[music playing]
[theme music playing]
[music fades]
Hi, Sharks.
I am Vidita and this is my brother Nipun.
We are the founders of Jewelbox.
[music playing]
In 2021,
my husband proposed to me with this big diamond ring.
I thought the ring was fabulous.
After the proposal, I asked him
what was the need to buy such a big diamond.
I was going to say yes to him anyway.
Then he told me that this is a lab-grown diamond
which costs 80% less in comparison to natural diamonds
and is environmentally friendly too.
You must be thinking this isn't a real diamond,
but guess what?
This is also a real diamond.
Lab-grown diamonds are physically, chemically and optically
identical to natural diamonds.
Their shine, durability as well as hardness
are similar to natural diamonds.
These diamonds are also certified by international gemological labs
like IGI and GIA.
When we realised
that jewellery made from lab-grown diamonds
wasn't just sustainable but accessible too,
we saw an opportunity there
and established Jewelbox.
[music playing]
Jewelbox is a conscious luxury brand
that makes fine jewellery from lab-grown diamonds
for everyday and occasion wear.
We offer loads of designs on our website
and help people experience it by way of our experiential stores.
We know the importance of trust in jewellery.
Hence, we made Jewelbox an honest and transparent brand.
All our jewellery is certified and hallmarked.
We also give our customers the options of 80% buyback
and 100% exchange.
Our vision is
to become India's most loved and trusted
lab-grown diamond jewellery brand.
Which is why we are here
to ask for Rs. 1 crore
in exchange for 2% equity in our company.
[music playing]
So, Sharks, a diamond is not just forever,
it is for everyone.
[music fades]
Welcome to Shark Tank, Vidita and Nipun.
- Yes, thank you. - Thank you.
Tell us something about yourselves.
Where are you from and what are your backgrounds?
Sharks, I am 30 years old.
I was born and raised in Kolkata
and I now live in Surat which is the diamond city.
I did my MBA
from the Indian School of Business in Hyderabad.
I'm a Chartered Accountant too.
- Whoa! [soft chuckle] - Oh!
I'm 34 years old and I'm also a Chartered Accountant.
How did you enter the diamond business?
When Aman gifted this to me, I was happy about...
Aman!
My husband's name is Aman.
One more connection.
When my husband Aman gifted this to me,
I was glad that instead of a diamond,
I was wearing an eco-friendly diamond.
Nipun and I were discussing this one day.
We read many articles by jewellers
that said that 94 to 95% of Indians
- do not own diamonds. - Hmm.
Not only are they expensive but are not practical either.
Nowadays, people seek value in everything.
All in all, we felt that
if we could start this business, it'd be headed in a good direction.
So, I just got my...
It was my fortieth birthday recently.
Historically, I only buy real diamonds.
My friends got me my first lab-grown diamond recently.
- Wow! - I'm very interested.
I've also heard that in the US,
there is a tremendous shift towards lab-grown diamonds.
This is a new thing in India.
I haven't heard of any shop that sells lab-grown diamonds.
I was looking for it.
My mom wanted it and I was wondering where they were available.
- Here. - Here!
- Absolutely. - Yes.
Lab-grown diamonds have been around in India since 2008.
Unfortunately, the big retailers were not forthcoming about it
for majorly two reasons.
First, cannibalisation of their sales.
Selling low-value lab-grown diamonds
instead of high-value natural diamonds
would lower their sales and profitability.
Second, having natural diamonds and lab-grown diamonds
- at the same counter... - Yes.
Their consumers will start doubting their purchases.
No jeweller can take the risk
of losing their consumers' trust and confidence.
Why are they called diamonds if they are not diamonds?
Lab-grown diamonds are real diamonds too.
Where are they made? In a lab?
Yes, in the labs.
- Okay. - There's a process to it.
A small seed of a natural diamond is the basic raw material used.
The natural process is replicated under lab conditions.
The seed is placed in a reactor.
The reactor is set to temperatures as high as 2300 degrees Fahrenheit.
A combination of gases such as carbon and methane is added
to apply pressure.
The process of rock formation,
which takes over 10,000 years below the earth's surface,
is replicated under lab conditions to make the stone.
What about the cuts?
Is that done in the lab too?
No. That's a manual process involving cutting and polishing.
The one that happens in Surat.
Yes, Surat.
How much time does it take to form?
