12,760 --> 00:40:15,640 and harvest honey and other bee products. 663 00:40:15,760 --> 00:40:18,000 [dreamy music] 664 00:40:19,920 --> 00:40:23,640 It's a house for honeybees just like our houses. 665 00:40:23,760 --> 00:40:26,000 [mellow music] 666 00:40:26,080 --> 00:40:28,840 And it is fitted with frames like these. 667 00:40:30,680 --> 00:40:32,680 You may consider a frame to be a hive. 668 00:40:33,000 --> 00:40:34,520 We line this frame 669 00:40:34,600 --> 00:40:38,000 with a wax foundation sheet. 670 00:40:38,080 --> 00:40:41,720 Its appearance is hexagonal. 671 00:40:42,840 --> 00:40:45,640 The honeybees start making the honeycombs 672 00:40:45,880 --> 00:40:47,680 on the foundation sheet. 673 00:40:47,800 --> 00:40:49,120 The bee box 674 00:40:49,200 --> 00:40:51,400 has only one queen. 675 00:40:51,520 --> 00:40:53,720 Look at the circled honeybee. 676 00:40:53,840 --> 00:40:57,280 Its length is greater than the worker bees. 677 00:40:59,120 --> 00:41:01,320 - The queen bee! - Only one queen bee stays in one house. 678 00:41:01,400 --> 00:41:03,800 It's a miracle that Shark Tank has two queens. 679 00:41:03,880 --> 00:41:05,280 [chuckling] 680 00:41:07,000 --> 00:41:10,760 If we want to take them to a lychee orchard in Uttarakhand 681 00:41:10,880 --> 00:41:13,960 or the mustard flora of Rajasthan 682 00:41:14,040 --> 00:41:16,040 or Gujarat's ajwain farms, 683 00:41:16,160 --> 00:41:18,360 we do the migration. 684 00:41:19,520 --> 00:41:22,680 Let me tell you that the boxes contain honeybees. 685 00:41:23,320 --> 00:41:25,920 We deploy these boxes 686 00:41:26,040 --> 00:41:27,640 beside the farm. 687 00:41:27,760 --> 00:41:29,440 [ethereal music] 688 00:41:31,560 --> 00:41:34,160 Then the honeybees sit on the flowers 689 00:41:34,280 --> 00:41:37,440 and collect the nectar and pollen. 690 00:41:37,520 --> 00:41:38,880 It brings the pollen 691 00:41:38,960 --> 00:41:40,520 and deposits it 692 00:41:40,640 --> 00:41:44,160 in the hive which is used to make honey. 693 00:41:44,240 --> 00:41:47,000 [inspirational music] 694 00:41:49,720 --> 00:41:53,440 'If I do beekeeping beside a farm, ' 695 00:41:53,640 --> 00:41:56,720 'it'll help agriculture ultimately.' 696 00:41:57,080 --> 00:42:00,400 'The farmers will benefit as their yield will increase.' 697 00:42:00,480 --> 00:42:02,760 [motivational music] 698 00:42:02,880 --> 00:42:06,080 'My benefit is that I'll get honey from fresh flowers' 699 00:42:06,160 --> 00:42:08,960 'for my consumers.' 700 00:42:12,200 --> 00:42:14,000 Have you brought honey for us to taste? 701 00:42:14,080 --> 00:42:15,400 - Yes! - Yes, we have. 702 00:42:17,680 --> 00:42:19,720 [joyful music] 703 00:42:24,280 --> 00:42:26,040 It must be loaded with sugar. 704 00:42:26,160 --> 00:42:27,520 It contains natural sugar. 705 00:42:27,600 --> 00:42:29,480 After the honeybees suck 706 00:42:29,560 --> 00:42:33,440 the sucrose from flowers, they divide it into fructose and glucose. 707 00:42:34,960 --> 00:42:37,680 Ajwain is too enticing. 708 00:42:37,760 --> 00:42:39,920 Though it's sweet, it tastes like ajwain. 709 00:42:40,000 --> 00:42:41,680 Actually, it's our hero product. 