[music playing]
[theme music playing]
[music fades]
Tiggle!
Sharks, has it ever happened to you
that your hands and feet have gone cold out of fear?
Well, mine sure did,
when at the tender age of 21,
carrying hot chocolate in a steel jar,
I stood outside one of Gurgaon's busiest metro stations
to test my idea all by myself.
The people leaving the station
were looking at me with curiosity
and wondering what I was doing on the street.
I was nervous,
but in no time, people gathered around me.
Within 40 to 50 minutes, my chocolate drink was all sold out.
And along with that giggle began the story of Tiggle!
[light-hearted music playing]
in different flavours and packaging.
However, you will be shocked to learn
that one out of the four best-selling drinks in Indian cafés
is hot chocolate.
- Absolutely. - And no one
has ever explored this segment.
So, that was it.
The entrepreneurial bug in me met my love for chocolate
the colour of the room's walls had turned to chocolate brown.
the favourite chocolate drink of every Indian household.
- Good pitch, and you're here in your brand's theme. - Thank you.
- I will tell you my story... - Sure.
Before the hot chocolate turns cold..
- Give it to us first. - Sure.
[light-hearted music playing]
Which one's dairy-free?
[light-hearted music playing]
- Thank you. - Means knowledge.
Oh, nice!
By the way, nice packaging.
- Very nice packaging. - Nice packaging.
This one's hot and this one's cold.
[light-hearted music playing]
Hmm.
- Very tasty. - It is very good.
Really good.
I think we should start with you.
Tell us about yourself.
Would you want to know in detail?
- In brief. Briefly. - Good one.
Okay. I hail from Agra.
I completed my graduation in 2019.
I was bitten by the entrepreneurial bug in college.
I tried a thing or two, but they were more like projects.
That was one of the things that triggered Tiggle's inception.
I started working on it in August or September 2020.
I tasted cocoa from over 50 cocoa farms in South India.
Finally, we launched Tiggle in 2021 in the D2C space.
Why the name Tiggle?
Take a wild guess.
- Giggle... - Giggle on being tickled?
You are right. Tickle plus giggle equals to Tiggle.
[chuckles]
- It's vibrant. - It's a good name.
Did you get a website with the name?
Kids are not our target segment currently.
Don't you think you're making a mistake?
Just think about it.
- A lot of youngsters are weight-conscious. - Got it.
So, don't you think the target audience should be kids?
It's possible that our consumption,
in children, might be higher,
but, like me, a lot of people
get jitters about drinking coffee and tea doesn't appeal to them.
Anuva, personal experiences don't create markets.
- If you see a bigger market with kids in the beginning... - Yes?
- And the resistance will be low, you should start with them. - Yes.
Why start with a difficult market?
It's not like adults don't consume chocolate drinks.
Globally, chocolate drinks...
Just the way you look at coffee...
Tell me this.
A decade or two ago, had you imagined
that coffee would be able to compete with tea in India?
What is the market size of hot chocolate for non-kids?
Globally, the chocolate drink market size is 10 to 15%
if you see from the point of view of chocolate.
In our country, the chocolate market is Rs. 20,000 crores
the market size of pure hot chocolate wouldn't be that big.
Yes, it's not so big.
If there is competition, tell us which is the biggest brand
and what their sales are, so that we can get an idea.
If you look at the mass level,
our competitors are companies like Cadbury.
- Hershey's... - Could you give us an idea of their sales?
Rs. 35 to 40 crores on Amazon.
- Just from Amazon. - Okay.
Apart from that, in the last two years,
around three to five companies...
Artisanté is also a player.
Exactly. Your point.
- I'll give you a break-up. - Give us the economics, yes.
Right. Let's start with this fiscal year.
The average across all...
[Sharks laugh]
You've come well-prepared.
Okay!
- Tell us your profit margins. - Sure.
- I'll get to the unit economics... - Unit economics.
- The average across all products. - Okay.
I sell this for Rs. 308.
With GST or without?
Without GST.
You memorised the numbers especially for the show.
I didn't. Our company boasts of a solid culture.
You have to know the numbers.
- Oh, wow! - It's obvious that...
Why not, sir? One right person is enough to promote a good culture.
- Oh, wow! - Amazing.
