1 00:00:10,000 --> 00:00:11,720 [music playing] 2 00:00:30,640 --> 00:00:32,040 [theme music playing] 3 00:00:49,600 --> 00:00:52,480 Peyush, vegetarian sushi for you. 4 00:00:54,680 --> 00:00:57,120 - Amit, sushi for you. Vegetarian. - Is it vegetarian? 5 00:01:07,440 --> 00:01:08,480 [music fades] 6 00:01:08,600 --> 00:01:10,080 This is a very unique style. 7 00:01:10,200 --> 00:01:11,920 This is the first time the demo is being given 8 00:01:12,200 --> 00:01:13,760 - before the introduction. - Yes, ma'am. 9 00:01:13,880 --> 00:01:16,120 I've been saying this for three years. 10 00:01:16,360 --> 00:01:19,000 - The bribe should come first. - [laughter] 11 00:01:19,080 --> 00:01:21,200 - Absolutely. - You're the first person to get it. 12 00:01:21,320 --> 00:01:22,880 - Absolutely, sir. Thank you. - Well done. Thank you. 13 00:01:24,800 --> 00:01:27,840 So, Sharks, what you're having today 14 00:01:39,120 --> 00:01:41,960 that aren't easily available in the market. 15 00:01:51,600 --> 00:01:54,760 or an international recipe every day? 16 00:01:55,040 --> 00:01:56,560 You might make it once or twice, 17 00:01:56,680 --> 00:01:59,200 then the ingredients will just expire over time. 18 00:01:59,760 --> 00:02:01,920 Sharks, I faced the same thing. 19 00:02:02,000 --> 00:02:04,120 To solve this problem, 20 00:02:04,240 --> 00:02:06,040 I started Chefling. 21 00:02:07,000 --> 00:02:08,440 [music playing] 22 00:02:09,720 --> 00:02:10,720 Greetings, Sharks. 23 00:02:14,280 --> 00:02:16,560 Chefling brings customers 24 00:02:16,720 --> 00:02:19,760 unique DIY or do-it-yourself kits. 25 00:02:20,760 --> 00:02:22,760 These kits contain all the ingredients 26 00:02:41,320 --> 00:02:45,160 Sharks, we started Chefling in August 2020. 27 00:03:06,120 --> 00:03:09,120 and Indian cuisines to the world, 28 00:03:09,240 --> 00:03:13,160 making their experience easy, economical and sustainable. 29 00:03:13,680 --> 00:03:14,640 So, Sharks, 30 00:03:22,960 --> 00:03:24,360 - The sushi is good. - Thank you. 31 00:03:24,440 --> 00:03:25,760 Thank you for feeding us. 32 00:03:25,840 --> 00:03:27,760 - I was famished. It was great. - Sir, always. 33 00:03:27,840 --> 00:03:29,160 - That's my mission. - Yes. Good sushi. 34 00:03:29,280 --> 00:03:31,000 - Good sushi. - Thank you. 35 00:03:31,120 --> 00:03:34,040 - Rounit, welcome to Shark Tank Season 3. - Thank you, sir. 36 00:03:34,640 --> 00:03:35,840 Tell me how you came up with the idea 37 00:03:35,920 --> 00:03:38,040 of feeding international cuisine to Indians. 38 00:03:38,160 --> 00:03:42,160 My dad owned a textile manufacturing company. 39 00:03:42,520 --> 00:03:45,920 The company went bankrupt in 2019. 40 00:03:46,800 --> 00:03:48,800 And this is where my... 41 00:03:48,880 --> 00:03:51,320 I always wanted to do something... 42 00:03:51,440 --> 00:03:54,560 Something of my own and something big. 43 00:03:54,640 --> 00:03:57,000 I had this idea in 2020. 44 00:03:57,560 --> 00:04:00,680 I was reading about DIY meal kit companies 45 00:04:00,760 --> 00:04:01,960 and why they failed 46 00:04:02,440 --> 00:04:04,160 in India and around the world. 47 00:04:04,560 --> 00:04:06,080 It was because they were too early 48 00:04:06,200 --> 00:04:09,080 and because they provided quite mediocre kits. 49 00:04:09,160 --> 00:04:11,840 For example, if we talk about India, 50 00:04:11,920 --> 00:04:14,000 if someone in India comes out with a Pav Bhaji kit, 51 00:04:14,120 --> 00:04:16,440 there wouldn't be a lot of people who would buy it 52 00:04:16,520 --> 00:04:18,920 because all the mothers can make Pav Bhaji. 53 00:04:19,000 --> 00:04:20,680 - Interesting observation. - Interesting observation. 54 00:04:21,360 --> 00:04:23,000 You have to admit one thing. 55 00:04:23,120 --> 00:04:26,200 There's a successful company called Plated 56 00:04:26,320 --> 00:04:27,600 which came on Shark Tank. 57 00:04:27,800 --> 00:04:28,920 - On the US Shark Tank. - Right. 58 00:04:29,000 --> 00:04:31,080 Now, that company is doing very well. 59 00:04:38,240 --> 00:04:41,080 is almost like a copy of Plated. 60 00:04:42,240 --> 00:04:43,560 In fact, not just Plated, 61 00:04:50,920 --> 00:04:53,720 There are companies who are doing it. 62 00:04:53,800 --> 00:04:55,520 - In India also? - In India too. 63 00:04:55,520 --> 00:04:58,160 There's one more company called Kook by Pluckk. 64 00:04:58,480 --> 00:05:02,240 They sell DIY kits in the model of a cloud kitchen system. 65 00:05:02,320 --> 00:05:04,280 Are their raw materials fresh? 66 00:05:04,360 --> 00:05:06,160 - They're fresh... - Yours are not? 67 00:05:07,000 --> 00:05:09,320 There's no perishable item in my kits. 68 00:05:22,200 --> 00:05:23,800 - Ma'am, I'll show you. - We have to go there. 69 00:05:23,800 --> 00:05:24,680 - Show me. - Come on. 70 00:05:24,760 --> 00:05:27,760 This is the Chefling Sushi Kit for six. 71 00:05:27,920 --> 00:05:29,520 This is the tempura batter, ma'am. 72 00:05:29,600 --> 00:05:30,800 This is the wasabi powder. 73 00:05:30,920 --> 00:05:32,440 - Very nice packaging. - Thank you so much. 74 00:05:32,520 --> 00:05:35,040 This is the Japanese sticky rice 75 00:05:35,160 --> 00:05:36,760 - which is also the sushi... - This is the mat. 76 00:05:36,840 --> 00:05:37,840 That's the mat. 77 00:05:38,240 --> 00:05:40,920 You know, many times, you don't understand the instructions. 78 00:05:41,040 --> 00:05:42,400 - Can't you provide a QR code... - Yes, ma'am. 79 00:05:42,520 --> 00:05:44,160 - That directs you to a video? - Exactly. 80 00:05:44,240 --> 00:05:46,440 - We're working on a QR code system. - Oh, you are. 81 00:05:46,520 --> 00:05:48,560 The raw materials are inside and the recipe is on the box. 82 00:05:48,680 --> 00:05:49,560 - Exactly. - Just cook it. 83 00:05:49,640 --> 00:05:50,640 Show me the packaging. 84 00:05:58,160 --> 00:06:00,560 Yes, sir, but it is very simple. 85 00:06:00,640 --> 00:06:01,800 Which one's the hero product? 86 00:06:08,360 --> 00:06:09,800 [light-hearted music playing] 87 00:06:14,880 --> 00:06:17,600 Sir, this is all my team's work. 88 00:06:17,720 --> 00:06:19,400 I've outsourced the work. 89 00:06:19,520 --> 00:06:21,080 How much is the Sushi Kit for? 90 00:07:01,840 --> 00:07:03,760 So, there is an audience, I'm not saying there isn't... 91 00:07:03,880 --> 00:07:05,440 That audience will put in the work 92 00:07:05,560 --> 00:07:07,320 and then, there's the audience 93 00:07:07,560 --> 00:07:09,520 - that will just order it in. - Correct. 94 00:07:10,040 --> 00:07:12,000 I'm interested in knowing his background. 95 00:07:12,080 --> 00:07:13,480 You were telling us your story. 96 00:07:16,080 --> 00:07:17,880 What had happened and how did you come out of it? 97 00:07:17,960 --> 00:07:19,880 16 December 2011. 98 00:07:19,960 --> 00:07:22,680 As I mentioned, my dad had a textile company. 99 00:07:22,800 --> 00:07:24,840 - It came crashing down. - Ouch. 100 00:07:25,840 --> 00:07:27,240 The factory just collapsed. 101 00:07:27,400 --> 00:07:28,800 - Were there people inside? - No, sir. 102 00:07:28,920 --> 00:07:32,320 - Thank God. - From there began the circle of debt. 103 00:07:32,480 --> 00:07:36,080 It took around Rs. 6.5 crores to rebuild the factory 104 00:07:36,160 --> 00:07:38,880 and that crunch just kept increasing. 105 00:07:39,080 --> 00:07:41,120 Until in 2018, 106 00:07:41,880 --> 00:07:45,280 someone told us to offer an IPO. 107 00:07:45,760 --> 00:07:46,720 Oh, my! Wow. 108 00:07:55,600 --> 00:07:56,400 How much money was it? 109 00:07:56,480 --> 00:07:59,320 Sir, it was a fully-subscribed IPO of Rs. 8 crores. 