[intense music playing]
[upbeat music playing]
[music fades]
[theme music playing]
Date one after another!
Instead of justice, what we get is a series of dates.
This is an iconic
Bollywood dialogue from 1993.
that we need 70% more judges
to handle so many cases, then how can we blame the courts?
We had one question.
Is it possible to resolve
your legal case at home amicably
instead of going to court using online resources?
And we got the answer. Online dispute resolution.
Our core mission statement is,
'Resolve matters, but do so with affection.'
- Aka Sunny Deol. - Hello, Sharks.
And in our legal community,
we have more than 3000 lawyers and mediators
It takes 3 months to solve your legal case.
dispute resolution services.
To achieve our vision, our ask is
Rs. 1 crore for 1% of the company.
- Amicably! - Yes, amicably!
My mom is an entrepreneur, while others are engineers.
My mom is the happiest in her profession.
- So, I thought of giving entrepreneurship a try. - Great!
A Supreme Court judge visited our college.
He spoke about the amount of work they put in for justice.
I inquired why they were taking so many days off
despite numerous pending cases in India.
He looked at me and laughed.
He laughed at my ignorance.
And he told me the reality of being a judge in India.
That's right.
- Their job is difficult. - It's difficult.
He used to handle 150 cases himself.
6 minutes per matter.
My question was,
how can we help the courts?
He said, 'Pranjhal, don't come to court.'
Try to settle the matter out-of-court,
and try to use technology.
In 2015, it started.
- Finding engineers for lawyers can be challenging. - Yes.
We started this together.
Despite that,
the platform was ready in a few years.
We thought we would get cases.
We didn't get a single case.
[laughing heartily]
We initiated a campaign called Indian Mediation Week.
We decided to create demand.
We went on the street...
Akshetha is a very good singer. She gathered the crowd by singing.
We distributed pamphlets.
We performed a street play in court.
We went inside the court to say, 'Don't go to court.'
The lawyers were threatening us.
'How dare you attack our bread and butter?'
Despite that, we distributed pamphlets. We got 12 cases.
In 2019,
started with the E-ADR Challenge. You can say a tender.
Around 72 ODR companies from 12 countries participated.
Fortunately, we got that contract.
This is a brief journey from 2015 to 2019.
She cannot decide who is right.
That is mediation.
In the same scenario where we have a dispute
and we go to Akshetha, who is an arbitrator,
she would make an effort for settlement.
But if we are still unable to reach an agreement,
then she can decide that
Pranjhal is right.
- The bank is right. The customer has to pay an amount. - Correct.
There is not much difference between arbitration and court.
You can say that arbitration is a private court.
- But is it fine if a mediator isn't a judge? - Arbitrator...
Tell me about the qualifications. Just a graduate? Any graduate?
Any graduate. But we can also say it's not necessarily a lawyer.
As mediators, you will see ex-bankers,
lawyers, psychologists, therapists, and CAs.
We have two types of requirements.
There is a mediation law in India.
The government prefers mediation over going to court.
But the point is, if someone is having a disagreement,
Our model is B2C.
They added our clause to their contract.
If there is any dispute, they will go to Sama.
Sama will attempt mediation initially,
and if unsuccessful, Sama will proceed with arbitration.
Our clause is already in the contracts.
- This is how... - But why?
But powerful individuals would opt to use
legal threats as weapons to get what they want.
Correct!
Why should I choose mediation? I want a court threat.
The banks face a couple of issues.
- The court fees have increased significantly. - Correct!
Their disputes are under Rs. 20 lakhs.
They have to pay court fees of around Rs. 40,000
just to file the case.
We charge 1% for the entire process.
You are saying this is very efficient and effective.
- Yes! - Correct!
What are the three main purpose of your work?
- Our... - Maybe...
- If someone else could explain. - Yes.
- Then we will understand... - Yeah!
- And council fees too. - Absolutely!
They sat the entire jury down.
The Chief Justice of Bombay High Court,
Justice Srikrishna, was also present.
We weren't applying ODR as a foreign concept.
We spoke with real people about their cases.
Our USP is ODR with a human touch.