It takes around 21 to 24 days for a stone of 1 carat to form.
This is very different from Zirconium
which is a fake diamond.
- That's plastic or crystal. - Oh, that's made of plastic.
How does one know whether the variety is Zirconium,
original or lab-grown?
So, we have brought with us three stones of identical size.
We have cubic zirconia,
lab-grown diamond and natural diamond.
This is a pen tester
which checks the thermal conductivity
of the stone.
It passes heat to the stone.
Depending on how the stone reacts to the heat,
it tells us whether the stone is a diamond or not.
We will use the pen tester on this stone.
- As you can see, nothing came up. - Hmm.
That means this is cubic zirconia.
This is the other diamond.
You see a green light flashing on the pen.
Here it says diamond.
Which means its thermal conductivity is the same as that of diamonds.
Basically, this is a real diamond.
This is our third stone
- which has also tested positive for a diamond. - Wow!
So, both lab-grown diamonds and natural diamonds
are real diamonds for the pen tester.
This is new knowledge for me as well as for those watching you.
It is technically very difficult to differentiate
between a lab-grown and a normal diamond.
[music playing]
Why are your logo and colours so similar to BlueStone?
That expression says you've heard this on many occasions!
I agree it has a resemblance to BlueStone,
but it was not intended.
Now that you mentioned it, I will look at it positively
because I think it builds familiarity.
Could you tell us the price point of the 1 carat diamond?
A natural H colour diamond will cost you around Rs. 3.5 to 4 lakhs.
A lab diamond with us costs Rs. 55,000.
Wow!
Why the variation?
This is one-sixth the cost.
The market for natural diamonds is controlled.
- By whom? - The supply side.
Two to three companies globally...
- Demand and supply basically. - Limited supply.
What about this? Is this not controlled?
A lot of people can afford the manufacturing set-up.
This is definitely an exciting and growing industry,
but it did not pick up on the customers' end.
I've heard that 70% of engagement rings
in the US are now lab-grown.
- That's the US market. India... - It isn't in India.
- India... - Is this correct? Hang on.
Are Radhika's numbers correct?
- No, 36%. - So...
36% is huge.
It's massive, man! It's massive!
Don't people have that concern
that they want an original diamond and not a lab-grown one?
When we started, this research was vital to us.
The market size in the US four years ago was 1%.
And when we were doing our research two years ago, it was 23%.
We noticed that it jumped from 1% to 23% in four years.
We also know
that India always adopts the trends in the Western countries
- to a great extent. - True.
We knew this trend would come to India.
You procure the base diamonds from Surat.
What do you do to make the manufactured jewellery?
Tell us about your supply chain.
So, our procurement is through our empanelled vendors
who are generally the growers of these diamonds.
The designing is completely done in-house.
Once the design is made,
our sorting team issues diamonds on that basis
to empanelled vendors who produce the jewellery.
Once we receive the manufactured jewellery,
our quality team checks it on all the parameters.
If it passes the quality check,
we then send it forward for certification and hallmarking.
You're a stock and sell model.
You stock up, make your own designs
and sell the jewellery.
How are your roles divided?
Nipun oversees finance, operations, strategy and procurement.
I oversee design, marketing, digital business and procurement.
Who's the CEO?
- I'm the CEO. - Nipun is.
I'm the Chief Marketing Officer.
Show us the samples.
[light-hearted music playing]
This is stunning!
[light-hearted music playing]
This is very pretty.
- Wow. - Let's get to the sales.
We did Rs. 97 lakhs last month.
Wow!
In this financial year, our sales have been
Rs. 5.2 crores until now.
Our sales for the last financial year
were Rs. 3.8 crores.
How much will you do in this financial year?
We're expecting sales of Rs. 12 crores.
Tell us your profits too.
We are currently at 15% EBITDA.
You have a shop through which you sell goods.
We have two shops.
You don't make diamonds. You're a retail shop.
We retail jewellery and work on an omni-channel model.
- Retail lab-grown diamonds only. - Yes.
What percent is your online business?
10% by volume but 3% by value.
Ooh!
How many other shops like you are there in India?
If I talk about branded formats and multiple stores,
then about five to six.
The market for artificial jewellery
is highly commoditised.
Is this headed in that direction?
Even if it does get commoditised,
our brand and designs would be so strong that they'd sell.
What's the difference?
- At the end of the day, you're one more jeweller. - Yes.
