[theme music playing]
[theme music continues]
[theme music fades]
We all know that our toothpaste contains salt.
And it also has clove.
And our toothpaste also contains neem.
But do you know
that our toothpaste also contains sodium lauryl sulfate?
Which is a harmful ingredient.
It is used in detergents to create foam.
But no one discloses it.
The toothpaste of leading market brands
that lay on our bathroom shelves
contain even more harmful ingredients.
Some of which are banned in foreign countries.
Oh my God!
The lack of awareness
and the neglect we show towards oral hygiene
leads to us paying very high fees to dentists.
[intense music playing]
India has many clean and effective solutions
when it comes to skincare and personal care.
But what about oral care?
So, we present to you Perfora.
[music playing]
Greetings, Sharks. My name is Tushar Khurana.
We are the founders of Perfora.
Perfora is a unique and complete oral care brand
that not just sells toothpaste,
but also smart electric toothbrushes,
alcohol-free mouthwash, smart water flossers
In our brand journey that began in August 2021,
we have served over 40,000 customers.
Sharks, our vision is
Jatan and Tushar, welcome to Shark Tank.
- Thank you. - Thank you.
There must be at least 50 start-ups
I've seen in this space.
Sir, I think we're the first ones who started the...
Let's start with your education and where you grew up.
And what made you want to be an entrepreneur?
I studied in Ballarpur till the tenth grade.
It's a small town and my exposure was very limited.
I had the ambition to do something big in life.
I was hoping for a miracle by going to a big city.
So, I went to Delhi University to study BCom Hons at Khalsa College.
I was in Karnal until the seventh grade.
I spent the next 6 years in a boarding school in Dehradun.
I, too, went to Delhi University. I pursued BCom Hons from SRCC.
This is a chartered train
with 500 aspiring entrepreneurs and changemakers.
[pleasant music playing]
The objective of this programme is to meet a lot of people.
That's how I met Tushar through a friend in my cohort.
I remember a few things about Tushar very clearly.
One, he, too, was seeking answers just like me.
About life and career options.
Both of us were working in start-ups.
We had a connection.
After that short meeting,
we interacted once or twice more during the programme.
We both were based in Gurgaon.
We started meeting a lot after that and became good friends.
[pleasant music playing]
I feel it's very easy to find a life partner in today's times.
You have 10 apps and websites available.
But there is no platform to find a business partner.
The trust level and the camaraderie you have with a cofounder
are extremely important.
The same thing happened in our relationship too.
We met at the programme,
worked together and our friendship evolved.
Finally, we became business partners.
[uplifting music playing]
Wow! What are your roles?
I oversee sales, accounting and finance.
I oversee new product development,
operations, supply chain and brand communication.
[pleasant music playing]
There are personalised toothbrushes for everybody.
And this is a gift box...
- Namita, lavender. - Which one? This one?
And what is that?
That's mouthwash packaging.
Show me your teeth.
There's still work to do.
There's a company called Perfora.
They make teeth-whitening products.
- Have you used it? - Yes, sir.
Okay, try again.
I'm not taking everything. But what is this?
This is toothpaste.
Okay. And this?
- Mouthwash. You're holding its packaging. - This?
- This is also toothpaste. - Just a different flavour.
- No. It's a morning-evening concept. - Oh, okay!
[music playing]
Yes. Oh, Peyush. This is the electrical toothbrush.
Oh, wow! It has my name.
How sweet!
This is really good personalisation.
Your product is good.
It's cool even to see.
Delicious toothpaste, the yellow one.
I don't know if all are the same flavour.
Lemon-mint. It's very refreshing.
- Nice. - The flavours are fantastic.
Lemon-mint and lavender-rose.
Fantastic! Great job.
Do the toothpaste manufactured by big brands really contain
So, the number one brand has SLS for sure?
Absolutely sure.
You will find three ingredients in every toothpaste brand.
The first is sodium lauryl sulfate which is SLS.
The second is titanium dioxide.
And the third is sodium saccharin.
And all three are highly questionable ingredients.
And what about the foam? Because SLS causes foaming.
We have used alternate ingredients for the foaming
which is in lesser quantity,
- but you won't feel... - Your teeth aren't clean.
That's right.
There are many similar products in the market now
that are doing the same thing.
But we were the pioneers.
Yes, you are number one.
- But there are others. - What's your price
compared to popular brands?
If we were to talk about mass products in toothpaste,
Colgate sells 100 grams for Rs. 100.
Teeth whitening
is backed by evidence and is science-based, right?
I was checking, this doesn't make any claims.
you will see visible results.
Whereas all the US products make claims.