Because we don't want the defaulter to feel like a defaulter.
It's okay! You are in a difficult situation in life.
But let's get out of this.
Let's reach a shared agreement and find a middle ground.
We are compassionate.
We were doing this full-time.
There was also one comment.
If an untrained eye feels that they are not worthy
of this opportunity and are immature and inexperienced,
but they are passionate, they will make this work.
The jury mentioned this comment and announced us as winners.
Okay!
It's a good model. Was nobody else doing it?
In 2015, we were second.
There are 24 more companies.
Only 24? There will be more.
It's like a law firm.
I agree. The market is growing.
But our market share is around 40%.
your revenue is the highest?
Is there no competitor whose revenue is more than yours?
It might be comparable, but I doubt it's higher than ours.
If yours is 40%, how can your competitor have more than you?
- I agree. - That means you two will own 80% of the industry.
- Is that the case? - Basically...
- Yes! - Who is it?
There is a competitor called Presolv360.
So both of you own 80% of the market. This means
this market also follows the power law.
That 80% or 90% will be controlled by 2-3 players.
- Is that right? - You are right.
If you look at India's top 20 banks...
Top 20! Largest size.
50% of them are our clients.
- Bank loan disputes... - Understood.
How much business do you get from your top three customers?
Because you are not a typical unit economics type revenue model.
Tell us in detail about your income and your expenses.
We have two types of pricing.
One is slab pricing.
That was our income.
Now, coming to our mediation expense.
- Tell us that also. - Sure.
The flat fee model is more frequently used.
We've observed that after the mediation law was passed,
a lot of banks are asking for mediation rather than arbitration.
They give us a filing fee of Rs. 1,000
If you look at our revenue split,
We raised a round last year.
- Ah, that way. - Tell us.
- Okay. - Bengaluru-based.
- Okay. - We raised it through them.
What is the current Cap table like?
[laughter]
Aman causes disputes with love.
- How about a product demo? - Yes.
- Let's have a demo. - Sure.
Chanakya's maxim was 'sama, daam, dand, bhed'
which are the four ways of resolving a dispute.
'Sama' is the first which means talking things out.
We're at the first level, Sama.
Okay...
- Very beautiful. - Very nice.
Let's go to the demo, guys.
The demo you're about to see
is how a bank and a customer settle a loan dispute
without going to court or seeking a collection agent's help
- on the Sama platform as an out-of-court settlement. - Right.
They login to the system.
The bank's legal manager in Mumbai
can track the number of cases filed as well as those settled.
He gets a detailed analysis.
Suppose they see they have 3,000 NPs or defaulters this month,
they'll file the case.
They proceed to the next step and upload the Excel files.
They make Excel sheets for the 3,000 cases
and upload them.
Then they decide the process
whether it will be a mediation or an arbitration.
Suppose this bank has decided to go for an arbitration
which is a 90-day process.
Then he clicks on the arbitration tab.
Then we check the accuracy of the data
because it is very important data.
We notice that 3,700 cases are correct
and errors have shown up in 189 cases.
For instance, a mismatch in the data,
or the amount has been entered in the loan account number.
These cases are then filed.
Click on that file and you'll receive a confirmation.
Then the cases will be filed amicably.
Why do you keep saying amicably all the time? Were you beaten up?
You add amicably to everything.
File a case amicably. Take a chocolate.
We want to give a new image to lawyers and the justice system.
That's the intent.
I want to tell you
The process takes months.
Whereas it takes two minutes to file 3,700 cases here.
After that, a notice is sent to the parties.
They get a call to make a settlement as an initiative by the bank.
They're brought in.
An arbitrator is then appointed.
Is that your decision?
We have parameters in place.
- Okay, but parties can't appoint. - No, they can't.
- Okay, got it. - All right.
The discussion takes place.
- Is the demo done? - Yes.
Answer one question and then, I'll make you an offer.
How can the Sharks help you?
One thing for us is
five of your brains thinking about Sama would be great.
Secondly, as I said competitors are coming.
I feel a lot of fundraising is happening. So...
- Is it? - Now... Yes, sir.
- Has a competitor received funds? - Yes, sir.