The first differentiation factor
is, of course, the designs and craftsmanship.
We take immense pride
in the quality and the finishing of the goods that we make.
- You don't make them yourselves anyway. - Yes.
It is controlled by us.
Next, we're also positioning ourselves
as a brand with a very high integrity.
Other than providing customers with a certification
and consumer-friendly policies,
we also give them a complete price break-up
which most jewellers in India do not do.
So, at least, at the back of their mind,
they know what they're paying for.
I'll make you an offer.
[pleasant music playing]
Rs. 1 crore for 5% equity
plus royalty at 2% on sales until I get my Rs. 1 crore back.
What is the payback of the store?
The store will reach breakeven within two years.
The profitability starts within two and a half months.
How much money do you invest in a store?
Since all the inventory is company-owned,
Rs. 1.25 crores goes towards inventory
and Rs. 25 lakhs on interiors.
How much worth of stock do you currently have?
We are starting our third store in the next 15 to 20 days.
Its inventory is in progress too.
As of date, we have Rs. 4.4 crores in inventory.
So, you haven't raised funds yet.
We've got a term sheet
and the due diligence has been completed.
That's not called a round.
Yes. The money hasn't hit the bank yet.
We have invested our own money until now.
The term sheet is for Rs. 45 crores pre-money valuation.
What's the amount?
- 10%. - Rs. 4.5 crores...
- Sorry! - 4.5...
Rs. 4.5 crores for 9.09%.
The US is witnessing a lab created diamond movement.
I believe it will come to India too.
If you can win the consumers' trust at a faster pace,
- I believe you'll do really well. - She's very right.
Aman has given you an offer.
- If he's okay with it, I'd like to join in. - Sure.
This is the offer you have.
It is a consolidated offer.
Rs. 1 crore for 5% equity at a valuation of Rs. 20 crores.
Royalty at 2% until we get our Rs. 1 crore back.
[music playing]
Vidita, your designs are very good.
- Thank you, Vineeta. - Of course, your branding...
I think the name is a little non-aspirational.
Your logo and colours are too similar
to somebody in the same category.
You are phenomenal founders.
You've signed a term sheet recently.
The due diligence is done.
So, I'm assuming you're calling the Sharks on board
- as a part of that round. - Yes.
I would be happy to join that round
at Rs. 1 crore for 2% equity.
Sure.
Whoa!
You've currently asked for Rs. 1 crore for 2% equity.
I'll offer you that.
I'm ready to collaborate with Vineeta.
- We'll take 2.5% together. - Correct.
[music playing]
We will extend it at your current round itself.
Rs. 1 crore for 2.5% equity.
Plus promoting your lab-grown diamonds
will be the youngest billionaire of India
as a Shark.
Ha ha!
[music playing]
I want to join Ritesh and Vineeta
in their offer.
Huh?
[tense music playing]
My core belief is
that the differentiations will all die.
The only thing that will remain is execution.
Running strong retail operations with a strong supply chain
is all that will remain.
You'll get it at every shop.
Talent will make that possible
which you will need to focus on.
We wish to revise our offer, Aman.
[tense music playing]
We will make a final offer.
Just say yes or no.
If you don't say it, then we will.
[tense music playing]
You wanted to dilute 2% equity.
We offer you Rs. 1 crore for 2.25% equity.
Just say yes or no.
If you say no, then thank you.
[tense music playing]
What if we want to make a deal with all the Sharks?
Let's go with 4% equity
at the same valuation
as you all will have your skin in the game.
- So, you'll take Rs. 2 crores for 4% equity. - Yes.
Rs. 2 crores for 4% or 4.5% equity.
- If all five of you... - 5%.
- Hang on. - Rs. 2 crores for 5% equity.
- Hang on. - If Aman is okay with it.
[pensive music playing]
How does Rs. 2 crores for 5% equity sound?
6%.
[tense music playing]
Now, since you wanted five Sharks,
you have only one deal.
Either it's all of us or no one.
Rs. 2 crores for 6% equity and five of us.
[tense music playing]
- Let's do it at 5%. - No! 6%.
[tense music playing]
We will be way below our existing commitments.
Tell them you have five Sharks on board. It's a different deal.
[tense music playing]
You wanted us together, you've to pay for it.
Let's close it at 5.5% equity.
- Don't negotiate over 0.5%. - Please! Radhika, please.