Your last month's sales were Rs. 12 lakhs.
What was your customer base?
We had 3,050 customers.
Out of 3,050 customers, how many were repeat customers?
Could you give us separate figures?
I won't be able to tell you today,
but I definitely can give you those numbers.
I don't wish to give you incorrect numbers now.
Why should I buy your hot chocolate?
Why would you win in such a competitive market?
which you're going to find fascinating.
[laughs]
We have a community.
I sent them three samples. A, B and C.
A and B were my products, the Jaggery Hot Chocolate.
C was that of some other brand.
The main purpose was to find out
whether our A formulation of the Jaggery Hot Chocolate
was better or the B one.
However, people selected from A and B only.
Would you say,
out of all the hot chocolate brands in India,
if a blind tasting were carried out..
You'd love Tiggle.
How old are you?
I turned 25, yes.
- You're amazing. - Wow! You're very smart.
- You're amazing. - I must tell you
that you're adaptable,
open to change
and you make it clear if there's something you don't know.
You have all the qualities.
- You'll be a great entrepreneur. - Clarity.
Thank you so much.
You'll do very well in life.
You spoke about culture at such a young age.
- Amazing. - Chocolate or not, you'll do something big.
Thank you so much.
Firstly, I wish to compliment you as a woman entrepreneur.
What clarity of thought!
You have a focused way of talking. Loved it.
- Thank you. - I genuinely feel
that the market for hot chocolate in India is sizeably small.
To scale your brand beyond a point will be really difficult.
For that reason, I'm out.
[sombre music playing]
Anuva, I wish to be out of this business.
You are very good,
but in order to build a successful business,
just as a successful entrepreneur is important,
the market and the product are equally important too.
You said that last month,
only 800 customers out of 37,000 were repeat, which is just 2%.
From where I see your business,
a consumer uses your product once and then, forgets about it.
It seems to me like the brand is weak, broadly.
So, it wouldn't make sense for me to come on board as an investor.
Look, Anuva. I don't quite understand
what the scale of your business is going to be.
We couldn't determine the market size either.
Well, what's the use of coming on this show
if I don't support entrepreneurs like you?
Entrepreneur over business.
I'll make an offer to you.
Thank you so much, Amit.
Rs. 20 lakhs in equity for 5%.
I'm valuing the company at Rs. 4 crores.
- Anupam, have you made a decision? - Yes.
I'm very happy you got an offer.
- I feel that your adult journey is for another year. - Okay.
You will come out an exceptional entrepreneur.
I believe this is your battle
and you need to make up your mind.
You have an offer.
I am out,
but any time I can help you, I'll be there. Good luck.
Thank you so much, Anupam.
I really want to partner with you,
but past experiences hold me back from repeating my mistakes.
Debt is out of the question in your case.
My offer to you is Rs. 50 lakhs straight equity,
but I'll take 20% of the equity minimum.
Right? Non-negotiable.
Plus...
I would want to take at least 1% on net sales
till I recoup 2x of my money.
because it's a high-risk offer.
Will you be mentoring me?
Of course!
I'll join in.
You have only one offer.
- One offer. - Rs. 50 lakhs
for 20% equity plus 1% sales.
Let's keep it 2%.
until we get our Rs. 1 crore back.
I understand your risks
and I also understand your thought process.
However, if you take 2% from me until you double down,
it'd reduce my top line.
Suppose you do Rs. 10 crore sales next year.
How much is 2% of Rs. 10 crores?
- Rs. 20 lakhs. - 20 lakhs.
If you give us 20 lakhs, even then we won't get our investment back.
- You know what I'm saying? - It'd take years.
- It'll take years. - That's fine.
Do away with the 2% royalty...
Listen, Anuva.
The likely scenario is your maximum sales will be Rs. 15 to 20 crores
and no one will acquire you
because it's impossible to get returns on investment.
Don't give us the money if you don't make a profit.
The royalty applies only when you make profits.
If you take a royalty of 2%,
could you lower the equity slightly which will ensure
- you get your money... - I'll make you an offer.
- No. - Let's do it.
- Just one thing. - It doesn't...
- 15% instead of 20. - No...
Do it. Peyush, it's okay.
You can do the deal.
Anuva, time to make a decision, my friend.