I think Aman wanted to make an offer.
- Go ahead. - Sure.
- Aman, I want to join you. - Come on.
- We will give you an offer. - Namita and Aman will.
All right.
- I think we should go with your last valuation. - Okay.
Rs. 50 lakhs for 1% equity
I won't give you any debt.
- which is a lending marketplace of about Rs. 12,000 crores. - Okay.
All 35 banks in India have books with us.
If you want a long-term relationship,
Hey, good news!
Multi-Shark deal. Ritesh is joining us.
We're three Sharks.
We will match Rs. 1 crore for 2% equity too.
When we entered the market,
MNCs bigger and richer than us also entered the market.
I beat them for the last 14 quarters.
boAt has been number one in wearables in India.
So, that is what I will bring to your table
- Focus on the quality of Sharks. - Amicably.
Who's amicably and politely...
Notice who is agitated and who is discussing amicably.
I agree with him.
Our counter-offer is
if you could agree to a dilution of 1.5% equity.
Go out.
Think who is the right value creator for you and come back.
[pensive music playing]
Welcome back.
Here's our counter-offer.
Could we have an all-Shark deal?
No, that's not happening.
- That leaves us with nothing. - Not among five of us.
- The equity is negligible. - You came down to 1.5%
which is 0.5% per Shark.
Okay, not all five.
Is it possible to increase the amount from Rs. 1 to 1.5 crores
Okay. All right.
- Then our leaning is Ritesh, Namita and Aman. - Thank you!
- You made the right choice by the way. - And...
Someone said, "This isn't selling audio!"
Someone said, "I'm the king of tech!"
Oh, my! I feel bad for them.
[laughs]
I felt really bad!
- "I'm the king of tech!" - It's okay.
- All right, then.
[camera shutter clicking]
All the best, guys.
- Loved meeting you. Amazing... - Thank you.
- Thank you so much.
[joyous music playing]
[theme music playing]
[theme music fades]
Sharks, what do you think of the products?
- Very nice. - Wonderful.
It's good and soft.
Can you guess what this is?
Cotton cloth...
Let me tell you.
Five types of natural fibres are found in the world.
We have invented the sixth natural fibre
and the rest 350 gm is waste
produce about 30 lakh metric tonnes of waste
of Butchery Chicken Waste
which goes into landfills and water bodies.
This waste sure is biodegradable,
I realised that we could create the best out of this waste.
That is how Golden Feathers was born.
and collect this waste.
Sharks, our ask is
Radhesh, Muskan and Abhishek!
- Welcome to Shark Tank Season 3. - Thank you, sir.
This sounds like a new invention.
- You've been granted a patent. - Yes, sir.
- Is this the first to be done globally? - Yes, sir.
What are your backgrounds? How did you even discover this?
Sir, all three of us have a background in design.
When I was working at the Indian Institute Of Crafts & Design
We had many students in our class.
Some worked on plastics and others on sanitary napkins.
They all worked on different kinds of waste.
I am a food lover, so I decided to work on food waste.
So, I used chicken waste.
It wasn't my motive to invent the sixth natural fibre.
Then I took heed of its properties.
Like whether it had dyeing properties
and spinnable properties.
After all these tests,
I was finally able to spin it in 2016.
I still didn't get your invention.
What have you invented that is converting the waste?
What is the process?
Sir, the sanitisation process is completely natural.
If you introduce any fabric or fibre
to any chemicals or hard chemicals, washing chemicals for instance,
then the feathers get diluted and lose their properties.
So, the process is elaborate. First, a steam at 100 degrees.
The waste can cause 40 types of flu.
If we need to touch the waste or ragpickers need to,
how do they do that?
For that, we process it in 100 degrees steam,
then wash it with soapnut,
The entire process needs to be carried out within 24 hours
because our units are receiving more waste.
So, creating a value chain system
and in the first wash, using the least amount of water,
- carrying it out... - Have you invented a special machine?
I still don't get it.
- What was the patent granted for? - The process.
What is it exactly?
No one apart from you is using this waste...
They cannot make it using natural methods.
This is hand carded fibre.
