My God! What's happening?
You moved our chairs. Who moved our chairs?
- Wow! DARYAGANJ! It's your choice, right? - Yes!
Amazing!
We'd be asked to give a valuation of Rs. 200 crores at least.
- Minimum! - Yes!
Ooh! Nice!
What's up?
Looking good!
[inspirational music]
[ethereal music]
Greetings, Sharks! I'm Raghav.
Sharks, when Indians visit someone,
they take some food items with them as gifts.
So today we are presenting to you DARYAGANJ from Delhi.
[funky music]
So, Sharks, please have some food
and have fun.
Until then I'll narrate a story to you.
It started in 1947.
Shall we eat first
or eat as you narrate?
Actually, I ate four pieces of onions already. I will have more.
Please stay away. I don't want to sit next to you.
Please give us two minutes.
I'm the sufferer. He's sitting beside me after eating onions.
It started in 1947.
There were mixed emotions.
On one hand, the whole of India
was celebrating independence...
[ethereal music]
And on the other hand,
millions of people lost all their belongings
and started a new life
with the remains.
This is how a refugee, Kundan Lal Jaggi
moved to Daryaganj in Delhi from Peshawar.
He had talent.
He could cook delicious food.
[vocalising]
He soon opened a restaurant
along with his two friends.
One fateful night, the restaurant welcomed plenty of guests
but all the food in the kitchen was sold out.
He went into the kitchen
and cooked the leftover pieces of tandoori chicken
in a gravy of tomatoes and butter.
Then he served the same dish.
And, Sharks, guess what was invented?
- Our very own butter chicken! - Butter chicken!
Woo-hoo!
- Woo-hoo! - Yay! Celebrations!
Wow! [carnival music]
The original 1947 butter chicken
for all of you.
What about vegetarians?
- Butter paneer! - Butter paneer!
[amusing music]
And just by chance, dal makhani
- was also invented in the same restaurant. - Wonderful!
Really? Both these dishes were invented in 1947!
And Kundan Lal Jaggi, the man who invented
butter chicken and dal makhani was my grandfather.
- Oh! Nice! - Congratulations!
Congratulations, my friend!
He ran the restaurant till 1992
and then he retired.
He was awarded the Culinary Legend Award in 2015
by the apex body of India.
We were in discussions about reviving his legacy.
Unfortunately, my grandfather died in 2018.
[mellow music]
We launched DARYAGANJ in 2019.
[motivational music]
The most authentic and flavourful restaurant
for North Indian cuisine that, hopefully, you'll experience.
[joyful music]
It is a complete tribute to his culinary legacy.
and five more cloud kitchens.
Where are your restaurants situated?
We are available at five locations in Delhi.
We'll soon be available in other locations too.
We plan to open 100 restaurants in the next five years.
- A hundred restaurants! - Yes!
So, Sharks, our ask is
Rs. 90 lakhs for 0.5% equity.
Sharks, shall we go to DARYAGANJ?
We won't go to DARYAGANJ.
We thank you for bringing
DARYAGANJ here.
- The food is delicious. - Thank you!
I visit your restaurant frequently.
- And your... - Oh, thanks! That's great to know.
He already knew it. That's why they made you the head of the table.
[laughing]
And the butter chicken you serve is a class apart.
You serve two types of butter chicken.
- That's right. - One is the original butter chicken
- and the second is Today's Butter Chicken. - That's great!
You may go and stand with them.
You are absolutely right.
Aman, you have done elaborate research.
No! Let me enlighten you.
I told Aman, "let's eat here."
He said, "no. We must go to DARYAGANJ
two km away. We'll go there by car as they serve yummy butter chicken.
- Are you serious? - I said I'm vegetarian.
"I don't eat butter chicken."
"They must be making good vegetarian food also but I never ate it
but we'll eat butter chicken." [chuckling]
And then he tried to convince me
but I didn't know that you make delicious butter paneer.
That day we didn't go there but
he's genuinely your biggest fan.
- Wow! - We are so grateful.
That's heartening to hear.
Your sales would surely increase now.
And now we are also big fans.
Please tell us the relationship you share with each other.
It'll help us understand. How did you meet? And how did you start?
Anupam, I grew up in Delhi.
I studied at St. Columba's in Delhi.
Amit and I studied there since we were five years old.
I completed high school and then got admission to St. Stephen's College.
Soon I joined a start-up and moved to the US.
What start-up?
- EXL Service. - Okay!
I still work for them.
I always wanted
to revive my grandfather's legacy. Right?
And I wanted to actually bring back the authentic taste.
It went missing from the market.
I discussed this with Amit.
Amit said, "100%! Let's just go ahead and do it."
[motivational music]
Amit is the captain of the ship for DARYAGANJ.
