1 00:00:10,000 --> 00:00:11,400 [music playing] 2 00:00:30,840 --> 00:00:32,480 [theme music playing] 3 00:00:51,960 --> 00:00:53,200 [music fades] 4 00:00:53,440 --> 00:00:54,560 Tiggle! 5 00:00:55,200 --> 00:00:58,280 Sharks, has it ever happened to you 6 00:00:58,480 --> 00:01:01,760 that your hands and feet have gone cold out of fear? 7 00:01:02,680 --> 00:01:04,880 Well, mine sure did, 8 00:01:05,080 --> 00:01:07,640 when at the tender age of 21, 9 00:01:07,760 --> 00:01:10,200 carrying hot chocolate in a steel jar, 10 00:01:10,360 --> 00:01:13,160 I stood outside one of Gurgaon's busiest metro stations 11 00:01:13,320 --> 00:01:15,400 to test my idea all by myself. 12 00:01:16,560 --> 00:01:18,000 The people leaving the station 13 00:01:18,080 --> 00:01:20,440 were looking at me with curiosity 14 00:01:20,680 --> 00:01:22,840 and wondering what I was doing on the street. 15 00:01:22,880 --> 00:01:23,840 I was nervous, 16 00:01:23,920 --> 00:01:26,960 but in no time, people gathered around me. 17 00:01:27,080 --> 00:01:30,560 Within 40 to 50 minutes, my chocolate drink was all sold out. 18 00:01:30,640 --> 00:01:34,680 And along with that giggle began the story of Tiggle! 19 00:01:34,760 --> 00:01:36,200 [light-hearted music playing] 20 00:01:54,560 --> 00:01:56,800 in different flavours and packaging. 21 00:01:56,880 --> 00:01:59,440 However, you will be shocked to learn 22 00:01:59,760 --> 00:02:03,280 that one out of the four best-selling drinks in Indian cafés 23 00:02:03,560 --> 00:02:05,920 is hot chocolate. 24 00:02:06,120 --> 00:02:07,680 - Absolutely. - And no one 25 00:02:07,800 --> 00:02:09,720 has ever explored this segment. 26 00:02:10,320 --> 00:02:11,480 So, that was it. 27 00:02:11,600 --> 00:02:15,560 The entrepreneurial bug in me met my love for chocolate 28 00:02:46,160 --> 00:02:48,880 the colour of the room's walls had turned to chocolate brown. 29 00:03:00,360 --> 00:03:03,520 the favourite chocolate drink of every Indian household. 30 00:03:11,680 --> 00:03:14,360 - Good pitch, and you're here in your brand's theme. - Thank you. 31 00:03:17,400 --> 00:03:19,320 - I will tell you my story... - Sure. 32 00:03:19,440 --> 00:03:21,080 Before the hot chocolate turns cold.. 33 00:03:21,120 --> 00:03:23,040 - Give it to us first. - Sure. 34 00:03:23,240 --> 00:03:24,720 [light-hearted music playing] 35 00:03:26,840 --> 00:03:27,720 Which one's dairy-free? 36 00:03:34,160 --> 00:03:35,520 [light-hearted music playing] 37 00:03:36,560 --> 00:03:37,760 - Thank you. - Means knowledge. 38 00:03:38,040 --> 00:03:39,080 Oh, nice! 39 00:03:41,560 --> 00:03:42,680 By the way, nice packaging. 40 00:03:42,760 --> 00:03:44,360 - Very nice packaging. - Nice packaging. 41 00:03:47,080 --> 00:03:48,800 This one's hot and this one's cold. 42 00:03:48,920 --> 00:03:50,240 [light-hearted music playing] 43 00:03:56,360 --> 00:03:57,320 Hmm. 44 00:03:57,520 --> 00:03:58,920 - Very tasty. - It is very good. 45 00:03:59,960 --> 00:04:00,960 Really good. 46 00:04:02,880 --> 00:04:05,040 I think we should start with you. 47 00:04:05,120 --> 00:04:06,720 Tell us about yourself. 48 00:04:06,800 --> 00:04:09,120 Would you want to know in detail? 49 00:04:09,520 --> 00:04:12,280 - In brief. Briefly. - Good one. 50 00:04:12,440 --> 00:04:14,520 Okay. I hail from Agra. 51 00:04:14,640 --> 00:04:17,520 I completed my graduation in 2019. 52 00:04:17,640 --> 00:04:20,520 I was bitten by the entrepreneurial bug in college. 53 00:04:20,640 --> 00:04:23,000 I tried a thing or two, but they were more like projects. 54 00:04:23,080 --> 00:04:25,360 That was one of the things that triggered Tiggle's inception. 55 00:04:25,520 --> 00:04:30,400 I started working on it in August or September 2020. 56 00:04:30,520 --> 00:04:34,600 I tasted cocoa from over 50 cocoa farms in South India. 57 00:04:34,680 --> 00:04:38,680 Finally, we launched Tiggle in 2021 in the D2C space. 58 00:04:38,800 --> 00:04:39,680 Why the name Tiggle? 59 00:04:39,800 --> 00:04:41,080 Take a wild guess. 60 00:04:41,200 --> 00:04:43,040 - Giggle... - Giggle on being tickled? 61 00:04:43,120 --> 00:04:45,240 You are right. Tickle plus giggle equals to Tiggle. 62 00:04:45,440 --> 00:04:46,320 [chuckles] 63 00:04:46,480 --> 00:04:47,600 - It's vibrant. - It's a good name. 64 00:04:47,680 --> 00:04:48,800 Did you get a website with the name? 65 00:04:55,000 --> 00:04:57,240 Kids are not our target segment currently. 66 00:04:57,400 --> 00:04:59,240 Don't you think you're making a mistake? 67 00:04:59,320 --> 00:05:00,200 Just think about it. 68 00:05:00,280 --> 00:05:03,360 - A lot of youngsters are weight-conscious. - Got it. 69 00:05:06,080 --> 00:05:10,200 So, don't you think the target audience should be kids? 70 00:05:10,800 --> 00:05:13,680 It's possible that our consumption, 71 00:05:13,840 --> 00:05:15,560 in children, might be higher, 72 00:05:15,640 --> 00:05:17,800 but, like me, a lot of people 73 00:05:17,880 --> 00:05:20,960 get jitters about drinking coffee and tea doesn't appeal to them. 74 00:05:21,000 --> 00:05:23,680 Anuva, personal experiences don't create markets. 75 00:05:24,600 --> 00:05:28,280 - If you see a bigger market with kids in the beginning... - Yes? 76 00:05:28,480 --> 00:05:32,000 - And the resistance will be low, you should start with them. - Yes. 77 00:05:32,080 --> 00:05:33,640 Why start with a difficult market? 78 00:05:33,840 --> 00:05:36,080 It's not like adults don't consume chocolate drinks. 79 00:05:36,160 --> 00:05:38,120 Globally, chocolate drinks... 80 00:05:38,400 --> 00:05:40,360 Just the way you look at coffee... 81 00:05:40,440 --> 00:05:41,320 Tell me this. 82 00:05:41,520 --> 00:05:44,280 A decade or two ago, had you imagined 83 00:05:44,360 --> 00:05:47,440 that coffee would be able to compete with tea in India? 84 00:05:48,000 --> 00:05:50,640 What is the market size of hot chocolate for non-kids? 85 00:05:50,760 --> 00:05:54,480 Globally, the chocolate drink market size is 10 to 15% 86 00:05:54,680 --> 00:05:56,200 if you see from the point of view of chocolate. 87 00:05:56,280 --> 00:05:59,160 In our country, the chocolate market is Rs. 20,000 crores 88 00:06:07,840 --> 00:06:09,640 the market size of pure hot chocolate wouldn't be that big. 89 00:06:09,720 --> 00:06:11,000 Yes, it's not so big. 90 00:06:11,120 --> 00:06:14,240 If there is competition, tell us which is the biggest brand 91 00:06:14,320 --> 00:06:16,360 and what their sales are, so that we can get an idea. 92 00:06:16,480 --> 00:06:18,320 If you look at the mass level, 93 00:06:18,400 --> 00:06:20,520 our competitors are companies like Cadbury. 94 00:06:20,640 --> 00:06:22,840 - Hershey's... - Could you give us an idea of their sales? 95 00:06:22,960 --> 00:06:25,960 Rs. 35 to 40 crores on Amazon. 96 00:06:29,160 --> 00:06:30,920 - Just from Amazon. - Okay. 97 00:06:31,040 --> 00:06:32,760 Apart from that, in the last two years, 98 00:06:32,840 --> 00:06:34,400 around three to five companies... 99 00:06:34,480 --> 00:06:35,520 Artisanté is also a player. 100 00:06:35,640 --> 00:06:36,680 Exactly. Your point. 101 00:06:58,760 --> 00:07:00,760 - I'll give you a break-up. - Give us the economics, yes. 102 00:07:00,840 --> 00:07:02,880 Right. Let's start with this fiscal year. 103 00:07:22,680 --> 00:07:24,360 The average across all... 104 00:07:24,440 --> 00:07:25,680 [Sharks laugh] 105 00:07:26,040 --> 00:07:27,520 You've come well-prepared. 106 00:07:27,560 --> 00:07:28,560 Okay! 107 00:07:28,640 --> 00:07:31,040 - Tell us your profit margins. - Sure. 108 00:07:31,160 --> 00:07:32,640 - I'll get to the unit economics... - Unit economics. 