Once the feather is thoroughly sanitised,
we send it to tribal women.
- So, it can only be made with feathers. - Yes, sir.
Post sanitisation, we segregate it.
Not mechanised.
Sir, the main motive of our company
is that we do not fully automate it
in line with our vision to provide livelihood.
There are quite a few tribal belts...
How many people work for you?
Sir, currently, 1,200 tribal women...
- Full time? - 200, sir.
- This is order based. - Where are these women?
In which states?
- On the verge of being sold. - Of being sold.
We went there and trained those women.
They were skilled weavers.
We taught them our technique.
We bought some part of the land of that NGO
so that it does not get sold
and those women could work from there.
- So, you helped them become successful. - Yes, sir.
What is your fibre called?
whereas this is woollen fibre
and if you see, pashmina costs Rs. 10,000 to 15,000 a metre,
or for a shawl.
You have made a woollen or a natural sixth fibre.
If you really have done that
and as you claimed, you have invented the entire process
and is also patented,
then why don't you sell that fibre or yarn
to other providers who manufacture fabrics and garments?
Why are you making products?
Sir, what happens is
when a new product comes into the market,
we need to spread awareness
of all the things that can be made from it.
This was the reason I made 386 different products
That is in our business model.
57% of our business will come from the sale of fibres.
For that, we will need to train people on a large scale
and we cannot put this on hold until that is achieved.
So, at the basic starting level,
we are spinning the fibres to make products
and creating an awareness.
Don't people get disgusted
about it being made from butchery waste?
People who are vegans have an issue with it.
But its ratio...
Okay! Are you claiming that this is meant for meat eaters?
Sir, you can say that those who use leather can use feathers.
The pashmina shawl is made from sheep's wool.
That is sheep's wool. Also...
There is a difference between sheep's wool
and butchery chicken waste.
- I agree. - If you look at our product
- you won't know... - Acceptance takes time.
I won't know what it's made of if I look at it.
When I ask, I know what it is. That's the concern.
Goose down feathers also come from birds.
- It undergoes cruelty... - It is stuffed
- in pillows. - It's not cruelty-free.
Acceptance takes time, but it eventually happens.
Two questions.
Why Rs. 5 crores? And why Rs. 100 crores valuation?
How much is your current sales?
It's Rs. 94 lakhs.
Who will give you 100 times sales?
- Rs. 1 crore last year? - That's for the last six months.
Last three months revenue.
How much sales will you generate this year?
- This entire year! - Around Rs. 1.5.
Ma'am, this is a fibre
that's driven by market demand.
If we want to sell feathers,
we have enough raw material. If we only sell feathers,
then we can easily achieve around Rs. 40 crores in a year.
Investors don't invest based on aspiration.
You must have a certain sales figure
for a Rs. 100 crores ask.
I have my doubts about your abilities as an entrepreneur.
How can you expect to ask
for Rs. 100 crores with only Rs. 1.5 crores in sales?
Your mindset is a bit concerning to me.
Firstly, our innovation
won a German design award. It's the world's best design award.
- Awards don't contribute to sales. - Ma'am!
Ma'am, let me finish.
To start a train business,
we have to lay the tracks and we need investment.
To reach a business worth Rs. 100 crores,
we'll require an investment of Rs. 5 crores.
What will you do with Rs. 5 crores?
We would invest in fillers and fibres,
and also expand our operations. We would focus on marketing.
The market is not in India, ma'am.
There are 80 countries worldwide
with cold climates where these fibres are sold.
Have you raised money? Is that why the valuation is so high?
How much have you raised?
I've raised Rs. 30 lakhs for 6%.
- In which year? - 2019...
- 2020. - In 2020.
Sir, our company didn't receive a patent back then.
Our company was published. Now, we have a patent.
I am confused about something.
You mentioned you have a patent. That's great!
I am impressed.
Your sale is Rs. 1.5 crores this year. You said that.
This means, there is no demand for your products yet.
If there was a demand, it would have sold like hotcakes.
I believe the margin structure should be excellent. How much is it?
Sir, 100%.
If the margin structure is so high, then there is a problem with demand.