He was a restaurateur.
Are you the investor?
- I bring the family legacy. - The trademark.
You own the trademark.
I give my input to Amit.
He's the founder and promoter.
And Gurpreet is the corporate chef and the chief operating officer.
Is it a fine-dining restaurant?
It's a casual dining restaurant. It isn't really a fine-dine restaurant.
- Indian Accent is another such restaurant. - Right.
It's difficult to scale up in terms of volume.
Sharks, I was the chef de cuisine in Indian Accent when it launched.
So I know how they operate.
They could open one, two or three more branches.
The DARYAGANJ restaurant aims
to serve the original butter chicken to the maximum number of people in th
That's why our recipes are very simple.
Sharks, trust me. With this brand, I have turned into a farmer.
We have... And I'm serious. [laughing]
We produce the kind of tomatoes we want
and that's the reason, this quality
and this consistency are not easy to copy.
You are the chief marketing officer.
- Strike off the 'I' from 'chief'. - Exactly!
- You could be a chef marketing officer. Right? - No!
What is your price point?
Our price point
is 15% to 20% less
than all our competitors.
Please tell us the price of butter chicken.
the equity structure for this business.
- We have spent around Rs. 13 crores by now. - Oh, wow!
- In this business? - Yes.
How much did you invest personally?
- I invested around Rs. 6 crores to Rs. 7 crores. - Wow!
What about the rest of the amount?
The remaining amount was invested by Vijay Bhalla and his office VVLS.
Amit and some of our friends also invested.
- Firni... Can you serve firni? - I'll bring it for you.
We have been hearing just one thing from you.
Food, food, food!
The person who makes food has the least equity. Can you explain it?
Anupam, I met Gurpreet in New York.
He used to work full-time.
He joined us full-time only recently.
Gurpreet worked
as a consultant till now.
Gurpreet, please elaborate.
When DARYAGANJ was being discussed, I was planning to go to New York.
I was planning to launch my restaurant on Diwali.
And Raghav just walked in and said,
"I want to organise a business party for 80 people."
I hadn't opened my restaurant yet.
I made the arrangements and cooked for his party.
I had no clue that it wasn't a party but my trade test.
He toiled and went to New York but you brought him back.
[laughing]
So you don't have a problem with 2.5% equity.
The word 'siyapa' is interesting.
Please share your sales figures.
So your net revenue for the last month is Rs. 3 crores.
Yes. Our last month's net revenue was Rs. 3 crores.
- Please tell us last year's figures. - Sure.
What is your run rate this year? How far will you reach?
- Please tell us your margins too. - Alright.
to tell you that I want to be an investor because a good product...
- Oh my God! - That's amazing.
- That's amazing. - It adds on. Right? But I didn't get the time.
Unfortunately, you came here today.
Sir, are you nervous?
So I'm in for the deal.
[inspirational music]
I'm not able to understand
why you are asking for such a high valuation.
We have three things
which we think are unique.
We have a legacy that can't be replicated.
Secondly, in our business,
every single restaurant is profitable on its own.
And we are extremely cash flow positive.
But 20% profit isn't a good profit at the restaurant level.
It's considered good at the restaurant level.
Alright. Please explain to him
- the restaurant-level margin structure. - Sure!
I agree.
A family office called One Digi.
Why did you approach family offices instead of institutional ones?
We just felt that it was too early.
You know why the institution won't fund you.
Because the actual
CEO has 20% equity.
And as an investor, you have 50% equity while he has 20% equity.
Practically speaking, your only contribution is the investment.
- Yes! - That's right.
Let's be practical. "They have 70% equity."
Institutional investors think
that the entrepreneur who is toiling to grow the business
should own maximum equity.
I'm not in agreement with your term sheet
and the discount.
Let me make an offer. Rs. 90 lakhs for 1% equity.
- Let me hear all the offers and come back to you. - Sure!
I have made my decision.
Your business is nice and the food is good.
I think the valuation you expect
isn't exciting enough return-wise.
[dramatic music]
There isn't much technology play in this business
so I won't be able to add value to it.
For this reason, I'm out.
[dramatic music]
- But your business is good. - Thank you!
I'll tell you my issue. This is a very cluttered market.
Usually when I invest in a cluttered market,
whether it is skincare or food or fashion or whatever,
I look for a differentiator.
I haven't had butter chicken. I'm a vegetarian.
But at least between dal makhani and paneer,
I didn't find a differentiator.
[intense music playing]
You know, again, this is an industry in which I have no expertise.
So for that reason, I am out.
- But thank you again. - Thank you.
Thank you.
Tell me something.
You believe this is a big opportunity, Raghav.
No matter how big a business you are running as a professional,
if this really is a multi-billion dollar business,
as you have described,
and you've promised to return our investment,
why don't you part with the equity and sit back?