710 00:42:47,400 --> 00:42:48,680 Thank you! 711 00:42:52,000 --> 00:42:54,680 Is it something special made by you? 712 00:42:54,760 --> 00:42:57,640 It's our industry's irony 713 00:42:57,800 --> 00:43:01,760 that the production of mustard honey is the highest 714 00:43:03,040 --> 00:43:06,160 but it's not in demand in India because it gets crystallised. 715 00:43:06,280 --> 00:43:07,960 Mustard honey comprises 716 00:43:08,040 --> 00:43:11,640 more than 80% of our exports 717 00:43:13,240 --> 00:43:15,720 because they don't have a problem with crystallisation. 718 00:43:16,960 --> 00:43:19,040 In future, we'll introduce this product 719 00:43:19,120 --> 00:43:21,640 from a refrigerated supply chain 720 00:43:21,760 --> 00:43:24,560 and try to project it as a replacement for jams. 721 00:43:31,200 --> 00:43:33,480 if a honeybee comes here 722 00:43:33,560 --> 00:43:35,480 and we shoo it away, you'll start crying. 723 00:43:35,560 --> 00:43:37,720 - Yes. - Right? 724 00:43:37,800 --> 00:43:40,200 How did you get rid of your fear of honeybees? 725 00:43:40,320 --> 00:43:44,280 Its impact and the business opportunity 726 00:43:44,360 --> 00:43:47,440 might have helped me to carry on. 727 00:43:47,520 --> 00:43:49,240 Money shooed your fear away. 728 00:43:49,360 --> 00:43:51,160 [laughing] 729 00:43:51,240 --> 00:43:54,600 Please educate me from a health perspective. 730 00:43:54,680 --> 00:43:58,000 As a sugar substitute, is honey better 731 00:43:58,280 --> 00:44:00,920 than jaggery and dates? 732 00:44:01,000 --> 00:44:05,160 I don't know it on a calorie-count basis 733 00:44:06,000 --> 00:44:08,520 but in terms of nutrients, 734 00:44:08,600 --> 00:44:09,920 it's one of the superfoods. 735 00:44:10,040 --> 00:44:13,440 It's my advice to you that it's always good 736 00:44:13,520 --> 00:44:15,000 to know your competition. 737 00:44:16,440 --> 00:44:17,640 And for honey, 738 00:44:17,720 --> 00:44:20,320 - one of your biggest competitors is jaggery. - Jaggery! 739 00:44:25,600 --> 00:44:27,360 You must be fully educated. 740 00:44:36,560 --> 00:44:37,400 Okay. 741 00:44:37,480 --> 00:44:39,360 In FY 20-21, 742 00:44:44,400 --> 00:44:46,240 - Alright. - The second major chunk was from bulk orders. 743 00:44:46,360 --> 00:44:49,280 And the third major chunk was earned through our brand. 744 00:44:49,400 --> 00:44:51,080 [dramatic music] 745 00:45:14,600 --> 00:45:16,560 By last year, we were confident enough 746 00:45:16,680 --> 00:45:18,760 to meet the major exporter 747 00:45:18,840 --> 00:45:20,280 of these products. 748 00:45:20,360 --> 00:45:23,800 We explained to him the concept of beehive-to-bottle. 749 00:45:23,880 --> 00:45:27,480 They were assured that we can give them a consistent supply 750 00:45:27,560 --> 00:45:29,760 and we gradually increased our sales. 751 00:45:29,840 --> 00:45:31,760 The funding we'll get 752 00:45:31,840 --> 00:45:33,880 will majorly be used for two things. 753 00:45:33,960 --> 00:45:35,920 You mean the fund you'd get from us. 754 00:45:36,000 --> 00:45:38,160 - Did you already get funds? - No. I mean Sharks. 755 00:45:38,840 --> 00:45:40,720 It seems you are sure of getting funds. 756 00:45:41,360 --> 00:45:43,000 I'm hopeful. 