If your product was in demand,
the sales of this new innovation would've been at a peak.
Many companies have requested 40,000 tonnes of raw materials annually.
But we don't have the capacity to supply that.
You only made sales of Rs. 1 crore and you are giving me high hopes.
How much is your maximum capacity? You've employed 1,200 people.
We process 200 tonnes per month.
- How much did you sell this year? - We are selling around 25-30 kilos.
- You said you have one tonne's capacity. - Two tonne.
Two-tonne capacity. That's good.
I only sell 30 kilos, right?
You want to install more production plants. How does that make sense?
Sir, there are three processes in production plant.
First is feather process cleaning.
The second is product development.
And third, is designing.
We already have a processing plant.
- One tonne? - Yes, sir.
We have a base in Pune of 2 tonnes.
- If you get an order, can you make 2 tonnes? - Yes.
You are not accepting that there is a demand shortage.
The market lacks availability for that.
We cannot go abroad if we are in India.
So, I can conclude that...
I am out. This is my answer.
I don't want to know more.
Because I don't think you realise the requirement for this.
You need sales.
And I would have asked how much they want.
This business would be pure B2B to start with,
where you are introducing new fibre in the market.
If the fibre is good, it will lap up like anything.
To me, your strategy is not clear.
I'm not sure if you know how to run a business.
I am out today. There are four more Sharks.
I am also out.
Because I think entrepreneurs should have realistic thinking.
Based on the revenue of Rs. 1.5 crores,
you are asking for Rs. 100 crores.
I am not liking your thinking.
And that is why I don't wish to be a part of your business.
But I hope it's a revolutionary product
that makes India proud. So, wish you the best.
I still cannot digest Rs. 5 crores.
Why do you need Rs. 5 crores?
Secondly, I don't believe in your innovation.
I can't invest in what I don't believe in.
I cannot give you Rs. 5 crores. Unfortunately, I am out.
[tense music playing]
I think if you hire a good business executive
who belongs to this industry and has sold such products.
Because you don't have that,
I am out.
But I definitely want to give you something.
I want to donate Rs. 10 lakhs
to the NGO you are associated with
to help them expand and create more job opportunities.
But I cannot be a part of this deal.
So, I am out.
I think that you don't have a product-market fit.
Right? That is why you are selling other products as well.
Yarn, feather, fabric, and final product.
When someone doesn't have product-market fit,
they try all of this, hoping for it to click.
For that reason, I am out.
- Good luck! - All the best, guys.
[theme music playing]
[theme music crescendos]
[theme music playing]
- Greetings, Sharks. - Greetings.
"Chintan prayog!"
If there is a big explosion in the universe,
Let's try to understand it better with the help of Myracle.
We'll see the air particles in Shark Tank with the help of Myracle 4D.
Hmm.
- Sound travels through the air in the form of waves. - That's right.
The vibrations of the air particles
help the sound reach our ears and we can hear the music.
[water bubbling]
The music stopped and Sharks
are underwater for the first time in history.
[Anupam chuckling]
At least, these Sharks.
Let's go underwater and see what happens.
We can hear the music underwater
because sound travels in waveform even through the water.
So we can hear the music travelling through the water.
Now, I'll empty this Tank of water as well as air.
[water whooshing]
All the water and air particles are gone.
- Hmm. - Now, there's just a vacuum.
The vacuum doesn't have any particles.
Now sound can't travel
It's an interesting way of explaining something.
- Thank you! - Very nice. Kids will love it.
helps you understand a difficult concept easily.
Currently, around 7 lakh schools
have one microscope per 200 students
get shattered because of this huge infrastructural gap.
Myracle unlocks
It just requires a mobile device
It'll help replace
- Very impressive. - Thank you.
We'll gain a deeper knowledge of your product
but first, let's understand you more.
How did you develop an interest in it?
I was raised in Mumbai.
I pursued a bachelor's degree in engineering
- with computer science. - Which college?
There's a company called N26.
It's in Berlin. I spent four years over there.
I was the head of 65 mobile engineers before I quit.
When did you start this company?
I began my full-fledged entrepreneurial journey in 2020.