[intense music playing]
- Anupam... - You own 50% of the cap table.
That is the biggest stumbling block.
The reality is I do not have the competence
to run a restaurant business, right?
Amit has the competence.
I know him since he was 5 years old.
Sir, that's not where the problem lies.
The problem is you're sitting in New York with 50% equity.
[intense music playing]
Anupam, I am happy to offload 20% to you.
Give me 20% equity in Rs. 50 crores.
I will give you an additional 90 lakhs for your ask and valuation.
I didn't understand. Can you repeat the question?
- Exactly! - That's an offer, Aman.
I told him I'd give him Rs. 10 crores
- for a Rs. 50 crores valuation. - Okay.
- Give me 20%. - Take the offer.
As for the valuation they've asked...
I can't offer this to you. Accept the offer.
Then for 0.5%, I will give you Rs. 90 lakhs
which is a Rs. 180 crores valuation.
It's a lucrative offer,
but the valuation for me is significantly off.
I think the risk-return ratio is completely off balance.
not in favour of the investor.
- So, I am out. - Right.
[tense music playing]
But the food was good. Thank you.
- Do well. All the best. - Thank you.
My belief is if the product is good...
- Right. - Everything else will fall in place.
But as Anupam rightly said,
your intervention will be needed as you have 50% equity.
You are right, Aman.
I am in favour of the secondary sale of shares when the time is right.
[intense music playing]
I can't give you a high valuation.
Vineeta is wealthier and parts with more money.
I can offer you only Rs. 50 lakhs for 1%.
Which is Rs. 50 crores valuation.
The rest will be debt.
- What will the interest rate be, Aman? - Oh, yes. 12%.
Or you could reject them just as you rejected me
and go back to Daryaganj.
You may decide.
[intense music playing]
- Could we take two minutes, Sharks? - Yes?
- Just give us two minutes. Let's go. - Excuse us.
[intense music playing]
Vineeta, how wealthy are you?
You give a valuation of Rs. 90 crores as if it's peanuts!
[intense music playing]
Welcome back, guys. The real Sharks are here.
Aman, we would love for you to be a part of the brand.
But your valuation is genuinely low.
I have no problem with your second condition.
We genuinely wish to make a counteroffer.
[intense music playing]
If you think this is not fair,
then in the next formal round that we raise,
you and Vineeta both can join us.
It'll make it easier.
I am out. You made your pitch to Aman.
- No... No! - No.
Vineeta, we are starting...
We are starting. We are just addressing Aman first.
Then we will come to a close with you.
We are just making it easy.
Aman, if you think
we have a disconnect when it comes to the valuation,
until the next formal round that we raise,
we will give you 12% interest on Rs. 90 lakhs.
And we will offer you a 30% discount on the round
on the valuation at that point.
- Convertible? - Yes.
If you raise a round after a year, the discount will increase further.
- Yes. - And if you don't for a decade,
- that 30... - Yes, you're right.
[tense music playing]
I'll make you a final offer.
[intense music playing]
Rs. 90 lakhs.
At a valuation of Rs. 90 crores.
And we've gone from Rs. 50 crores to 90 crores.
And this is only for the love of food.
[chuckles]
Aman, I have an additional... It's more of a request.
[intense music playing]
We need a certain amount of your time.
Not a lot, even an hour a month will do.
But truly turbo charging
- our marketing strategy... - You don't need to butter him up.
- No. - He has had enough butter in your chicken!
Let me tell you something.
What are you mumbling?
- [laughs] - Basically, we want you both
- to come... - No, I offered you a better valuation.
You spoke to Aman first.
- This is... It's evident. - No...
- No, Vineeta. - Right? I am out.
[intense music playing]
I am certainly out.
I offered you a higher valuation of Rs. 40 crores.
You had an option.
You made a three-minute sales pitch to Aman.
And when I said I am out, you also said you're out.
[intense music playing]
- No, Vineeta. It's not... - No, I am out.
- Gosh! - 100% respect.
- It wasn't the case. - Come on now.
- Butter chicken brand ambassador... - Guys...
- Okay. I'm vegetarian. - Guys, four Sharks are out.
You may speak to Aman.
[intense music playing]
We're not here to waste one another's time, okay?
Nor will I run your business.
[intense music playing]
You thought you'd offer him 2.5% to run the business,
and 20% to them.
And Aman will do 1% marketing.
That's not happening.
I'll be available when you need suggestions or have a discussion.
- Perfect. - I'm a mentor.
- Absolutely. - I'm not one of your guys.
You can't buy me out with 1%.
No way.
- I won't come. - Right.
I'm investing because I'll give you time.
- Deal done, Aman. - Whoa!