110 00:07:59,760 --> 00:08:03,440 That came as a big shock. 111 00:08:03,520 --> 00:08:06,040 Owing to that, until August 2020, 112 00:08:06,120 --> 00:08:07,920 the company was under NCLT. 113 00:08:17,240 --> 00:08:20,440 My dad was, and my mom was a promoter. 114 00:08:20,600 --> 00:08:22,400 Do the debtors still harass them? 115 00:08:22,520 --> 00:08:24,440 Not any more, but they used to. 116 00:08:24,640 --> 00:08:27,840 I've never met a stronger person than him. 117 00:08:28,240 --> 00:08:31,360 He handled everything very calmly, 118 00:08:31,440 --> 00:08:32,680 one step at a time. 119 00:08:32,800 --> 00:08:34,440 The result is right here. 120 00:08:34,560 --> 00:08:37,440 - That's why you're so positive. - Yes, ma'am. Thank you. 121 00:08:37,520 --> 00:08:40,200 - What about your mom? - Mom is a housewife. 122 00:08:40,520 --> 00:08:45,120 I took Rs. 50,000 from my mom and started this business. 123 00:08:45,280 --> 00:08:47,360 After that, I took Rs. 1 lakh. 124 00:09:01,080 --> 00:09:02,360 Quite a lot, sir. 125 00:09:02,520 --> 00:09:05,000 - How much? - Until now, we only sold the Sushi Kit. 126 00:09:41,800 --> 00:09:44,120 Sir, our new kits that were introduced 127 00:09:44,240 --> 00:09:45,920 for instance the Barbecue Kit... 128 00:09:46,440 --> 00:09:48,320 I had launched it on 1 October, sir. 129 00:09:48,400 --> 00:09:51,560 We have done sales of Rs. 1.2 lakhs already 130 00:09:59,400 --> 00:10:00,440 Who's in the team? 131 00:10:00,520 --> 00:10:01,880 Who makes the recipes? 132 00:10:01,960 --> 00:10:03,080 - Yes, exactly. - Who else is in the team? 133 00:10:03,320 --> 00:10:04,400 That's outsourced too. 134 00:10:04,520 --> 00:10:06,680 They are called the Food Research Lab. 135 00:10:06,760 --> 00:10:10,000 We got the sauces for our new kit developed by them. 136 00:10:10,080 --> 00:10:12,160 Is there anyone else in the team apart from you? 137 00:10:12,240 --> 00:10:13,160 No, sir. I'm the... 138 00:10:13,240 --> 00:10:15,440 - You're a single-man army. - Yes, sir. 139 00:10:15,520 --> 00:10:17,920 - You get this work outsourced now. - Yes, sir. 140 00:10:18,040 --> 00:10:19,640 Do you plan to run this yourself going forward? 141 00:10:19,720 --> 00:10:21,400 - No, sir. - Or will you hire a team? 142 00:10:21,480 --> 00:10:23,160 I'm looking for a co-founder. 143 00:10:24,440 --> 00:10:27,000 I'm a bit weak in sales and marketing. 144 00:10:27,080 --> 00:10:28,720 What are your strong points? 145 00:10:28,800 --> 00:10:31,840 Sir, innovation and management. 146 00:10:32,000 --> 00:10:33,560 - I mean... - The product is his strength. 147 00:10:33,640 --> 00:10:35,680 - Exactly. - You own 100% equity now. 148 00:10:35,680 --> 00:10:36,520 Yes, sir. 149 00:10:44,680 --> 00:10:47,040 - Your sales are about Rs. 20 lakhs. - Yes. 150 00:10:47,120 --> 00:10:49,640 If we give you a multiple of ten times, 151 00:10:49,720 --> 00:10:51,760 your valuation comes to Rs. 2 crores. 152 00:10:51,920 --> 00:10:52,760 - Yes, ma'am. - Right? 153 00:10:52,840 --> 00:10:54,600 So, the offer we'd like to give you 154 00:10:54,680 --> 00:10:57,440 is Rs. 40 lakhs for 20% equity 155 00:11:06,560 --> 00:11:08,480 In 2011 and then in 2018. 156 00:11:08,680 --> 00:11:11,080 Despite that, you stand here with a smile on your face. 157 00:11:11,200 --> 00:11:13,000 You're trying to build a business again. 158 00:11:13,120 --> 00:11:15,240 - Fantastic. - This is a sign 159 00:11:15,320 --> 00:11:17,440 that you possess a strong will to do something. 160 00:11:21,560 --> 00:11:23,480 I don't quite understand one thing. 161 00:11:23,560 --> 00:11:25,440 According to you, how many people in India eat sushi? 162 00:11:25,520 --> 00:11:27,920 Sir, in my opinion, 30% of the people. 163 00:11:28,040 --> 00:11:28,880 No. 164 00:11:29,680 --> 00:11:31,120 It wouldn't even be 3%. 165 00:11:31,240 --> 00:11:33,480 The tax-paying population is 3.5 crores. 166 00:11:33,840 --> 00:11:34,680 Yes. 167 00:11:34,800 --> 00:11:36,720 Let's assume the percentage is about 2%. 168 00:11:36,800 --> 00:11:38,400 That'd be 2 to 3 crore people. 169 00:11:38,840 --> 00:11:41,360 - Your monthly numbers are in hundreds. - Yes. 170 00:11:41,440 --> 00:11:42,320 What's the friction? 171 00:11:42,400 --> 00:11:44,520 I see a big TAM as far as sushi goes. 172 00:11:44,520 --> 00:11:47,840 We haven't gone below the Rs. 1,200 segment yet. 173 00:11:47,960 --> 00:11:51,160 A cheaper version of these kits will come in the next three months. 174 00:11:57,480 --> 00:11:58,800 Would it be fair to say 175 00:11:58,880 --> 00:12:01,920 that you don't have a market at a price point of Rs. 1,299? 176 00:12:02,640 --> 00:12:04,720 Who are the other players in India? 177 00:12:04,840 --> 00:12:06,680 There's a company called Urban Platter. 178 00:12:06,800 --> 00:12:08,120 What's the size of their business? 179 00:12:08,200 --> 00:12:10,200 It's quite smaller than ours in comparison. 180 00:12:10,280 --> 00:12:12,320 How big will your business be in three years? 181 00:12:12,400 --> 00:12:15,080 We're easily looking at sales of Rs. 10 crores a year. 182 00:12:19,840 --> 00:12:22,080 So, how much would it be currently? 183 00:12:22,200 --> 00:12:23,960 - Rs. 1,000 to 1,500 crores? - Sir, roughly... 184 00:12:24,080 --> 00:12:26,640 Roughly around Rs. 2,500 crores. 185 00:12:26,720 --> 00:12:28,080 Rs. 2,500 crores! 186 00:12:28,200 --> 00:12:31,360 This market... You claim you're bigger than Urban Platter. 187 00:12:31,960 --> 00:12:33,440 You are one of the larger players. 188 00:12:33,520 --> 00:12:35,880 Your business is only Rs. 40 lakhs. So, who is... 189 00:12:39,440 --> 00:12:42,560 it includes ready to cook and ready to eat, sir. 190 00:12:42,640 --> 00:12:45,400 - You include packed paneer in this. - Exactly. 191 00:12:45,520 --> 00:12:47,760 - The Haldiram's packets. - Yes, sir. 192 00:12:47,840 --> 00:12:49,680 That is not the same DIY. 193 00:12:50,440 --> 00:12:51,720 Yours isn't ready-to-eat. 194 00:12:51,800 --> 00:12:53,600 It isn't ready-to-eat, sir. It's ready-to-cook. 195 00:12:53,680 --> 00:12:54,520 Tell me something. 196 00:12:54,600 --> 00:12:57,080 - By chance, if you feel... - Hmm? 197 00:12:57,160 --> 00:12:59,760 In a year or two, that the market is getting saturated 198 00:12:59,880 --> 00:13:02,240 and DIY isn't doing well in India, what will you do? 199 00:13:02,800 --> 00:13:05,840 - Um... - You have high ambitions. 200 00:13:05,920 --> 00:13:09,920 - What is it? - I haven't told you about the beverage range yet. 201 00:13:10,000 --> 00:13:12,000 - Oh! Then tell us. - Yes. 202 00:13:12,000 --> 00:13:14,280 We're developing a DIY Beer Kit, sir. 203 00:13:23,800 --> 00:13:25,320 Will you shut this down and explore other avenues? 204 00:13:25,440 --> 00:13:27,880 - You'll think after two years. - I'll do something else, sir. 205 00:13:28,600 --> 00:13:29,920 I have the zeal, sir. 206 00:13:30,000 --> 00:13:33,440 - I see a clear road and... - Okay. 207 00:13:33,560 --> 00:13:36,160 You do have courage but this is a niche business. 208 00:13:36,160 --> 00:13:38,400 I don't know how the business will grow. 209 00:13:39,400 --> 00:13:40,280 It's tough. 210 00:13:41,520 --> 00:13:42,760 First of all, hats off to you. 211 00:13:42,840 --> 00:13:46,040 You've single-handedly built a business of Rs. 10 to 20 lakhs. 