[intense music playing]
Why haven't you made any claims?
We have not made any claims because the intention is
we don't wish to make any false claims.
The composition of ingredients that we have used
is backed by clinically researched studies
that it is efficacious.
How many days will it take my teeth to turn white?
Visibly three whiter shades in four weeks...
Do you have the data on users?
We plan on conducting studies and interviewing users
- because that will... - That is very important.
Second question. Quick one.
Because your price for toothpaste is 2.5 times a normal toothpaste,
there are chances that maybe a multinational
or a big Indian company
might approach you and say they want to acquire you.
What will your answer be?
[tense music playing]
We wish to make a legacy brand.
We wish to spend a good 25 years in oral care.
And to put it in basic language,
Colgate 2.0 will be made in India and we will make it.
Wow! What a solid vision.
I like the aggression.
- Sameer funded you, right? - Yes.
- My cofounder. - Yes.
Sameer invested at an early stage when you had just started.
We did two rounds.
One was pre-revenue in April 2021.
Okay.
We had raised Rs. 2 crores at Rs. 13 crores post-money.
You went from Rs. 39 crores to Rs. 80 crores.
What caused this miracle and why?
Our business has grown 2.5x
- from February to August. - There's the miracle.
And our valuation only grew 2x.
What did you do in five months
that your sales became two and a half times?
Products were added, we grew existing channels.
We went deep into our existing channels.
We understood the customer and worked on how to better our metrics.
Our customer service, delivery, pricing and others.
What is your burn and marketing spend?
Last month, our gross sales were Rs. 89 lakhs.
After removing GST, it is Rs. 77 lakhs.
So, about 32-33%.
What is your gross margin?
Our gross margin on our portfolio is 57%.
That's it!
What is your marketing cost per month?
Around 45% of the revenue.
- How many followers? - 10,200 right now.
You have very few followers despite your sales.
[tense music playing]
You are not leveraging social media.
Your focus is on paid marketing. That's why your expense is high.
You're spending too much because you're in a hurry.
Why are you in a hurry to grow?
We are in a hurry because as Peyush mentioned,
there's a lot of competition in this category
and more is expected.
No, brother. No!
Look. Three cycles are through in ten years.
Companies get established and close down.
In the end, those companies win that think long-term.
You keep saying you were the pioneers,
but it doesn't matter if you were first or second.
What will matter is whether you will stay till the end.
Your biggest weapon
is to use fear to sell your products.
Tell consumers what goes in their mouths!
Why didn't you use efficacy,
fear or a combination of both
to sell your product?
[tense music]
We want to present a different point of view to the consumers.
All the companies are using the same taglines.
"5x plaque removal and 3x whitened teeth."
Anupam, if we use the same taglines,
we can't stand out in our communication.
Anupam, it's my experience with contact lenses
and spectacles. They fall in the medical category for ages.
We are selling a medical category item as fashion.
If you want to shake up a particular category,
there must be a provocation.
- Look at the whole truth. - The provocation is missing as we sell
the contact lenses costing Rs. 2,000 for Rs. 500.
So that's a provocation.
But you are selling Rs. 100 items for Rs. 250.
- That's right. - You'll face an issue in scaling up.
[dramatic music]
You have to have some provocation.
It could be price, fear or efficacy.
We agree. We are aligned.
We have learnt on the fly as we aren't the smartest people.
We are still learning.
And honestly, our next product line of toothpaste
that you have to grow your business profitably without burning?
Or did your investors ask you to burn cash to grow your business?
Vineeta, we eventually want to make it a profitable brand.
As I said, honestly,
it's a game spanning 20 to 25 years.
We want to make it an iconic legacy brand.
Even the brands that we look up to,
for instance, Method is one of our favourite brands in the US.
Of course, it was acquired but its founder was a visionary.
He launched multiple brands.
What's your favourite brand in India?
My favourite brand in India is Licious.
[chuckling] What about Lenskart?
- What about boAt? - SUGAR?
- Wrong answer! - It's the wrong answer.
You gave the wrong answer.
We have an offer.
We'll give a valuation based on your revenue. Your current net revenue
run rate is Rs. 10 crores.
So accordingly,
Namita and I want to offer you a valuation of Rs. 20 crores.
[epic music]
As per your ask of Rs. 80 lakhs
and I will bring my branding, content and community.
Thank you so much because it means a lot to us.
This offer, um...
As not very smart entrepreneurs but decent entrepreneurs
we can't accept it because we feel
that it isn't wealth creation for our existing shareholders.
[suspenseful music]
I agree! If you want to run your company for another 20 years,
their wealth creation will be in IPO.