- Yes or no? We're fine. - Yes or no?
I wish you all the...
I need just ten seconds.
Stand your ground. Good.
[pensive music playing]
- Okay, big decision. - I'm sorry I have to be so tough on you.
No, that's good training.
[chuckles] So sweet.
- Oh, God. - I love the entrepreneur.
- Let's make a big company out of Tiggle. - Yes.
- Thank you so much. - Let's make Tiggle big.
[camera shutter clicking]
- Thank you so much. - Thank you.
- Thank you so much. - Loved meeting you.
- All the best. - Buh-bye.
[theme music playing]
[music fades]
There was a time
when everyone in India
wanted to be a doctor or an engineer.
Whereas today, the only thing everybody wants to become
is an influencer.
Not everyone has as many followers as an influencer though.
Yet, everyone loves to post photos on social media.
I'm sure you have such friends too.
Until they don't post loads of photos on Instagram,
neither does their food get digested
nor is their urge of wearing new outfits satisfied.
What do they gain by doing this?
Not money for sure.
Until now!
So, we present to you
a wild card entry to living the life of an influencer.
A card that pays you money for those photos.
Hi, Sharks. My name is Dishant.
I am Rij.
The world's first
or dine at our partner restaurants.
and give them a chance to upgrade their lifestyles.
So, Sharks, our ask is
one Instagram post
I would like to give you all your cards.
They are personalised cards.
Anupam, this is yours.
- Which one? This one? - Yes.
Thank you, bro.
- Azhar, this is yours. - Thank you, Dishant.
[light-hearted music playing]
- The card is good. It's personalised. - It's good.
- It says founder member at the bottom. - Nice.
That's right.
- Loved the gesture. - What confidence!
Great marketing, guys. Fantastic!
- No, explain how it works. - I don't get it yet honestly.
Sharks, whoever has more than 1000 followers on Instagram
can apply for a WYLD card.
And our entire journey
is primarily through a mobile app.
Once you sign up,
your virtual card is displayed on the app.
And as much money you load, you can use.
In our brands section,
So, you can click on 'Buy now' and directly purchase from the website.
Even your offline stores,
a user can do a transaction.
So, as you see here, as a post
you will receive 60 per cent cashback.
And you will get 30 per cent cashback, if posted as a story.
With these limits.
I have to use this card to spend at Lenskart store.
Yeah, correct.
So, if someone shops at a Lenskart store.
Let's assume the shopping is worth Rs 5000.
So after shopping for Rs 5000, he has to post on Instagram.
Does he have to use any hashtag or something?
They have to tag Lenskart and WYLD.
Then this card
will get the cashback.
- 60 or 30 per cent. - Shall I show you a live demo?
A demo. Yes.
Uh, we will do a transaction now.
I just paid Rs 1000 from this card.
- I will... - Here,
you can see the transaction of Rs 1000 in your history.
- You went to Instagram and posted. - Yes, we posted.
I tagged Lenskart and WYLD while displaying the product.
So the product has to be shown.
- Correct. - Correct.
You are turning customers into marketeers.
I think it's the best positioning.
- And that is the idea. - It's very natural.
Clarify one more thing.
Right now, the 60 per cent cashback,
are the brands bearing it now?
Or do you offer it too?
The brands are bearing it.
so you can see cashback worth Rs 600.
It's back in the card.
You got Rs 600 back in this.
- Exactly. - And I've paid you this.
Correct.
Wow! Give me back my money. [laughing]
No, you didn't give it to us.
- You gave it to the customer. - That's the whole point.
Because the customer is marketing for you.
And where can he use this Rs 600 to shop? Anywhere?
You can use it to shop anywhere. It's a visa-powered card.
But you will receive the money from the brand later.
So, you must require working capital.
So, we ask our brands,
just like they have a budget for digital marketing,
you sign a budget that makes you comfortable.
Are these the only two slabs?
Second question, who decides it?
So, basically,
when you apply for any financial product, there's a credit score.
Similarly, we've created
And the best part
is that if you have a score between 900 and 1000
then you get a 100 per cent on post
- and 80 per cent on story. - Then, we can shop anywhere.
Absolutely.
Your cashback number is amazing.
I mean, so high, 15 per cent.