109 00:07:32,720 --> 00:07:34,680 - The average across all products. - Okay. 110 00:07:34,760 --> 00:07:38,080 I sell this for Rs. 308. 111 00:07:38,200 --> 00:07:39,360 With GST or without? 112 00:07:39,480 --> 00:07:40,400 Without GST. 113 00:08:41,240 --> 00:08:43,280 You memorised the numbers especially for the show. 114 00:08:43,360 --> 00:08:46,200 I didn't. Our company boasts of a solid culture. 115 00:08:46,320 --> 00:08:47,520 You have to know the numbers. 116 00:08:47,560 --> 00:08:49,520 - Oh, wow! - It's obvious that... 117 00:08:57,200 --> 00:09:00,400 Why not, sir? One right person is enough to promote a good culture. 118 00:09:00,560 --> 00:09:02,040 - Oh, wow! - Amazing. 119 00:09:02,720 --> 00:09:04,880 Your last month's sales were Rs. 12 lakhs. 120 00:09:05,000 --> 00:09:06,000 What was your customer base? 121 00:09:06,080 --> 00:09:08,560 We had 3,050 customers. 122 00:09:08,640 --> 00:09:12,200 Out of 3,050 customers, how many were repeat customers? 123 00:09:21,080 --> 00:09:22,600 Could you give us separate figures? 124 00:09:22,720 --> 00:09:24,280 I won't be able to tell you today, 125 00:09:24,360 --> 00:09:26,840 but I definitely can give you those numbers. 126 00:09:26,960 --> 00:09:30,000 I don't wish to give you incorrect numbers now. 127 00:09:30,960 --> 00:09:32,880 Why should I buy your hot chocolate? 128 00:09:32,960 --> 00:09:35,240 Why would you win in such a competitive market? 129 00:09:43,840 --> 00:09:45,240 which you're going to find fascinating. 130 00:09:45,480 --> 00:09:46,760 [laughs] 131 00:09:46,920 --> 00:09:48,400 We have a community. 132 00:09:48,480 --> 00:09:51,160 I sent them three samples. A, B and C. 133 00:09:51,280 --> 00:09:54,760 A and B were my products, the Jaggery Hot Chocolate. 134 00:09:54,840 --> 00:09:57,080 C was that of some other brand. 135 00:09:57,280 --> 00:09:58,840 The main purpose was to find out 136 00:09:58,880 --> 00:10:01,520 whether our A formulation of the Jaggery Hot Chocolate 137 00:10:01,600 --> 00:10:02,920 was better or the B one. 138 00:10:03,240 --> 00:10:06,520 However, people selected from A and B only. 139 00:10:06,600 --> 00:10:07,600 Would you say, 140 00:10:07,680 --> 00:10:10,200 out of all the hot chocolate brands in India, 141 00:10:10,320 --> 00:10:12,600 if a blind tasting were carried out.. 142 00:10:12,720 --> 00:10:14,120 You'd love Tiggle. 143 00:10:14,960 --> 00:10:16,080 How old are you? 144 00:10:16,280 --> 00:10:17,840 I turned 25, yes. 145 00:10:17,880 --> 00:10:19,240 - You're amazing. - Wow! You're very smart. 146 00:10:19,280 --> 00:10:20,400 - You're amazing. - I must tell you 147 00:10:20,480 --> 00:10:21,960 that you're adaptable, 148 00:10:22,320 --> 00:10:23,720 open to change 149 00:10:23,800 --> 00:10:26,640 and you make it clear if there's something you don't know. 150 00:10:26,760 --> 00:10:27,880 You have all the qualities. 151 00:10:28,000 --> 00:10:29,480 - You'll be a great entrepreneur. - Clarity. 152 00:10:29,560 --> 00:10:30,480 Thank you so much. 153 00:10:30,560 --> 00:10:31,360 You'll do very well in life. 154 00:10:31,440 --> 00:10:33,080 You spoke about culture at such a young age. 155 00:10:33,200 --> 00:10:35,480 - Amazing. - Chocolate or not, you'll do something big. 156 00:10:35,560 --> 00:10:36,600 Thank you so much. 157 00:10:36,720 --> 00:10:39,920 Firstly, I wish to compliment you as a woman entrepreneur. 158 00:10:40,000 --> 00:10:41,880 What clarity of thought! 159 00:10:42,200 --> 00:10:46,160 You have a focused way of talking. Loved it. 160 00:10:46,320 --> 00:10:48,080 - Thank you. - I genuinely feel 161 00:10:48,320 --> 00:10:51,960 that the market for hot chocolate in India is sizeably small. 162 00:10:53,120 --> 00:10:58,000 To scale your brand beyond a point will be really difficult. 163 00:10:58,280 --> 00:10:59,440 For that reason, I'm out. 164 00:10:59,600 --> 00:11:00,960 [sombre music playing] 165 00:11:02,040 --> 00:11:04,920 Anuva, I wish to be out of this business. 166 00:11:06,240 --> 00:11:07,840 You are very good, 167 00:11:08,200 --> 00:11:09,920 but in order to build a successful business, 168 00:11:10,040 --> 00:11:11,800 just as a successful entrepreneur is important, 169 00:11:11,880 --> 00:11:15,720 the market and the product are equally important too. 170 00:11:15,800 --> 00:11:16,920 You said that last month, 171 00:11:17,000 --> 00:11:21,520 only 800 customers out of 37,000 were repeat, which is just 2%. 172 00:11:22,080 --> 00:11:23,840 From where I see your business, 173 00:11:23,920 --> 00:11:27,040 a consumer uses your product once and then, forgets about it. 174 00:11:27,160 --> 00:11:30,080 It seems to me like the brand is weak, broadly. 175 00:11:30,200 --> 00:11:32,800 So, it wouldn't make sense for me to come on board as an investor. 176 00:11:34,640 --> 00:11:37,040 Look, Anuva. I don't quite understand 177 00:11:37,160 --> 00:11:39,680 what the scale of your business is going to be. 178 00:11:40,480 --> 00:11:43,640 We couldn't determine the market size either. 179 00:11:44,640 --> 00:11:46,920 Well, what's the use of coming on this show 180 00:11:46,960 --> 00:11:49,000 if I don't support entrepreneurs like you? 181 00:11:49,840 --> 00:11:51,280 Entrepreneur over business. 182 00:11:51,480 --> 00:11:52,520 I'll make an offer to you. 183 00:11:53,440 --> 00:11:54,640 Thank you so much, Amit. 184 00:11:55,080 --> 00:11:58,320 Rs. 20 lakhs in equity for 5%. 185 00:11:58,440 --> 00:12:00,080 I'm valuing the company at Rs. 4 crores. 186 00:12:12,680 --> 00:12:15,040 - Anupam, have you made a decision? - Yes. 187 00:12:15,680 --> 00:12:17,480 I'm very happy you got an offer. 188 00:12:18,400 --> 00:12:23,280 - I feel that your adult journey is for another year. - Okay. 189 00:12:23,320 --> 00:12:26,240 You will come out an exceptional entrepreneur. 190 00:12:26,440 --> 00:12:28,880 I believe this is your battle 191 00:12:29,000 --> 00:12:30,440 and you need to make up your mind. 192 00:12:30,560 --> 00:12:31,920 You have an offer. 193 00:12:32,080 --> 00:12:33,080 I am out, 194 00:12:33,160 --> 00:12:35,120 but any time I can help you, I'll be there. Good luck. 195 00:12:35,200 --> 00:12:36,520 Thank you so much, Anupam. 196 00:12:49,560 --> 00:12:51,760 I really want to partner with you, 197 00:12:52,120 --> 00:12:55,680 but past experiences hold me back from repeating my mistakes. 198 00:12:57,440 --> 00:12:59,360 Debt is out of the question in your case. 199 00:13:06,880 --> 00:13:09,280 My offer to you is Rs. 50 lakhs straight equity, 200 00:13:09,400 --> 00:13:11,640 but I'll take 20% of the equity minimum. 201 00:13:11,960 --> 00:13:13,200 Right? Non-negotiable. 202 00:13:13,960 --> 00:13:15,800 Plus... 203 00:13:16,040 --> 00:13:19,480 I would want to take at least 1% on net sales 204 00:13:19,800 --> 00:13:21,880 till I recoup 2x of my money. 205 00:13:30,080 --> 00:13:32,080 because it's a high-risk offer. 206 00:13:32,240 --> 00:13:33,680 Will you be mentoring me? 207 00:13:33,760 --> 00:13:34,720 Of course! 208 00:13:35,520 --> 00:13:36,400 I'll join in. 209 00:13:37,920 --> 00:13:39,280 You have only one offer. 210 00:13:39,360 --> 00:13:40,440 - One offer. - Rs. 50 lakhs 211 00:13:40,920 --> 00:13:43,920 for 20% equity plus 1% sales. 212 00:13:44,040 --> 00:13:45,560 Let's keep it 2%. 213 00:13:55,760 --> 00:13:57,680 until we get our Rs. 1 crore back. 214 00:13:57,760 --> 00:13:59,280 I understand your risks 215 00:13:59,360 --> 00:14:02,400 and I also understand your thought process. 