[traffic noise]
Before independence, Kolkata used to be
the capital of the British Indian empire.
[music playing]
There are many ports in Kolkata.
So, an export-import business is feasible.
[music playing]
But businesses have changed over time.
[music playing]
When I went to the US to study on a scholarship in my final year,
my vision completely changed.
I heard terms like a startup,
entrepreneurship, and dignity of labour.
I had never heard of it before.
[music playing]
I want to change the mindset
that apart from secured jobs,
there are many paths to success.
And business is an important pathway.
Bengal has contributed to every sector.
Whether it's art, culture, or literature.
I feel that it's time for Bengal to contribute to entrepreneurship.
I hope that entrepreneurs like Ratan Tata, Mukesh Ambani
emerge from this place.
[music playing]
- Hello, Sharks. - Hello.
In Bengal, if anybody starts working today
there will be boxes of sweets sent to their house.
But if someone starts a business,
parents ask if you've gone crazy.
Have you lost your mind?
[laughs]
Bengal's relationship with business
- has been redefined by me. - Wow!
Sharks, Indian middle class students, office-goers,
when they go to a high-end restaurant,
the first thought that strikes is overstepping the budget.
It's month end so let's eat at home.
But, there's a problem there as well.
You can't get restaurant-style food at home.
To solve the problem of middle-class Indians,
and to enhance the dining experience
I've brought India's first BSR.
[laughs]
It means Where's The Food!
WTF! is a concept restaurant chain
Hospitality, crockery, cutlery, ambience
which is at par with any good restaurant.
So, our caption is
Five-star of the middle class.
It means five-stars of the middle class.
And we didn't stop here.
We are soon going to enter your kitchen.
We're going to enter every kitchen in India.
We are launching a secret sauce
that might disrupt the ready-to-cook industry.
Sharks, here we seek 75 lakhs
want to associate with this scalable restaurant chain
and secret sauce venture.
So that you won't regret it later.
[laughs]
We started on the last bench.
We started from our home kitchen
by delivering sandwiches.
There was a time when
I was grilling while studying my worksheet for exams.
One after the other,
the orders began to increase because I knew that
as a startup, we don't have CAC. We have CAS.
Customer Acquisition Strategy.
[laughs]
- I love it. - We don't have a budget
but we want to do business.
We named the company Food Ride and other things.
We decided to give a name
that will make people reluctant to share it, but they surely will.
We quoted 69 rupees for the first package.
So, WTF at 69.
[laughs]
Oh my, God!
And that went massively viral in Kolkata.
You're a far-sighted person.
Thank you, sir.
[laughs]
What's written on your t-shirt?
It means Bengal will do business.
Woah!
- Superb! - Amazing!
And I wrote a book
which was regarded by Mr Ratan Tata.
And he wrote me a mail after reading my book.
The caption of that book is Bengal will do business.
Oh!
You told me that you started it with two friends.
Where are they now? Why didn't they come?
One of them is doing a job.
And the other one is pursuing higher studies.
They never believed that we can grow bigger than a sandwich maker.
This is what separates us from the rest, sir.
We can visualize 2022 in 2018.
And if we can visualize 2026 today
that's what sets entrepreneurs apart.
The valuation is not on present-day value.
It's what the company is about to be.
If there are only fortune tellers in this country,
they're entrepreneurs.
Sir, I persevered because I visualised it in 2016.
It might take time, but we will do it.
And here I am today.
You're intelligent.
- Thank you, sir. - Very sharp.
You must not delay such things, Sayan.
This is the sauce menu.
Yes, Asian food.
Please tell me how many of you are non-vegetarians.
I'm strictly non-vegetarian.
- Strictly vegetarian. - Three vegetarians, and two
- non-vegetarians. - I eat non-veg too.
[music playing]
[sizzling]
- You're adding your sauce. - Yes, sir.
It smells amazing.
Some people aspire to be an engineer while some want to be entrepreneurs.
Some want to be a sportsman. I want to be India's best salesman.
- You're already that. - I can see it in you.
- I believe it. - You look like it.
I can sell anything and I'm ready to sell.