Tell me something.
Will the brands accept it?
You have set a standard. Each brand will say
that they might want to give some amount over Rs 700.
My brand is paying already. They already managed to convince.
I don't even know it.
Peyush, you will be convinced by the end of the pitch.
Our reach of around 40 lakhs so far,
we tried to calculate the market rates
that if a brand needs similar reach,
then what would be the real cost?
And that's close to around Rs 35-40 lakhs.
That same thing
we've done for our brands within 5-6 lakhs.
I was purchasing from competitor brands to date
and today, I've purchased from a new brand
and am posting it on social media.
Since I connect a lot with
- being young, I mean... - He will surely make an offer.
- I... - Hey! Hold on.
What do you mean by being young?
You're young, too.
No, being young? Are you being generous?
What do you mean by being young?
- Don't have ageism in your pitch. - Okay.
Anyway, I connect a lot with this problem.
I feel that social media can be used for marketing very well.
So, I'd like to move to numbers.
How many users?
So far, we have 500 active users.
You didn't tell us how you make money.
Yeah.
Namita, we have three revenue streams.
- Yeah. - Firstly, through the brands.
Since we're driving sales for the brands,
regardless of whether the user posts or does marketing,
Since it's a visa-powered card,
there's an interchange fee or MDR fee, right?
we offer membership to the users.
Are you making monthly income at present?
It's negligible, bro. It's pre-revenue.
- Right. - So, this Lenskart glasses that
you bought for Rs 1000,
- you made Rs 110 on that. - Rs 110.
Leave something for us too.
You gave Rs 600 to that person, and kept Rs 100 for self.
We won't be able to function with Rs 300.
We are the only form of marketing
through which you're making money.
Who is the CEO?
He's answering so I'm letting him answer.
What do you do?
Okay. You're COO.
You said something earlier.
You said that manually, someone approves the transaction.
How will you scale this up?
Sir, as of now, our transaction volume is not so high.
But over time, with AI, the brand names
- and all of that. - AI.
You can map it.
- So, this technology is possible. - Of course.
But a connected question is that
you're fundamentally...
There are advertising platforms.
- You're just extracting money using them. - Correct.
Right? So, they'll consider you as a threat sooner or later.
How will you solve that?
That definitely today is a dependency.
That we're dependent on Meta and Instagram platforms.
So, it's a risk.
You don't know what the solution will turn out to be.
But that's a risk. That's fine. I accept that.
There was a Groupon company that made big noise globally.
Their biggest problem
was that by sending your customers
back to you
to take cashback
and to build a business on this commission.
- Correct. - So, ultimately business and
companies, and local restaurants got it that
If you think about the Lenskart transaction,
I don't know how many per cent people today
post about their last transaction at Lenskart.
Imagine 10-20 people posting about you every day.
Your own customers, organically.
But if they repeat their posts, the influencing power reduces.
We have some rules to it.
Like, you can't post more than twice per month about a brand.
- Limit. - You can set your own rules.
Look, many people are raising questions here.
But there are so many questions
that we will seek answers for on the way.
I believe strongly in the core concept.
So, I'd like to join you in this journey.
Whoa! Offer.
[music playing]
Since it has just been two months,
it's early, I think the valuation is too high.
So, I'd like to offer you Rs 50 lakhs, all in equity.
You didn't even ask.
- Sorry. - That's why you're junior.
[music playing]
He got excited.
Tell me the previous round numbers quickly.
So, if Azhar is okay, I'd like to join him.
Your offer is the same.
Meta site, are too many.
But the team and concept looks good.
- So, I'll make you an offer. - Oh!
I'll give you Rs 11 lakhs for 0.2 per cent equity.
At Rs 55 crore valuation.
And rest will be Rs 39 lakhs in debt.
- Mind your business, please. - My offer is with debt, Anupam,
you can offer without debt.
[laughing] Good one.
- Thank you. - Thank you for the offer.
I have honoured your valuation.
So, you have to decide whether you want debt,
youth, or a person who asks many questions.
Or do you want wisdom?
Or, there's one more thing.
I'm wild too.
- Oh! - So here's my offer, guys.
I don't think you should take debt.
I don't think you should give 5 per cent of your company.
I think there's a lot of regulation risk.