In this round, they needn't do wealth creation through Sharks.
[sweeping music]
Please tell me your strategy.
What is your next milestone?
My next milestone is Rs. 2 crores monthly revenue
which we want to accomplish in the next nine months.
[suspenseful music]
At what loss?
Our EBITDA will be 15%.
- Profit? - Positive?
- Negative! - Negative!
In the next six months, we want to reach Rs. 3 crores.
And then we'll break even EBITDA at zero.
[suspenseful music]
To break even in 15 months and reach Rs. 3 crores,
how much capital do you need?
Our current capital
plus the funds we succeed in raising today
is sufficient for us
to achieve the target of Rs. 3 crores.
We have a proposal for all.
If all five Sharks invest, what will be your deal?
The five-Shark premium.
Your last round was concluded at 32 crores pre-money.
Can you offer us a better deal?
We can't give you a better deal.
Honestly, because we want our employees to earn too.
They agreed to 40% pay cuts to fulfil our dream.
It's not possible for us to reduce beyond it, honestly.
So to give you Rs. 80 lakhs
based on your last pre-money valuation, we'll get 2.5% equity.
Do you agree? We'll check which Sharks are in. It's the lowest offer
and the best offer. Nobody will go lower than this.
At 82.5, it'll be a post-money valuation.
Last time, 32 was a pre-money figure.
Anupam, what's your view?
First, let him answer.
Let me see if they are okay. Then we'll check how many are in or out.
Do you want to discuss this?
We'll do it if it's a five-Shark deal. All-Shark deal.
[sweeping music]
I have made my decision.
Let me tell you. I think I'll be out.
My biggest problem
is that you didn't do anything disruptive till now.
When you enter an established category
with strong brand loyalties,
you must provoke the user.
An attractive font and a nice colour
wouldn't give you attention in an established brand category.
I think you have a long way to go. For that reason, I'm out. Good luck!
I think the valuation is too high for me to enter.
This is what I feel. I think I'll miss the boat in this case.
I will also be out in this case.
- We are very sorry to hear that. - Yes.
Look at my cheque. It's Rs. 16 lakhs, Rs. 40 lakhs...
- I'm confused. - Are you in?
- Yes. - Are you in too?
- I'm in too. - Then let's do it.
Let's take a risk.
Our offer is Rs. 80 lakhs for 2.5% equity to all three Sharks.
It's the same share price.
- It's the same valuation. - Alright.
[dramatic music]
[triumphant music]
This deal will earn money for us.
I like it. I like this.
I have to create
a machine that can create machines that can create more machines.
[exhilarating music]
at 5:30 am.
[exhilarating music]
Kids change your life, right?
Being a father is like a start-up, right? In its own way.
Where you have your cofounder too.
We can also create a special section if we want.
The leadership positions.
My focus for the morning meeting
is to address the most important task
at the beginning.
Let's go! Let's go! Let's go!
'Building organisation'
'is the most exciting thing that I'm working on right now.'
'You have to prepare an army'
'of leaders and colleagues who can make decisions.'
That's my role.
The accountability
needs to sit with the regional head and you need to empower them
to get it done. He shouldn't be the one driving and chasing.
[thrilling music]
'I'm going to Bhiwadi'
'where Lenskart is building the world's largest'
prescription eyewear manufacturing facility.
The capacity of this plant
is to make more than 50 million glasses in a year.
'As an entrepreneur, you are passionate about certain things'
'like design'
and technology. So you enjoy doing it.
[vocalising]
1% of a million is a large number
and 1% of a billion is a very large number.
Detail orientation of every percentage
shouldn't be taken for granted
at any cost.
We will do something exciting as I'm going to visit a store.
I'll disguise myself
by wearing a mask and a cap.
I'll watch closely
the way customers are reacting.
How we are explaining the product and what the customers like.
[thrilling music]
Isn't it too cheap?
[thrilling music]
It's written that the gold membership is free
but you are charging me.
Sir, if you purchase more than Rs. 5,000, you can get it.
No item is worth Rs. 5,000. All of them cost Rs. 1,200 each.
Please answer me now.
Tell me.
Sir, it's nothing.
You did the eye test nicely
but the glasses lack precision.
There is a scope for improvement.
'A leader's job is to go and set the tone.'
There's a saying in customer service, "good is not good enough."
We need to make it better
and get into the details. Whether it is cleaning the glasses
or the eye testing procedure.
Everything counts.
All these things make a brand. Marketing can't build a brand.
'It can be achieved through passion'
'and customer obsession. Their love.'
'If we go and do it personally, '
others will also do it. And that's how a culture is built.