- I just want to sell. - Okay.
This is chilli oriental paneer.
Authentic Chinese flavour.
Okay, calm down.
When I ask you a question, you speak so much
it tingles my body.
I don't understand
- what's going on. - I have waited for a year, sir.
It's very tasty.
But it's the taste of your sauce.
Yes, whatever order it is.
The chef doesn't have to do anything.
They just have to add the sauce and mix.
- Sauce is the secret recipe. - Sauce is the secret.
Because we want to have uniform taste across outlets.
So, this sauce goes to all outlets.
What are you making with chicken?
Sir, you tell me what you want to eat.
- Make chicken schezwan. Okay? - Okay, sir.
[sizzling]
Let me tell you
that nobody was leaving home post COVID.
Nobody wanted to eat at a restaurant.
So, we have to cut down on our expenses.
So, we introduced
candlelight dinner at 149. All the lights will be off.
The candlelight is here.
The sales grew 2x.
[laughs]
Well done!
Romantic cost cutting.
What's the CapEx of a restaurant?
- Of WTF! - Yes.
We are soon introducing Jain sauce, no onion, no garlic.
[music playing]
How is it?
I found it to be normal.
It's normal but nice.
[laughs]
Sayan, tell me something.
- I'm unclear. - Yes.
- What's your exact model? - Our restaurant...
Just a moment. Be patient.
You told me that you have a restaurant business.
And you also mentioned in your introduction that
75% of your food has standardised pricing.
- And 25% are variants. - Correct.
So, please explain this model to me.
Sir, the menu card here
75% of the menu
Now explain the format to me.
How many seats does your restaurant have?
- What's the average monthly rent? - Correct.
Sir, we pay an average rent of 30 to 32K.
- Average ticket size. - Correct.
So, you must be serving around 100 customers.
But don't you think that
100 is not a big number
for a popular food outlet.
[music playing]
So, if you have to earn a monthly EBITDA of 1 crore,
how many outlets do you need?
Sir, I would like to say something.
No, answer my question first.
[music playing]
EBITDA of 1 crore. The growth
is going to be exponential.
Because the bamboo was grown underneath and it needs to grow up.
Answer his question.
We are eager to hear it.
Sir, around 10 or 12.
We can do it with 12-15 outlets.
1 crore with 12-15 outlets.
- 100... - Sir, we're getting back
to the new normal.
Yes, sir.
- Isn't your name Sayan? - Yes.
- The 'Sh' in the beginning. - No, it's 'Sa'.
Focus on the 'Sh'. Hush!
[music playing]
So, I have decided.
I think your idea is fabulous.
This model is proven in India.
Wow! Momo is a model.
It has recently received adequate funding.
It's scaling up well. Wow! China is the same company.
But, I feel that scaling this up
needs a lot of work
and I don't think I will be able to add much value.
So, I'm out.
But otherwise, I really enjoyed your food.
[music playing]
I agree with Peyush.
- I've had food at Wow! China. - Correct.
And the taste was similar.
- Correct. - When there's already a big brand,
there's space for only two things.
Either a big brand like Wow! China
or street food for cheaper options.
- Correct. - Chinese street food is common.
- Correct. - Or as they say, food trucks.
So, I think building a brand out of it and scaling it up
will be very difficult. I wish you the very best!
But I'm out.
Thank you, ma'am.
What's the bifurcation between home deliveries and restaurant sales?
- As I understand, you have only 20 seats at your outlets. - Yes.
And you have just 50 to 60 walk-ins.
I'm assuming it to be 80% now
because home deliveries are just 20%.
How long does one person sit roughly?
Half an hour to 45 minutes.
Then how will you prove brand loyalty?
The occupancy level appears too less.
[adventurous music]
But you are saying that the brand is strong. It doesn't match up.
Sir, I didn't have mentorship.
I did everything on my own.
Sir, if I get a partner, we'll definitely make changes.
Whenever I ask you a question,
you move on to the next topic.
Let's discuss one issue first.
[sweeping music]
Hold on, Amit, if you don't mind.