[euphoric music playing]
Thank you.
Nice.
Guys, I have a few restaurants. You want to come...
[laughs]
[bubbles rising]
[upbeat music playing]
I'm back at my own school this time which is ISB.
I get really inspired by school and college students.
If I can inspire even one student,
then my job is done.
Ladies and gentlemen, I would like to invite
the CMO and the co-founder of boAt.
A 1.4 billion valued company.
The brain behind the brilliant marketing strategy of boAt,
Aman Gupta, our very own alumnus of class 2011.
I sport my boAt T-shirt to this day.
Now, this guy is taking pictures.
If he puts it up somewhere, that's free marketing for boAt.
Marketing is tough at airports.
It's expensive. So, I stand there myself.
[song playing]
My mantra is simple.
Don't chase after grades, chase after holistic learning.
You can be successful even with lower grades.
I wake up early.
I have to drop her to school.
- It's heavy. You can't take this. - You have to, okay?
- Take some of it out. - No!
Why do you have two lunch boxes? Eat something.
No!
[chuckles]
Aman is scared of everything.
Aman's first instinct is to cover his eyes
and not see what's happening.
[rock music playing]
[upbeat song playing]
boAt boasts a freestyle work culture.
We have a gen Z and millennial crowd.
No one can force them to work.
For them, every day is a Sunday and every day is a Monday.
And that's what I believe in also.
When that happens, you get the best out of a person.
This packaging and the feel is outstanding.
This is boAt.
I am experiencing things in life that I had never dreamt of.
I didn't think I'd be part of Shark Tank.
Or I'd earn all this fame.
Or that our business would grow this big.
But I thought when we start doing well,
we should start manufacturing in India.
People told us that electronics can't be manufactured in India.
We vowed to do it.
It's costly in the beginning. It always is, but we did it.
When we walk on the factory floor
and read "made in India by an Indian brand' on our product,
it makes us proud.
It's a different feeling.
[patriotic song playing]
I live life for enjoyment.
If I don't enjoy something, I don't do it.
I want everyone to live their lives just like this.
Stay happy, be happy.
- Hello! - Hello.
Life is a celebration to me.
And you get the motivation to live life
only if you enjoy it.
The Indian brand boAt
is now the world's second-largest wearable brand.
- Whoa! - Cheers to all of us. Cheers.
Let's celebrate.
And a famous company said, "Do what floats your boat".
Wait, who was it? It was us!
[jangling]
[ethereal music]
Wonderful!
[jangling]
Sharks, I present to you our oldest,
most faithful and most trustworthy companion.
[thrilling music]
It went to the first world war and the second world war
along with the Indian army.
India's first rocket
- was launched with its help. - Wow!
Milk was distributed to every house during the milk revolution.
A cycle is still a means of daily commuting
for 58% of the population.
It lagged behind with the changing times.
[sweeping music]
We are now upgraded to 5G from 2G.
Earlier the food was delivered in 30 minutes. It reduced to 20 then 10.
Maybe soon the food would be delivered in two to three minutes.
It's called DVECK.
I'm the inventor of this machine.
It's my kid and I'm its dad.
[laughing] And I'm also
the founder of my company, DV.
My vision is to make DVECK a household name
so that it reaches my estimated customer base of 8 crore people.
I want to bring about a revolution of speed.
Sharks, my ask is
100 hours of your time for 0.5% equity
That is the plan.
- What is your name? - My name is Gursaurabh.
Now I remember!
[laughing]
That's my comment.
What have I written?
You wrote, 'what a super initiative!'
'What's the next step? And how to reach out?'
Oh!
I couldn't reply to your comment. Then other people...
Why didn't you reply?
The thing is,
I made this video in February 2020.
I uploaded it on 8 February
and I woke up on 9 February with 800 messages on WhatsApp.
Seventy missed calls.
I'm being influenced and getting offers on social media.
People even talked about 1 crore units.
You know, it's influenced.
I don't want to lose focus.
So I took a break and went back to Hisar.
I began redeveloping it.
When I came back to Delhi in June 2020,
I saw the fuss around it.
And I felt bad because I should have responded.
- Can you show the video to everyone? - Yes, sure!
[inspirational music]
Its first USP
It easily fits into an ordinary cycle within 20 minutes
It can be connected to your phone with the help of an app
over wi-fi and Bluetooth
and give useful information.
For example, the location of the cycle, GPS tracking and so on.
[thrilling music]
A major breakthrough is its pedal-charging capability.
Its battery charges with pedalling.
Does it increase the range too?
After we pedal, does it help cross the 40 km limit
and run for another 20 km?
Its power is endless.
You can keep pedalling, keep charging and keep riding it forever.
[thrilling music]
Its most important feature
is that it isn't affected by water,
electricity, dust or mud.