757 00:45:43,600 --> 00:45:45,720 - Awesome! - How will you utilise it? 758 00:45:45,840 --> 00:45:48,440 We have 600 such colonies. 759 00:46:10,880 --> 00:46:12,960 the margin can go up to 30%. 760 00:46:13,040 --> 00:46:15,080 But 30% is still less, right? 761 00:46:15,160 --> 00:46:17,400 Ma'am, there are no expenses after sales in this business. 762 00:46:17,480 --> 00:46:19,480 [dramatic music] 763 00:46:19,560 --> 00:46:21,080 What do you do? 764 00:46:21,400 --> 00:46:22,880 Sir, I'm his brother. 765 00:46:22,960 --> 00:46:25,600 - Alright. - Basically, I work as a distributor of pharmaceuticals. 766 00:46:25,680 --> 00:46:26,720 What are you saying? 767 00:46:27,920 --> 00:46:30,000 So your deal is confirmed. 768 00:46:32,480 --> 00:46:34,200 What companies do you distribute for? 769 00:46:34,320 --> 00:46:35,720 I do it for 28 companies. 770 00:46:35,800 --> 00:46:38,040 - Do you work for Emcure? - No. I'm sorry. 771 00:46:39,520 --> 00:46:42,240 Aren't you two together in this business? 772 00:46:42,320 --> 00:46:43,480 - We work together. - Okay. 773 00:46:43,600 --> 00:46:47,120 He has the experience of running a family business for 15 years. 774 00:46:47,200 --> 00:46:49,800 So I appointed him as the director. 775 00:46:50,320 --> 00:46:53,360 I have never liked honey but my wife and kids eat them. 776 00:46:53,440 --> 00:46:55,000 What do you like then? 777 00:46:55,440 --> 00:46:57,120 Butter chicken I guess! 778 00:46:59,400 --> 00:47:00,880 I'm not interested in honey. 779 00:47:00,960 --> 00:47:03,400 For me, my wife is the only honey in my life. 780 00:47:03,480 --> 00:47:05,320 And I adore her. 781 00:47:07,000 --> 00:47:10,480 Also, I don't like the taste of honey. 782 00:47:11,520 --> 00:47:13,840 So I'm out. 783 00:47:14,520 --> 00:47:17,200 There are two things because of which I'm out. 784 00:47:18,440 --> 00:47:21,280 Number one, there's confusion 785 00:47:21,400 --> 00:47:24,560 because you want to sell honeybees and bulk orders too. 786 00:47:24,640 --> 00:47:27,800 You want to venture on towards becoming a trusted D2C brand also. 787 00:47:28,800 --> 00:47:32,920 It's a bit difficult to do all these things simultaneously 788 00:47:33,000 --> 00:47:34,760 in a cluttered and unorganised market. 789 00:47:35,680 --> 00:47:37,800 So it's an early stage for me 790 00:47:37,880 --> 00:47:40,360 - but I wish you the best. - Thank you! 791 00:47:40,480 --> 00:47:43,560 You want to be a D2C brand but you are in an early stage. 792 00:47:44,440 --> 00:47:46,520 I think you should pursue it 793 00:47:46,600 --> 00:47:48,680 and make it a brand as you have the core strength. 794 00:47:48,760 --> 00:47:50,480 You'll surely do well in this category 795 00:47:50,600 --> 00:47:52,840 - but I'm out for now. - Okay. 796 00:47:53,200 --> 00:47:55,000 I think 797 00:48:07,440 --> 00:48:08,760 how will you go about it? 798 00:48:08,840 --> 00:48:11,600 Can you chalk out a plan for the next three years? 799 00:48:12,600 --> 00:48:15,320 Firstly, we will have to increase our production 800 00:48:15,440 --> 00:48:17,400 so we'll increase bee colonies. 801 00:48:17,840 --> 00:48:19,320 What will be the cost? 802 00:48:19,640 --> 00:48:23,000 - It'll cost around Rs. 60 lakhs. - Alright! 