Generally speaking,
- So the total table turns is six. - Six table turns.
Yours is an all-day restaurant.
I don't think it's limited to lunch and dinner. Am I right?
Yes, it's an all-day restaurant but there are black hours too.
Okay, but there should be 7 to 8 table turns
per day if you are killing it.
Correct!
Only then a brand can be called strong.
[suspenseful music]
I have a feeling you are in a hurry to think that you're successful.
Sir, we will soon launch sauce in the D2C segment.
Actually, I think I won't be able to contribute to your business
because you don't listen.
An entrepreneur must have good listening skills.
[tense music]
- I think it's missing. - Correct, sir.
Sharks won't be able to help you.
Money can't help you enough.
I want to be out for now
- but I wish you all the best. - Thank you, sir.
- Keep your spirit up. - Thank you, sir!
- Sayan, you said two of your cofounders left. - Yes.
Are you alone? Or do you have someone with you?
Sir, I'm alone and capable enough.
He left me at a time when we didn't even have an outlet.
He left me when we had just one Sandwich Maker but I made an outlet.
All of them already said that you have unmatched marketing skills.
- Thanks. - In sales too. It's quite apparent.
And that's your weakness too.
You think
that everything can be covered up with marketing skills.
I don't understand how I will discuss business with you.
Whenever we raise a point,
you start another discussion
and we can't continue the conversation.
For this reason, I want to be out too.
Let me advise you
that if you continue to be like this,
Sayan, you could succeed but you can't go beyond a point.
- Thanks, sir. - Okay?
- Good luck! - Thank you, sir!
Let me evaluate your pitch right from the start.
Your energy was good. I don't doubt it.
But overenthusiasm is also not good.
I'll keep this in mind, sir.
Secondly, you mentioned
an entrepreneurship fight going on in Kolkata. I had a problem with it.
I feel that all of us are Indians like in 'Chak De! India' film.
I'm not aware of the cities I invested in.
I value entrepreneurs
and not the city.
Thirdly, you don't listen.
It's good to debate
and salesmanship is also good
but going overboard sometimes kills.
I think nowadays, every entrepreneur
thinks they are a star as soon as they become an entrepreneur.
When they get funding, they think they are akin to God.
"I know everything."
[dramatic music]
It's good to promote yourself
but over-promotion and depicting yourself as God... "I'm God!"
You know, "I'm God."
It's a fatal attitude and it won't help you grow.
It's very important for you to come out of that mindset.
I didn't like your pitch.
Except for your food, I didn't like anything about your pitch.
If you can take our feedback positively
and come back stronger, we'll be proud of you.
Thank you, sir. Sir, can I request one thing?
- Yes. - Can we do the numbers again?
- Because I... - No. My friend, all of us are out.
- As per the format, we'll discuss if we meet again. - Thank you, sir.
- Best of luck, Sayan. - Best of luck!
- Please don't be disheartened. - No, sir.
- Your food was amazing. - Thank you, sir.
Please leave with the same enthusiasm you came with.
- Keep your spirits up. Be energetic! - Thank you, sir.
Thank you, sir.
[dramatic music]
We'll discuss two problems with you today
and also their solutions. One is related to teenagers.
Bro, the views on my reels have increased.
Your blog is a hit
but we must do something different now.
We must use our skills to build our careers.
I wish somebody could introduce me to real companies.
I don't want to pass time but use my time productively. It would be cool.
The second problem is faced by companies.
I'm frustrated with boring ideas
and outdated ways of thinking.
I need people who give fresh ideas.
I don't know where I'll find such people.
There are more than 20 crores of teenagers in India
who want to use their skills.
And more than 4 crore companies
are searching for the right talent to build their digital presence.
These problems will be solved by Funngro.
[upbeat music]
Hello, Sharks! I'm Payal Jain.
Funngro is a platform
where teenagers in the age group of 14 years to 20 years of age
get earning opportunities.
and by handling these projects,
they don't just enhance their skills
and experience the professional world,
they earn money too.
and know the value of money.
Most importantly, all this is done with parental approval.