I think that pivoting will happen multiple times.
I'm very impressed with you. Sorry, I forgot your name.
Yash.
- Yash, I'm very impressed. - That's how impressed he is.
Yeah, that doesn't matter.
I'm very impressed with you and I think the team combination is good.
That is 2.75%.
But he has already cracked the tech part.
Okay, tell us your decision.
Our dream will be to
have all of you on board.
And our counter is, we could all come on at
the same valuation that we have of Rs. 50 crores.
instead of giving that petty Rs. 10 lakh,
he gave you that equity for Rs. 50 lakh.
- We're really grateful for this. - Yeah.
We've got that done for you.
You didn't do it, I gave it because the founders wanted it.
- Oh! - Listen.
I won't be tough on you.
But respecting your valuation,
I'll give you Rs. 50 lakh for 1%.
But my total ownership will be 1.5%.
How you give me that 0.5%, whether it's advisory, etc.
Rs. 75 lakhs for 1.5%.
Me, Namita and Azhar will come.
Guys, all offers are now of the same valuation of Rs. 50 crores.
Rs. 75 lakh for 1.5%.
Rs. 75 lakh for 1.5% from these three.
Rs. 50 lakh for 1%, the valuation is the same.
Right.
The value is more here. Make your decision.
Yeah.
- No chance of... - No chance.
No chance.
[music playing]
5, 4, 3, 2, 1.
Anupam, the deal is yours.
I got you your valuation.
Oh, look at that sign.
Anupam rarely wins.
[laughing]
- Thank you so much. - All right, guys.
Good deal.
Great deal, guys. All the best.
Thank you so much, guys. Thank you.
[music playing]
Hi, I'm Mahek.
And we're from Bengaluru.
We asked people
whether the food in your house is boring.
83% of people responded yes.
And why not?
They're viewing new things on the internet.
They want to make pasta, Chinese and momos.
But they only know to make instant noodles.
This is our gap in the market.
And to fulfill this, we created
Because all the cooking happens in it.
It has heating elements and sensors.
The practice of increasing or reducing the flame
is done automatically by the appliance.
But how does it know
when to reduce the flame and when to increase it?
Assume that upliance has been
possessed by the spirits of many chefs.
Kashmiri, Tamil,
Chinese, Italian, upliance is trained in all the skillsets.
And all of it is available at the press of a button.
to add paneer and I don't have it,
then I'm stuck.
For that, upliance has an AI chatbot.
Chinese and Italian food in it?
And Sharks, we are designed for India.
Designed in India.
Made for India and made in India.
So, our ask for this today is
Amazing.
Nice tagline. Make whatever you want.
Very good pitch.
I'd like to give you a demonstration of our product.
We'll cook something.
- What are we making? - We're making Kadhai Paneer.
Ah, nice!
This is upliance.
All the cooking happens in this smart jar.
Today, we'll cook for two.
Who are the three who are going to be hungry?
[laughing]
All the ingredients are available here.
On this side, you'll see a weighing scale with a magnetic plate.
You can weigh it here.
Then you can add it to the cooking jar.
[music playing]
Okay, I'll go to the first step...
Instant cook.
where it shows paneer,
Kashmiri chilli, coriander powder and salt.
I'll add all the ingredients for mixing.
And you've already measured it?
A video is playing here.
- Got it. - Very interesting.
I'll add all of it.
Then I'll mix all of it.
The spice is amazing.
It's all a game of the spice mix, buddy.
Okay, I'll move to the next step.
And over here, we'll start the tempering.
[music playing]
I have added the tempering.
As soon as I add it, the safety feature kicks in here.
It won't spill out now.
Okay? I'll move to the next step.
This is called sauteing spices.
I have pressed the start button.
This is the crown. It's asking you to remove the crown.
It's like how you remove the lid of a pan to let the steam escape.
The blade is moving very slowly now.
It's doing the work of a stirrer now.
Interesting.
Gradually, you'll see the temperature on the screen here.
The temperature is gradually increasing.
upliance understands what's inside
and what cuisine am I cooking.
The aroma is nice.
How long does it take?
Almost similar, but it reduces your kitchen time.
So, in the next step, we have to add garlic, onion, green chilli.
You have to manually do the chopping?