803 00:48:23,080 --> 00:48:25,560 Our products are ready to be exported. 804 00:48:25,640 --> 00:48:29,400 We just need licenses and certificates related to exporting. 805 00:48:30,320 --> 00:48:32,760 As soon as we finish increasing our colonies, 806 00:48:32,840 --> 00:48:36,000 we'll get the certification and licenses first. 807 00:48:36,080 --> 00:48:38,720 What will be your profit this year? I mean the net profit. 808 00:48:38,800 --> 00:48:43,480 We have saved Rs. 7 lakhs after deducting all the expenses. 809 00:48:45,280 --> 00:48:48,760 Our target is to increase it to Rs. 3.5 crores to Rs. 4 crores 810 00:48:48,840 --> 00:48:50,680 - if we get funded. - What about profit? 811 00:48:50,760 --> 00:48:54,560 We'll safely secure 25% of the sale. 812 00:48:54,640 --> 00:48:58,080 - So you'll earn a profit of Rs. 30 lakhs to Rs. 40 lakhs. - Yes! 813 00:48:58,800 --> 00:49:00,360 10%... 814 00:49:00,480 --> 00:49:03,400 - What do you think? - I'm thinking Rs. 50 lakhs 815 00:49:03,720 --> 00:49:05,640 and 10% for both of us. 816 00:49:05,720 --> 00:49:07,880 - What is the valuation you want to give? - Rs. 2.5 crores. 817 00:49:41,040 --> 00:49:44,640 We'll also give you Rs. 25 lakhs as a debt 818 00:50:05,080 --> 00:50:07,240 Thank you very much for your trust 819 00:50:07,320 --> 00:50:08,680 and for making an offer to us. 820 00:50:08,760 --> 00:50:09,760 What is your counteroffer? 821 00:50:18,880 --> 00:50:21,000 I have offered debt so many times 822 00:50:21,080 --> 00:50:24,880 on Shark Tank. It's the first time, somebody negotiated for interest. 823 00:50:26,080 --> 00:50:28,800 No, Hardik. Try to understand 824 00:50:28,880 --> 00:50:31,080 - that we know how to establish a business. - Of course! 825 00:50:31,160 --> 00:50:33,000 Your business requires tremendous effort. 826 00:50:35,040 --> 00:50:37,400 Please say yes or no and then we'll take it forward. 827 00:50:38,800 --> 00:50:41,440 Your business requires strenuous efforts so accept his offer. 828 00:50:41,520 --> 00:50:43,640 - They are good partners. - We didn't aim to get a good valuation. 829 00:50:43,720 --> 00:50:44,840 You assured us 830 00:50:44,920 --> 00:50:47,720 that you'd support us in future when our company needs you. 831 00:50:47,800 --> 00:50:50,400 We are trusting you on this 832 00:50:50,760 --> 00:50:51,920 and we close the deal. 833 00:50:59,920 --> 00:51:02,760 - Cosmetics... - Beeswax! Beeswax is used a lot. 834 00:51:02,840 --> 00:51:04,680 I'll buy it from you. 835 00:51:04,800 --> 00:51:05,680 Thank you very much! 836 00:51:07,000 --> 00:51:08,240 Congratulations! 837 00:51:08,320 --> 00:51:09,680 - Thank you! - Congratulations! 838 00:51:09,760 --> 00:51:12,240 [triumphant music] 839 00:51:14,320 --> 00:51:15,160 Thank you! 840 00:51:15,240 --> 00:51:16,880 Thank you, Sharks! 841 00:51:17,000 --> 00:51:18,840 - Best of luck! - Thank you! 842 00:52:32,520 --> 00:52:34,680 'Peyush, in today's Shark Xperience segment, ' 843 00:52:34,760 --> 00:52:36,800 'Rahul from Moga has a question for you.' 844 00:52:36,880 --> 00:52:39,280 'What is investment winter?' 845 00:52:39,360 --> 00:52:42,400 'And how does it affect businesses?' 846 00:52:43,000 --> 00:52:45,760 The investors have a herd mentality