We launched Funngro around one year ago
they'd be confident and not confused.
Our ask is
- Payal, Anik and Vea, welcome to Shark Tank. - Thank you!
- Are you three related? - Husband-wife and daughter.
Have I met you before?
I have met you. My last company,
- Symbo and Lenskart work together. - Yes!
- Right. - I was a cofounder in my last company so we have met before.
I left that company. I'm working for Funngro full-time since 15 August.
Payal, was it your idea?
Yes. I always wanted to do something for children.
I had an inclination
and Vea inspired me so I decided to go ahead.
I started this business for financial literacy.
We launched our card in November 2021.
And when I spoke to the teenagers who joined us,
14 years old children clearly asked,
"Please tell us our earnings.
We want to earn money for real
and build our profile."
I studied their requirements
and also tried to know the problems of companies nowadays.
February ended and then I began working
on this business in March and I asked Anik to join me.
We hire interns from schools
but it isn't legal to employ teenagers.
You may hire them for an internship.
We can't offer them a job before they turn eighteen
or sign a contract with them.
So how do you go about it?
Legally, anyone above 14 years of age can work.
There are two Acts. The Child Labour Act and The Apprentices Act, 1961.
The Apprentices Act, 1961 specifically says that one can work.
We need to be careful about three things.
We need age proof that they are above 14 years.
Nobody below 14 years can work according to the law.
Secondly, they can't work in a hazardous environment.
Like mining, related to chemicals or any such work.
- So the point is, it's legal. - Yes. It can be done legally.
Please brief us about your product and give us a demo too.
Okay. It's our login page.
Both parents and teenagers can log in.
A child enters this page.
His details are already captured
and he'd select his skills.
His skills could be social media marketing,
website designing, content writing,
app testing and research.
We have provided a button for parental approval
which they need to click.
As soon as they click, the parent will get a request.
When a company places a requirement,
it's mandatory for them
to update the category of the project, the remuneration
and how soon it needs to be completed.
It depends on the child if they want to do a project or not.
When they submit the form, the company gets the request.
If the company selects the child,
it gets displayed in the child's live assignment tab.
And once the project is delivered and the company approves it,
your money will be reflected here.
You may navigate to see your card.
If you have already bought the card, you may click on 'add money'.
This card is issued by Fino Payments Bank and the RuPay network.
The most important feature is the role of parents.
You may log in as a parent.
Even if the child wants to upload a photo,
we made sure that it's done with the approval of the parents.
'Earn money' shows 'no'
which means your child can't work on that project.
We have devised approval at each and every place.
If a child has an exam and you don't want them to work,
you may disable it for a short period of time.
Payal, the model and UI made by you
is copied from Upwork.
I want to clarify
that it could turn into Upwork if non-teenagers also join this app.
Upwork or Freelancer.
Yes, Freelancer or whatever.
Eventually, how will you differentiate it from others?
How will it be different from the bigger platforms?
There are two major differences.
The way of thinking is different keeping teenagers in mind.
We need to approve every project to ensure
that the language and content are correct
and teenagers don't get inappropriate work.
Secondly,
teenagers need help with gap identification.
"I know this but I don't know that. I must learn it."
Maybe other platforms don't do it.
If Freelancer makes changes and follows our model, it's good.
If we prove ourselves at a large scale,
and a big company wants to follow our business model,
it'll prove our model's efficiency. Then two companies will compete.
Give us an idea
about the types of projects
and matching skills popular on your app.
Three types of companies are joining us majorly.
Companies give research projects and sales projects too.
We get multiple categories of roles.
Teenage is a very sensitive phase.
For teenagers to experience and accept rejection
can either be a learning or a risky matter.
How do you see it?
How do you handle such a sensitive matter?
It's a learning for us.
When a child comes to us, when we're building a profile,
we explain to them that this platform
will teach you a lot.
Can we handle the psychological issues?
It's a bit early for us.
But as this company grows, we will venture into it.
[music playing]
I think your initiative of a financial literacy card
has been done by many companies.
In the US and India.
In the US, a couple of companies grew big.
In India, a company made a lot of money.