Half a percent is important to us going forward
to grow the company.
Everybody who comes here asks for all five Sharks.
- Five Sharks will come at a price. - I agree with you.
[tense music playing]
Just say yes or no.
[tense music playing]
Okay, Sharks. Let's do it.
- All right! - Good choice.
We have a deal finally.
I think you've made the right decision
because you should know it's just beginning.
I agree...
- Thank you... - You'll build a landmark business.
[pleasant music playing]
[camera shutter clicking]
[cycle bell trilling]
Who is it?
[cycle bell trilling]
- Postman! - Postman.
- The postman is here.
We'll receive posts.
[cycle bell trilling]
Brings back old memories.
I have brought letters for you all.
How sweet!
- Radhika. - Thank you.
- Vineeta. - Yes, thank you.
- Very pretty with a nice... - Ritesh.
Wow, I have a letter.
- Very nice seal. - Good.
- Olden times seal. - Yes.
- Aman. - Thank you.
- Piyush. - Oh, wow!
- What? - Oh!
- What? - Wow!
Oh my, God!
- Oh, God! - What is it?
My daughter has written it.
Wow.
My son and husband have written me a letter.
My wife, Nidhi, has written it for me.
From my wife, Geet.
I've received it from my professor who had
asked me to become an entrepreneur 22 years ago.
Wow.
[music playing]
Sharks, life is about moving on.
And we move on soon.
But many beautiful things like this letter is left behind.
Tell me when did you receive handwritten letters
the last time?
- Years ago. - Years ago.
Years ago.
We understand that all of you
must be feeling a plethora of emotions.
And we are happy
to be able to convey these emotions to you.
But what if this message came through a text or email?
Would it still be so special?
In this era of texting,
letters are tangible, beautiful, and powerful.
But for many years, while writing and making people write letters
we realized that there's a problem.
Forget writing letters, people are quitting to write.
Sharks, research says that
writing is not just a form of communication or self-expression
but also helps cognitive and emotional development,
analytical and critical thinking,
a powerful tool for learning and therapy.
So, to unite the heart, mind, and the pen,
we started Daak Room.
[music playing]
Greetings! My name is Shivani Mehta. I'm from Allahabad.
And my name is Harnehmat Kaur. I'm from Chandigarh.
And we're the postmen of Daak Room.
[music playing]
At Daak Room, we offer school programs,
campaigns, events, and products
that inspire people to write.
Sharks, to date,
we have made people write more than 8 lakh letters.
And our vision
is to harness this power of letters
to reconnect people with writing.
So, we're asking for
Rs 36 lakhs for 4 per cent equity.
So, Sharks, are you ready
to write letters with us?
Shivani and Harnehmat,
welcome to Shark Tank India.
You have already bowled out all the Sharks on your arrival.
Everyone is happy and emotional.
It's a unique business.
In this digital era, how did you get down to writing?
Harnehmat and I studied together in college.
We were roommates at National Institute of Design, Ahmedabad.
It was around 2013 when
smart phones were becoming a revolution.
Then we saw that our moms were still writing letters to us.
We would surely receive a letter.
We would write back too.
So, the starting was a simple purpose
to spread smiles through letters.
It was a small motive.
For that, we put up a postcard stall at our canteen
while collaborating with our graphic design batchmates,
we started.
From coffee shops and cafes, we went to events.
From events, we went to schools, and then to cities.
The impact of our campaigns and programs kept increasing.
Twenty years ago, how many
letters were being posted as compared to today?
How much has it declined?
Personal communication has declined a lot.
The fact that our postal department has also completely redirected
itself to other services over mail delivery, like banking.
It's proof that letters have declined.
- But... - But your job is not postal.
- Your job is to encourage writing. - Exactly.
This post office is a bit of a distraction.
Not at all. This distraction
is actually extremely attractive for children and adults.
We've worked on many projects where
we've noticed that children are so excited.
Letter writing becomes a medium
to make writing interesting.
And to hook them into other writing activities.
Why did you convert this into a business from a project?
Over time, we organically,
created a network of 1000 plus schools, NGOs, and institutes.
We started receiving demand
that these once in a year writing programs
must become regular and reintroduced to schools.
The curriculum that we've developed now
has writing that works at multiple levels, creative writing.
Writing for personal communication.
Writing for formal communication.
