[music playing]
[theme music playing]
[theme music concludes]
Greetings, Sharks.
the women working in the villages
When I learnt about this,
I thought why not start a business
- that would empower at least 10 lakh rural women? - Nice.
That's how FarmDidi started.
I did many projects during my MBA like supply chain and marketing,
but one project was really close to my heart
which was working with the Bihar Government.
The various development areas
were health, education and law and order.
Women empowerment was an important topic too
and that's what I chose.
When I quit my job,
I vowed to do something to help empower women.
Not just one, but lakhs of women.
So, I began working in that direction.
To work in this sector, I lived in the village
and observed things.
How those women work,
what their natural talent is
and which activities could generate income for them.
Nowadays, every woman cooks food at home.
So, they possess those skills.
We merely had to provide them with a platform
where they could use these skills and earn income.
Today, our Didis are preparing
traditional village-style pickles and chutneys.
We need your blessing to achieve our aim rapidly
Sir, one thing was clear.
When we quit our fancy jobs to do something,
we wanted it to be really big.
We didn't want to quit our jobs to start a small business.
We wanted to hustle. Vineeta always says that.
Then why not make something big?
So, this isn't just business.
- It's a purpose-driven business. - Yes.
- This is quite a serious problem. - Yes.
Tell us more.
I want to hear about these fancy jobs
and your backgrounds.
I did my engineering from Amravati
- in Computer Science. - Okay.
I pursued my MBA along with an IT job.
- I have a good 16-year experience in IT. - Okay, great.
- I did my schooling in Bahadurgarh. - Nice.
I used to take the Haryana Roadways to travel to Delhi University.
- from Bahadurgarh to Delhi daily to Ramjas College. - Nice.
After which I worked in the technology sector
with Infosys and Wipro for five years.
Asmita and I were roommates in Pune.
Then I did MBA from IIM Kolkata.
What projects did you handle at A.T. Kearney?
With the government in banking and finance
and FMCG sectors.
What type of projects?
Financial due diligence and go-to-market strategy.
I did commercial due diligence in KPMG.
[soft chuckle]
- And you? - I did my schooling in Lucknow.
My father holds a government job.
I studied at DPS in Greater Noida.
I was in Delhi Public School, R. K. Puram.
- Me too! - Then...
[Sharks laugh]
I'm a mechanical engineer from Delhi College of Engineering.
Mine was a campus placement. I worked with Maruti for 2 years.
Then I did my MBA from IIM Kolkata.
We kept in touch after that.
I heard about FarmDidi and our visions aligned.
Then we joined.
So, all of you quit your jobs to start this venture.
- Yes. - Yes.
That is because you thought this would make more money.
It was because... If I were to put my point forward,
I wanted a business model that was sustainable and scalable
and would be fun to execute.
When you go home at the end of the day,
you should feel you've done something worthwhile.
I wanted that peace of mind too.
Do you have that contentment in this work?
Yes, sir. Absolutely.
That's why we travel to villages and talk to women. It feels great.
We listen to their stories.
No matter what the current scale of the impact is,
- visualising it brings us joy. - Tell us some stories.
What impact did you bring about when you uplifted lives?
This one woman has a son.
The women around her are sending their children out to study.
I mean, to good schools outside Maharashtra.
She, too, wants to send her child to a good school.
The ones who associated with us made good money
and were able to enrol their kids into those schools.
They always express their gratitude
that they could send their kids to good schools because of us.
This one woman has a daughter
whom she was never able to gift a pair of gold earrings.
She got orders because of us and made money
and was able to gift her daughter a pair of gold earrings.
She told us she was happy she could do this thanks to us.
There's a widowed woman
who now commands more respect in the family because she's earning.
- There are many such examples... - That's lovely.
You're not content, you want more.
Ma'am, the company was registered 2 years ago.
I remember, I recently had a conversation with a FarmDidi.
She said she brought something to eat and would ensure I got it.
- Food! You hog! - Sure. Should I bring them?