212 00:13:46,120 --> 00:13:47,640 - Thank you, sir. - You're profitable. 213 00:13:47,720 --> 00:13:49,440 I don't know what you will do going forward, 214 00:13:49,560 --> 00:13:51,640 but it will be fun to work with you. 215 00:13:51,720 --> 00:13:52,520 Thank you, sir. 216 00:13:52,680 --> 00:13:55,360 Then I would like to join Namita and Azhar 217 00:13:55,840 --> 00:13:56,800 - in their offer. - Sure. 218 00:13:57,440 --> 00:14:00,000 - So, Rs. 40 lakhs for... What was it - 20%. 219 00:14:00,080 --> 00:14:00,880 20% equity. 220 00:14:08,040 --> 00:14:10,400 As far as I know, if you can do this, 221 00:14:10,480 --> 00:14:12,600 - you can do other things in this category too. - Yes. 222 00:14:13,080 --> 00:14:14,400 So, I'll give you an offer too. 223 00:14:15,080 --> 00:14:17,720 - Combined or separately? - Join us. 224 00:14:17,840 --> 00:14:19,280 - Let's do it together. - Join us. 225 00:14:19,640 --> 00:14:20,840 He needs a lot of help. 226 00:14:20,960 --> 00:14:22,280 - All right. A combined offer. - Great. 227 00:14:22,360 --> 00:14:24,080 - I'll combine the offer. - Four Sharks! 228 00:14:24,160 --> 00:14:25,760 Now, we'll put Rs. 10 lakhs each 229 00:14:35,040 --> 00:14:36,200 given the current state. 230 00:14:38,120 --> 00:14:41,520 Your creativity and the lessons you have learnt 231 00:14:42,560 --> 00:14:44,680 - will help you do well. - Yes, sir. 232 00:14:44,760 --> 00:14:47,440 - I think you need committed guidance. - Right. 233 00:14:47,600 --> 00:14:49,080 Someone fully vested in you. 234 00:14:49,160 --> 00:14:51,240 - Do you use Instagram? - Yes, sir. 235 00:14:51,520 --> 00:14:53,200 - Do you follow us? - Yes, sir. 236 00:14:53,320 --> 00:14:56,720 - Do you know how I partner with my businesses? - Yes, sir. 237 00:14:56,840 --> 00:14:58,760 - No matter what they ask for... - [Sharks laugh] 238 00:14:58,840 --> 00:15:01,360 I dress for them. I wear their glasses and jewellery. 239 00:15:01,440 --> 00:15:02,800 - I do whatever it takes. - Right. 240 00:15:02,880 --> 00:15:06,120 - There's Sharma Ji Ka Aata on quick commerce that recently... - Yes 241 00:15:06,240 --> 00:15:07,480 There are a few companies. 242 00:15:07,560 --> 00:15:09,760 We got them all on quick commerce platforms within a month. 243 00:15:09,880 --> 00:15:10,960 Their business is 4x. 244 00:15:11,680 --> 00:15:12,760 So, here's my offer to you. 245 00:15:21,240 --> 00:15:22,520 So, let's find a win-win. 246 00:15:22,640 --> 00:15:25,680 Okay, you have two offers now. You need to decide. 247 00:15:25,760 --> 00:15:26,640 Make your decision. 248 00:15:26,720 --> 00:15:28,880 - Can I... Two minutes? - Yes, please. 249 00:15:29,000 --> 00:15:30,880 - Thank you. - Quickly. Come back soon. 250 00:15:32,160 --> 00:15:33,560 [music playing] 251 00:15:43,520 --> 00:15:45,240 - Welcome back. - Hi, buddy. What's up? 252 00:15:47,680 --> 00:15:50,840 Sir, my counter-offer to you four guys is this. 253 00:15:59,040 --> 00:16:00,360 [tense music playing] 254 00:18:53,720 --> 00:18:55,640 [uptempo music playing] 255 00:18:58,360 --> 00:18:59,760 - Look what has come, Namita. - Yes. 256 00:18:59,840 --> 00:19:00,720 Eyewear! 257 00:19:00,960 --> 00:19:02,360 [hysterical laughter] 258 00:19:04,400 --> 00:19:05,640 Oh my God! 259 00:19:05,960 --> 00:19:07,880 Come on, Peyush! Eyewear is here! 260 00:19:07,960 --> 00:19:09,240 Look at it! 261 00:19:09,400 --> 00:19:11,560 Good gracious! 262 00:19:11,760 --> 00:19:13,280 This is intimidating. 263 00:19:14,440 --> 00:19:15,800 It sure is! 264 00:19:17,360 --> 00:19:19,200 [theme music playing] 265 00:19:36,080 --> 00:19:37,640 [music fades] 266 00:19:37,960 --> 00:19:38,760 Hello, Sharks. 267 00:19:38,840 --> 00:19:40,920 Today, we're going to talk about an industry 268 00:19:41,000 --> 00:19:43,160 whose market size 269 00:19:58,520 --> 00:19:59,360 Wonderful. 270 00:19:59,800 --> 00:20:01,440 Welcome to the eyewear industry. 271 00:20:01,680 --> 00:20:03,000 [music playing] 272 00:20:06,720 --> 00:20:07,680 Greetings, Sharks. 273 00:20:13,560 --> 00:20:17,640 At Intense Focus, we make design-focused eyewear 274 00:20:27,120 --> 00:20:28,640 as well as provide varied colours. 275 00:20:28,720 --> 00:20:32,800 We assemble the smallest of screws in all our products. 276 00:20:33,200 --> 00:20:34,040 I see. 277 00:20:34,120 --> 00:20:38,040 No brand in India is able to do it. We're that precise. 278 00:20:40,120 --> 00:20:43,400 Sharks, Intense Focus is a rare brand 279 00:20:43,480 --> 00:20:46,320 wherein the founder designs all the products. 280 00:20:58,000 --> 00:21:00,640 to travel to China to source frames and sell them in India. 281 00:21:00,720 --> 00:21:02,800 I've come this far today 282 00:21:25,800 --> 00:21:27,840 Sharks, my ask is 283 00:21:36,480 --> 00:21:37,640 with Intense Focus. 284 00:21:38,160 --> 00:21:38,960 Thank you. 285 00:21:54,280 --> 00:21:55,840 - So, Manish. - Yes, Sir. 286 00:21:55,920 --> 00:21:57,920 - Good pitch. - Thank you, Sir, 287 00:21:58,000 --> 00:22:01,040 Tell us more about yourself. You said that in 2017, 288 00:22:01,120 --> 00:22:04,040 you received an offer from someone and now in 2023. 289 00:22:04,120 --> 00:22:05,480 - Yes. - Tell us more about it. 290 00:22:05,680 --> 00:22:06,960 You also said that 291 00:22:07,080 --> 00:22:09,800 nobody makes it more precise than you. Tell me more about it too. 292 00:22:10,520 --> 00:22:12,200 When I was 17 years old, 293 00:22:12,280 --> 00:22:14,760 I was from a poor family. 294 00:22:14,840 --> 00:22:16,120 So, we needed money. 295 00:22:16,200 --> 00:22:19,080 While studying, I got a job at an eyewear shop. 296 00:22:24,120 --> 00:22:26,160 - Rs 1200 monthly? Wow. - Per month. 297 00:22:26,240 --> 00:22:29,320 Within 1.5 years, I learnt a lot. 298 00:22:29,920 --> 00:22:32,160 That job is done on a small machine. 299 00:22:32,240 --> 00:22:35,240 A machine worth Rs 5000. But I didn't have the money for it. 300 00:22:35,360 --> 00:22:38,160 So, someone helped me by offering an installment. 301 00:22:38,240 --> 00:22:41,800 I would work all day and make those eyewear at night. 302 00:22:41,880 --> 00:22:43,200 - Wow. - In that shop. 303 00:22:43,200 --> 00:22:45,000 In six months, I realised 304 00:22:45,080 --> 00:22:46,760 that if I do this job all day, 305 00:22:46,880 --> 00:22:48,920 I'll earn more than my salary. 306 00:22:49,880 --> 00:22:51,680 I have always had a philosophy. 307 00:22:51,800 --> 00:22:54,680 When I get a hold of something, 308 00:22:54,760 --> 00:22:57,480 I focus very intensely on it. 309 00:22:58,480 --> 00:23:00,960 Within 1.5 years, fitting spectacles 310 00:23:01,080 --> 00:23:03,640 and how people want their eyewear, 311 00:23:03,720 --> 00:23:04,720 I learnt all of it. 312 00:23:04,800 --> 00:23:06,920 Number checking, eye testing, everything. 313 00:23:07,960 --> 00:23:11,680 So, gradually, as I earned money 314 00:23:11,800 --> 00:23:13,160 I set up a small eyewear shop. 315 00:23:13,280 --> 00:23:14,720 Hmm. Interesting. 316 00:23:14,920 --> 00:23:16,240 Which city are you talking about? 317 00:23:21,360 --> 00:23:24,720 In 2009, I built a nice showroom. 318 00:23:25,200 --> 00:23:26,640 The tenant 319 00:23:26,760 --> 00:23:28,080 told me that 320 00:23:28,160 --> 00:23:30,400 they want to invest in eyewear. 321 00:23:30,480 --> 00:23:32,040 The tenant or landlord? 322 00:23:32,120 --> 00:23:33,600 Landlord. Sorry. 