2-3 more were launched.
They couldn't build it
and the down period or winter followed.
My initial take on Funngro was that
earnings were incentivised based on behaviour initially.
- When my first... - It's alright if you've done it.
Own up because this business
of simply financial literacy and card issuance has no business.
But this pivot was good.
You haven't completed it yet.
And that
is something I disagree with.
Secondly, I don't think... Although we haven't asked yet.
But according to my estimates
you don't have much revenue.
You're a pre-revenue company.
A valuation of 40 crores makes no sense. So, I'm out.
But you're doing a good job. So, good luck.
Tell me about your business model and numbers.
On the earning side of our business model,
It brings us revenue.
Our monthly expenditure is 2.5 lakhs.
It's not our core business.
We haven't offered a rupee yet
and don't believe in the burn model.
So, we have 40,000 people as of now.
22,000 are teenagers and 18,000 are parents.
We have 170 companies in collaboration with us.
We have completed 90 projects with them.
25 per month. I'm not getting it. Please explain it to me.
All the projects that we have
is our joint effort. We don't have a sales team.
We've hired them last month.
Last month, we collaborated with 80 companies.
Secondly, our average ticket size has increased from 1000 to 2000.
Have you raised any investments?
Right? There's no scope for cards and education.
Because the competitors are high-tech companies.
This requires hardcore technology.
Until you have it, I can't invest in it.
So, I'm out.
I'm confident about the youth of our country.
But I will motivate them. I can never reject them.
I want them to learn and not earn.
There's a lifetime to earn.
So, ethically, I'm not with this business. I'm out.
[music playing]
I generally never disagree with Aman.
But for the first time,
my belief is the opposite.
And I think that teenagers these days
- are ready for this. - Absolutely.
I have been in conversations with the government
to make entrepreneurship
a part of the school curriculum.
So, I think our teenagers are ready
to earn and learn at the same time.
To the best of my knowledge, it's at an early stage.
The old platform has zero renters.
I'm more interested in this because children get to learn.
So, I like the cause.
I would like to take two minutes to discuss with Namita.
[music playing]
They're here. You're going to get an offer.
- Here's your offer. - Let's wait and take it.
[laughs]
Because you're pre-revenue, our valuation will be very low.
2.5 crores valuation.
25 lakh equity at 10%.
This is the lower cap. Bare minimum.
The lower cap is 12 crores.
The upper cap is 32 crores.
If we go by 12 crores,
I'll be candid and make you the last offer.
I've never seen this before.
[music playing]
Decide quickly.
- We've decided. It's a deal. - Deal done!
- Bye! All the best! - Bye!
[dramatic music]
[ethereal music]
Sharks, do you know
the glass of milk kept beside you is white gold?
[ethereal music]
Nowadays, people take special care of their health and diet.
They try different kinds of products to achieve it.
But there are some natural and healthy products
about which they don't know.
Even if they know, those products aren't available in pure form.
The products we are talking about
are camel milk which means female camel's milk
[motivational music]
My name is Shrey Kumar and I'm from Delhi.
Sharks, you must be wondering why we are calling it white gold.
As per research, camel milk
has ten times more iron
Today we have several products made of camel milk and goat milk.
8 lakh litres of milk
camel farmers and goat farmers
didn't have a regular source of income.
Today, we have successfully provided
a primary source of income to many farmers
and saved the dwindling population of camels.
We created a market
in India which was non-existent.
We want to be the global leader in the market of special products
and help people reap the benefits of these products.
Sharks, we request
an investment of Rs. 60 lakhs from you
Wonderful!
What is the valuation you are asking for?
- Sir, Rs. 40 crores. - Wow!
Shrey, and Hitesh, welcome to Shark Tank.
- Please tell us about the product. Does it taste different? - Yes.
How come?
The salt content
and mineral content are high.
So it tastes salty.
- Goat milk or camel milk? - Camel milk.
Yes, it's salty due to the salt content.
We understand that it improves digestion. Any other health benefit?
Sir, when digestion improves, the gut also improves.
No, please explain this.
Does it help improve digestion?