[thrilling music]
It's a simple rule that we understand too late.
I've heard our next cofounders are a black belt in taekwondo.
Whereas I have this pink belt!
Let's meet the sisters from Gurgaon, Punya and Parina. Welcome.
- Hi. - Hello.
- Who among you is a black belt? - [chuckles]
Can I ask you questions?
Will you be investing? No, right.
- No... - The one who will should be afraid.
That's right. Go and pitch your business.
I'll sit here alone and watch your pitch.
You don't need to sit alone.
- Our parents are also here to support us. - Really!
My, oh, my!
Greetings, sir and ma'am.
Okay, hail the Goddess.
- Thank you. - All the best.
[music playing]
[alarm rings]
Where are we?
Punya, we're on Shark Tank.
Oh! Come on, it's time for our pitch.
- Hi! - Welcome. Hello.
- Oh! Hi, Sharks. - Hi.
Sharks, we need a look for every occasion nowadays.
Be it an airport look, a gym look
or whether it is a date look.
Then why must we let our sleep look be boring?
That's where we come in.
We sisters intend to make India fashionable with our brand.
MidNight Angels by PC.
[music playing]
MidNight Angels is a loungewear brand
where we make clothes
that you can not only wear at home,
but suppose you're going on a date
or out to dinner with family,
you can even step out in the same clothes.
And trust me, Sharks, no one will know.
We started our business with an investment of Rs. 1500
and with just nightwear.
People loved our designs so much
that our sales in the first two days were a whopping Rs. 80,000.
- Wow! - Wow.
In the first two days!
- Yes. - Yes, ma'am.
Wow.
Today, we stock over 1000 products on our website.
We have one dream.
To make MidNight Angels the world's number one loungewear brand.
To take it from India across the globe.
That's why we've come here today.
to slay in every look
- with MidNight Angels by PC? - By PC.
Welcome to Shark Tank.
You seem to have made a really fun brand.
- Thank you. - Rs. 80,000 sales in two days.
- Yes. - Tell us the story behind this unbelievable number.
Our family was facing a financial crisis a few years ago.
[sentimental music playing]
There came a point when we ran out of money.
Dad had a great business.
But because of GST, we were almost at nothing.
Our dad's business was near Guwahati.
He was in Guwahati.
- Where were you staying at the time? - Gurgaon.
Dad called and said, "We're not getting any orders."
[sentimental music playing]
"I have no money. I don't know how I'll come back."
[sentimental music playing]
So, I told her we needed to do something.
We didn't know what we'd eat the next day.
[sentimental music playing]
She said, "Let's take a risk with a nightdress business."
"It's not a big risk and we have nothing to lose."
We always had the vision of building this brand.
Getting good designs of plus size nightwear and loungewear
was next to impossible to find in the market earlier.
You'd get boring T-shirts and pyjamas.
We identified this gap in the market.
We went to the market and studied a few shops.
We didn't find quirky prints and fabric.
Luckily, we found cool prints at a small shop.
We picked up a few of them
and went to mom's tailor and asked him to make the samples.
She was part of a Facebook group.
Back then, people used to
post pictures of their products and sell them.
They were mostly resellers.
Was it a fashion group?
- Fashion group. It was called Shopwati. - Yes.
The moment the samples arrived, I took photos the next day
and asked her to post them.
You will not believe it. When we posted them,
we had 700 inquiries.
"How much is it for?"
"What is the size chart? We want to buy. Please DM me."
We sat on the sofa and got started.
Our Paytm had a limit of Rs. 20,000
back then which was before KYC started.
One by one, everyone's Paytm got credits.
First mine, then hers, followed by mom's.
And dad's too!
[sentimental music playing]
Dad called her.
"Is someone pulling a prank on me? Where am I getting money from?"
"My Paytm notifications won't stop."
This was all advance payment.
- Yes. Advance. - They were all prepaid orders.
Wow!
"Dad, we have started a nightdress business."
"The money is from those orders."
"Dad, we are saved."
"Don't worry. We have taken charge."
- Wow! - Wow!
From then to now,
there's no looking back for our brand.
Which year was this?
- End of 2017. - Almost 5 years ago.
Is your dad in this business now?
He heads production as he has a vast experience in manufacturing.
What was his earlier business?
Bathroom fittings, sir.
His old business is also running side by side
after we reinvested in it.
- You invested! - Yes.
- Wow! Unbelievable!
Wow!
We gave dad funds and asked him to start the business again.
I salute you. Amazing.
- Thank you. - Thank you.
I have two daughters.
They have an 8.5-year age difference.
Sir, the age difference is very helpful.