Writing for inter-personal relationship building.
Even things like writing to your role model.
We gave thousands of kids an option
to write a letter to their role model
and promised to try our best to deliver them
by finding out addresses of public figures.
So, many people wrote to actors,
sports person etc.
Many people wrote to the Prime Minister.
[music playing]
And the Prime Minister actually replied last week.
- That's so nice. - How lovely!
He appreciated what Daak Room is doing and...
Did he mention Daak Room?
Yes, he wrote the letter to us.
Oh, wow!
- Congratulations! Amazing! - Thank you.
I don't understand what service do you exactly offer.
And what's the revenue model?
So, we have three verticals.
Firstly, our educational programs and workshops.
In the education sector.
You do it in classrooms and schools.
Yes. Secondly, our marketing campaigns and events.
For other companies, we incorporate letter writing
and create a marketing pool
which solves our purpose of promoting writing
and also creates their brand presence.
Thirdly, our flagship event, our letter writing carnival.
So, we can start with the video of the letter writing carnival.
[music playing]
Kids get to learn something new
and a new environment that's not possible in schools.
I just want another chance to come to the carnival.
And do all these things again.
Both of my kids are having so much fun.
From 2 years to 11, all the kids are enjoying.
In olden days, people used to love each other so much
that they would pen down their emotions in a letter.
- So, do you charge an entry fee? - Yes.
- How much do you charge? - Between 100 and 250.
And how many people attend it?
More than 8000 people attended a single day event.
- Wow. - Wow.
- Average? - 6000-7000.
This year,
41 per cent of our revenue was from our school program vertical.
From marketing campaigns and events, the revenue is 55 per cent.
And specifically this year's carnival
just made 4 per cent of the revenue.
So, the total confirmed revenue so far is Rs 90 lakhs this year.
And we're on road to make Rs 1.46 crores this year.
And overall,
from 2015 to 2022,
we have generated revenue of Rs 61 lakhs.
Last year, our revenue was around Rs 42 lakhs.
What's your total cash burn or earning this year?
Our EBITDA is around 15 per cent.
So, the revenue is Rs 90 lakhs, 13.5.
So, Shivani and Nehmat.
It used to happen in olden days
where people used to write.
I agree that kids are writing.
It's not a business.
My daughter wrote me the first letter of my life. I liked it.
I'm out right now as I don't feel the same passion for writing.
As you have, so I won't be able to add much value. So, I'm out.
I feel that you guys are confused
whether it's a passion-project or a business.
I won't be able to consider it for an investment right now.
I will surely attend your carnival
and since I'm so passionate about this subject,
if I can advise or be of some support,
including CSR, I'll be more than happy.
So for that reason, I'm out.
But you two are wonderful. And again, thank you for this.
The path that you're on
I think, you need to decide
if it's the right thing to seek investment for this business.
Because three years later,
you must not get into things that you don't wish to,
- just because you've raised money. - Okay.
If you want to, then I have an idea.
You must make Daak Room into a big stationary brand.
And sell commerce products. The profit that you earn from it,
you can use that for your carnival,
and other things to promote.
Yeah, that's a brilliant idea.
Thank you so much, Peyush, for your wonderful inputs.
We'll definitely think about this. It's extremely helpful.
You're welcome.
I completely agree with Peyush.
That you should use these programs as a recruiter,
and create a purpose and story.
But your real business
in high-quality, premium stationery.
So, if you're interested in this,
then I can help you. But it's not currently investable.
So, it will be a royalty deal that I'll offer.
[music playing]
So, your ask for Rs 36 lakhs,
I'll offer you the same. Instead of 4 per cent, 6 per cent.
So that is a valuation of about Rs 6 crores.
And a royalty of 3 per cent on your net revenue.
Good offer.
Firstly, I agree that
letters is a good entry strategy.
So, I'd like to make you an offer too.
[music playing]
My offer is Rs 36 lakhs
the capital that you've asked for
at 6 percent of ownership in your company.
And no royalty.
Thank you so much for the offer, Ritesh and Vineeta.
- So, Vineeta, I'm sorry we don't... - Want to do royalty.
feel like royalty
- should be a part of it. - I appreciate that.
I have to protect my investment.
Of course. We completely understand and appreciate your offer.
Ritesh, can we please ask you to do 5 per cent?
Because we honestly feel that we've
done a very conservative valuation.