216 00:14:02,480 --> 00:14:06,240 However, if you take 2% from me until you double down, 217 00:14:06,320 --> 00:14:07,640 it'd reduce my top line. 218 00:14:08,640 --> 00:14:10,440 Suppose you do Rs. 10 crore sales next year. 219 00:14:10,560 --> 00:14:12,240 How much is 2% of Rs. 10 crores? 220 00:14:12,320 --> 00:14:13,200 - Rs. 20 lakhs. - 20 lakhs. 221 00:14:13,320 --> 00:14:15,640 If you give us 20 lakhs, even then we won't get our investment back. 222 00:14:16,480 --> 00:14:17,840 - You know what I'm saying? - It'd take years. 223 00:14:17,920 --> 00:14:19,000 - It'll take years. - That's fine. 224 00:14:19,080 --> 00:14:21,240 Do away with the 2% royalty... 225 00:14:21,320 --> 00:14:22,160 Listen, Anuva. 226 00:14:22,720 --> 00:14:25,480 The likely scenario is your maximum sales will be Rs. 15 to 20 crores 227 00:14:25,600 --> 00:14:26,920 and no one will acquire you 228 00:14:27,000 --> 00:14:28,680 because it's impossible to get returns on investment. 229 00:14:28,800 --> 00:14:30,920 Don't give us the money if you don't make a profit. 230 00:14:31,000 --> 00:14:32,680 The royalty applies only when you make profits. 231 00:14:39,720 --> 00:14:42,240 If you take a royalty of 2%, 232 00:14:42,360 --> 00:14:45,880 could you lower the equity slightly which will ensure 233 00:14:45,960 --> 00:14:47,480 - you get your money... - I'll make you an offer. 234 00:14:47,560 --> 00:14:48,880 - No. - Let's do it. 235 00:14:48,960 --> 00:14:49,920 - Just one thing. - It doesn't... 236 00:14:50,000 --> 00:14:52,440 - 15% instead of 20. - No... 237 00:14:52,560 --> 00:14:53,720 Do it. Peyush, it's okay. 238 00:14:53,800 --> 00:14:55,080 You can do the deal. 239 00:14:55,120 --> 00:14:57,280 Anuva, time to make a decision, my friend. 240 00:14:57,360 --> 00:14:58,720 - Yes or no? We're fine. - Yes or no? 241 00:14:58,800 --> 00:14:59,760 I wish you all the... 242 00:14:59,800 --> 00:15:01,480 I need just ten seconds. 243 00:15:01,800 --> 00:15:03,600 Stand your ground. Good. 244 00:15:05,080 --> 00:15:06,520 [pensive music playing] 245 00:15:06,920 --> 00:15:09,680 - Okay, big decision. - I'm sorry I have to be so tough on you. 246 00:15:09,800 --> 00:15:11,200 No, that's good training. 247 00:15:11,560 --> 00:15:12,960 [chuckles] So sweet. 248 00:15:13,080 --> 00:15:15,360 - Oh, God. - I love the entrepreneur. 249 00:15:36,040 --> 00:15:37,560 - Let's make a big company out of Tiggle. - Yes. 250 00:15:37,680 --> 00:15:39,400 - Thank you so much. - Let's make Tiggle big. 251 00:15:40,880 --> 00:15:42,160 [camera shutter clicking] 252 00:15:43,480 --> 00:15:44,840 - Thank you so much. - Thank you. 253 00:15:45,000 --> 00:15:46,080 - Thank you so much. - Loved meeting you. 254 00:15:46,160 --> 00:15:47,600 - All the best. - Buh-bye. 255 00:16:54,600 --> 00:16:56,160 [theme music playing] 256 00:17:12,800 --> 00:17:14,280 [music fades] 257 00:17:14,680 --> 00:17:15,880 There was a time 258 00:17:16,040 --> 00:17:17,880 when everyone in India 259 00:17:18,320 --> 00:17:20,560 wanted to be a doctor or an engineer. 260 00:17:21,120 --> 00:17:23,960 Whereas today, the only thing everybody wants to become 261 00:17:24,720 --> 00:17:25,600 is an influencer. 262 00:17:26,840 --> 00:17:30,000 Not everyone has as many followers as an influencer though. 263 00:17:30,240 --> 00:17:34,960 Yet, everyone loves to post photos on social media. 264 00:17:35,520 --> 00:17:37,560 I'm sure you have such friends too. 265 00:17:37,680 --> 00:17:40,400 Until they don't post loads of photos on Instagram, 266 00:17:40,600 --> 00:17:42,920 neither does their food get digested 267 00:17:43,120 --> 00:17:45,600 nor is their urge of wearing new outfits satisfied. 268 00:17:46,360 --> 00:17:49,000 What do they gain by doing this? 269 00:17:49,200 --> 00:17:50,480 Not money for sure. 270 00:17:51,120 --> 00:17:52,080 Until now! 271 00:17:52,320 --> 00:17:54,760 So, we present to you 272 00:17:55,200 --> 00:18:00,160 a wild card entry to living the life of an influencer. 273 00:18:00,680 --> 00:18:05,040 A card that pays you money for those photos. 274 00:18:06,360 --> 00:18:07,960 Hi, Sharks. My name is Dishant. 275 00:18:08,160 --> 00:18:09,320 I am Rij. 276 00:18:16,480 --> 00:18:17,920 The world's first 277 00:18:42,240 --> 00:18:45,160 or dine at our partner restaurants. 278 00:19:25,880 --> 00:19:28,280 and give them a chance to upgrade their lifestyles. 279 00:19:28,400 --> 00:19:30,840 So, Sharks, our ask is 280 00:19:31,040 --> 00:19:32,400 one Instagram post 281 00:19:50,640 --> 00:19:52,120 I would like to give you all your cards. 282 00:19:52,800 --> 00:19:54,200 They are personalised cards. 283 00:19:55,640 --> 00:19:57,000 Anupam, this is yours. 284 00:19:57,080 --> 00:19:58,240 - Which one? This one? - Yes. 285 00:19:58,320 --> 00:19:59,240 Thank you, bro. 286 00:19:59,600 --> 00:20:00,920 - Azhar, this is yours. - Thank you, Dishant. 287 00:20:01,080 --> 00:20:02,520 [light-hearted music playing] 288 00:20:06,880 --> 00:20:09,120 - The card is good. It's personalised. - It's good. 289 00:20:09,280 --> 00:20:11,160 - It says founder member at the bottom. - Nice. 290 00:20:11,280 --> 00:20:12,120 That's right. 291 00:20:12,240 --> 00:20:14,160 - Loved the gesture. - What confidence! 292 00:20:14,320 --> 00:20:16,080 Great marketing, guys. Fantastic! 293 00:20:17,120 --> 00:20:20,680 - No, explain how it works. - I don't get it yet honestly. 294 00:20:20,760 --> 00:20:23,720 Sharks, whoever has more than 1000 followers on Instagram 295 00:20:23,800 --> 00:20:25,680 can apply for a WYLD card. 296 00:20:25,800 --> 00:20:26,960 And our entire journey 297 00:20:27,080 --> 00:20:29,360 is primarily through a mobile app. 298 00:20:29,440 --> 00:20:31,160 Once you sign up, 299 00:20:31,240 --> 00:20:33,760 your virtual card is displayed on the app. 300 00:20:44,640 --> 00:20:48,240 And as much money you load, you can use. 301 00:20:48,320 --> 00:20:50,520 In our brands section, 302 00:21:01,080 --> 00:21:04,680 So, you can click on 'Buy now' and directly purchase from the website. 303 00:21:04,760 --> 00:21:06,880 Even your offline stores, 304 00:21:06,960 --> 00:21:09,240 a user can do a transaction. 305 00:21:09,320 --> 00:21:12,320 So, as you see here, as a post 306 00:21:12,440 --> 00:21:14,480 you will receive 60 per cent cashback. 307 00:21:14,560 --> 00:21:16,840 And you will get 30 per cent cashback, if posted as a story. 308 00:21:16,920 --> 00:21:17,920 With these limits. 309 00:21:18,040 --> 00:21:20,200 I have to use this card to spend at Lenskart store. 310 00:21:20,240 --> 00:21:21,400 Yeah, correct. 311 00:21:21,440 --> 00:21:24,560 So, if someone shops at a Lenskart store. 312 00:21:24,640 --> 00:21:27,120 Let's assume the shopping is worth Rs 5000. 313 00:21:27,200 --> 00:21:31,680 So after shopping for Rs 5000, he has to post on Instagram. 314 00:21:31,760 --> 00:21:33,920 Does he have to use any hashtag or something? 315 00:21:34,000 --> 00:21:36,720 They have to tag Lenskart and WYLD. 316 00:21:36,840 --> 00:21:38,840 They have to tag Lenskart and WYLD. 317 00:21:38,960 --> 00:21:40,800 Then this card 318 00:21:40,880 --> 00:21:42,040 will get the cashback. 319 00:21:42,120 --> 00:21:43,520 - 60 or 30 per cent. - Shall I show you a live demo? 320 00:21:43,600 --> 00:21:44,600 A demo. Yes. 321 00:21:44,680 --> 00:21:48,600 Uh, we will do a transaction now. 322 00:21:50,440 --> 00:21:52,560 I just paid Rs 1000 from this card. 323 00:21:53,200 --> 00:21:55,000 - I will... - Here, 324 00:21:55,120 --> 00:21:58,160 you can see the transaction of Rs 1000 in your history. 