It can endure fire too.
Let me demonstrate.
Gosh!
[suspenseful music]
My friend, please be careful.
- Are you ready? - I was born ready!
[giggling] Woo-hoo!
[upbeat music]
Let's welcome you, Mr. Gursaurabh Singh.
Welcome to Shark Tank India season 2.
- I want to know about your ask. - Okay.
How did you think
of 100 hours and why?
Why do you think that 100 hours are enough for you?
Sir, my expertise is related to manufacturing and R&D
so it's basically product development. That's one thing.
Secondly, I reduced its cost
to as low as possible.
We can't reduce it further
even if we manufacture it in China or Japan.
The next step is distribution.
I don't have its knowledge.
[whimsical music]
If we tread the same old pattern
where an importer orders the items
and sells them to a dealer who sells them to a sub-dealer,
many layers will be added.
And we'd follow the pattern of the EV industry.
And I'm sorry to say
that the EV industry doesn't care about ethics.
- But... - Hold on, sir!
They don't want to know
the customer's complaints.
There are electric cycles equivalent to my cycle in the market.
- Can you guess the price? - I have no idea.
Rs. 40,000, Rs. 45,000 or Rs. 48,000.
What's the cost of your kit?
My manufacturing cost of the base model is Rs. 9,000.
than any motor in the market including Bosch.
45% or 50%, whatever!
Can't you sell just the motor?
- Won't you profit that way? - I can!
- Again... - Just wondering!
- Anupam, again... - Hold on!
- Let's not digress into... - Buddy,
please let others also speak.
You have come here to pitch. So, we will ask the questions.
You said the EV industry doesn't listen to anyone. Do you?
- You don't either. - Okay, please.
- Be patient. - Okay.
- Tell me. - Maybe we don't understand.
- Absolutely. - Please forgive us.
- Please... - Listen, please.
If you've made a very efficient motor,
- it will have only one supply chain. - Yes.
Wouldn't that make a more efficient business instead of selling cycles?
Have you thought about it?
I can go in the direction where the profits are high.
Okay.
Again, coming back to the point I made at the start.
That's not my vision currently.
Creating an impact is my foremost vision.
- So, you think a Shark giving you 100 hours... - Right.
You might be able to learn this
- owing to their experience. - Absolutely.
- That's why you offered 0.5% equity. - Absolutely.
You must have a number in mind. Our time has value too.
Absolutely.
Don't you have a financial number in mind
of what the valuation should be?
Sir, speaking of valuation...
If a product is in a nascent stage,
it's not possible to ascertain its valuation.
I don't agree.
What did you do before this?
I was in the manufacturing industry.
My prime expertise is mould and die-making.
Aluminium sheet is my expertise.
I've spent 16 years in this field.
My family has no background in this, sir.
I don't even hold an engineering degree.
I hold a degree in literature.
This has always been my passion.
It started with motorcycles.
Then I forayed into motorcycle trading.
From trading, I moved on to parts and their manufacturing.
And from manufacturing to die-making.
I made a switch to electric five years ago.
I have a simple understanding.
If someone is on foot, he can cover a 5 km radius at most.
If someone is on a cycle, he can cover 10 km.
If you can extend that radius, then everything will be accessible.
[euphoric music playing]
Education, bank...
- Life, recreation, everything. - Amazing thought.
[euphoric music playing]
I kept that in mind and began work on this.
Hang on, I have a question.
What was your source of income back then?
I mostly used up all my savings when I started this project.
Then I sold off my assets.
My parents and sister also pitched in.
I took loans from the rural bank.
How much money did you invest?
I spent Rs. 68 lakhs on it, sir.
Is that, over there, an actual working model?
- Can we check its weight? - Yes, sure.
Take it for a spin, Anupam.
[pleasant music playing]
What do I do now?
- Accelerate it like a motorcycle. - Just accelerate.
[whirring]
It's noisy. It is not as smooth as gearless.
- Gursaurabh, why is it making noise? - It's noisy.
This noise will stay, ma'am.
[intense music playing]
- Let's understand this. - Come on.
[intense music playing]
You are making this for Rs. 9000.
Do you think it will have the desired impact?
Yes, sir.
Mr. Munjal of Hero MotoCorp helped me the most.
He said if I can build this for Rs. 15,000,
then not just in India, I could make an impact globally.
- The degree varies. - Yes.
- Will you make separate variants? - No.
The majority of cycles being made in India,
especially if they are of a particular brand,
have consistent frames.
- No, like MTB or hybrid... - Yes.
There is play to make adjustments to a certain point.
But there are others which are not triangular.
They have other designs
and are Chinese. Those aren't compatible.
Okay. I have made my decision.
I cannot commit 100 hours to you.