So you started after coming back from Germany.
Currently, I'm travelling between Germany and India.
- Basically, I'm in an in-between stage. - What do you mean?
I stay in Mumbai for 4-5 months a year
and in Germany for the remaining year.
What do you do in Germany for eight months?
I have a company in Germany.
- Is it Myracle or some other company? - We've two legal entities.
One company is in Berlin, Germany,
Cerebranium India. Both companies are mine.
India's team helps the German team
run their operations essentially.
In the meantime, the Indian team utilised the capital
and built the Myracle product.
Are they related to each other anyhow?
- Uh... - In terms of shareholding.
- They aren't related in terms of shareholding. - They're independent.
- Where do you want to sell? - To the entire world.
- I'll start from India. - Your first market?
So you'll have to stay in India.
- What is your plan? - I often face this question.
"If your market is in India, why don' you stay in India permanently?"
- Exactly! - It's a fair question.
I observed a detail-oriented approach in Germany
in small things. For example, the way the taxi doors close.
- It's just perfect. Somehow. - [laughing]
- The detail-oriented... - What is he saying?
It can be learned. Learn detail orientation in Germany
- but we must move to the place where we want to sell. - Correct!
- Right. - Do the taxi doors close better in Germany?
- No. My point is... - First, stay in India.
- He likes the precision over there. - It's culturally...
It's culturally ingrained in people.
One can absorb that culture only if you live there.
India's hustle is at a high level.
I'm not convinced with your answer.
Lying to ourselves is called delusion.
If your market is in India,
talking about the engineering and the precision of doors...
You are fooling yourself.
You must move to India as soon as possible if your market is here.
[intense music plays]
- What is your product? - The product helps us understand
science experientially in the physical world.
- Can you show us a few more demos? - Yes. Please show us a few demos.
Sure.
[ethereal music playing]
You can download Myracle through the Google Play Store or App Store
and try it out.
Our main business is generated
Let me give you an example of the human anatomy.
So we can move close to it
It's AR, Augmented Reality.
What are you teaching?
This is a human body structure
and suppose we have to understand a specific part.
We'll touch that body part
and a detailed explanation will appear below.
A teacher must hold a tablet
- and have a smart screen in front. - Exactly.
Projectors can also be used.
I have a video.
The children were sitting, right?
You couldn't involve them physically.
As you are experienced, you know that many such applications
- are being used in different industries. - Right.
- The visual you provide... - Yes.
Do you think it's good enough?
How is the quality?
I would say, we score 6/10 right now.
I'd rate it 1/10 as compared to what I have seen.
- Sure. - Ooh! That's heavy.
You are far behind.
We built it for the first time seven years ago.
- Right. - The technology is way advanced now.
You did a poor application of this technology.
I hope you agree this technology has existed for a long time.
You found its application. And then?
Your modelling team is weak.
You don't have quality designers to design this model.
I think it's a low-quality product.
It's a few steps ahead
of what is used in classrooms right now.
What is your invention? It has 2-3 things. Right?
First is the platform.
- Hmm. - Many people do it.
Microsoft and Google provide such applications for teachers.
- Right. - To create one's own content.
The second thing is the application.
Suppose you chose biology
and you created specific tools for that subject.
- The third thing is the content. - Right.
Where they talked about the imagery.
Which area do you cover? Do you specialise in all three?
We are building it by combining the three areas.
It includes technology, pedagogy, and creativity.
I say, "okay, I like this but I want to customise it."
Will I be able to do it on this platform?
- Okay. - We need to create a few examples before authoring.
I want to give you a demonstration to answer your questions.
Let's take the example of a microscope.
Suppose we prepared the slides.
Then we select the slide of onion peel
and place it under the microscope.
When we use the real microscope,
we are able to see the onion peel in the ocular view.
In the same way, we incorporate the physical movement here
and adjust the focus knobs of the microscope
to see different layers of the slide.
It helps us see the real structure of the onion peel.
It's the missing piece today.
Many tools out there can't do it.
In a similar fashion, we can step out of it.
Our physical movement is a part of the experience.
This is our new application.