325 00:21:58,240 --> 00:22:01,440 - You went to Instagram and posted. - Yes, we posted. 326 00:22:01,520 --> 00:22:04,120 I tagged Lenskart and WYLD while displaying the product. 327 00:22:04,200 --> 00:22:05,400 So the product has to be shown. 328 00:22:05,480 --> 00:22:06,160 - Correct. - Correct. 329 00:22:06,240 --> 00:22:08,160 You are turning customers into marketeers. 330 00:22:08,240 --> 00:22:09,800 I think it's the best positioning. 331 00:22:09,880 --> 00:22:11,720 - And that is the idea. - It's very natural. 332 00:22:11,840 --> 00:22:13,240 Clarify one more thing. 333 00:22:13,320 --> 00:22:16,000 Right now, the 60 per cent cashback, 334 00:22:16,120 --> 00:22:18,520 are the brands bearing it now? 335 00:22:18,640 --> 00:22:20,720 Or do you offer it too? 336 00:22:21,840 --> 00:22:22,480 The brands are bearing it. 337 00:22:30,440 --> 00:22:32,240 so you can see cashback worth Rs 600. 338 00:22:32,360 --> 00:22:33,160 It's back in the card. 339 00:22:33,240 --> 00:22:34,880 You got Rs 600 back in this. 340 00:22:34,960 --> 00:22:36,880 - Exactly. - And I've paid you this. 341 00:22:37,000 --> 00:22:37,440 Correct. 342 00:22:37,520 --> 00:22:40,040 Wow! Give me back my money. [laughing] 343 00:22:40,440 --> 00:22:41,480 No, you didn't give it to us. 344 00:22:41,600 --> 00:22:43,400 - You gave it to the customer. - That's the whole point. 345 00:22:43,480 --> 00:22:44,960 Because the customer is marketing for you. 346 00:22:45,080 --> 00:22:47,440 And where can he use this Rs 600 to shop? Anywhere? 347 00:22:47,520 --> 00:22:49,600 You can use it to shop anywhere. It's a visa-powered card. 348 00:22:49,680 --> 00:22:52,480 But you will receive the money from the brand later. 349 00:22:52,720 --> 00:22:54,200 So, you must require working capital. 350 00:22:55,240 --> 00:22:56,760 So, we ask our brands, 351 00:22:56,880 --> 00:22:59,160 just like they have a budget for digital marketing, 352 00:22:59,240 --> 00:23:01,800 you sign a budget that makes you comfortable. 353 00:23:07,720 --> 00:23:09,600 Are these the only two slabs? 354 00:23:09,680 --> 00:23:12,600 Second question, who decides it? 355 00:23:13,160 --> 00:23:14,360 So, basically, 356 00:23:14,440 --> 00:23:18,600 when you apply for any financial product, there's a credit score. 357 00:23:18,760 --> 00:23:20,240 Similarly, we've created 358 00:23:36,360 --> 00:23:37,360 And the best part 359 00:23:37,440 --> 00:23:40,080 is that if you have a score between 900 and 1000 360 00:23:40,200 --> 00:23:42,040 then you get a 100 per cent on post 361 00:23:42,120 --> 00:23:44,440 - and 80 per cent on story. - Then, we can shop anywhere. 362 00:23:44,480 --> 00:23:44,840 Absolutely. 363 00:23:44,840 --> 00:23:47,480 Your cashback number is amazing. 364 00:23:47,560 --> 00:23:49,640 I mean, so high, 15 per cent. 365 00:23:49,720 --> 00:23:50,640 Tell me something. 366 00:23:50,720 --> 00:23:52,560 Will the brands accept it? 367 00:23:52,640 --> 00:23:54,600 You have set a standard. Each brand will say 368 00:23:54,680 --> 00:23:56,280 that they might want to give some amount over Rs 700. 369 00:23:56,360 --> 00:23:59,080 My brand is paying already. They already managed to convince. 370 00:23:59,160 --> 00:24:00,320 I don't even know it. 371 00:24:01,320 --> 00:24:03,560 Peyush, you will be convinced by the end of the pitch. 372 00:24:03,880 --> 00:24:06,960 Our reach of around 40 lakhs so far, 373 00:24:07,040 --> 00:24:10,000 we tried to calculate the market rates 374 00:24:10,080 --> 00:24:11,800 that if a brand needs similar reach, 375 00:24:11,880 --> 00:24:13,600 then what would be the real cost? 376 00:24:13,680 --> 00:24:16,320 And that's close to around Rs 35-40 lakhs. 377 00:24:16,440 --> 00:24:17,480 That same thing 378 00:24:17,600 --> 00:24:19,720 we've done for our brands within 5-6 lakhs. 379 00:24:27,680 --> 00:24:30,000 I was purchasing from competitor brands to date 380 00:24:30,080 --> 00:24:32,280 and today, I've purchased from a new brand 381 00:24:32,320 --> 00:24:34,040 and am posting it on social media. 382 00:24:34,160 --> 00:24:36,280 Since I connect a lot with 383 00:24:36,360 --> 00:24:39,240 - being young, I mean... - He will surely make an offer. 384 00:24:40,280 --> 00:24:41,600 - I... - Hey! Hold on. 385 00:24:41,600 --> 00:24:42,480 What do you mean by being young? 386 00:24:43,200 --> 00:24:44,520 You're young, too. 387 00:24:45,160 --> 00:24:48,200 No, being young? Are you being generous? 388 00:24:48,880 --> 00:24:49,920 What do you mean by being young? 389 00:24:50,040 --> 00:24:53,240 - Don't have ageism in your pitch. - Okay. 390 00:24:53,360 --> 00:24:55,560 Anyway, I connect a lot with this problem. 391 00:24:55,640 --> 00:24:59,640 I feel that social media can be used for marketing very well. 392 00:25:00,040 --> 00:25:01,960 So, I'd like to move to numbers. 393 00:25:02,080 --> 00:25:02,800 How many users? 394 00:25:02,840 --> 00:25:05,160 So far, we have 500 active users. 395 00:25:24,080 --> 00:25:26,360 You didn't tell us how you make money. 396 00:25:26,440 --> 00:25:27,520 Yeah. 397 00:25:28,320 --> 00:25:31,080 Namita, we have three revenue streams. 398 00:25:31,160 --> 00:25:33,080 - Yeah. - Firstly, through the brands. 399 00:25:33,160 --> 00:25:35,480 Since we're driving sales for the brands, 400 00:25:35,560 --> 00:25:39,280 regardless of whether the user posts or does marketing, 401 00:25:46,520 --> 00:25:48,280 Since it's a visa-powered card, 402 00:25:48,360 --> 00:25:51,720 there's an interchange fee or MDR fee, right? 403 00:26:00,040 --> 00:26:01,640 we offer membership to the users. 404 00:26:09,560 --> 00:26:11,200 Are you making monthly income at present? 405 00:26:12,080 --> 00:26:14,160 It's negligible, bro. It's pre-revenue. 406 00:26:14,280 --> 00:26:16,080 - Right. - So, this Lenskart glasses that 407 00:26:16,160 --> 00:26:17,720 you bought for Rs 1000, 408 00:26:17,840 --> 00:26:19,600 - you made Rs 110 on that. - Rs 110. 409 00:26:19,680 --> 00:26:21,280 Leave something for us too. 410 00:26:21,400 --> 00:26:23,400 You gave Rs 600 to that person, and kept Rs 100 for self. 411 00:26:23,480 --> 00:26:25,880 We won't be able to function with Rs 300. 412 00:26:26,880 --> 00:26:28,800 We are the only form of marketing 413 00:26:28,880 --> 00:26:30,680 through which you're making money. 414 00:26:30,800 --> 00:26:32,560 Who is the CEO? 415 00:26:36,200 --> 00:26:38,320 He's answering so I'm letting him answer. 416 00:26:38,400 --> 00:26:39,520 What do you do? 417 00:26:42,760 --> 00:26:44,120 Okay. You're COO. 418 00:26:47,560 --> 00:26:49,880 You said something earlier. 419 00:26:49,960 --> 00:26:53,800 You said that manually, someone approves the transaction. 420 00:26:54,040 --> 00:26:55,480 How will you scale this up? 421 00:26:56,920 --> 00:27:00,400 Sir, as of now, our transaction volume is not so high. 422 00:27:00,600 --> 00:27:03,480 But over time, with AI, the brand names 423 00:27:03,520 --> 00:27:04,800 - and all of that. - AI. 424 00:27:04,880 --> 00:27:06,480 You can map it. 425 00:27:06,560 --> 00:27:08,800 - So, this technology is possible. - Of course. 426 00:27:08,880 --> 00:27:11,600 But a connected question is that 427 00:27:11,680 --> 00:27:13,880 you're fundamentally... 428 00:27:13,960 --> 00:27:15,760 There are advertising platforms. 429 00:27:15,840 --> 00:27:18,720 - You're just extracting money using them. - Correct. 430 00:27:18,800 --> 00:27:21,120 Right? So, they'll consider you as a threat sooner or later. 