We feel that Carnival, even though it fluctuates in revenue
is going to really build.
He'll do it.
Look, we'll do it but with a condition.
If your target revenue
- as you said, - 1.46.
1.46 at 15 per cent EBITDA.
I think it's a good challenge for us.
- We'd like to take it. - Yes.
- So, Ritesh, the deal is done. - Yes, deal is done.
- Very nice. - Great.
Good. I'm so happy for you.
Yeah.
My daughter wrote it for me.
Aww.
Dear Dad, my big brother, my best friend, and my hero.
The one who can always make me feel happy.
And make me laugh even when I'm really sulky.
Thank you for having my back, showing me the world
and always making me happy.
You actually are the coolest dad ever.
Bruh. I call her. Between us, it's bruh.
Your warm and tight hugs
and amazing advice are the best.
I'll always be your little Abya. From your, Adaa.
To our darling Radhika, we love you for all your perfections.
We love you for all your imperfections.
Keep soaring higher and make us proud.
Yours always, your true iron man.
This is from my husband and my little baby son.
Aww. This is so sweet.
This letter is from Geet, my wife.
Our little one is on the way.
And you're already juggling the whirlwind of shoots.
With the anticipation of parenthood.
Before marriage,
Geet used to send me letters. She has even written that letter
is our love language.
So, we've written letters to each other many times.
And those letters have better handwriting than mine.
Lots of love.
And most importantly, I'm so happy that you sent me a letter.
My wife just reminded me of a beautiful moment in our lives.
When we found out about our son.
So she has mentioned that my transformation
from a diehard workaholic to a possessive,
paranoid, helicopter father.
[laughing]
Oh! I'm grateful every moment of life for you in our lives.
It's how she ends it.
This is from one of my most favourite
persons ever, because of whom I'm here today.
He was my professor at IIT Madras.
He encouraged me 22 years ago to become an entrepreneur.
And he's
[music playing]
I think,
what he did for me,
if on Shark Tank,
I can do it for 2-3 entrepreneurs
then it will be a feeling of pride.
[music playing]
Sir, I don't know if I made you proud but
I'm very grateful for you. Thank you for everything.
[music playing]
Sharks, today we're here
not just to make you a part of our business
but to make you a part of a revolution.
India's mushroom revolution.
Mushroom is a 1.5 billion year old organism
and in fact, their nutritional value is very high.
Such as fibre content.
For example, according to a study,
if women have 4 grams of mushroom daily
then the of breast cancer
can be reduced by 50 per cent.
But for generations people have been saying
that we must not eat things that grow on ground.
The general perception about mushroom is that
in dark, damp spaces,
they grow on rotting substances.
Ayurveda considers it to be 'Taamsik'.
The perception of mushroom is so inferior that
it's called dog's pee in Hindi.
We're here today
to bring back mushroom, its lost pride through Nuvedo.
- Greetings, Sharks. - Greetings!
I'm Jashid and I'm Prithvi.
We are the co-founders of Nuvedo.
Nuvedo gives Vedas a new form.
So, new and Vedo.
At Nuvedo, we give you
We are the only brand that
grows mushrooms,
make products out of it
and also make supplements in India.
And our products can be bought on online and offline channels.
So, Sharks, Nuvedo's mission is
to take the healing benefits of mushroom to the people.
And our ask is Rs 50 lakhs at 3 per cent equity.
Greetings.
- Numashte! - Numashte!
I've never had mushrooms in my life.
Because people say that mushrooms must not be eaten.
Have you never had mushrooms?
Mushroom curry, Tikka or soup? Nothing?
Many people consider it to be non-veg.
Right.
But tell me more about it.
Mushrooms are not non-vegetarian.
Another thing is that mushroom is not a plant, but a fungus.
When I say that it's fungus,
the first thing that comes to your mind is a disease, bread mold,
- that you don't like. Right? - The visual of fungus is not good.
It's because we lack awareness about it.
So, it hasn't spread.
Where did you harness so much love for mushrooms?
So, 6 years ago, we met
and we were into separate jobs.
I used to work in tech with startups.
How did you meet six years ago?
So, we met on a dating app.
So, I used to work in fast fashion before this.
I've done my engineering from BITS Pilani and MBA from IIM Indore.
I started thinking that
whether what I'm doing is good for society and environment.
So, that's when we decided
that we have each other,
so why not try something new?