323 00:23:35,360 --> 00:23:36,920 They were two people. 324 00:23:37,000 --> 00:23:40,320 I thought a bit and told them that I've never ventured into wholesale. 325 00:23:40,400 --> 00:23:42,320 But we can give it a try. 326 00:23:43,040 --> 00:23:45,280 I went to China for the first time in 2017. 327 00:23:45,360 --> 00:23:48,240 We partly invested around Rs 1.30 crores. 328 00:23:48,360 --> 00:23:51,480 Okay. How much equity did he take for Rs 1.30 crores? 329 00:23:51,560 --> 00:23:54,920 When we started, the equity was 33 per cent each. 330 00:23:55,000 --> 00:23:57,560 And today, we have 331 00:24:05,840 --> 00:24:07,840 I learnt drawing completely. 332 00:24:07,960 --> 00:24:10,520 Then after a year, when I 333 00:24:10,600 --> 00:24:12,600 started interacting with factory designers 334 00:24:12,680 --> 00:24:15,360 to give them suggestions about the design. 335 00:24:16,280 --> 00:24:19,400 When my first design came out, 336 00:24:19,480 --> 00:24:21,240 it was a hotseller. 337 00:24:22,480 --> 00:24:23,840 Then I realized that 338 00:24:23,960 --> 00:24:27,200 I have the talent to understand eyewear. 339 00:24:27,280 --> 00:24:29,280 So, the shape of the spectacle 340 00:24:29,840 --> 00:24:32,480 how broad or narrow must it be, 341 00:24:32,600 --> 00:24:35,080 everything, I started working on it. 342 00:24:35,160 --> 00:24:36,680 Sorry. A moment, just for clarification, 343 00:24:36,800 --> 00:24:38,560 - you ran a retail showroom. - Yes. 344 00:24:38,640 --> 00:24:41,880 They suggested a wholesale business by importing from China. 345 00:24:41,880 --> 00:24:42,240 Yeah. 346 00:24:42,240 --> 00:24:43,440 They invested for it. 347 00:24:43,520 --> 00:24:44,480 - And you went to China. - Yeah. 348 00:24:44,480 --> 00:24:46,320 - Is that right? Thank you. - Yes. 349 00:25:06,680 --> 00:25:09,360 What do you do exactly? Are you a consumer-focused brand? 350 00:25:09,440 --> 00:25:11,080 No, we're not in retail. 351 00:25:11,160 --> 00:25:12,840 How big a business is it now in wholesale? 352 00:25:12,840 --> 00:25:15,640 I started this 353 00:25:56,000 --> 00:25:58,840 Boss, your eyewear has great swag. 354 00:25:58,920 --> 00:26:00,920 - Let us try on a few. - Yes, Sir. 355 00:26:02,840 --> 00:26:04,680 [music playing] 356 00:26:05,000 --> 00:26:06,280 You don't wear spectacles. 357 00:26:06,360 --> 00:26:07,520 - No, Sir. - Why? 358 00:26:07,600 --> 00:26:09,360 - This is for you, Sir. - You don't market yourself. 359 00:26:09,440 --> 00:26:11,800 Do learn this from Peyush. 360 00:26:12,520 --> 00:26:14,920 - How to do marketing. - I've met Peyush. 361 00:26:15,000 --> 00:26:16,080 When did you meet me? 362 00:26:16,160 --> 00:26:18,200 When I go close to him, he will remember. 363 00:26:18,640 --> 00:26:20,880 Sir, do you remember we met in the flight? 364 00:26:20,960 --> 00:26:23,560 Oh, yes. Amazing. 365 00:26:24,520 --> 00:26:28,040 Good. I'd say product is good. 366 00:26:28,120 --> 00:26:28,760 Thank you, Sir. 367 00:26:28,840 --> 00:26:30,880 The design sensibility is good. 368 00:26:31,080 --> 00:26:32,240 The packaging is great too. 369 00:26:32,320 --> 00:26:33,560 The packaging is great too. 370 00:26:34,400 --> 00:26:35,960 How much are these glasses for? 371 00:26:36,080 --> 00:26:37,400 - Tell us the rates. - Yes. 372 00:26:37,400 --> 00:26:40,960 Uh, this one is for Rs 3700 MRP. 373 00:26:41,080 --> 00:26:42,440 - Rs 3700? - Yes. 374 00:26:42,520 --> 00:26:44,920 And this one is for Rs 3200 MRP. 375 00:26:45,080 --> 00:26:47,160 Isn't it in the higher range? 376 00:26:48,360 --> 00:26:50,760 The ones on Lenskart are in a very different range. 377 00:26:50,880 --> 00:26:52,800 - What's the difference? - The quality is very different. 378 00:26:54,600 --> 00:26:57,720 Sir, please tell me how Rs 3700 justifies the price? 379 00:26:57,840 --> 00:26:59,560 It's not that 380 00:26:59,640 --> 00:27:01,360 - it's right or wrong. - Exactly. 381 00:27:01,440 --> 00:27:03,480 Some brands position themselves at a higher level. 382 00:27:03,600 --> 00:27:04,960 - Exactly. - The business he's doing 383 00:27:05,080 --> 00:27:06,680 if I go deeper into it, 384 00:27:06,960 --> 00:27:10,080 your current wholesale business makes Rs 15 crores. 385 00:27:10,320 --> 00:27:14,360 So, I'm assuming that you sell stuff on credit. 386 00:27:14,440 --> 00:27:17,120 To distributors and retailers. How long is the credit period? 387 00:27:17,200 --> 00:27:19,240 It can be extended up to 140-150 days. 388 00:27:20,320 --> 00:27:22,440 So, 150 days, so 5 months of credit. 389 00:27:22,520 --> 00:27:25,560 For that, we have reputed distributors in place. 390 00:27:25,640 --> 00:27:27,280 They pay us in 60 to 90 days. 391 00:27:27,360 --> 00:27:29,080 They have 90 days' credit 392 00:27:29,160 --> 00:27:30,920 and import stuff from China. 393 00:27:31,000 --> 00:27:32,480 So, it has a lead time too. 394 00:27:32,480 --> 00:27:34,320 So, approximately, the cash rotation-- 395 00:27:34,320 --> 00:27:35,640 The money is stuck for 4-5 months. 396 00:27:35,640 --> 00:27:37,760 Not 5, cash is being rotated for 8 months. 397 00:27:37,840 --> 00:27:40,040 We have to pay someone. 398 00:27:40,760 --> 00:27:43,200 I believe that the costing for this 399 00:27:43,360 --> 00:27:44,760 - is around Rs 600. - Perfect. 400 00:27:44,840 --> 00:27:46,120 Around Rs 500-600. 401 00:27:46,240 --> 00:27:48,480 But you have to pay Rs 3500 because 402 00:27:48,720 --> 00:27:51,720 - the working capital is blocked. - working capital, credit cycle, 403 00:27:51,800 --> 00:27:53,720 intermediary, a man takes a bag... 404 00:27:53,800 --> 00:27:56,040 Lenskart runs its stores. 405 00:27:56,160 --> 00:27:59,920 Yes, you feel that Lenskart is cheaper because 406 00:28:00,040 --> 00:28:01,480 we don't have an intermediary layer. 407 00:28:01,560 --> 00:28:03,280 - No, it's not like that. - So... 408 00:28:03,400 --> 00:28:05,040 - You tell us. - I'll tell you. 409 00:28:05,160 --> 00:28:07,720 This is Peyush's take. I'll share mine. 410 00:28:07,800 --> 00:28:11,080 It's not so expensive as compared to Lenskart. 411 00:28:11,760 --> 00:28:13,600 Designing elements 412 00:28:13,680 --> 00:28:15,680 are missing in every brand. 413 00:28:15,760 --> 00:28:17,800 I'm talking about eyewear in India. 414 00:28:17,880 --> 00:28:20,560 Like the one in Peyush's hands 415 00:28:20,640 --> 00:28:22,840 there's an acetate layer on top. 416 00:28:22,920 --> 00:28:25,040 Designing elements have been added. 417 00:28:25,120 --> 00:28:28,120 So, it can be sold at a high price. 418 00:28:28,840 --> 00:28:32,440 Lenskart also started working on it in the last 1-2 years. 419 00:28:32,800 --> 00:28:34,640 You can see it. 420 00:28:34,720 --> 00:28:37,040 Okay, thank you. 421 00:28:55,360 --> 00:28:58,200 Do you still import stuff from China and sell it or manufacture? 422 00:28:58,320 --> 00:29:00,600 I have a manufacturing setup in India. 423 00:29:07,800 --> 00:29:10,560 You said that there's a company into this wholesale stuff. 424 00:29:10,560 --> 00:29:11,080 Yes. 425 00:29:11,200 --> 00:29:13,480 - You hold 50 per cent there. - This is Intense Focus. 426 00:29:14,240 --> 00:29:17,880 Along with this, you have another manufacturing business. 427 00:29:18,040 --> 00:29:20,920 You manufacture it there and sell it to Intense Focus. 428 00:29:21,000 --> 00:29:21,400 Yes. 429 00:29:21,520 --> 00:29:23,000 And Intense Focus sells it further. 