But you are solving an important problem.
I would definitely like to
wish you the best of luck.
I hope you're able to make this accessible to 8 crore people.
- I am out. - Thank you.
So, you're a marketing guru.
Right? You dare to dream.
You're trying to do something different.
So, hats off to you.
I can share my network with you.
In terms of EV space, Pune is the EV hub.
It's really difficult for me to commit to 100 hours.
I wish you the best.
But I am out for that reason.
Sir, not unless I complete the testing to my satisfaction.
When will it be?
I am hoping it should be done by April 2023.
What's left to test?
The number of kilometres.
It's highly difficult to penetrate the rural belt I've targeted.
We can't accept returns from the dealers.
They don't have the bandwidth to accept returns
or provide customer care.
This should be a bulletproof product
at least from my end and I need that satisfaction.
Coming to the number of kilometres.
We have covered 18,000 km until now.
If that goes up to 40,000 km, I'll be more confident.
Or I am not able to follow.
But the first prototype was ready in February.
- Yes, the video came out after the first prototype. - And...
- Okay. It has been around 9 months. - Right.
Okay. From then until this day,
haven't you been able to cover 40,000 km?
- Something is amiss. - Right.
There is a missing piece to the puzzle.
What is it? Please explain.
Sir, if the manufacturing doesn't incorporate a testing phase,
then it becomes a challenge to explain.
I'll give you one example.
Let's talk about batteries.
You're aware that lithium-ion comes from China.
We buy the cells and make our battery packs.
We receive a spec sheet along with the cells stating their life.
Sellers claim it will last for 3000 cycles.
The only way to find out is to run 3000 cycles
just to make sure the claim is genuine.
Only on the basis of that can I provide a warranty, decide the price
and also finalise the vendor.
It takes three hours to charge a battery completely
- and two hours for it to discharge. - Yes.
Sir, tell me how to accelerate that process.
How do I take 15,000 hours down to 14,000?
Only doing this will bring certainty.
When you had a keen interest,
why didn't you act on it?
Had you borrowed money then and formed a team,
don't you think
you'd have made progress in making the desired impact?
I would have, right.
Are you saying you are at fault?
I am at fault.
I was very distracted for the first six months.
I received so many offers. It was the first time for me.
- You got overwhelmed. - I did, yes.
Okay, we accept your justification. Let's get to the point now.
Who's going to finance this in March or April?
Sir, if somebody can do it, then things will be better.
- If not, I'll keep... - No, I'm not... This is Shark Tank!
You're supposed to come and ask for money.
You said you wanted 100 hours, it was not us!
Yes, right.
Now you're saying it'd be great if you could get money.
I have a strong feeling you're making up a story
and not telling us the complete truth.
[intense music playing]
Over what period do you need 100 hours?
Sir, for one year, if you could give me two hours a week.
Over emails or any query, I may have.
Suppose I have a question on D2C.
I will need guidance from someone I can trust.
Okay, I'll make you an offer.
Thank you.
It's because you mentioned it.
One thing you said stayed with me and I have forgotten the rest.
A man can only be as successful as far as his reach goes.
Okay? If a person is confined, what can he do in life?
This was truly profound.
Very few people in our country have the good fortune to travel that far.
So, if you can raise Rs. 1 crore,
I will commit 100 hours to you
for exactly what you asked for, 0.5%.
But it's conditional on you raising that 1 crore.
I'm not pushing you into any territory!
You are pushing yourself into a territory.
[intense music playing]
You asked for time which I am willing to give you.
But I am guessing you will also need money.
You need to learn this lesson on your own.
[intense music playing]
I think you don't understand business.
Absolutely.
But you understand manufacturing.
You don't wish to be distracted from it come what may.
You seem to have a phobia
that the moment you commercialise this, you will get distracted.
Yes.
- Do you work in Hisar now? - No, Delhi.
Are you willing to move to Gurgaon?
Not a problem. I don't see it as a problem.
I'm setting up a factory in Bhiwadi. It's almost ready.
We have a vacant floor measuring 1,50,000 square foot.
We will lend you that space and not take rent from you.
India's top manufacturing talent and business talent work
in that factory.
They will work alongside you.
Work there for another year or a year and a half.
And the day you are ready,
the first cheque for the investment.. Here is my condition.
Aman and I will give you the first funding.
as well as a financial plan.
You will get to do what you're interested in.
But I have just one condition.
[intense music playing]
That you'll need to listen.
[intense music playing]
And I'll visit that factory, let's say, once a week.
When I visit, I will meet you and review things even with the team.
I will spend an hour with you to discuss your problems.
It could also be half an hour. I won't set a timer.
See, over a period of 18 months, 100 hours will be covered.
- I think... Yes. - There are two of them.
- 50 hours each. - 100 hours...