She's not my sister, but akin to a mother.
I thought it was the other way around.
[unanimous laughter]
- You're a motherly figure! - Seriously.
Are you the CEO?
What a silly question!
[unanimous laughter]
It's written all over her T-shirt!
- Can't you gauge from what she said? - He has a doubt.
What're you wearing is the nightwear.
This is athleisure.
This is the loungewear.
If you team it up with a pyjama, it doubles up as a nightdress.
Our prints are quirky and funky.
You know, you can wear them out to coffee and dinner as well.
Interesting.
Imagine on the lines of what I'm wearing on Shark Tank.
Aman also wants one.
I'm quietly listening to the pitch. Why did you drag me into it?
We have something for everyone.
- Wow. - Wow!
Aman, that's for you.
This is what we have designed for you. Yes.
I love it. Thank you so much.
Anupam, look at this.
- Aw! - The name you gave me.
- This is the airport look, right? - Yes.
Show me what it says, Peyush.
Whoa! That's more like it!
It says I can sell!
Good caption. Very nice.
This is great!
"You're unbelievable!" Nice.
- The quality is good. - It's very soft.
It's a good feeling.
- Yes. - That is the idea, sir.
It has to be so soft to your skin
that you don't feel like taking it off.
What does PC stand for?
- Parina Chugh and Punya Chugh. - Punya Chugh.
I hope Priyanka Chopra doesn't sue you.
Ma'am, we also have a right to PC, not just her alone.
- Yes! Well said. - Yes.
But your logo is MidNight Angels.
- Yes. - It is only going towards nightwear.
[intense music playing]
I get that.
We faced this issue while extending.
There was a small issue,
but one should know how to capture the market, sir.
I understand.
But if you are extending,
you ought to have a holistic logo
which could incorporate other things.
When we started the brand, sir, that was not the goal.
- Survival was the only goal. - Yes.
Okay.
You asked for a valuation of Rs. 12.5 crores.
As you made a sale of Rs. 80,000 in two days,
your sales must be good.
In FY 21-22, we did sales of Rs. 1.80 crores.
- Wonderful! - Wow!
This year, we have already made a sale of Rs. 1 crore to date.
What's your monthly growth in the last three months?
Right now we are testing
and observing the response of COD.
It could be 17, 20 or 19.
If you are earning Rs. 20 lakhs now
and your growth rate has been flat in the last three months,
how will you earn Rs. 4 crores this year?
We just need to increase our promotions,
our marketing
and getting sales of Rs. 30 lakhs to Rs. 50 lakhs
is not a problem with our brand
because our designs are accepted in the market.
How much do you spend on marketing per month?
What are your online sales and offline sales?
It's 100% online on our website.
So now we are on Myntra, Nykaa
and Amazon also.
- You will be profitable, right? - Yes.
Then why do you need funding?
Firstly, we want to increase our inventory.
If we spend on promotion and there is no inventory to supply,
- what's the point? - The orders get cancelled.
Do you need money for inventory?
[suspenseful music]
- Inventory and promotions. - And marketing.
What is your customer acquisition cost?
It falls between Rs. 630 and Rs. 660 depending
- on the money. - Let's assume Rs. 650.
What is your gross margin?
Let me tell you the problem. Even when you get more funds,
you'd get more stock.
Then you'd face the problem
of selling the stocks.
We know how to sell.
Our money won't be wasted.
We know how to liquidise it.
- Sir, that could be the reason we are profitable. - Yes.
- How much profit do you make? - What's your profit?
For the last month, our net profit was 20%.
What is your repeat rate?
The repeat rate is 15%.
It's too less.
Why is it so less?
Sir, we are trying to figure out
what could be done to increase the repeat clientele.
The challenge with the repeat rate is that we may buy
one or two pieces of such designs.
There is a limit to buying such designs.
Correct!
I have made my decision.
[dramatic music]
Punya and Parina, no doubt
your courage and positive attitude are inspiring.
Unfortunately, the problem I find in your business
is that it can easily be copied.
[sweeping music]
So it's difficult to scale it up.
And to be very honest,
I don't have an interest in this area.
- I'm out. - Okay.
People buy a night-suit costing Rs. 500 to Rs. 600
as they don't care about the brand.
- Yes. - The category of people
who wears a night-suit costing Rs. 2,000 to Rs. 2,500
is just 0.01%.
[dramatic music]
So I find this market
a bit scary
from the perspective of competition
from cheap unorganised players.
And I don't have much interest in investing in it right now.
- That's why I'm out. - Okay.
Anupam, let's discuss this. I have an idea.
Your story is touching
and you two are hustlers.