431 00:27:21,200 --> 00:27:22,080 How will you solve that? 432 00:27:23,920 --> 00:27:26,360 That definitely today is a dependency. 433 00:27:26,440 --> 00:27:28,960 That we're dependent on Meta and Instagram platforms. 434 00:27:29,040 --> 00:27:30,240 So, it's a risk. 435 00:27:30,320 --> 00:27:32,880 You don't know what the solution will turn out to be. 436 00:27:32,960 --> 00:27:35,200 But that's a risk. That's fine. I accept that. 437 00:27:35,280 --> 00:27:38,720 There was a Groupon company that made big noise globally. 438 00:27:38,800 --> 00:27:40,840 Their biggest problem 439 00:27:40,920 --> 00:27:42,920 was that by sending your customers 440 00:27:43,000 --> 00:27:44,960 back to you 441 00:27:45,600 --> 00:27:47,200 to take cashback 442 00:27:47,280 --> 00:27:48,800 and to build a business on this commission. 443 00:27:48,880 --> 00:27:50,360 - Correct. - So, ultimately business and 444 00:27:50,440 --> 00:27:52,440 companies, and local restaurants got it that 445 00:28:03,520 --> 00:28:06,040 If you think about the Lenskart transaction, 446 00:28:06,120 --> 00:28:08,760 I don't know how many per cent people today 447 00:28:08,840 --> 00:28:12,560 post about their last transaction at Lenskart. 448 00:28:12,640 --> 00:28:16,120 Imagine 10-20 people posting about you every day. 449 00:28:16,200 --> 00:28:18,080 Your own customers, organically. 450 00:28:18,160 --> 00:28:21,200 But if they repeat their posts, the influencing power reduces. 451 00:28:21,280 --> 00:28:22,680 We have some rules to it. 452 00:28:22,760 --> 00:28:26,640 Like, you can't post more than twice per month about a brand. 453 00:28:26,720 --> 00:28:28,480 - Limit. - You can set your own rules. 454 00:28:28,560 --> 00:28:31,800 Look, many people are raising questions here. 455 00:28:31,920 --> 00:28:33,400 But there are so many questions 456 00:28:33,480 --> 00:28:35,560 that we will seek answers for on the way. 457 00:28:35,640 --> 00:28:38,720 I believe strongly in the core concept. 458 00:28:38,800 --> 00:28:40,760 So, I'd like to join you in this journey. 459 00:28:40,800 --> 00:28:41,680 Whoa! Offer. 460 00:28:41,720 --> 00:28:42,640 [music playing] 461 00:28:43,720 --> 00:28:45,880 Since it has just been two months, 462 00:28:45,960 --> 00:28:50,120 it's early, I think the valuation is too high. 463 00:28:50,200 --> 00:28:53,240 So, I'd like to offer you Rs 50 lakhs, all in equity. 464 00:29:01,000 --> 00:29:02,040 You didn't even ask. 465 00:29:03,520 --> 00:29:06,440 - Sorry. - That's why you're junior. 466 00:29:06,560 --> 00:29:08,400 [music playing] 467 00:29:08,520 --> 00:29:10,120 He got excited. 468 00:29:12,480 --> 00:29:14,440 Tell me the previous round numbers quickly. 469 00:29:44,080 --> 00:29:47,120 So, if Azhar is okay, I'd like to join him. 470 00:29:48,840 --> 00:29:50,080 Your offer is the same. 471 00:30:01,720 --> 00:30:03,160 Meta site, are too many. 472 00:30:03,240 --> 00:30:05,080 But the team and concept looks good. 473 00:30:05,160 --> 00:30:07,040 - So, I'll make you an offer. - Oh! 474 00:30:08,160 --> 00:30:10,960 I'll give you Rs 11 lakhs for 0.2 per cent equity. 475 00:30:11,040 --> 00:30:12,560 At Rs 55 crore valuation. 476 00:30:13,400 --> 00:30:16,480 And rest will be Rs 39 lakhs in debt. 477 00:30:27,440 --> 00:30:30,120 - Mind your business, please. - My offer is with debt, Anupam, 478 00:30:30,240 --> 00:30:31,400 you can offer without debt. 479 00:30:31,480 --> 00:30:33,360 [laughing] Good one. 480 00:30:34,200 --> 00:30:35,360 - Thank you. - Thank you for the offer. 481 00:30:35,440 --> 00:30:37,240 I have honoured your valuation. 482 00:30:37,360 --> 00:30:40,720 So, you have to decide whether you want debt, 483 00:30:40,840 --> 00:30:44,680 youth, or a person who asks many questions. 484 00:30:45,320 --> 00:30:47,000 Or do you want wisdom? 485 00:30:47,080 --> 00:30:49,280 Or, there's one more thing. 486 00:30:49,360 --> 00:30:50,480 I'm wild too. 487 00:30:51,480 --> 00:30:53,320 - Oh! - So here's my offer, guys. 488 00:30:53,440 --> 00:30:54,760 I don't think you should take debt. 489 00:30:56,160 --> 00:30:58,320 I don't think you should give 5 per cent of your company. 490 00:31:09,400 --> 00:31:11,360 I think there's a lot of regulation risk. 491 00:31:11,480 --> 00:31:14,400 I think that pivoting will happen multiple times. 492 00:31:14,480 --> 00:31:16,480 I'm very impressed with you. Sorry, I forgot your name. 493 00:31:16,560 --> 00:31:17,280 Yash. 494 00:31:17,360 --> 00:31:18,880 - Yash, I'm very impressed. - That's how impressed he is. 495 00:31:18,960 --> 00:31:20,600 Yeah, that doesn't matter. 496 00:31:20,680 --> 00:31:23,400 I'm very impressed with you and I think the team combination is good. 497 00:31:33,720 --> 00:31:35,680 That is 2.75%. 498 00:31:54,440 --> 00:31:56,040 But he has already cracked the tech part. 499 00:31:58,160 --> 00:32:00,080 Okay, tell us your decision. 500 00:32:00,160 --> 00:32:04,280 Our dream will be to 501 00:32:04,400 --> 00:32:06,360 have all of you on board. 502 00:32:06,440 --> 00:32:10,720 And our counter is, we could all come on at 503 00:32:11,320 --> 00:32:14,280 the same valuation that we have of Rs. 50 crores. 504 00:32:29,920 --> 00:32:32,320 instead of giving that petty Rs. 10 lakh, 505 00:32:32,440 --> 00:32:33,640 he gave you that equity for Rs. 50 lakh. 506 00:32:33,720 --> 00:32:35,720 - We're really grateful for this. - Yeah. 507 00:32:35,800 --> 00:32:36,920 We've got that done for you. 508 00:32:37,000 --> 00:32:40,120 You didn't do it, I gave it because the founders wanted it. 509 00:32:40,480 --> 00:32:41,600 - Oh! - Listen. 510 00:32:41,720 --> 00:32:43,520 I won't be tough on you. 511 00:32:43,600 --> 00:32:45,280 But respecting your valuation, 512 00:32:45,360 --> 00:32:48,320 I'll give you Rs. 50 lakh for 1%. 513 00:32:52,000 --> 00:32:54,320 But my total ownership will be 1.5%. 514 00:32:54,400 --> 00:32:57,880 How you give me that 0.5%, whether it's advisory, etc. 515 00:33:06,680 --> 00:33:09,560 Rs. 75 lakhs for 1.5%. 516 00:33:09,640 --> 00:33:10,920 Me, Namita and Azhar will come. 517 00:33:28,920 --> 00:33:31,840 Guys, all offers are now of the same valuation of Rs. 50 crores. 518 00:33:31,920 --> 00:33:34,520 Rs. 75 lakh for 1.5%. 519 00:33:34,600 --> 00:33:36,920 Rs. 75 lakh for 1.5% from these three. 520 00:33:37,000 --> 00:33:38,840 Rs. 50 lakh for 1%, the valuation is the same. 521 00:33:38,920 --> 00:33:39,520 Right. 522 00:33:39,640 --> 00:33:40,840 The value is more here. Make your decision. 523 00:33:40,920 --> 00:33:41,360 Yeah. 524 00:33:41,840 --> 00:33:44,320 - No chance of... - No chance. 525 00:33:44,400 --> 00:33:45,400 No chance. 526 00:33:47,800 --> 00:33:50,280 [music playing] 527 00:33:54,000 --> 00:33:55,480 5, 4, 3, 2, 1. 528 00:33:55,880 --> 00:33:56,840 Anupam, the deal is yours. 529 00:34:05,280 --> 00:34:07,400 I got you your valuation. 530 00:34:07,480 --> 00:34:09,160 Oh, look at that sign. 531 00:34:10,560 --> 00:34:12,280 Anupam rarely wins. 532 00:34:12,360 --> 00:34:13,720 [laughing] 533 00:34:16,080 --> 00:34:17,640 - Thank you so much. - All right, guys. 534 00:34:17,720 --> 00:34:18,800 Good deal. 535 00:34:18,880 --> 00:34:20,080 Great deal, guys. All the best. 536 00:34:20,160 --> 00:34:22,040 Thank you so much, guys. Thank you. 537 00:34:22,120 --> 00:34:24,880 [music playing] 538 00:34:25,560 --> 00:34:28,080 [music playing] 539 00:36:04,760 --> 00:36:06,040 Hi, I'm Mahek. 540 00:36:09,640 --> 00:36:11,400 And we're from Bengaluru. 541 00:36:12,560 --> 00:36:14,120 We asked people 542 00:36:14,200 --> 00:36:16,880 whether the food in your house is boring. 