- It's a big deal. - It will be split.
Okay, that's awesome. They'll help you a lot.
Anupam, are you out?
Yes... No, let them make an offer first.
I would like to hear what you have to say
- because I felt a strong connection with you. - Okay.
- I'm not... - Please don't misunderstand me.
- No. - Not at all.
I felt we were compatible.
- Okay. - Your manner of speaking...
- Sometimes, you reject offers too. - Yes.
The way you talk, the way it is...
I personally felt that with you,
I could ask you the same question even three or four times.
- If we are on the same page... - Correct.
You will not lose your cool and accommodate a guy like me.
- That's what I felt. - Absolutely.
But my problem is
that if you don't have money,
how will you grow the business?
I think that if you're not able to figure out the monetary part,
- then you should accept that offer. - Right.
We can help you if you need it.
- If you don't want it, then that's great. - Peyush...
What is your and Aman's offer?
Okay, give us 0.5% equity.
You get to a stage. We'll devise your business plan.
We'll bring Mr. Munjal on board if you so wish.
- We will help you. - Sir, it's settled now.
I think if Aman and Peyush are there,
they can help me do the things I'm unable to do.
[intense music playing]
I commit to raising Rs. 1 crore.
[music playing]
- Okay, done. - I commit.
- So, we have a deal. - Who do you want?
For all three.
- All three! - Yes.
I'll listen to you as well as them.
You said Rs. 1 crore, I'll raise Rs. 1.5 crores.
[music playing]
- Let's do it then. - Done.
- Frankly, I'm flabbergasted. - Instead of the cheque,
- give him a hug. - Sir.
- Just do it. - This is the first time, sir.
- It hasn't happened before. - Come on.
- The rules are changing. Let's do it, sir. - We...
Boys!
What's going on?
Alright, all ready.
Here's what happened.
I offered him my house...
- Estate, office... - Yes. He refused.
"Only Anupam can endure me!"
[laughs]
I think there's still some confusion.
What's the offer as per you?
As far as I know,
I want him to gain exposure to that kind of environment.
Let him understand how things work.
After that, we will have to figure it out.
But collectively, maybe it is 33 hours each,
but I don't think it'll work like that.
It won't work like that.
My opinion differs slightly. I'll tell you two things.
Firstly, I don't think he should be at your factory.
- Yes, I agree. - He's the kind of person...
He knows engineering. That's not the problem.
What he has made in Rs. 9000 is earth-shattering.
He needs direction, and guidance for the go-to-market distribution.
And he needs to understand how to run the business.
- We'll figure this out together. - We'll divide the hours.
[theme music fades]
- Hi, Sharks. - Hi.
Chairs are of great significance in our country.
[Sharks laugh]
- Whether it's a politician's chair.. - Or of the Sharks.
- Correct.
When it comes to your personal chair,
that fear no longer applies.
Whereas we all know that we spend 11 hours a day on that chair.
- Yes. - Either working or gaming.
Correct.
So, sir, to upgrade your old chairs,
we present to you Cellbell Chairs.
[music playing]
- Greetings, my name is Pawan Demla. - Greetings.
I am Ishwardas Demla.
Sharks, we have sold over 1 lakh chairs.
Are you claiming that these are extremely comfortable?
Yes, you can try it.
[pleasant music playing]
Put this chair here.
[pleasant music playing]
The king has graced his throne.
- You look very nice. - I'll call it king.
[Sharks laugh]
You may begin.
Welcome to Shark Tank season 2.
I think they are your sons.
- Yes. - They are my sons.
Ishwardas, tell us how you got into this business.
What were you doing before this and why did you start it with them?
I have 30 years of experience in transport.
From Gujarat to Karnataka...
I received chairs in the logistics from all the states for servicing.
I observed
that chairs sell a lot in the furniture industry.
Did you work as the movers and packers
- or handled the trucks? - I used to deal in trucks.
My kids started this business so I'm helping them.
My nephews are handling the other business.
- Wonderful. - As my kids are educated, they brought me here.
Otherwise, I didn't have the capability to reach here.
[ethereal music]
How is transport linked to chairs?
I handled different kinds of items in the transport business.
- And mostly there were chairs. - Okay.
Ishwardas, if you are dealing with headphones too,
please don't start a headphones business.
The business of chairs is too crowded.
What's your speciality?
The perception that the industry is crowded
is misleading.
As we know the industry inside-out now, there are only 4-5 big players.
You are right.
And they aren't interested in online business.
- The online companies aren't manufacturing it. - Why?
They aren't evolved enough
to do D2C business
because the model they are using to operate
is where they just pack the chair in the box and deliver it.
We disassemble the chair fully
- Do they assemble it themselves? - Yes!