My issue
is regarding your inventory. How will you handle it in future?
- It could lead to profitability issues. - Okay.
Secondly, you don't need an investor
because you'd face investor issues in future.
So I'm out.
[tense music]
If your business doesn't work, what would you do after one year?
Sir, we'll launch new designs on a daily basis.
New patterns too.
You often say that you bet on an entrepreneur.
I can assure you
that I'll surely bring a revolution in this industry.
- Oh, my! - Wow!
- I have an offer for you. - Sure.
'We have a feeling'
that it's difficult to get returns.
So the offer is kind of
- a support to you more than anything else. - Okay.
Also, we want to get our money back only through EBITDA.
- Okay. - Okay? Not necessarily by selling the business
because we don't think it'd become saleable soon.
So we want to give you debt and buy equity too.
Rs. 25 lakhs for 10% equity
to each of us.
[thrilling music]
The rationale is
- that your maximum EBITDA this year will be Rs. 40 lakhs. - Right.
We'll earn 20% which is Rs. 8 lakhs.
- Assuming that we'd get our money back in three years. - Right!
Right? Eight multiplied by three is 24 which is an approximate value.
And Rs. 50 lakhs in debt.
I don't want interest on the debt.
Yes, but a basic 12% interest must be charged.
We have a counteroffer.
Rs. 75 lakhs for 15% equity in our company.
I guarantee you that we'd get returns
and earn returns for you too.
"Trust me and believe me..."
Such phrases don't help in investment or running a business.
Agree.
If you want us to invest Rs. 75 lakhs
for 15% equity, it isn't okay with me.
The gap is too wide
and I can't bridge the gap.
I don't doubt that you will make a successful business.
At your current stage,
- investing Rs. 75 lakhs in exchange for equity... - Right.
Equity of 15%. I calculated it and showed it to you.
You may make any future cash flow.
If you can return Rs. 75 lakhs to me within three years,
- I'll give you Rs. 75 lakhs for 15% equity. - Okay.
So the bottom line is they don't accept your counteroffer.
Please tell us your decision.
[suspenseful music]
- Uh, so we can't accept it. - We are so sorry.
I understand.
You said a powerful line.
"We had nothing to lose so we forged ahead."
- Good luck! - And we will try to take the seat you are seated in.
- Just because we are standing... - Thank you so much!
- Thank you! - Thank you!
[inspirational music]
Can you read these pictures?
- Yes! - Yes.
And now?
- It's a bit difficult, right? - Yes!
It's blurred.
What if you have to live with blurred vision for a lifetime?
We'd face difficulty.
More than 30 crore people around the world
where a person has blurry vision even if they wear glasses.
My brother is one of those 30 crore people
who suffered from amblyopia.
We consulted numerous doctors for his treatment
but none had a solution.
They could only give an eyepatch.
- Oh! - Oh, my!
But it isn't a treatment.
I was studying optometry around that time
So I conceptualised CureSee along with my three friends.
[upbeat music]
- I'm Puneet. - I'm Jatin Kaushik.
vision therapy website.
The second is squint-eye.
It means a diagonal vision.
You don't have to do much to solve these three problems.
Just visit our website sitting at your home
and get free eye screening.
in different research.
It's awarded and supported by the Government of India.
more than 2,500 patients till now.
We can also say that we have given them a renewed vision.
We want to make CureSee available
to every patient around the world with your help
and increase its awareness.
So, Sharks, we are here to ask
for Rs. 40 lakhs investment
in exchange for 5% equity in our company.
- Hi, sir! - Thank you! Hi, sir!
You three share a story of childhood friendship.
[sweeping music]
Jatin and I are school friends.
And he is our industry-friend.
When I was pursuing my optometric career,
I met Amit and came to know
that we can make an impact in this field.
So you are a doctor.
- Optometrist. - An optometrist.
A doctor can do surgery
but an optometrist can do eye testing and diagnostics.
Okay.
Jatin's brother had this problem.
Jatin told Puneet about this problem
and Puneet asked me about the current treatments for this.
I told him that we have some old modules.
The problem in it was that the patient
had to frequent their practitioner or the eye hospital
and take therapy daily.
During Covid, it was impossible to go to the hospital every day
so we decided to revalorise it and digitalise it
so that patients could benefit within the confines of their homes.
You mentioned the Covid period. Did you launch it recently?
We launched it on September 2019.
We innovated continuously
and utilised the Covid period to introduce our second version.
It has made us a worldwide
advanced vision therapy software with the highest efficacy.
How do you claim efficacy?
Sir, our research is published
and two of them are undergoing AIIMS approval
which is a premier institution in India.