Or it's easy to digest it. These are two different points.
I think he means to say it's easy to digest it.
- It's easily digestible. - It's easily digestible. Why?
Sir, the quantity of lactose
and protein structure is different in different types of milk.
So it has less quantity of lactose.
Camel milk is kept beside you.
Though camel milk contains lactose,
but it doesn't convert into beta-lactoglobulin
which is an allergy-causing substance.
- If I drink it, I hope it won't have an adverse effect. - No.
I'm lactose-intolerant. Okay?
[suspenseful music]
Is it a positive response or a negative one?
No. I need some time to adapt to it.
I mean it's different.
Why did you serve us only milk? You brought chocolates with you too.
- Please serve us chocolates. - Sure.
[suspenseful music]
What is your main product? Chocolate or milk?
- Milk powder. - Milk powder.
I just ate this chocolate.
It has an ordinary taste.
It tastes ordinary.
It isn't different.
Sir, sugar and cocoa
overpower other ingredients.
You won't find an extreme difference in taste in the chocolate.
- I don't find any difference. - There's no difference.
These chocolates have just four ingredients.
Bean-to-bar cocoa,
organic unrefined sugar, camel milk and vanilla.
But the taste isn't different.
There is some difference in taste
but it isn't superior. It tastes inferior.
[sweeping music]
Please tell us about the supply chain.
How exactly do you procure camel milk and goat milk?
Who are your partners? Please elaborate.
We deal directly with the farmers.
We devised per litre procurement system for the first time.
So the farmers deal directly with us
and we provide remuneration to them after 15 days
directly into their bank accounts.
No middleman.
Are there enough camels?
The population of camels
isn't improving.
If we check the Livestock Census,
the population of camels has declined continuously.
- Correct. - But we hope
that the supply would increase with the increase in demand.
Okay.
How much milk does a camel produce in one year?
Do we get the milk for the whole year? Or is it cyclic?
No, sir. Their lactation period is around 13 to 15 months.
- During that period they give 3-4 litres of milk on average. - Got it.
We have 70 grams bar
which cost Rs. 250.
What's the difference in cost when compared to ordinary chocolates?
It's two times more expensive than normal chocolates.
So they are expensive.
I eat Amul or Cadbury chocolates.
Sir, then these chocolates aren't meant for you.
Because these are costly.
Regular premium chocolates have the same rate.
Yes, sir.
What's the per litre rate of camel milk and goat milk?
Sir, the milk powder made with camel milk and goat milk
costs Rs. 1,250 for 200 grams.
If I break it down into per-litre figures,
Gosh!
Let's talk about your product Milk Powder.
You said that you sell this product the most.
I want to know more about it
because milk powder
isn't popular in our country.
- We see milk powder almost daily in the West. - Sure.
Sir, in the beginning,
we sold frozen milk in bottles
so that it could be stored for one and a half months to two months
and we could cover the metro area.
- But the challenge of logistics and cost was huge. - Yes.
The milk powder you are holding
is made with lyophilisation or freeze-dry technology.
When we started manufacturing milk powder,
our market reach increased all of a sudden.
We could cater pan-India and internationally
through e-commerce platforms and our website.
Please tell us your sales figures.
We established ourselves as a private limited company
You must be facing competition.
The main reason for the downfall is Covid.
Our business component includes exports too.
Our export orders suddenly dried up.
We saved Rs. 3 lakhs out of Rs. 50 lakhs last month.
We invest the profit we earn
back into this business. We are a bootstrapped company.
We both made the initial investment of just Rs. 3 lakhs.
You set out to create a new category and that is brave.
- Thank you. - I believe
that getting a breakthrough
in the Indian milk-drinking pattern
and increasing the TAM is a tough task.
[suspenseful music]
I see a challenge in scaling up
and for that reason, I'm out.
You earned Rs. 9 crores in a niche category
and you worked meticulously to build the supply chain.
I think you failed to explain your business properly today.
It's a special product
and it isn't a replacement for milk.
People might think that it can't replace cow milk and it needn't.
You earned Rs. 9 crores
I think your business has opportunities in the export market.