I feel that your USP isn't the chair but online selling.
Firstly, we know how to sell online
and secondly, people don't want to buy chairs online.
Many people are still hesitant.
Today we want to get rid of the trust barrier
regarding furniture or office chairs.
So we have focused on the entry-level point
of the low-price category.
If we successfully sell a low-priced item,
- based on their experience they'd tr another piece of furniture. - Right!
- Okay? - Alright.
Please explain the categories.
Firstly, we have basic chairs.
I mean the chairs for employees
and for managers. This one, this one and that one.
What is their price?
It costs Rs. 4,000.
After that, we have chairs
for TL and the manager. They choose between these two chairs.
How much does it cost?
That one costs Rs. 8,000 and this costs Rs. 10,500.
We sell gaming chairs too.
One, two, three
and the fourth one is made in India.
We manufactured it in India at our factory.
Those aren't manufactured in India.
- All three are imported. - Alright.
These two are boss chairs.
What chair is he sitting on?
He is sitting on a gaming chair.
Gaming?
How much does it cost?
Which one? It costs Rs. 16,000.
Is there a particular chair that is a bestseller?
What's the percentage for gaming chairs?
which includes the commission and advertisements of the marketplaces.
Please tell us the market size. It'll help us know
the total market size in India.
Do you mean the percentage of our business?
I'm talking about the market and not your business.
When we started this business,
we researched and came to know in 2019
- that it's Rs. 10,00,000 crore market in India. - What... What?
- What... What... What? - Rs. 10 lakh crores!
We had Googled it.
The chair market?
- The market for chairs because... - Rs. 10 lakh crores!
- Yes! - Do you know how much Rs. 10 lakh crores is?
It's humungous.
My...
Please rethink your statement.
There could be data miscalculation at this stage.
You must have the right estimate as you came to Shark Tank.
Forget about Google. Just make a guess
- on how big it could be. - I'm not guessing. It's clear.
According to my research and through discussions with my friends.
Around 5 million...
Around 50 lakh IT employees could buy chairs.
Even if the market size is for 10 million chairs...
Yes, sir.
10 million means 1 crore.
Chairs aren't replaced annually.
If we assume that the replacement cycle is 5 years,
you'd sell 2 million chairs annually.
So the market size is Rs. 1,000 crores.
Let's exaggerate it.
The market size is between Rs. 1,000 crores to Rs. 2,000 crores.
- Yes! Perfect! - Right?
What's the percentage of gaming chairs?
Gaming would be 20% to 25%.
No.
Gaming is evolving in India.
- The starting point of the market was IT employees. - Yes!
So gamers aren't counted, right?
Pawan and Chirag, if you don't know, say so.
- Say, "I don't know the market size. Please excuse us." - Okay.
I think you need to be focused right now.
If you are making gaming chairs, focus on that.
Because to be fair, it's a commodity business.
Many people are doing this business.
People who don't sell online now
will surely learn to do online business in the next five years.
You must choose if you want to strengthen your business
in the supply chain or for a particular chair.
I'm out of it today
because I don't see a core differentiation
and there's no clarity in you.
I have two problems.
My first problem is
as Peyush said, it's a cluttered market.
And I don't think I can help you.
That's the foremost thing.
My second problem, as an investor,
- we come with an expectation that we'd get an exit. - Right.
I don't see clarity in this venture
regarding my exit.
And for that reason, it doesn't excite me as an investor
so I'm out but fantastic sales. Congratulations!
- I liked your chair a lot. - Thank you so much.
I'm out for now. Let me tell you the reason.
In a commodity category,
build the brand ASAP
and create differentiation in your product.
The differentiation in the product like the technology used.
The ergonomic fit.
Why is it good? How many hours you may sit in it? The reasoning.
Please focus on these two things,
the brand and the product. Everything else will fall in place.
Agree, sir.
Let me share my opinion too.
I find your approach completely wrong.
[eerie music]
Let me tell you the strategy you must use.
First of all, you must focus on a gaming chair.
Then you must do reverse engineering on it.
Try to discover its components and technology used.
Then re-engineer it using first principles
and create Rs. 5,000 chairs for employees
in just three colours.
Okay? Minimum SKU.
Then transform the same chair to make it fancier
and introduce it as a gaming chair costing Rs. 10,000.
Again, three SKUs only.
Finally, make a chair costing Rs. 20,000
which is completely customised.
Meant for the king of gaming
who can spend enough money. Right?
That should be your approach.
When you do these things, you'd be able to build a brand
and your product will be appealing.
People wouldn't think twice
before buying it.
They can just click and order it.
Only then you may build your brand. Right?
I find that approach missing.
Okay? For this reason,
I can't be a part of your business.
- Alright? - Yes.
Sir, thank you for the feedback.