543 00:36:16,960 --> 00:36:19,520 83% of people responded yes. 544 00:36:19,880 --> 00:36:21,040 And why not? 545 00:36:21,120 --> 00:36:23,680 They're viewing new things on the internet. 546 00:36:23,960 --> 00:36:28,080 They want to make pasta, Chinese and momos. 547 00:36:28,160 --> 00:36:29,840 But they only know to make instant noodles. 548 00:36:31,880 --> 00:36:34,040 This is our gap in the market. 549 00:36:34,360 --> 00:36:36,800 And to fulfill this, we created 550 00:36:44,640 --> 00:36:46,880 Because all the cooking happens in it. 551 00:36:46,960 --> 00:36:50,040 It has heating elements and sensors. 552 00:36:50,120 --> 00:36:52,680 The practice of increasing or reducing the flame 553 00:36:52,800 --> 00:36:54,680 is done automatically by the appliance. 554 00:36:55,280 --> 00:36:56,800 But how does it know 555 00:36:56,880 --> 00:36:58,920 when to reduce the flame and when to increase it? 556 00:36:59,000 --> 00:37:00,560 Assume that upliance has been 557 00:37:00,640 --> 00:37:02,880 possessed by the spirits of many chefs. 558 00:37:02,960 --> 00:37:04,440 Kashmiri, Tamil, 559 00:37:04,520 --> 00:37:07,840 Chinese, Italian, upliance is trained in all the skillsets. 560 00:37:07,920 --> 00:37:11,600 And all of it is available at the press of a button. 561 00:37:16,840 --> 00:37:19,440 to add paneer and I don't have it, 562 00:37:19,520 --> 00:37:20,640 then I'm stuck. 563 00:37:21,200 --> 00:37:24,840 For that, upliance has an AI chatbot. 564 00:37:34,040 --> 00:37:35,680 Chinese and Italian food in it? 565 00:37:43,440 --> 00:37:46,640 And Sharks, we are designed for India. 566 00:37:46,840 --> 00:37:48,120 Designed in India. 567 00:37:48,200 --> 00:37:50,360 Made for India and made in India. 568 00:37:51,560 --> 00:37:54,640 So, our ask for this today is 569 00:38:02,320 --> 00:38:03,120 Amazing. 570 00:38:03,200 --> 00:38:05,800 Nice tagline. Make whatever you want. 571 00:38:05,880 --> 00:38:07,240 Very good pitch. 572 00:38:07,320 --> 00:38:11,040 I'd like to give you a demonstration of our product. 573 00:38:11,160 --> 00:38:12,440 We'll cook something. 574 00:38:12,520 --> 00:38:14,840 - What are we making? - We're making Kadhai Paneer. 575 00:38:14,920 --> 00:38:16,120 Ah, nice! 576 00:38:17,920 --> 00:38:18,800 This is upliance. 577 00:38:18,920 --> 00:38:21,440 All the cooking happens in this smart jar. 578 00:38:33,280 --> 00:38:35,480 Today, we'll cook for two. 579 00:38:35,560 --> 00:38:37,320 Who are the three who are going to be hungry? 580 00:38:37,400 --> 00:38:39,480 [laughing] 581 00:38:39,600 --> 00:38:42,120 All the ingredients are available here. 582 00:38:42,440 --> 00:38:46,080 On this side, you'll see a weighing scale with a magnetic plate. 583 00:38:46,200 --> 00:38:47,600 You can weigh it here. 584 00:38:47,680 --> 00:38:50,440 Then you can add it to the cooking jar. 585 00:38:51,040 --> 00:38:53,240 [music playing] 586 00:38:53,440 --> 00:38:55,320 Okay, I'll go to the first step... 587 00:38:55,400 --> 00:38:56,280 Instant cook. 588 00:38:56,360 --> 00:38:58,120 where it shows paneer, 589 00:38:58,200 --> 00:39:00,920 Kashmiri chilli, coriander powder and salt. 590 00:39:01,160 --> 00:39:04,160 I'll add all the ingredients for mixing. 591 00:39:04,280 --> 00:39:05,680 And you've already measured it? 592 00:39:12,800 --> 00:39:14,720 A video is playing here. 593 00:39:14,880 --> 00:39:16,000 - Got it. - Very interesting. 594 00:39:17,280 --> 00:39:18,360 I'll add all of it. 595 00:39:18,480 --> 00:39:19,800 Then I'll mix all of it. 596 00:39:19,880 --> 00:39:21,120 The spice is amazing. 597 00:39:21,320 --> 00:39:22,800 It's all a game of the spice mix, buddy. 598 00:39:22,880 --> 00:39:24,960 Okay, I'll move to the next step. 599 00:39:25,040 --> 00:39:27,600 And over here, we'll start the tempering. 600 00:39:27,720 --> 00:39:30,080 [music playing] 601 00:39:31,520 --> 00:39:33,800 I have added the tempering. 602 00:39:33,880 --> 00:39:37,240 As soon as I add it, the safety feature kicks in here. 603 00:39:37,320 --> 00:39:39,080 It won't spill out now. 604 00:39:40,360 --> 00:39:42,520 Okay? I'll move to the next step. 605 00:39:42,600 --> 00:39:44,560 This is called sauteing spices. 606 00:39:45,680 --> 00:39:48,240 I have pressed the start button. 607 00:39:48,360 --> 00:39:51,720 This is the crown. It's asking you to remove the crown. 608 00:39:51,840 --> 00:39:55,720 It's like how you remove the lid of a pan to let the steam escape. 609 00:39:57,320 --> 00:39:59,320 The blade is moving very slowly now. 610 00:39:59,400 --> 00:40:01,200 It's doing the work of a stirrer now. 611 00:40:01,280 --> 00:40:01,960 Interesting. 612 00:40:02,040 --> 00:40:04,840 Gradually, you'll see the temperature on the screen here. 613 00:40:04,920 --> 00:40:07,080 The temperature is gradually increasing. 614 00:40:07,200 --> 00:40:09,880 upliance understands what's inside 615 00:40:10,000 --> 00:40:11,960 and what cuisine am I cooking. 616 00:40:12,960 --> 00:40:14,080 The aroma is nice. 617 00:40:14,200 --> 00:40:15,960 How long does it take? 618 00:40:16,040 --> 00:40:20,200 Almost similar, but it reduces your kitchen time. 619 00:40:21,880 --> 00:40:25,440 So, in the next step, we have to add garlic, onion, green chilli. 620 00:40:25,560 --> 00:40:28,000 You have to manually do the chopping? 621 00:40:28,120 --> 00:40:29,640 This is the most difficult part. 622 00:40:29,720 --> 00:40:31,320 You can add the whole thing. 623 00:40:31,400 --> 00:40:32,760 There's no need to do it. 624 00:40:40,880 --> 00:40:42,640 is that you've stored everything. 625 00:40:42,720 --> 00:40:44,520 The recipes, the temperature, etc. 626 00:40:44,600 --> 00:40:48,520 AI usually has a generative or predictive element. 627 00:41:00,160 --> 00:41:01,240 It's able to do this 628 00:41:01,320 --> 00:41:03,440 because upliance has information 629 00:41:03,520 --> 00:41:05,400 like the vibrations in it... 630 00:41:05,480 --> 00:41:06,880 - It's still big. - [indistinct] 631 00:41:06,960 --> 00:41:08,200 We wanted it that way. 632 00:41:08,280 --> 00:41:10,040 So, it takes feedback from the vibrations. 633 00:41:10,120 --> 00:41:12,320 It takes feedback from the speed of the blade. 634 00:41:13,520 --> 00:41:15,360 If you add tempering to this now, 635 00:41:15,440 --> 00:41:18,040 we come to know what type of tempering it is. 636 00:41:18,160 --> 00:41:19,760 We have 700 more users 637 00:41:19,880 --> 00:41:21,240 who also when add tempering, 638 00:41:21,360 --> 00:41:23,560 all their temperature data, 639 00:41:23,640 --> 00:41:25,840 motor speed data, motor current data, 640 00:41:25,920 --> 00:41:27,160 everything is streamed on the internet. 641 00:41:27,240 --> 00:41:30,920 What's the big science behind tempering spices? 642 00:41:31,840 --> 00:41:33,520 It's my mom's direct quote. 643 00:41:33,640 --> 00:41:35,160 The difference between a great tempering 644 00:41:35,280 --> 00:41:38,280 and an average tempering is when you go from high flame to low flame. 645 00:41:38,360 --> 00:41:41,680 I have not understood what's the AI in this. 646 00:41:44,080 --> 00:41:47,600 To put the AI question very simply in one line. 647 00:41:47,720 --> 00:41:49,640 For instance, we're making Kadai Paneer. 648 00:41:49,960 --> 00:41:52,320 Our tastes in food obviously vary. 649 00:41:52,400 --> 00:41:55,400 He might prefer more salt whereas I prefer more spice. 650 00:41:55,640 --> 00:41:58,480 Will your machine prepare five different Kadai Paneers for us 651 00:41:58,600 --> 00:42:00,440 or will it make just one type of Kadai Paneer? 