[thrilling music]
They found very good results and they'll soon be published.
- I think it'd be easier. - Sir, shall I invite you?
- Yes. You have enough knowledge. - He'll ask too many questions.
You are inviting the wrong person.
No. How could I be the wrong person?
I have some knowledge.
I know that once he approves, everyone else will approve it.
[laughing]
- Are these glasses meant for exercising? - Yes, sir.
Peyush is looking like Karamchand.
"Karamchand!"
No! He's looking like the character from The Matrix.
[upbeat music]
The glasses we use during therapy
are called anaglyph glasses
which have red and blue lenses.
It'll show different images to both eyes
- to give separate stimuli. - Alright.
Peyush, I request you
to click on a random obstacle.
[thrilling music]
We have to avoid the obstacles shown in red and blue colours.
You can bounce the ball with the space button.
The obstacles he fails to jump are being recorded
and a report will be generated at the end of the exercise
which will tell us how efficiently he performed.
Now we'll do a binocular exercise done by both eyes
but we don't need these glasses.
What you see on the screen are called GABA patches.
We have to align three similar patterns together.
It stimulates our visual cortical neurons
directly.
It's colour-vision testing.
We have to select the numbers
shown and enter them.
So we have to play these games daily for one hour. Right?
AI will select six different games
daily and give them to you
so that the patient doesn't get bored.
If they perform well,
the AI increases the difficulty level.
[inspirational music]
You can see two colours, red and blue.
We'll use red and blue glasses
and set them to the dimmest level
so that we can barely see them.
When they become visible, we don't increase it further
and we can start the test.
We can see two different colours now
and we will measure the visual acuity.
It means we are measuring the right and left eye separately.
after wearing glasses.
We got the point. Have we met before?
- Yes, sir. - I think we have met once.
Suppose a person suffers from a squint eye
and they are 35 years old.
He has only two options. Either he will undergo surgery or exercise.
What is the probability
that his squint will be treated by this exercise? And in how many days?
To what extent can it treat the squint?
If they have squint and amblyopia or if it is because of amblyopia,
we can help recover the squint fully.
In case it's only because of a muscle disorder,
surgery is a better option.
You said that you sold this application to just 2,500 people.
Is it really a business?
We charge between Rs. 12,000 to Rs. 18,000
The last month's revenue was Rs. 2.64 lakhs.
Sir, we launched B2C around 15 August
as we received many queries
from Gulf countries because they wanted to get enrolled.
So we decided to introduce a B2C model
that could easily be availed by international patients.
And you'll earn more money.
If it's a technologically advanced product,
why didn't a VC or a strategic investor
invest in your business?
Ma'am, we don't just want an investor.
We want to collaborate with people who have a vision.
Yes! [laughing]
That's an apt statement.
Please give me the details.
- You said you have a revenue of Rs. 2.64 lakhs. - Yes, sir.
Please give a breakup. Is it a per-month revenue?
- It's per month revenue. - It's per month.
- So you charge Rs. 18,000 for six months. - Yes.
How much do you give to the doctor?
Sir, we charge Rs. 18,000 from the doctors.
We don't impose a cap on the doctors so the doctors have
a markup as per their practice. It depends on the hospital.
How many patients are using your service as of today?
Sir, there must be 310 patients who are using this therapy right now.
Actually, Puneet, Amit and Jatin,
I think you need networks more than vision.
[tense music]
In the sense, me,
as I have a lot of hospital and doctor connections.
[intense music playing]
That's where the profits lie.
Namita, also tell them how you will help them.
Let me tell you how I will help you.
We have representatives.
We have a tremendous network of doctors and hospitals.
They will help you
in terms of getting customers.
Emcure has done significant work in awareness and diagnosis.
So, integrating you will be very easy for me.
The only thing is you are pre-revenue.
It's risky.
So, my offer is Rs. 40 lakhs but for 10% equity.
- I can help more than her. - Oh!
- I'm just kidding. - [unanimous laughter]
I wondered how!
- How? - Let me make this easier.
I am out because this is not my expertise.
All the best, guys.
Great job on the product.
You're creating a product
that will address 30 crore people globally from India.
Hats off to all of you. Best of luck with your mission.
I think Namita is a great partner. I am out for now.
The model you're following, on which Namita will help you,
will not create the desired impact as you wanted for your brother.
Why not?
How many people can afford it?
Even if a doctor takes zero fees,
how many people with this problem can pay Rs. 18,000 for 6 months?
As far as I know, doctors are charging Rs. 10,000 to 15,000.
Let me tell you about an incident.
There is an employee in my office
whose son suffers from this problem.