AR is ten years old. You are absolutely right.
uncomfortable and unfamiliar too.
They'd need 5-7 years to become a norm.
If we introduce spatial computing to everyone
We can.
- You just held the screen. - You are just moving to and fro.
You aren't helping adjust the magnifying glass
and place the slide. We aren't doing any of it.
- Suppose I have an app. - Hmm.
I have three slides and a magnifying glass.
Then I use my finger to select the object
- and without walking I drag... - Drag and drop.
- I dropped it. - Drag and drop.
- Then I'll pinch and zoom the slide. - Hmm.
It'll give me a feeling of reality
and help in immersive learning. Your innovation is the same.
The only difference is that you captured the entire environment
which increased the relatability.
- Right? - That's important.
But is it worth the money you will charge somebody?
I'm not sure about it.
What is your revenue model? How much do you charge?
- We give annual subscriptions. - What's the cost?
So they get something at least.
Something is better than nothing, essentially.
That's the approach we have taken.
You have heard about Atal Tinkering Labs. Right?
Different kinds of 3D models...
Currently, science labs cost Rs. 35-Rs. 40 lakhs over five years
to set them up and maintain.
Comparatively, Myracle promises a 90% ROI currently.
In reduction of cost.
Where do you see yourself in three years?
Our vision is to touch 1,000 schools.
Right.
Schools won't help you achieve a bigger vision.
You must build something
so that the students are attracted automatically
and they start giving a subscription fee.
Millions of children start buying it.
That could be scalable.
Our model is B2B2C.
Then they start using it.
They don't use it. They might use it.
They do. We see a spike in downloads.
How many students are active daily?
- Um, I don't have the number. - He doesn't have. Please move on.
- Omkar, I'll tell you my issue. - Sure.
The vision is secondary. Okay?
I have a problem with your product.
Hmm.
I don't find it exciting.
Kids nowadays have a zero attention span.
You are still pre-revenue.
You aren't yet established so we could be sure it works.
So for that reason, I'm out.
Thank you.
I believe that education
- and skill development... - Hmm.
It's the foundation of a country.
- If your product was 10x better, I'd have taken a bet. - Hmm.
I think the product is sub-standard.
There's something called the quality of a visual
- and also the way we learn. - Hmm.
We must be impressed by the unique way of teaching.
The creativity level should be high.
I didn't get that feeling.
For this reason, I'm out. I wish you all the best
- in building something big. - Thank you.
- This can change the nation if you do well. - Thank yo
Do you know there are companies already doing it
and selling it in the US only recently?
A company launched a product exactly like yours
but on a platform basis.
All the tools and content are available on the platform
on a modular basis.
We can choose a curriculum out of the box or make our own.
Bottom-up, teachers adopt it
- as against selling them in schools top-down. - Right.
When we do that, the CAC and LTV will never be adjusted.
One operating cycle
of an Indian school run by trustees
is around two years.
When your operating cycle starts,
the previous school acquired by you earlier will leave you.
- You must sell more. - The cost of sale will be higher
because you'll have to send skilled manpower as you charge Rs. 75,000.
You'd incur that cost too.
There's a saying, too little too late. Right?
I have that feeling. You didn't even talk about GenAI.
Do you know what Generative AI has done?
All these models lost meaning.
Now people are thinking,
"How do I provide capability instead of content?"
You have been already disrupted before you started.
So I can't invest in this.
- I'm out. - I understand. Thank you.
- My advice is... - Hmm.
Focus on a few schools
and think about,
and provide superior quality of education and products
that I will beat everybody hands down
not just in the quality of content but the price as well.
Since you do not yet have clarity
on whether you must fight for a product-market fit or not,
- that is why I am out. - Thank you.
Unfortunately, I am out as well.
If you spend some more time in India,
you will see
that the development in terms of science over here
is way beyond what you showed us.
You seemed a little far from reality.
Take a flight and spend more time in India.
You'll know much better.
Unfortunately, bye. I'm out.
- Thank you very much for your feedback. - Thank you.
- All the best. - I do really appreciate it.
- All right, Omkar. Good luck. - All the best.
Best wishes, thank you.
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