430 00:29:23,000 --> 00:29:23,400 Yes. 431 00:29:23,400 --> 00:29:24,200 Who owns that? 432 00:29:25,320 --> 00:29:27,240 I have 23 per cent stake in it. 433 00:29:35,400 --> 00:29:36,600 No, it's a different investor. 434 00:29:36,600 --> 00:29:37,520 Understood. 435 00:29:37,600 --> 00:29:40,280 The money you're here to raise is for which one? 436 00:29:40,280 --> 00:29:41,040 Intense Focus. 437 00:29:41,280 --> 00:29:42,840 It will be tough for the investor. 438 00:29:43,640 --> 00:29:45,880 - But the equity in that company. - Yes. 439 00:29:45,960 --> 00:29:48,640 - It's in your name and not Intense Focus. - No. 440 00:29:50,440 --> 00:29:52,640 - You're making it tough. - It's in your name. 441 00:29:52,720 --> 00:29:54,840 Yes, it's in my name. 442 00:29:56,280 --> 00:29:58,800 So, the sales worth Rs 15 crores, 443 00:29:59,080 --> 00:30:02,880 how much of it is from manufacturing facilities and China? 444 00:30:02,960 --> 00:30:06,760 50 per cent of the revenue is production cost. 445 00:30:17,560 --> 00:30:21,120 You said that it's a business, your opening line. 446 00:30:21,200 --> 00:30:23,440 In which the gross margin is 70 to 75 per cent. 447 00:30:23,520 --> 00:30:24,480 Yes? Hold on. 448 00:30:25,440 --> 00:30:28,400 After that, a few minutes ago, 449 00:30:28,480 --> 00:30:31,240 you said that your gross margin is 60 per cent. 450 00:30:31,480 --> 00:30:33,120 Now, you're saying that 451 00:30:33,280 --> 00:30:36,600 out of Rs 14 crores, Rs 7 crores is the cost of product. 452 00:30:36,680 --> 00:30:38,960 - Sir, I said approximately. - Hold on. Approximately. 453 00:30:39,040 --> 00:30:42,160 Brother, approximately means somewhere close. 454 00:30:42,840 --> 00:30:45,240 I'm skipping 10 per cent 455 00:30:45,320 --> 00:30:47,640 because I give that margin to my distributors. 456 00:30:54,520 --> 00:30:56,360 You said that you import 80 per cent of the stuff from China. 457 00:30:56,440 --> 00:30:58,840 If you wish to buy there and trade here, 458 00:30:58,920 --> 00:31:00,040 many people can do it. 459 00:31:00,560 --> 00:31:02,240 I'm not into trading. 460 00:31:02,320 --> 00:31:03,080 What do you do? 461 00:31:03,160 --> 00:31:05,760 I said 20-22 factories. 462 00:31:05,840 --> 00:31:07,880 Every factory has a USP. 463 00:31:08,000 --> 00:31:09,280 I use that USP. 464 00:31:09,360 --> 00:31:12,040 For example, some factory makes great temples. 465 00:31:12,120 --> 00:31:14,520 I give them the design and the temple is made for me. 466 00:31:22,240 --> 00:31:26,120 The facilities available in India, where it can be easily made, 467 00:31:26,200 --> 00:31:27,760 are only for 1 or 2 such materials. 468 00:31:27,840 --> 00:31:29,080 If we talk about metal, 469 00:31:29,160 --> 00:31:30,920 the electroplating required 470 00:31:31,000 --> 00:31:35,040 won't be easily available in India in the next 10 years. 471 00:31:35,120 --> 00:31:36,320 - Is that right? - This is wrong. 472 00:31:36,400 --> 00:31:37,760 This is wrong. 473 00:31:37,920 --> 00:31:40,520 You said it won't progress in 8-10 years but they're already making it. 474 00:31:42,480 --> 00:31:45,640 We invested Rs 800 crores in building a factory. 475 00:31:45,800 --> 00:31:48,360 He just said that metal spectacles are not made in India. 476 00:31:48,600 --> 00:31:51,280 We can make it now, Sir. If there's so much money being invested. 477 00:31:51,400 --> 00:31:54,520 Money comes later, you must have a vision. You have it. 478 00:31:55,280 --> 00:31:58,080 Tell me what's your USP compared 479 00:31:58,200 --> 00:32:00,040 - to other brands. - Designing, completely designing. 480 00:32:00,880 --> 00:32:03,840 I'm sorry. I've seen many there and here too. 481 00:32:04,080 --> 00:32:06,360 I don't see any USP 482 00:32:06,440 --> 00:32:09,400 or anything different in your design and comfort. 483 00:32:10,200 --> 00:32:11,600 All my products 484 00:32:11,680 --> 00:32:13,360 have a different story. 485 00:32:13,440 --> 00:32:15,560 I understand but if I visit your store 486 00:32:15,640 --> 00:32:17,720 you won't be there to tell me the story. 487 00:32:17,840 --> 00:32:20,800 I buy a lot of sunglasses, I'm very fond of it. 488 00:32:20,960 --> 00:32:22,760 I didn't find anything unique about your design. 489 00:32:23,880 --> 00:32:27,280 Most importantly, your target of 3000-5000 490 00:32:27,640 --> 00:32:29,920 unless it becomes a brand, 491 00:32:30,120 --> 00:32:32,920 it's a tough market to crack. 492 00:32:33,000 --> 00:32:35,800 - Ma'am, shall I-- Okay. - Rs 5 crores at 5 per cent 493 00:32:36,080 --> 00:32:38,560 is not in line with my thinking. 494 00:32:38,720 --> 00:32:39,800 - I'm out. - Yeah. Okay. 495 00:32:39,920 --> 00:32:40,840 Okay. 496 00:33:11,080 --> 00:33:13,320 How much working capital have you invested in this business? 497 00:33:20,600 --> 00:33:22,680 So this is not typical D2C. 498 00:33:22,840 --> 00:33:25,000 - There's still an interim. - I'll explain. 499 00:33:25,080 --> 00:33:26,520 How we can scale this business. 500 00:33:26,600 --> 00:33:27,960 Recently, we 501 00:33:28,080 --> 00:33:30,560 have finalized our distribution with Levi's. 502 00:33:36,240 --> 00:33:38,400 There are many such brands in India. 503 00:33:38,480 --> 00:33:40,040 They're not into eyewear yet. 504 00:33:40,160 --> 00:33:42,400 It can be scaled to be very big. 505 00:33:42,560 --> 00:33:45,400 But this knowledge is required for it. 506 00:33:46,520 --> 00:33:50,920 Okay, how many units do you sell a month? 507 00:33:51,160 --> 00:33:52,680 Around 15,000-20,000. 508 00:34:05,720 --> 00:34:07,600 I have a limited inventory. 509 00:34:07,680 --> 00:34:10,840 There's one person in every state and when he reaches there, 510 00:34:11,080 --> 00:34:13,280 my inventory has almost run out. 511 00:34:13,480 --> 00:34:15,560 You're expanding reach and expenses. 512 00:34:15,640 --> 00:34:19,720 Isn't it better to capture the market share in one state 513 00:34:19,800 --> 00:34:22,680 and make it 1000 points so that I can supply 3 times more. 514 00:34:22,760 --> 00:34:24,040 That's how it happened. 515 00:34:24,120 --> 00:34:26,240 I have a reach of 3000. 516 00:34:26,320 --> 00:34:29,200 Out of that, the best 1000-1500 517 00:34:29,280 --> 00:34:30,960 are the first to be reached out. 518 00:34:31,240 --> 00:34:34,560 So, the average, if it's between 1500-3000 519 00:34:34,720 --> 00:34:36,160 then it will become 10 instead of 5. 520 00:34:36,720 --> 00:34:38,400 What I don't see in the data 521 00:34:38,480 --> 00:34:40,680 is that the product is being demanded for. 522 00:34:40,760 --> 00:34:41,880 It is being sold. 523 00:34:41,960 --> 00:34:42,920 The numbers are low. 524 00:34:43,000 --> 00:34:44,360 If I had funds, 525 00:34:44,440 --> 00:34:46,560 and put a display like this, 526 00:34:46,760 --> 00:34:50,560 then instead of 5, 15 will be sold. 527 00:34:50,640 --> 00:34:53,320 - I'm not convinced yet. - Let's wind this up. 528 00:34:53,440 --> 00:34:56,480 Manish, I heard you out. 529 00:34:56,760 --> 00:34:59,560 So, my conclusion is that I'm out. 530 00:35:00,640 --> 00:35:02,920 I'll try to explain my reasons. 531 00:35:03,160 --> 00:35:05,040 Firstly, I noticed 532 00:35:05,200 --> 00:35:07,400 that when Namita gave you feedback on the design, 533 00:35:07,480 --> 00:35:10,160 you weren't so receptive 534 00:35:10,280 --> 00:35:13,400 as much as I would expect a founder to be towards his customer. 