652 00:42:00,560 --> 00:42:01,800 Answer in yes or no. 653 00:42:02,040 --> 00:42:03,240 [tense music playing] 654 00:42:03,480 --> 00:42:05,240 It will be just one Kadai Paneer, 655 00:42:05,680 --> 00:42:08,600 but the ingredients to start with in your kitchens would be different. 656 00:42:08,680 --> 00:42:09,760 The answer is no. 657 00:42:09,840 --> 00:42:11,160 The output is no, right? 658 00:42:11,280 --> 00:42:13,080 - The output will be the same. - It's the same. 659 00:42:14,000 --> 00:42:16,600 As per our understanding, the actual use of AI 660 00:42:16,680 --> 00:42:18,360 is when our outputs are customised. 661 00:42:18,440 --> 00:42:20,240 - Correct. - The inputs will be limited 662 00:42:20,400 --> 00:42:22,920 and can be hard-coded quickly into your system. 663 00:42:23,040 --> 00:42:24,080 The AI comes into the picture 664 00:42:37,200 --> 00:42:39,680 The software is supporting your device. 665 00:42:39,960 --> 00:42:41,560 It isn't the basis of your device. 666 00:42:42,400 --> 00:42:44,520 I... Because I've met him... I have met you. 667 00:42:45,000 --> 00:42:47,680 I guess you built this device around 1.5 years ago. 668 00:42:48,520 --> 00:42:49,720 That was a prototype. 669 00:42:49,800 --> 00:42:52,560 Your devices were in around 100 to 150 households. 670 00:42:52,680 --> 00:42:55,000 We conducted beta testing in those households. 671 00:42:55,120 --> 00:42:56,280 - Beta testing. - Correct. 672 00:43:13,320 --> 00:43:16,960 Ever since, in 1.5 years, you've only sold to 700 households. 673 00:43:17,600 --> 00:43:19,760 You've changed the name and added AI to it. 674 00:43:20,280 --> 00:43:21,400 Is that the only change? 675 00:43:21,480 --> 00:43:23,920 Or have you also raised funds in the meantime? 676 00:43:24,040 --> 00:43:26,080 We did raise funds 677 00:43:26,920 --> 00:43:30,560 and we put the pre-production batch in sales. 678 00:43:30,640 --> 00:43:33,400 We currently have 700 paying customers. 679 00:43:38,880 --> 00:43:41,480 What! It'd have been ready by now had it been my home. 680 00:43:41,560 --> 00:43:43,400 When Namita comes over, she stays only for a few minutes. 681 00:43:43,480 --> 00:43:45,000 If the food isn't ready, she leaves. 682 00:43:45,240 --> 00:43:46,160 [laughter] 683 00:43:46,440 --> 00:43:47,480 He's right. 684 00:43:51,800 --> 00:43:55,160 I'm an IIT Mumbai graduate from 2011. 685 00:43:56,400 --> 00:43:58,160 Mohit and I are from the same batch. 686 00:43:58,240 --> 00:43:59,640 We've known each other for 17 years 687 00:43:59,720 --> 00:44:01,240 and we were both doing hardware in India. 688 00:44:01,320 --> 00:44:03,000 What gave you the idea of making a cooking machine? 689 00:44:03,080 --> 00:44:05,960 When I moved to Pune in 2013, 690 00:44:06,200 --> 00:44:10,320 I thought I'd learn how to cook but I won't take anyone's help. 691 00:44:10,800 --> 00:44:13,280 For the first month, I ate charred food 692 00:44:13,440 --> 00:44:14,680 because I ended up burning it. 693 00:44:15,680 --> 00:44:17,400 I worked for six months 694 00:44:17,600 --> 00:44:19,800 and started making cooking machines at the time. 695 00:44:20,000 --> 00:44:24,600 After that, given my small operation and my IP, 696 00:44:24,720 --> 00:44:28,160 I was acqui-hired by a tea-cafe company named Chaayos. 697 00:44:28,320 --> 00:44:30,040 Why? What had you invented? 698 00:44:30,120 --> 00:44:31,480 It was a cooking machine 699 00:44:31,560 --> 00:44:34,240 which I claimed could make tea. 700 00:44:34,360 --> 00:44:36,200 It was a rudimentary version of this. 701 00:44:36,400 --> 00:44:38,480 - We were way behind than this. - Got it. 702 00:44:38,600 --> 00:44:41,600 How much do you sell each machine for? 703 00:44:46,520 --> 00:44:49,480 Tell us about the price point. What is the cost of making? 704 00:44:49,680 --> 00:44:50,960 Give us a break-up. 705 00:44:51,840 --> 00:44:54,240 We sell this for Rs. 20,000. 706 00:45:04,880 --> 00:45:05,840 Just to clarify. 707 00:45:05,960 --> 00:45:08,520 What will the cost drop to once you manufacture it large scale? 708 00:45:08,600 --> 00:45:09,720 Say, to Rs. 15,000, 709 00:45:18,560 --> 00:45:21,200 - Your cost is Rs. 15,000. - Yes. Sorry. Cost. 710 00:45:22,000 --> 00:45:24,160 'The discussion on business is on the verge of concluding, ' 711 00:45:24,600 --> 00:45:26,320 'but the paneer is not yet ready!' 712 00:45:36,720 --> 00:45:38,440 [tense music playing] 713 00:45:38,840 --> 00:45:41,480 This is a big business abroad already. 714 00:45:41,600 --> 00:45:43,440 Could you tell us who are the players? 715 00:45:43,520 --> 00:45:45,920 The best product out there is Thermomix. 716 00:45:46,000 --> 00:45:48,640 This product sells the equivalent of Rs. 1.3 lakhs. 717 00:45:48,720 --> 00:45:50,960 They do a revenue of 3 billion euros 718 00:45:51,040 --> 00:45:52,440 month on month with just this product. 719 00:45:52,520 --> 00:45:53,520 - Every month! - Every month! 720 00:45:53,600 --> 00:45:55,200 Every year... 721 00:45:56,200 --> 00:45:57,360 What's the market size in India? 722 00:45:57,400 --> 00:46:00,280 I'll compare it to Instant Pot which is in India, 723 00:46:00,360 --> 00:46:01,640 Wonderchef Nutri-Pot. 724 00:46:14,840 --> 00:46:18,560 They were doing about 4,000 to 5,000 sales per month, combined. 725 00:46:18,640 --> 00:46:20,200 Tell us the market size 726 00:46:20,280 --> 00:46:23,880 for automatic cooking devices for residences in India. 727 00:46:24,400 --> 00:46:26,920 This... I don't have the... 728 00:46:27,000 --> 00:46:28,480 What's the size globally? 729 00:46:29,400 --> 00:46:30,880 2.5 billion dollars. 730 00:46:31,000 --> 00:46:32,920 - You said Thermomix had 3 billion. - Exactly. 731 00:46:36,680 --> 00:46:38,880 I didn't consider Thermomix in this. 732 00:46:39,040 --> 00:46:40,320 That doesn't make sense. 733 00:46:41,480 --> 00:46:43,960 'The paneer is finally ready!' 734 00:46:44,120 --> 00:46:46,720 'How did the founders fare?' 735 00:46:46,880 --> 00:46:48,400 [intriguing music playing] 736 00:46:50,880 --> 00:46:51,840 Thank you. 737 00:46:52,720 --> 00:46:54,080 [light-hearted music playing] 738 00:46:58,800 --> 00:46:59,680 Not bad. 739 00:47:01,240 --> 00:47:02,240 The paneer is very good. 740 00:47:02,320 --> 00:47:03,320 - Thank you. - Thank you. 741 00:47:03,560 --> 00:47:05,680 The paneer is tasting good because we waited for 30 minutes... 742 00:47:05,760 --> 00:47:07,400 - Exactly. - We're hungry. 743 00:47:08,400 --> 00:47:10,120 One minute, I want to give feedback. 744 00:47:10,280 --> 00:47:12,000 I waited for 35 minutes. 745 00:47:12,520 --> 00:47:14,880 Yet the onions taste raw. 746 00:47:15,000 --> 00:47:16,200 [tense music playing] 747 00:47:16,760 --> 00:47:19,160 I can also taste some lumpy onion pieces. 748 00:47:19,440 --> 00:47:20,720 [tense music playing] 749 00:47:21,200 --> 00:47:22,720 You gave us your feedback. 750 00:47:22,840 --> 00:47:26,240 - We have two systems to receive feedback. - Hmm. 751 00:47:26,400 --> 00:47:30,000 We have a rating system for the recipes. 752 00:47:30,080 --> 00:47:32,080 We have an owners' community 753 00:47:32,160 --> 00:47:34,640 where the owners let us know if they liked something, 754 00:47:34,760 --> 00:47:36,640 and even if they disliked something. 755 00:47:43,680 --> 00:47:45,800 I didn't like the taste. I'm sorry. 756 00:47:46,600 --> 00:47:50,400 It has reached only 700 homes even after two and a half years. 757 00:47:51,960 --> 00:47:54,240 You're operating at a loss. 758 00:47:54,440 --> 00:47:55,960 With such sales, 759 00:47:56,080 --> 00:47:58,400 you've asked for a valuation of Rs. 100 crores. 