This is the most difficult part.
You can add the whole thing.
There's no need to do it.
is that you've stored everything.
The recipes, the temperature, etc.
AI usually has a generative or predictive element.
It's able to do this
because upliance has information
like the vibrations in it...
- It's still big. - [indistinct]
We wanted it that way.
So, it takes feedback from the vibrations.
It takes feedback from the speed of the blade.
If you add tempering to this now,
we come to know what type of tempering it is.
We have 700 more users
who also when add tempering,
all their temperature data,
motor speed data, motor current data,
everything is streamed on the internet.
What's the big science behind tempering spices?
It's my mom's direct quote.
The difference between a great tempering
and an average tempering is when you go from high flame to low flame.
I have not understood what's the AI in this.
To put the AI question very simply in one line.
For instance, we're making Kadai Paneer.
Our tastes in food obviously vary.
He might prefer more salt whereas I prefer more spice.
Will your machine prepare five different Kadai Paneers for us
or will it make just one type of Kadai Paneer?
Answer in yes or no.
[tense music playing]
It will be just one Kadai Paneer,
but the ingredients to start with in your kitchens would be different.
The answer is no.
The output is no, right?
- The output will be the same. - It's the same.
As per our understanding, the actual use of AI
is when our outputs are customised.
- Correct. - The inputs will be limited
and can be hard-coded quickly into your system.
The AI comes into the picture
The software is supporting your device.
It isn't the basis of your device.
I... Because I've met him... I have met you.
I guess you built this device around 1.5 years ago.
That was a prototype.
Your devices were in around 100 to 150 households.
We conducted beta testing in those households.
- Beta testing. - Correct.
Ever since, in 1.5 years, you've only sold to 700 households.
You've changed the name and added AI to it.
Is that the only change?
Or have you also raised funds in the meantime?
We did raise funds
and we put the pre-production batch in sales.
We currently have 700 paying customers.
What! It'd have been ready by now had it been my home.
When Namita comes over, she stays only for a few minutes.
If the food isn't ready, she leaves.
[laughter]
He's right.
I'm an IIT Mumbai graduate from 2011.
Mohit and I are from the same batch.
We've known each other for 17 years
and we were both doing hardware in India.
What gave you the idea of making a cooking machine?
When I moved to Pune in 2013,
I thought I'd learn how to cook but I won't take anyone's help.
For the first month, I ate charred food
because I ended up burning it.
I worked for six months
and started making cooking machines at the time.
After that, given my small operation and my IP,
I was acqui-hired by a tea-cafe company named Chaayos.
Why? What had you invented?
It was a cooking machine
which I claimed could make tea.
It was a rudimentary version of this.
- We were way behind than this. - Got it.
How much do you sell each machine for?
Tell us about the price point. What is the cost of making?
Give us a break-up.
We sell this for Rs. 20,000.
Just to clarify.
What will the cost drop to once you manufacture it large scale?
Say, to Rs. 15,000,
- Your cost is Rs. 15,000. - Yes. Sorry. Cost.
'The discussion on business is on the verge of concluding, '
'but the paneer is not yet ready!'
[tense music playing]
This is a big business abroad already.
Could you tell us who are the players?
The best product out there is Thermomix.
This product sells the equivalent of Rs. 1.3 lakhs.
They do a revenue of 3 billion euros
month on month with just this product.
- Every month! - Every month!
Every year...
What's the market size in India?
I'll compare it to Instant Pot which is in India,
Wonderchef Nutri-Pot.
They were doing about 4,000 to 5,000 sales per month, combined.
Tell us the market size
for automatic cooking devices for residences in India.
This... I don't have the...
What's the size globally?
2.5 billion dollars.
- You said Thermomix had 3 billion. - Exactly.
I didn't consider Thermomix in this.
That doesn't make sense.
'The paneer is finally ready!'
'How did the founders fare?'
[intriguing music playing]
Thank you.
[light-hearted music playing]
Not bad.
The paneer is very good.
- Thank you. - Thank you.
The paneer is tasting good because we waited for 30 minutes...
- Exactly. - We're hungry.
One minute, I want to give feedback.
I waited for 35 minutes.
Yet the onions taste raw.
[tense music playing]
I can also taste some lumpy onion pieces.