535 00:35:13,480 --> 00:35:14,960 [music playing] 536 00:35:15,480 --> 00:35:17,880 - Good point. - Similarly, when Peyush 537 00:35:17,960 --> 00:35:20,160 commented on your business. He is the king of this industry. 538 00:35:20,280 --> 00:35:22,160 I didn't find you to be so receptive. 539 00:35:22,320 --> 00:35:24,280 So, overall, my conclusion is that 540 00:35:24,360 --> 00:35:26,960 you have strong views. 541 00:35:27,040 --> 00:35:29,880 You don't entertain other views. 542 00:35:30,720 --> 00:35:33,000 But the good part is that it's working for you. 543 00:35:33,120 --> 00:35:34,400 Your business is doing well. 544 00:35:34,520 --> 00:35:36,680 But if I join you in this journey, 545 00:35:36,680 --> 00:35:39,160 I won't be able to add any value. 546 00:35:39,240 --> 00:35:40,800 So, I'd like to be out. 547 00:35:40,880 --> 00:35:42,200 [music playing] 548 00:35:42,520 --> 00:35:44,680 Let me tell you something. This category 549 00:35:44,800 --> 00:35:46,240 is very exciting. 550 00:35:46,520 --> 00:35:49,240 But I have two problems here. 551 00:35:49,920 --> 00:35:51,240 One is that 552 00:35:51,400 --> 00:35:53,560 no matter how much you wish to scale your business, 553 00:35:53,680 --> 00:35:56,120 you'll need 30 per cent of it as the working capital. 554 00:35:56,240 --> 00:35:58,080 - Hmm. - Not yet, but you'll build 555 00:35:58,080 --> 00:35:59,560 a business of Rs 15 crores. 556 00:35:59,640 --> 00:36:01,760 - You invested Rs 5 crores from it. - Hmm. 557 00:36:01,880 --> 00:36:04,120 So, if you build a business of Rs 500 crores in the future, 558 00:36:04,240 --> 00:36:06,400 you will need Rs 150 crores. 559 00:36:07,360 --> 00:36:09,040 The model has a problem. 560 00:36:17,760 --> 00:36:20,400 and a manufacturing business with another investor. 561 00:36:20,480 --> 00:36:21,640 [music playing] 562 00:36:22,200 --> 00:36:24,160 - It's a big issue. - This one is selling to the other. 563 00:36:26,960 --> 00:36:30,520 What will we manage, oversee, and expect? 564 00:36:30,680 --> 00:36:32,600 It's not clear as to what's the gain. 565 00:36:32,680 --> 00:36:34,160 [music playing] 566 00:36:34,880 --> 00:36:36,640 So, I'm out. Good luck. 567 00:36:37,240 --> 00:36:38,800 Manish, I'm out too. 568 00:36:40,080 --> 00:36:43,760 The business is not investible as the defensibility is low. 569 00:36:43,840 --> 00:36:46,760 But what you've created, for all the viewers, 570 00:36:47,200 --> 00:36:48,720 they should be inspired by your journey. 571 00:36:49,360 --> 00:36:52,840 You have built a business from Rs 1200 to crores. 572 00:36:53,040 --> 00:36:54,760 I loved it! You're an amazing person. 573 00:36:54,880 --> 00:36:56,080 - Thank you, Sir. - All the best. 574 00:36:56,160 --> 00:36:57,120 Thank you, Sir. 575 00:36:57,840 --> 00:36:59,720 You are at the right place, at the right time. 576 00:37:00,360 --> 00:37:03,440 And when you came here, I saw the focus 577 00:37:03,720 --> 00:37:05,160 that the investment is bound to happen today. 578 00:37:06,040 --> 00:37:07,160 But right now, 579 00:37:07,240 --> 00:37:10,440 you have to slightly 580 00:37:10,640 --> 00:37:11,600 mould yourself. 581 00:37:11,680 --> 00:37:15,400 You've already said 'I' more than 40 times. 582 00:37:15,480 --> 00:37:16,760 [music playing] 583 00:37:18,080 --> 00:37:19,880 I did this... I did that... 584 00:37:20,160 --> 00:37:22,400 - So, you have to make it a 'we'. - Okay, Sir. 585 00:37:23,480 --> 00:37:24,520 For that, 586 00:37:24,600 --> 00:37:28,560 you'll have to believe that you know nothing. 587 00:37:28,640 --> 00:37:29,920 [music playing] 588 00:37:30,240 --> 00:37:33,560 I still believe that. You said that you make it with precision. 589 00:37:33,840 --> 00:37:37,000 - Nobody makes it like that. - I feel that we could learn too. 590 00:37:37,960 --> 00:37:40,280 So, I will study your products. 591 00:37:40,960 --> 00:37:42,360 So, become self-aware. 592 00:37:42,440 --> 00:37:45,560 Change your mindset and then we might meet outside and invest. 593 00:37:46,560 --> 00:37:50,200 I won't invest today because I don't see that mouldability 594 00:37:50,480 --> 00:37:51,400 - to... - It's alright, Sir. 595 00:37:51,560 --> 00:37:52,840 to learn. I didn't see that. 596 00:37:52,920 --> 00:37:53,640 Okay, Manish. 597 00:37:53,640 --> 00:37:54,520 - Thank you. - Best of luck. 598 00:37:54,640 --> 00:37:56,520 - Thank you. - All the best. 599 00:37:56,640 --> 00:37:57,280 Good luck. 600 00:37:57,480 --> 00:37:59,280 [music playing] 601 00:38:09,320 --> 00:38:10,760 [music playing] 602 00:40:09,120 --> 00:40:10,400 That is millets. 603 00:40:11,720 --> 00:40:12,960 The magical millets. 604 00:40:13,040 --> 00:40:15,440 You also know it as coarse grains. 605 00:40:15,600 --> 00:40:16,680 Someone said that 606 00:40:16,800 --> 00:40:18,200 if you eat right, 607 00:40:18,280 --> 00:40:19,960 you won't need any medicines. 608 00:40:20,200 --> 00:40:21,920 If you don't eat right, 609 00:40:22,120 --> 00:40:24,080 then no medicine works. 610 00:40:24,200 --> 00:40:26,480 But, Sharks, what is the right thing to eat? 611 00:40:26,600 --> 00:40:29,400 Food that has been consumed by our ancestors. 612 00:40:29,520 --> 00:40:30,560 Grains. 613 00:40:30,720 --> 00:40:33,000 It's called superfood, supergrain, 614 00:40:33,120 --> 00:40:34,120 superhero. 615 00:40:48,440 --> 00:40:50,200 And it's been our staple food too. 616 00:40:50,800 --> 00:40:51,840 But what happened? 617 00:40:51,920 --> 00:40:54,440 In the attempt to promote rice and wheat, 618 00:40:54,640 --> 00:40:56,200 these were forgotten. 619 00:40:57,680 --> 00:41:00,280 We learnt about its benefits 620 00:41:00,360 --> 00:41:02,520 when this superhero came into our lives. 621 00:41:02,800 --> 00:41:05,640 And it cured Ajay's 622 00:41:05,760 --> 00:41:08,720 bad health. 623 00:41:08,880 --> 00:41:13,200 And also gave us an entrepreneurial chance. 624 00:41:13,280 --> 00:41:14,160 - Wow. - And that's when 625 00:41:14,240 --> 00:41:15,760 I became Millet Amma. 626 00:41:15,840 --> 00:41:17,120 [music playing] 627 00:41:34,400 --> 00:41:37,080 Sharks, millets aren't just a superfood 628 00:41:37,080 --> 00:41:39,560 but are also considered a smart food. 629 00:41:39,920 --> 00:41:42,160 Millets are a powerhouse of nutrition. 630 00:42:00,400 --> 00:42:02,120 when apart from us, 631 00:42:02,240 --> 00:42:05,240 the UNO, India and 70 other countries 632 00:42:05,400 --> 00:42:07,640 realised the significance of millets 633 00:42:18,720 --> 00:42:22,280 and take the benefits of millets to every household. 634 00:42:22,440 --> 00:42:23,240 So, Sharks, 635 00:42:23,320 --> 00:42:26,360 we urge you to join us in our revolution. 636 00:42:26,480 --> 00:42:28,480 Our ask is 637 00:42:38,880 --> 00:42:40,000 - Vegan pizza! - Yes. 638 00:42:40,080 --> 00:42:41,840 Wow! Well done. 639 00:42:50,320 --> 00:42:53,360 The darker one is Ragi and the lighter one is Jowar. 640 00:42:53,680 --> 00:42:54,880 [light-hearted music playing] 641 00:43:00,400 --> 00:43:02,840 Very tasty and not too sweet. 642 00:43:02,960 --> 00:43:04,480 It is quite tasty. 643 00:43:29,520 --> 00:43:32,120 Did your journey stem from a personal experience? 