760 00:47:59,200 --> 00:48:03,560 I saw too many flaws in the product, the founders and the thinking. 761 00:48:03,640 --> 00:48:06,400 I would not like to be part of your journey. Sorry. 762 00:48:06,760 --> 00:48:07,640 I'm out. 763 00:48:09,120 --> 00:48:13,320 How is this different from a YouTube and a Nutri-Pot? 764 00:48:13,640 --> 00:48:15,040 [tense music playing] 765 00:48:15,720 --> 00:48:17,200 Forget Nutri-Pot also. 766 00:48:17,360 --> 00:48:19,680 If I take any pot and play YouTube, 767 00:48:20,000 --> 00:48:22,040 then I don't need to learn cooking! 768 00:48:23,000 --> 00:48:25,800 I believe today's market is for commercial establishments. 769 00:48:25,880 --> 00:48:27,440 There was a company called Dosamatic. 770 00:48:27,600 --> 00:48:28,920 They, too, tried really hard 771 00:48:29,120 --> 00:48:31,120 to penetrate Indian households 772 00:48:31,240 --> 00:48:33,240 to make 'dosas', which is really complicated. 773 00:48:34,160 --> 00:48:37,240 They ultimately gained success with commercial establishments. 774 00:48:37,680 --> 00:48:38,800 Its market does exist, 775 00:48:38,960 --> 00:48:41,360 but it'll take 10 years to build that market. 776 00:48:41,600 --> 00:48:44,440 India, currently, in my view, is not ready for this. 777 00:48:44,560 --> 00:48:46,920 It's not as effective as you claim. 778 00:48:47,040 --> 00:48:48,760 For that reason, I'm out. Good luck, guys. 779 00:48:50,240 --> 00:48:53,840 I also see a very limited market for this in India at the moment. 780 00:48:53,920 --> 00:48:55,360 Had this been fully automated 781 00:48:55,440 --> 00:48:57,080 and I wouldn't have to use 1% of my brain, 782 00:48:57,160 --> 00:48:58,880 I might have shown some interest. 783 00:48:58,960 --> 00:49:02,200 In this case, the value it adds is comparatively... 784 00:49:02,440 --> 00:49:05,720 Because human capital is cheap, I have alternate ways to cook. 785 00:49:05,880 --> 00:49:07,880 So, I don't really see a need for it. 786 00:49:07,960 --> 00:49:09,320 For that reason, I am out. 787 00:49:10,480 --> 00:49:13,560 I don't quite understand how big the market could grow. 788 00:49:13,640 --> 00:49:16,200 You're selling 100 units whereas others are selling 5,000. 789 00:49:17,680 --> 00:49:19,000 Valuation is the second problem. 790 00:49:19,120 --> 00:49:22,200 You are currently making a loss of Rs. 9,000 per unit. 791 00:49:22,320 --> 00:49:24,840 Let's assume you were making a profit of Rs. 5,000 per unit, 792 00:49:25,040 --> 00:49:27,240 even then your yearly profit would only have been Rs. 60 lakhs. 793 00:49:28,160 --> 00:49:30,120 I don't know how you will scale the business. 794 00:49:30,360 --> 00:49:32,680 So, for these reasons, I am out. 795 00:49:33,360 --> 00:49:36,080 Tell me something. How much investment did you raise? 796 00:49:36,160 --> 00:49:37,400 Rs. 12 crores. 797 00:50:05,240 --> 00:50:07,200 and cut down marketing costs to zero. 798 00:50:07,320 --> 00:50:08,840 We are growing organically. 799 00:50:08,920 --> 00:50:10,320 What are your respective roles? 800 00:50:10,440 --> 00:50:11,600 I'm the CEO and he's the CTO. 801 00:50:11,720 --> 00:50:13,640 Look. Here's what I feel. 802 00:50:13,760 --> 00:50:15,720 You're able to articulate the problem very well. 803 00:50:15,800 --> 00:50:17,920 Namita asked you a question about the taste. 804 00:50:18,040 --> 00:50:19,000 Your reply was great. 805 00:50:19,080 --> 00:50:20,480 You said you'd improve based on feedback 806 00:50:20,560 --> 00:50:22,600 rather than trying to justify whether it tasted good or not. 807 00:50:22,680 --> 00:50:25,680 You seem to be good at decision-making too. 808 00:50:25,760 --> 00:50:27,120 From a founder checklist perspective, 809 00:50:27,240 --> 00:50:28,600 you check off all the points. 810 00:50:29,440 --> 00:50:32,720 On these fundamentals, I wish to bet on you. 811 00:50:33,800 --> 00:50:37,080 I will give you Rs. 10 lakhs for 0.5%. 812 00:50:37,200 --> 00:50:38,680 The rest Rs. 90 lakhs is debt. 813 00:50:38,800 --> 00:50:40,360 He's valuing you at Rs. 20 crores. 814 00:50:40,440 --> 00:50:42,680 That Rs. 90 lakhs debt, I'll give you at 14% interest. 815 00:50:57,600 --> 00:50:59,640 Rs. 90 lakhs debt at 14% interest. 816 00:50:59,720 --> 00:51:02,800 Um, I think the valuation we set 817 00:51:02,920 --> 00:51:04,640 is the valuation we would want to stay at. 818 00:51:04,800 --> 00:51:06,520 [music playing] 819 00:51:07,400 --> 00:51:09,000 No. So, I'm out. 820 00:51:10,560 --> 00:51:11,800 - Guys, thanks for coming. - All the best. 821 00:51:11,880 --> 00:51:12,880 - Thank you. - Thank you. 822 00:51:12,960 --> 00:51:14,920 - Thank you, Sharks. - Thank you... 823 00:51:16,400 --> 00:51:17,640 [sombre music playing] 824 00:51:42,040 --> 00:51:44,280 Friends, a warm welcome to Ask The Shark 825 00:51:44,400 --> 00:51:47,240 where you annoy the wits out of us 826 00:51:47,360 --> 00:51:49,120 by asking such incredible questions. 827 00:51:49,400 --> 00:51:53,120 What do we filter out, how much, and how many questions do we ask? 828 00:51:53,280 --> 00:51:55,760 Anyway, joining us on Ask The Shark today 829 00:51:55,840 --> 00:51:57,160 is the Co-founder and CEO of Lenskart, 830 00:51:57,240 --> 00:51:58,080 Mr. Peyush Bansal. 831 00:51:58,160 --> 00:51:59,520 - Sir, welcome. - Thanks, Rahul. 832 00:51:59,760 --> 00:52:02,520 Sir, today's question is by Navneet Krishnan from Kochi. 833 00:52:02,600 --> 00:52:05,880 'After the penetration of artificial intelligence, ' 834 00:52:06,080 --> 00:52:08,840 'which jobs will become irrelevant in your opinion?' 835 00:52:09,000 --> 00:52:12,920 Rahul, I believe that none of the jobs will become irrelevant. 836 00:52:13,040 --> 00:52:16,440 Suppose a man does ten tasks a day, 837 00:52:16,600 --> 00:52:19,080 that number will increase to 30 or 40 a day 838 00:52:19,160 --> 00:52:20,800 because a lot of things... 839 00:52:20,920 --> 00:52:22,560 Take chatbots for instance. 840 00:52:22,680 --> 00:52:24,280 - Correct. - The most important in customer service. 841 00:52:24,360 --> 00:52:25,560 It's not like 842 00:52:25,640 --> 00:52:28,000 the jobs of customer service agents have become irrelevant, 843 00:52:28,200 --> 00:52:29,240 but a certain part of it, 844 00:52:29,320 --> 00:52:33,320 - which was repetitive, is taken over by AI. - Yes. 845 00:52:33,400 --> 00:52:37,080 Secondly, the quality of a person's work will improve. 846 00:52:37,160 --> 00:52:38,000 Yes. 847 00:52:38,080 --> 00:52:39,880 - I think, overall, that is good. - Yes. 848 00:52:40,000 --> 00:52:42,360 I don't think any jobs will become obsolete. 849 00:52:42,560 --> 00:52:46,840 When people are more productive and efficient, 850 00:52:46,920 --> 00:52:48,000 their pay will increase 851 00:52:48,120 --> 00:52:49,120 - and the economy will progress. - Yes. 852 00:52:49,200 --> 00:52:51,040 I think it is all in the right direction. 853 00:52:51,120 --> 00:52:53,280 - Thank you so much for joining us, sir. - Thank you, Rahul. 854 00:52:53,360 --> 00:52:54,760 Thank you so much for asking this question. 855 00:52:54,840 --> 00:52:57,400 The rest of you, please send in your business-related questions 856 00:52:57,480 --> 00:52:59,440 and doubts to us. 857 00:52:59,560 --> 00:53:00,840 Keep sending us questions, 858 00:53:00,960 --> 00:53:03,440 and we'll ask the Sharks on your behalf. 859 00:53:03,560 --> 00:53:04,560 Until then, stay tuned. 860 00:53:04,640 --> 00:53:07,160 We'll see you next time with a new Shark and a new question.