[tense music playing]
You gave us your feedback.
- We have two systems to receive feedback. - Hmm.
We have a rating system for the recipes.
We have an owners' community
where the owners let us know if they liked something,
and even if they disliked something.
I didn't like the taste. I'm sorry.
It has reached only 700 homes even after two and a half years.
You're operating at a loss.
With such sales,
you've asked for a valuation of Rs. 100 crores.
I saw too many flaws in the product, the founders and the thinking.
I would not like to be part of your journey. Sorry.
I'm out.
How is this different from a YouTube and a Nutri-Pot?
[tense music playing]
Forget Nutri-Pot also.
If I take any pot and play YouTube,
then I don't need to learn cooking!
I believe today's market is for commercial establishments.
There was a company called Dosamatic.
They, too, tried really hard
to penetrate Indian households
to make 'dosas', which is really complicated.
They ultimately gained success with commercial establishments.
Its market does exist,
but it'll take 10 years to build that market.
India, currently, in my view, is not ready for this.
It's not as effective as you claim.
For that reason, I'm out. Good luck, guys.
I also see a very limited market for this in India at the moment.
Had this been fully automated
and I wouldn't have to use 1% of my brain,
I might have shown some interest.
In this case, the value it adds is comparatively...
Because human capital is cheap, I have alternate ways to cook.
So, I don't really see a need for it.
For that reason, I am out.
I don't quite understand how big the market could grow.
You're selling 100 units whereas others are selling 5,000.
Valuation is the second problem.
You are currently making a loss of Rs. 9,000 per unit.
Let's assume you were making a profit of Rs. 5,000 per unit,
even then your yearly profit would only have been Rs. 60 lakhs.
I don't know how you will scale the business.
So, for these reasons, I am out.
Tell me something. How much investment did you raise?
Rs. 12 crores.
and cut down marketing costs to zero.
We are growing organically.
What are your respective roles?
I'm the CEO and he's the CTO.
Look. Here's what I feel.
You're able to articulate the problem very well.
Namita asked you a question about the taste.
Your reply was great.
You said you'd improve based on feedback
rather than trying to justify whether it tasted good or not.
You seem to be good at decision-making too.
From a founder checklist perspective,
you check off all the points.
On these fundamentals, I wish to bet on you.
I will give you Rs. 10 lakhs for 0.5%.
The rest Rs. 90 lakhs is debt.
He's valuing you at Rs. 20 crores.
That Rs. 90 lakhs debt, I'll give you at 14% interest.
Rs. 90 lakhs debt at 14% interest.
Um, I think the valuation we set
is the valuation we would want to stay at.
[music playing]
No. So, I'm out.
- Guys, thanks for coming. - All the best.
- Thank you. - Thank you.
- Thank you, Sharks. - Thank you...
[sombre music playing]
Friends, a warm welcome to Ask The Shark
where you annoy the wits out of us
by asking such incredible questions.
What do we filter out, how much, and how many questions do we ask?
Anyway, joining us on Ask The Shark today
is the Co-founder and CEO of Lenskart,
Mr. Peyush Bansal.
- Sir, welcome. - Thanks, Rahul.
Sir, today's question is by Navneet Krishnan from Kochi.
'After the penetration of artificial intelligence, '
'which jobs will become irrelevant in your opinion?'
Rahul, I believe that none of the jobs will become irrelevant.
Suppose a man does ten tasks a day,
that number will increase to 30 or 40 a day
because a lot of things...
Take chatbots for instance.
- Correct. - The most important in customer service.
It's not like
the jobs of customer service agents have become irrelevant,
but a certain part of it,
- which was repetitive, is taken over by AI. - Yes.
Secondly, the quality of a person's work will improve.
Yes.
- I think, overall, that is good. - Yes.
I don't think any jobs will become obsolete.
When people are more productive and efficient,
their pay will increase
- and the economy will progress. - Yes.
I think it is all in the right direction.
- Thank you so much for joining us, sir. - Thank you, Rahul.
Thank you so much for asking this question.
The rest of you, please send in your business-related questions
and doubts to us.
Keep sending us questions,
and we'll ask the Sharks on your behalf.
Until then, stay tuned.
We'll see you next time with a new Shark and a new question.