644 00:43:32,920 --> 00:43:35,800 That's a big reason why we started Millet Amma. 645 00:43:35,920 --> 00:43:37,720 So, in 2016, 646 00:43:38,040 --> 00:43:41,520 my husband suffered from severe back pain. 647 00:43:42,200 --> 00:43:44,560 The stress from the business 648 00:43:44,640 --> 00:43:47,200 had led to high inflammation in the lower back. 649 00:43:47,520 --> 00:43:50,280 It used to take me half an hour just to get out of bed. 650 00:43:50,600 --> 00:43:52,800 I was not able to carry my two-year-old son. 651 00:43:52,920 --> 00:43:55,160 I was just 40 years old at the time. 652 00:43:56,560 --> 00:43:59,880 It was very painful both emotionally and physically. 653 00:43:59,960 --> 00:44:02,080 A friend of mine suggested 654 00:44:02,160 --> 00:44:04,360 that I go gluten-free for a few days. 655 00:44:05,320 --> 00:44:08,960 I took that suggestion and switched to a detox diet. 656 00:44:09,080 --> 00:44:12,120 - A few days... - For ten days, he went off everything. 657 00:44:12,200 --> 00:44:14,680 He was only on a fruit and vegetable diet. 658 00:44:14,760 --> 00:44:16,360 You saw a change in ten days? 659 00:44:16,480 --> 00:44:17,440 - Yes. - A drastic change. 660 00:44:17,520 --> 00:44:21,040 All the toxins were flushed out of my system. 661 00:44:21,920 --> 00:44:24,480 The journey post that was to continue 662 00:44:24,560 --> 00:44:27,920 a non-gluten based diet for some time. 663 00:44:28,000 --> 00:44:31,520 That's when we discovered millets as an option. 664 00:44:31,640 --> 00:44:34,320 So, that was the trigger for this venture. 665 00:44:34,400 --> 00:44:35,280 - Yes. - Yes. 666 00:44:37,360 --> 00:44:39,440 Consume millets because they are healthy and safe. 667 00:44:39,520 --> 00:44:41,080 After a few years, people will say 668 00:44:41,200 --> 00:44:43,160 that millets are not good, switch to something else. 669 00:44:43,240 --> 00:44:44,800 So, I'm a bit confused 670 00:44:44,880 --> 00:44:46,320 as to what I should or should not eat. 671 00:44:46,440 --> 00:44:48,840 Peyush, for hundreds of years, 672 00:44:48,920 --> 00:44:52,600 people in the villages of India have consumed jowar and other pulses. 673 00:44:52,840 --> 00:44:54,200 A very gluten-free diet. 674 00:44:54,280 --> 00:44:55,600 So, this isn't a fad. 675 00:44:55,680 --> 00:44:56,840 It isn't a fad. 676 00:44:57,560 --> 00:45:00,080 Farming of millets uses less amount of water. 677 00:45:00,160 --> 00:45:02,000 - 10% as compared to rice and... - 10% lesser. 678 00:45:12,920 --> 00:45:14,720 Sir, it's because of the Green Revolution. 679 00:45:14,840 --> 00:45:18,600 When wheat and rice were heavily promoted, 680 00:45:18,880 --> 00:45:20,000 then obviously, you know... 681 00:45:20,080 --> 00:45:22,320 When the West promotes something, 682 00:45:22,440 --> 00:45:25,280 usually, it takes over the entire market. 683 00:45:25,440 --> 00:45:27,880 Tell me your respective backgrounds. 684 00:45:27,960 --> 00:45:29,400 I'm basically from Kolkata. 685 00:45:29,480 --> 00:45:32,160 I got married to him in 2003. 686 00:45:33,080 --> 00:45:36,880 I moved to Bengaluru from Kolkata when I was five years old. 687 00:45:36,960 --> 00:45:39,000 I did my schooling in Bengaluru. 688 00:45:39,320 --> 00:45:41,680 After completing my BCom in 1997, 689 00:45:41,760 --> 00:45:44,400 I worked for my father's family business for 20 years. 690 00:45:44,640 --> 00:45:45,480 What was the business? 691 00:45:45,600 --> 00:45:47,680 - Steel manufacturing. - All right. 692 00:45:47,760 --> 00:45:51,320 Unfortunately, in 2016, everything came to a grinding halt. 693 00:45:51,400 --> 00:45:53,360 It's going through a journey of bankruptcy. 694 00:45:54,200 --> 00:45:57,480 Could you tell us what caused the bankruptcy situation? 695 00:45:58,360 --> 00:46:00,200 In 2010, 696 00:46:00,320 --> 00:46:03,040 the steel industry market crashed all of a sudden. 697 00:46:03,760 --> 00:46:06,600 Owing to that, our inventory holding piled up. 698 00:46:06,600 --> 00:46:10,080 The customers with orders in the pipeline backed out. 699 00:46:10,080 --> 00:46:14,160 That wiped out 30-year reserves and working capital. 700 00:46:14,240 --> 00:46:15,120 How much money? 701 00:46:15,200 --> 00:46:16,000 Rs. 100 crores. 702 00:46:16,080 --> 00:46:17,360 Oh my God! 703 00:46:18,400 --> 00:46:19,520 How big was the business? 704 00:46:19,640 --> 00:46:20,640 Around Rs. 1,100 crores. 705 00:46:20,760 --> 00:46:22,480 You had a Rs. 1,100-crore business! 706 00:46:23,360 --> 00:46:24,840 What was the name of your steel factory? 707 00:46:24,960 --> 00:46:26,080 Bhuwalka Steel Industries. 708 00:46:26,160 --> 00:46:27,160 What happened after that? 709 00:46:27,280 --> 00:46:30,160 Dad made the decision to maintain the top line. 710 00:46:30,240 --> 00:46:32,800 So, we started depending on private credit 711 00:46:33,080 --> 00:46:35,320 - and vendor credit. - You took a debt. 712 00:46:35,400 --> 00:46:38,560 Yes. That working capital was fine in the short term, 713 00:46:38,720 --> 00:46:42,000 but pinning our hopes on it turned out to be negative for us. 714 00:46:42,120 --> 00:46:45,520 From 2010 to 2014, 715 00:46:45,760 --> 00:46:47,680 our overall debt had grown to quite a huge number. 716 00:46:47,760 --> 00:46:48,680 Which was? 717 00:46:48,880 --> 00:46:50,320 It was almost Rs. 300 crores. 718 00:46:50,440 --> 00:46:52,040 - Ouch! - Whoa! 719 00:46:52,880 --> 00:46:56,120 Owing to that, it just came to a halt. 720 00:46:56,200 --> 00:46:58,080 Our bank accounts froze and all of that. 721 00:46:58,400 --> 00:47:00,320 From then until now, 722 00:47:00,400 --> 00:47:02,840 we have lost everything that Dad created. 723 00:47:02,920 --> 00:47:04,600 All the assets including our house. 724 00:47:04,680 --> 00:47:05,720 Are you debt-free now? 725 00:47:19,200 --> 00:47:21,400 I've legally filed for bankruptcy. 726 00:47:21,520 --> 00:47:23,360 Whatever is unpayable will be left. 727 00:47:23,440 --> 00:47:24,400 How much is that? 728 00:47:24,520 --> 00:47:26,360 About Rs. 100 crores. 729 00:47:28,120 --> 00:47:29,600 Let's talk about your products. 730 00:47:29,680 --> 00:47:30,720 What's unique about them? 731 00:47:30,800 --> 00:47:33,920 We have quite a few millet products at home of different brands. 732 00:47:34,000 --> 00:47:36,720 What uniqueness do you have which gives you the right to win? 733 00:47:37,680 --> 00:47:40,440 Sir, we have four unique selling points. 734 00:47:40,520 --> 00:47:43,680 Number one, our millet content is the highest. 735 00:47:43,760 --> 00:47:46,600 Quantify it for your products and that of others. 736 00:47:46,720 --> 00:47:49,560 Yes. Sir, it depends from product to product and the recipes. 737 00:48:22,280 --> 00:48:24,120 We have the largest variety. 738 00:49:35,520 --> 00:49:37,880 Tell us about your sales and unit economics. 739 00:51:40,200 --> 00:51:41,440 How much have you invested so far? 740 00:51:41,560 --> 00:51:42,680 Almost Rs. 3 crores. 741 00:51:47,680 --> 00:51:50,560 You've been through a very rough phase. 742 00:51:50,640 --> 00:51:52,920 How did you manage to save Rs. 3 crores? 743 00:51:53,040 --> 00:51:54,000 Just curious. 744 00:51:54,000 --> 00:51:57,520 I'll just say that my mom asked me to save up. 745 00:51:58,920 --> 00:52:00,760 So, that was a life lesson. 746 00:52:00,920 --> 00:52:02,480 I used to save some money every month. 747 00:52:02,640 --> 00:52:03,440 Lovely. 748 00:52:03,920 --> 00:52:04,760 Very nice. 749 00:52:04,840 --> 00:52:07,120 I had kept that money aside. 750 00:52:07,240 --> 00:52:10,240 That money came in handy during our difficult times. 751 00:52:15,720 --> 00:52:19,040 These savings come in handy when bad times are upon you. 752 00:52:19,320 --> 00:52:20,160 Well done. 753 00:52:55,000 --> 00:52:57,080 Do you track your M1 number? 