You must invest maximum time and energy in exports.
I'm out today
but I think you are doing great and there's no problem.
- Thank you! - Your monthly sale is Rs 50 lakhs.
Right now,
Actually, I... Um, I'm out.
I'm a down-to-earth person.
You are selling chocolates costing Rs. 300
and the milk is being sold at double the price. I won't buy such items.
I need to understand the benefits.
Category creation is done to help understand the benefits.
Category creation needs stupendous expenditure.
Due to these reasons, I can't join you for now.
The health claims you listed are questionable.
[suspenseful music]
It's against my principles,
to invest in questionable health claim businesses.
For this reason, I'm out.
I have a simple question.
Camel is Rajasthan's State Animal.
I think you are helping improve the falling camel population.
I didn't understand your business economics. Like...
You may invest for the sake of Rajasthan.
Anupam, I love Rajasthan, obviously
- but it's a business decision. - That's good.
Yes, good point.
- You are already out. - Yes.
Let me talk to them.
I don't find it interesting from a business point of view.
I liked your cause as you are helping save camels.
So I want to make an offer.
[suspenseful music]
Wow!
You asked for Rs. 60 lakhs for 1.5% equity.
I want to give you
Rs. 60 lakhs in total. Rs. 15 lakhs in exchange for equity
- and Rs. 45 lakhs in debt. - Okay.
At a 12% interest rate.
For 1.5% equity in the company.
- Can we make a counteroffer? - Yes, please!
- It's your right. - You have the right.
Sir, can you reconsider the split of 15:45
to make it 30:30?
I don't think it's a good enough business
and I'm investing only because of the cause. I can help you too.
I'd like to stick to my offer.
[dramatic music]
Accept it.
- Come on! - Accept it!
- Sure, sir! - Thank you!
You are doing great work
and you are persistent.
Congrats!
- Good luck, guys! All the best! - Thank you!
[bubbling] [ethereal music]
[dramatic music]
Adult films are banned in India.
[comical music]
Adult toys are banned too.
Romance isn't taboo for now.
[chuckling]
Just think about it.
If you want to spice up
your anniversary evening,
you don't have many options other than multi-flavoured condoms.
We introduced bedroom gifts
to fill this gap.
They are entertaining,
naughty and made in India.
[funky music]
My name is Harshvardhan Khemani.
And I'm Varun Todi.
We hail from Hyderabad
and we are the cofounders of Oye Happy.
[funky music]
We are a gifting company who sell naughty gifts
and many innovative products
never introduced in India before.
Some of our bestselling categories
are customised gifts, party games,
Photo Rakhis,
interactive greeting cards and many such things.
Aman, if your wife
likes Shahrukh Khan more than you...
No. Actually, I like Shahrukh Khan.
[laughing]
That's even better. You may wish her
Happy Valentine's Day in Bollywood style.
Wonderful!
Wow!
Nice.
Peyush, if you want to give your school friend
a tour of your childhood in a time machine,
you may do it with this 90s Kit.
[ethereal music]
It contains Phantom Cigarettes, comic books
- and many amazing surprises. - Wow!
[ethereal music]
Gifting is fun when the gift is thoughtful.
of every celebration and every relationship in the world.
And a part of the bedrooms too.
[laughing]
You didn't bring a gift idea for me.
Sir, we have some for you too.
The bedroom gifts are meant for you.
[laughing]
Welcome to Shark Tank!
Thank you so much!
So, how do you know each other?
We are cousins.
And I have the best genes in the family.
Oh!
He has inherited the gene of bad humour too.
[laughs]
You seem from a Marwari family.
- Yes. - Huh?
Didn't they slap and throw you out of the house?
Our family doesn't know yet that we're into naughty gifts.
You're just on national TV.
So sorry, Dad. It was Harsh's idea.
[laughs]
As a gifting company, we have gifts for you too
- that we have created. - Bring it quickly.
We love gifts.
Aman, this gift
will be appreciated more by your mother.
So sweet!
[music playing]
"I'm your Shark."
"My name is Namita."