- Button mushrooms. - Yes, button mushrooms and black.
What are these products?
This is our product.
The mushrooms you see here
grew two days ago and have dried up now.
Think about it.
The mushrooms that you buy
- must come to you at least 24 to 48 hours later. - Correct.
They stay fresh for four to five days.
Those button mushrooms are grown in compost
and loads of chemicals and pesticides are used in their growth.
So, this is our product
with whose help you can grow mushrooms at home easily.
We have six SKUs.
This is the Golden Oyster Mushroom.
It contains a compound called ergothioneine.
Ergothioneine is an anti-oxidant
and is studied for its anti-ageing properties.
It is present in nature in the highest amount
in Golden Oyster Mushrooms.
The second thing is
you will never get this mushroom in the supermarket
because its shelf life is less than 24 hours.
- I feel like I'm attending a biochemistry class. - Yes!
If you want to consume this mushroom,
then you could use this kit.
It is a three-step process.
The first step is
to press the perforated section.
Step number two is
to take a blade or a pair of scissors and...
Cut it into an X shape.
- First, you grow the mushroom to eat it. - Grow it!
Follow a process to grow before you cook.
What you see inside is mycelium.
Mycelium is the body of the mushroom and the mushroom is its fruit.
You get mushrooms in nature when it rains.
We take some drinking water in the spraying bottle
and spray it with water 10 to 15 times.
Once you start the process,
within a few days, this is what happens.
[light-hearted music playing]
This is a time-lapse of three days.
When it starts,
- your harvest... - Will it grow out of that?
- Yes. - Yes.
Wow!
It grows in the box itself!
- Yes! - It grows inside it.
You just need to twist and pull it out to use it.
Other than this,
if you don't like mushrooms
but you want to enjoy the benefits of mushrooms...
Medicinal benefit, you mean.
Right.
You can use our other product.
This is Mushroom Tincture.
- Tincture. - This is Cordyceps Mushroom Tincture.
In the 1993 Olympics,
the Chinese Women's Team
won a couple of medals in long-distance running.
The whole world thought they were using some steroids.
When they were asked what they used,
they said they used the extract of cordyceps mushroom.
Cordyceps mushroom extract is used
to boost physical endurance and stamina.
We extract beneficial compounds using a patent-pending process
through ultrasonic waves.
We are the only company in India to have this technology.
Wow!
Okay. Give us some samples.
- Sure. - Yes.
[light-hearted music playing]
- I'll only take a look, my friend. - Sure.
I want to drink the tincture.
Wow! I love this! So pretty!
- This is a real mushroom. - It's real!
Can we eat this?
No! Don't eat raw mushrooms.
- Okay. How... - They have to be cooked and eaten.
- [Aman retching] - [Peyush coughing]
This has a bad smell too!
How much do I add?
- Half a drop more. - Half a drop.
Does this give energy?
- Yes. - Yes.
How does it taste?
There's no taste.
- It's sweet. - Sweet!
- You've not added sugar. - No.
What lends the sweetness?
It's glycerine.
- We work hard here all day. - Exactly!
- It'll energise you. - They drink ten cups of coffee a day.
If I drink this, then I don't need coffee, right?
- 100%. - Yes.
What do you think is the market size for mushrooms?
The market for culinary mushrooms is about ¤ 31 million in India.
That's it!
[tense music playing]
It's just a Rs. 300 crores market!
That is what my worry was.
Nobody eats mushrooms!
Actually, we're in a different category.
- Functional mushrooms. - Yes.
What's the market size?
The Indian market currently stands at ¤ 0.9 billion
for functional mushrooms.
- That's a big market. - Quite big.
- Rs. 7,000 crores! - What!
- Because... - I don't see how.
- So... - How did you arrive at 1 billion?
- Almost 1 billion. - Almost 1 billion.
We used the bottom-up approach.
- Basically, we split the market into urban and rural... - Okay.
Taking the penetration of nutraceuticals in both segments.
- No! - No. Do this instead.
Check which nutraceutical this fits into
and what its revenue is.
That's a better approach.
- You... - How can you do this?
This year's or last year's?
Last year's.
What about this year?
Rs. 15 lakhs so far.
And projected sales for the year?
Rs. 50 lakhs because we launched the mushroom extracts
- just... - We launched it two months ago.
Jashid, you studied at BITS Pilani.