754 00:52:57,160 --> 00:52:59,640 Say, you had x number of new users this month 755 00:52:59,800 --> 00:53:01,920 who bought your product for the first time. 756 00:53:02,040 --> 00:53:04,880 What percentage of those people bought your product next month too? 757 00:53:04,960 --> 00:53:06,520 Do you track this number? 758 00:53:06,760 --> 00:53:08,520 Sorry, Sharks. We don't have that number. 759 00:53:26,040 --> 00:53:28,240 What's your vision, because you're in three verticals? 760 00:53:51,640 --> 00:53:54,640 If a family wants to incorporate millets into their lifestyle, 761 00:53:54,800 --> 00:53:57,240 they need a holistic offer. 762 00:53:57,320 --> 00:53:59,520 So, you wish to offer customers a one-stop shop 763 00:53:59,760 --> 00:54:01,680 or a range. 764 00:54:01,840 --> 00:54:02,640 Yes. 765 00:55:15,360 --> 00:55:18,880 Look, I tried to understand the business on my end, 766 00:55:18,960 --> 00:55:20,680 but I found something to be fundamentally wrong. 767 00:55:20,760 --> 00:55:21,800 If you look at it, 768 00:55:21,880 --> 00:55:23,800 it has been six years since the business started 769 00:55:23,920 --> 00:55:25,600 and the numbers are not growing. 770 00:55:26,120 --> 00:55:27,480 And in any business... 771 00:55:27,480 --> 00:55:29,280 Across all industries, 772 00:55:29,400 --> 00:55:32,080 the one important number every business has 773 00:55:32,160 --> 00:55:33,560 is the repeat rate. 774 00:55:34,840 --> 00:55:36,080 I suggest that 775 00:55:36,160 --> 00:55:38,360 you start tracking this number, please. 776 00:55:38,520 --> 00:55:41,880 You're not tracking the most fundamental numbers in business. 777 00:55:43,320 --> 00:55:45,120 Rethink the business. 778 00:55:45,200 --> 00:55:47,760 I find something fundamentally wrong as of today, 779 00:55:47,840 --> 00:55:50,440 and so I can't be a part of this journey. 780 00:55:50,520 --> 00:55:51,680 I'm out. 781 00:55:53,120 --> 00:55:54,280 I'm also out. 782 00:55:55,280 --> 00:55:57,120 Firstly, it's great 783 00:55:57,200 --> 00:56:00,080 that you restarted despite the adversities. 784 00:56:00,240 --> 00:56:03,280 I think you need a reality check. 785 00:56:03,520 --> 00:56:06,040 This business is not investable. 786 00:56:07,600 --> 00:56:09,560 For the simple reason that as an investor, 787 00:56:09,840 --> 00:56:11,080 I won't get an exit 788 00:56:11,160 --> 00:56:13,720 because I don't see you getting that scale. 789 00:56:14,080 --> 00:56:15,960 So, don't be disheartened. 790 00:56:16,080 --> 00:56:18,040 Make good quality products. 791 00:56:18,240 --> 00:56:21,720 This is not investable from my exit perspective. 792 00:56:21,880 --> 00:56:23,200 - Thank you. - Thank you, ma'am. 793 00:56:24,760 --> 00:56:26,320 I don't agree with Azhar 794 00:56:26,400 --> 00:56:28,880 that you're not growing and your numbers are not showing. 795 00:56:30,760 --> 00:56:32,800 I believe you're not measuring certain numbers. 796 00:56:32,920 --> 00:56:36,000 It's not like you've gone from Rs. 2 crores to 4 crores 797 00:56:36,240 --> 00:56:37,680 with really bad numbers. 798 00:56:37,800 --> 00:56:39,240 Somewhere, you're doing good. 799 00:56:40,560 --> 00:56:43,520 The problem is... You've come to ask for Rs. 50 lakhs. 800 00:56:43,600 --> 00:56:44,480 - Rs. 1 crore. - 1 crore. 801 00:56:44,600 --> 00:56:47,280 Yes, but it's not enough to grow the business. 802 00:56:48,320 --> 00:56:50,480 It needs a lot more money 803 00:56:50,720 --> 00:56:52,800 and a solid team. 804 00:56:54,040 --> 00:56:55,160 I don't think 805 00:56:55,320 --> 00:56:57,680 seed investment is going to help you. 806 00:56:57,760 --> 00:56:59,040 So, I am out. 807 00:56:59,960 --> 00:57:02,080 I genuinely think you're doing well. 808 00:57:02,160 --> 00:57:03,480 So, scale it a bit further. 809 00:57:04,440 --> 00:57:06,160 Get a strategic investor on board. 810 00:57:06,320 --> 00:57:07,600 Exactly, that's what we want. 811 00:57:07,720 --> 00:57:09,800 Best of luck, and I think you're on the right path. 812 00:57:09,920 --> 00:57:11,800 I'll surely be a customer. Thanks. 813 00:57:12,600 --> 00:57:13,640 I liked you guys. 814 00:57:13,760 --> 00:57:15,360 You told us about the product in detail. 815 00:57:15,440 --> 00:57:17,640 I didn't find the business really scaleable 816 00:57:19,280 --> 00:57:21,000 as we moved on with the margin structure. 817 00:57:21,800 --> 00:57:23,480 If I join you as an investor, 818 00:57:23,560 --> 00:57:26,400 I don't feel I'll get a chance to make returns. 819 00:57:26,560 --> 00:57:29,160 I could advise you separately beyond the Tank, 820 00:57:29,240 --> 00:57:30,960 but I am out today. 821 00:57:31,840 --> 00:57:32,760 Tell me this. 822 00:57:32,880 --> 00:57:35,680 Do you have an idea of the projected sales and profit for next year? 823 00:57:36,440 --> 00:57:38,280 We will grow organically in the same manner. 824 00:57:38,400 --> 00:57:39,400 And in July... 825 00:57:39,480 --> 00:57:40,600 You did good. 826 00:57:40,680 --> 00:57:42,080 First three years, you struggled. 827 00:57:42,240 --> 00:57:45,120 After 2023, you did very well at 100% growth 828 00:57:45,280 --> 00:57:46,520 without additional funding. 829 00:57:46,680 --> 00:57:48,240 Will you do it in the next year too? 830 00:57:48,440 --> 00:57:49,520 - Yes, definitely. - Definitely. 831 00:58:00,360 --> 00:58:02,520 Well done. I've understood your story. 832 00:58:03,840 --> 00:58:07,080 - I liked your transparency and simplicity. - Thank you. 833 00:58:07,160 --> 00:58:10,040 The struggles you faced in the steel business 834 00:58:10,040 --> 00:58:11,720 gave you nerves of steel. 835 00:58:11,920 --> 00:58:13,640 So, you're a seasoned player. 836 00:58:14,680 --> 00:58:16,040 I don't understand... 837 00:58:16,120 --> 00:58:17,840 Well, to build this brand, 838 00:58:17,960 --> 00:58:20,240 - I think you need some support and some advice. - Right. 839 00:58:20,320 --> 00:58:21,720 Why do you need money 840 00:58:21,800 --> 00:58:24,440 and want to be embroiled in the same mess again? 841 00:58:24,520 --> 00:58:26,120 I think it's a wrong move for you. 842 00:58:27,400 --> 00:58:29,680 You need to hire a brand consultant. 843 00:58:29,760 --> 00:58:31,920 This is not going to help you build the brand. 844 00:58:32,200 --> 00:58:33,240 It's too weak. 845 00:58:33,400 --> 00:58:35,120 The print isn't legible at all, right. 846 00:58:35,280 --> 00:58:37,840 So, you need to seek help on that front. 847 00:58:38,000 --> 00:58:39,760 I am out, but good luck. 848 00:58:39,840 --> 00:58:41,200 I enjoyed listening to your story. 849 00:58:41,400 --> 00:58:42,920 [sombre music playing] 850 00:58:44,000 --> 00:58:44,960 All the best, guys. 851 00:58:45,120 --> 00:58:46,720 Thank you, Sharks. Thank you. 852 00:59:52,960 --> 00:59:54,640 Friends, welcome to Ask The Shark. 853 00:59:59,480 --> 01:00:01,640 - Welcome, sir. - Thank you, sir. 854 01:00:01,760 --> 01:00:05,080 Sir, today's question is by Shivansh Dighe from Pune. 855 01:00:05,320 --> 01:00:06,480 He's a big fan. 856 01:00:06,560 --> 01:00:07,920 He says, 'Hi, Azhar.' 857 01:00:26,560 --> 01:00:29,000 - does not have a huge impact on your business. - Okay. 858 01:00:29,200 --> 01:00:31,160 If you wish to get investment for the business, 859 01:00:31,240 --> 01:00:33,920 your numbers are the only thing that matter. 860 01:00:34,160 --> 01:00:37,360 If your numbers are good and you have customers...