[laughs]
- It's very cute. - Very cute.
Namita will keep this for life.
The number one dad award goes to, and it has a mirror.
- Very cute! - That would be mine.
The nation celebrates with the Gupta family.
Oh!
- And that's me and my mom. - That's so sweet!
12/06, what's this date? Oh, this is my anniversary.
[laughs]
It has the pictures embedded in the date.
Oh, nice!
He gave it because I remember the date always.
[laughs]
And this is a nice, fun, board game.
This is one of our naughty board games.
Do a dance for your opponent while singing a song yourself.
These games are childish.
We don't do these things on our honeymoon.
[laughs]
- I have a trouble with your business. - Yes?
You positioned yourself as a naughty business.
And suddenly if you incorporate gifts for mothers, sisters,
then people will beat you up.
[music playing]
There will be confusion
as to what the brand stands for.
In terms of positioning
if you're into naughty gifts,
then it's very hard to get into other categories.
Yes.
If your positioning is just gifting
then you can have a naughty gifts section.
Business-wise, we don't call it a naughty gifting company.
We're a gifting company.
But that wasn't clear in your pitch.
You started with naughty.
- Yes. - We wanted to have
a scandalous start.
So that we wake up.
Anupam is awake after seeing your gifts.
With a valuation of 50 crores,
the sales must be high.
- Yes. - What is it?
Last year, we made a revenue of 10.5 crores.
- Amazing! - Thank you so much.
And what was the contribution of the naughty section?
What was your profit?
What were your sales last month?
Last month, we closed at 80 lakhs.
There are two reasons: Christmas and Valentine's Day
They're important occasions for us.
- Secondly, anniversaries... - Wedding tie-ups.
- Wedding and courtship periods. - Correct.
Last year, out of 10.5 crores,
how much did you make in each half?
The first half contributed 35-40%.
And the remaining was the second half.
We're back to square one.
This year, if we make 40-60
then we're back to 10.5-11.
11.5-12 at the most.
There's not much growth.
To increase revenue,
investing in marketing is not the right idea.
It's not possible.
[music playing]
- 5% on stock holding too. - Okay.
- Right? - That will be reflected
in the balance sheet, not the PNL.
If we talk about accounts, 5% will be reduced.
Okay, so you're saying that
not 12%, your profit is around 17-18%.
Yes.
Where do you sell it?
How many people revisit your platform?
Our repeat rate is around 15%.
What's the reason behind it?
Amit, the reason is that
until last year, our main focus
was on anniversary and birthday gifting.
We were focusing on romantic and specific kinds of gifts.
This time, we have
diversified.
To capitalise on other occasions.
- You're innovating, right? - Yes.
Yet your revenue is not growing. There's some other reason.
For revenue to grow,
either we have to enter the funding loop
where we spend on performance marketing
That's why I get stuck.
This category is meant for repeat business.
- Thank you. - Thank you for your feedback.
- Right. - Certainly.
So, the speed
and the number of innovations has to be mastered.
In a year, I have to make a 1000 innovations.
I have to institutionalise it.
The business is not growing much as of now.
And I don't know how to add value to it. So, I'm out.
- But, gifting is a big area. - Yes.
I would like you guys to succeed.
I think scaling up will be a bit tough.
As it will limit creativity.
Even if, there are many designers.
Honestly, I find the TAM to be small.
And for all these reasons, I'm out.
Okay.
Thank you, Namita.
The biggest problem here is brand loyalty.
Nobody mentions that
I will gift from Oye Happy.
They simply ask for a nice gift for someone.
And then they happen to come to Oye Happy.
So, you will also remain stuck in a transactional nature.
You're making money. I don't think
you need to raise any investment. You will get stuck!
So, I'm sorry but I won't be able to satisfy you today.
Good luck and I hope you build a great business.
We will rise above this, Anupam. Thank you very much!
[laughs]
My wife.
On our anniversary,
or her birthday, if I don't gift her flowers,
she takes me to the task.
In many categories,
I won't repeat the order.
But flowers are something
which they want for every occasion.
I think there are repeat issues
and your CAC will always be high.