It's hard to get into it. You passed out from there.
People have reached the moon and here you are growing mushrooms.
Don't you find it strange?
- Not at all. - No.
- Why not? - If people like us don't take that risk,
- we'll always be status quo... - Taking a risk...
I believe you're very well educated
and you have gained so much knowledge that
you want to put science, chemistry and biology into everything.
There's no market!
No matter what product you choose,
you first see the TAM, the market size,
your growth, how much business you can generate,
and how much you can grow.
You're here after sales of Rs. 25 lakhs.
Do you still genuinely feel these products will sell?
- That's not what will generate revenue. - Not these.
- We actually... - This is totally dead.
- This won't sell. - It just will not sell.
- Let me tell you how... - Clarify... Yes.
- What's the future plan and vision. - What is our strategy.
We're currently working with a whole bunch of brands.
The big brands in India that make beverages
want to add mushroom extracts to their products.
The problem here is
that there is no market for edible mushrooms.
Such a gimmicky product will not sell in India.
The third market,
if that prevents cancer,
boosts stamina and lowers stress levels...
Pharma companies are launching every kind of nutraceutical.
Then why not mushroom-based is the question.
It's because all the research is ten years old.
Why? You said that in the 1993 Olympics,
- mushroom... - China.
China is in a different bubble.
The math of your market sizing...
There is no market for culinary mushroom.
I didn't understand the math for the other market.
I feel that in the framework, the target market is insignificant.
It's really small.
It looks like a product in search of a problem.
I wish you the best of luck and I'm out.
I have the same problem.
I forget to drink water.
I'll definitely forget to water this.
This market does not exist.
As for the nutraceutical markets you spoke about,
they are unexplored.
I don't know where you're headed.
I cannot invest a rupee into this business.
I found this to be a very absurd business.
This isn't a business. So, I'm out.
See, I think you chose a new interesting category.
Mushrooms are gradually gaining popularity.
I think this product can be very useful
- including in India now, beginning to grow. - Yes.
I am out today
because you're still figuring out what needs to be done,
but best of luck.
I am not feeling mushy towards mushrooms
or Nuvedo as of now.
I'm out as well.
This business is not currently investable.
I genuinely believe
that a business needs acumen more than it does luck.
You can't build a business on hope.
You need to stay invested for a really long time.
If the awareness grows, then you have an upside.
You lack clarity today.
I am out for that reason.
A small piece of advice for your future pitches.
You spent a lot of time in pitching this
whereas your main product is this.
- Right. - A nutraceutical product
in my opinion, and your display suggests that too.
So, if you pitch to an investor in the future,
please place this at the back.
- It's done now, no problem. - Don't show this.
Don't even show it.
- Focus on that. - Right.
Revolve your pitch around that product.
- Many best wishes. - Thank you, sir.
- Thank you, everyone. - All the best.
'NuMushTe.'
- 'NuMushTe.' - 'NuMushTe.'
Thank you.
[music fades]
Joining us is a very special guest.
MD & CEO of Edelweiss Mutual Fund, Ms. Radhika Gupta.
- Welcome, ma'am. - Thank you.
Ma'am, the question has been asked by Mr. Rudra Chheda from Lucknow.
- Here goes. 'Greetings, ma'am.' - Yes.
'I am the sole earner in a family of three members.'
'How much savings do I need to lead a peaceful life?'
Out of your total income,
keep the amount for taxes and expenditures aside.
Set a target for yourself.
I will save say 20%, 30% or 50%
- and invest that money. - Okay.
No amount towards investment is meagre.
Start investing in a monthly SIP.
You will cultivate a habit of investing that way.
Could you tell Rudra what an SIP is?
Sure. SIP is a systematic plan
by which you can invest in any mutual fund.
There are many mutual funds that can be invested in monthly.
If you have an income of Rs. 10,000,
you can even start an SIP of Rs. 500.
I would also suggest that
Do not invest it into equity or any investment with a risk.
Either keep it in your bank account
or you could put it into something called liquid funds.
Make a safe investment which you could withdraw at any time.
So, there are two things.
You have a contingency fund for short-term expenditures
and an equity investment for the long term.
Nice. You heard it from the lady herself.
Thank you so much for sending in your question, Rudra.
We'll see the rest of you in the next Ask The Shark
with a new question and a new Shark.
Thank you so much, ma'am.
Thank you.