She came to me and told me that she tried your solution
and it helped her son.
I have a testimony.
- Thank you. - I asked her about the fees.
She told me the amount. It was quite high.
Only for the cause,
and because you've been pursuing it for 4 years.
There's also an omen.
I've heard of you before.
The employee in my office mentioned you.
And by chance, you're here.
I didn't recommend you for Shark Tank.
We can do something together.
- God's plan. - Why didn't you, when they came to your office?
They didn't come to me for a meeting.
They might've met my cofounder Amit, something must have happened.
You know, it is one of those things.
It didn't catch the attention then, but it did today.
Why didn't it catch your attention?
It's because I don't believe in the model you have in mind for them.
[intense music playing]
That's just the beginning.
No, it's not a beginning. It is a choice.
[intense music playing]
First, make money through B2B and then move on to B2C.
No, listen to me.
I follow a simple philosophy.
I want to solve problems at the core.
Also, work on the foundation
even if we have to give her a fee for it.
My goal would be to increase awareness on Lenskart's website.
And launch it at a very affordable price.
Maybe Rs. 500 a month or Rs. 200 a month.
They're not letting me speak.
I'll make you an offer.
But you'll have to choose. I won't do a co-deal.
I won't do a co-deal either.
[intense music playing]
Not interested.
Let the fun begin!
I offer you Rs. 1 crore
- Same valuation as yours. - Oh!
If you want Rs. 40 lakhs for 10% equity, it's up to you.
I wish to tell you
that my vision is similar to his.
[laughs]
I have the expertise to run the gamut of healthcare.
I have the expertise too.
[intense music playing]
I have been doing this in every therapeutic area.
- Patient database... - I disagree.
[intense music playing]
Listen!
Their offer...
By the way, you shouldn't dilute 25%!
I disagree.
[intense music playing]
- Listen, they both... - Let Anupam speak.
After listening to their offers,
I, too, am feeling the excitement.
I find this category very exciting.
[tense music playing]
- Third offer. - Let me tell you the problem.
You didn't respect me.
I've been sitting here like an ape
trying to speak.
No one lets me speak.
Either she won't or he won't.
They are pouncing on you.
But I won't let that happen.
Oh, God!
I think
out of the five of us, they are the best ones
to give you the required support.
That's why I am out.
I think it's a tough decision.
But either way, you will make the right choice. Good luck.
Let me make you another offer.
I offer you Rs. 40 lakhs for 7.5% equity.
I won't get into a war with her.
My offer is very clear.
How about Rs. 40 lakhs at 10%?
You know the value-add that Lenskart brings.
It's your choice. I'm not looking for profits.
I just want you to get help.
Do you know what I see?
I see Amar and Prem from the movie 'Andaz Apna Apna'.
And you're Raveena and Karisma.
[giggles]
Amar and Prem are fighting over them!
[laughs]
"I am a fake and you are also a fake!"
That's not the case. They're for real.
Make your final decision. The wait is over.
Listen, do what's best for you.
Could you match her offer of Rs. 40 lakhs for 7.5%, please?
If that is what you believe,
then 2.5% shouldn't matter to you.
No, it will.
Sir, we've built it from scratch. So, 2.5% does matter.
I'll offer you Rs. 40 lakhs for 5%.
I'll offer you Rs. 50 lakhs for 10%. Is that okay?
whereas mine is Rs. 8 crores. Think about it.
[intense music playing]
- I'm giving you 60% more valuation. - One! Two! Three!
- Five seconds, make a decision. - 60% more valuation.
Five seconds.
[intense music playing]
Sharks, we have made our decision.
[suspenseful music playing]
We're associated with the same vision as Peyush.
So, we'd like to go with him.
- Oh! - Which deal?
Finally made a good decision.
- That you got the deal. - It's that you got the deal.
- India got a deal. Congratulations! - Yes.
It's a great deal.
Your conviction that you picked the offer
that helps more patients over better valuation...
Hats off!
- You guys are incredible. - Listen, Peyush is my friend.
- I'll help all of you with networks regardless. - Thanks, Namita.
That would be lovely, ma'am.
- That would be lovely. - I will.
We need to work very hard.
And I'll be there to help you.
Good job, guys.
[bubbles rising]
'Today's Shark Xperience
'features Rakhi's question from Solapur.'
'Vineeta, as we know,'
'only 2 businesses out of 10 become successful.'
'What becomes of the remaining 8?'
I believe that out of 10, only 1 business makes it big.
And 3 to 4 businesses
run like a profitable and sustainable lifestyle business
for years together.
The remaining 5 to 6 entrepreneurs