- Yes. - Please taste it.
I was just reminding you about what she said.
All right.
- Aman, your image needs to be changed. - Why?
In every season, you come across as a perennial hog!
If I'm not me, then I'm not me.
[laughs]
I love sitting here. I get served first.
- Oh! - [Sharks laugh]
This is unfair.
- Unfair. - This is poppadom with chutney and pickle.
Your timing was amazing.
Thank you, Anukrit.
Firstly, there's Mango Pickle.
Mango pickle is everyone's favourite.
I really like how you've served this.
- Very nice presentation. - Thank you.
- Very nice. - The pickle is yummy.
Thank you.
We've signed an MoU with the Maharashtra Government.
We arrange a Zoom meeting with them and educate them about the app
Won't different people use a different quality of tamarind?
No, sir. We have fixed vendors who provide tamarind
Our team goes there
and teaches them the various recipes in detail.
Our team stays with them
until we're convinced that the Didi is self-sufficient and can make it.
- is written next to Manufactured By on the label. - Yes, ma'am.
I was checking whether the name is the same on every jar,
- but the name is different on every jar. - Yes.
They must really like it that their name is on the product.
Not only income,
you derive a certain respect by putting the name on the label.
- I've never seen this elsewhere. - Very nice.
I had to point it out.
Let's get down to business.
We have Didis who are trained and can be given business.
What are your sales channels?
What's your pricing?
Compare it with Mothers Recipe and tell us how much higher it is.
- There are products that cost more than us. - Rs. 2,000 a kg.
I see!
Do you think people will buy it
in the long term at a larger scale at 2x the price?
Sir, in the long run, our expenses will come down too.
versus later, when you'll be spending Rs. 3 crores.
- Correct. - Ma'am, taste is what sells in India.
When the price point becomes a barrier, the trials stop.
Look. Many companies out there
employ self-help groups to make their products
that taste like home-made food.
In this category, the flavours are based on the regions.
Gujarat will have a different pickle and so will Andhra Pradesh.
We need to penetrate the market more in this category
by introducing regional flavours.
That would only increase your SKUs.
- How will the sales increase? - Ma'am...
I believe this brand can touch Rs 50 crores in online sales easily.
Then we need to enter offline
plus I feel pickles have a huge potential in terms of export.
You don't have an action plan. You have ideas,
but you're not clear exactly how you'll achieve it.
Are you profitable? What's the margin in your business?
The gross margin is 65%.
No, ma'am. We're profitable as per the unit economics.
- Technically, the profitability is at the company level. - Yes.
You've studied Management.
How could you ask for a valuation
of Rs. 25 crores against sales of Rs. 1 crore?
Was there a prior round?
- Yes, there was. - Yes.
- Oh! - At what valuation?
At a cap of Rs. 20 crore valuation,
- we raised funds at convertible debentures. - Ah!
From whom?
From IIM Calcutta Incubation Park
Are you the CEO of the company?
Yes, I'm the Chief Didi.
Our expenses are met and we're currently happy.
I really loved the taste of your products.
I definitely think there's a market for handmade things.
You've asked for a valuation of Rs. 25 crores.
Your sales are Rs. 1 crore.
Optimistically, I couldn't give you a valuation of over Rs. 5 crores.
I think you made a mistake by accepting Rs. 20-crore valuation.
You should have asked for a valuation
as per your sales, and not as per your ambition and future sales.
That is my sincere feedback. I'm out.
As they say, "Sometimes, you make your own luck,"
"and sometimes, Mittal does it for you."
So, I'll make you an offer.
I don't think this valuation makes any sense.
- It's a very tough decision for you. - Okay.
You'll need to completely reset your previous round.
Okay.
Rs. 50 lakhs for 10% equity.
- It's a valuation of Rs. 5 crores. - Okay.
Straight equity.
We started 1.5 years ago.
- We have 15,000 Drishti Didis associated with us. - Wow.
They don't make Rs. 5,000 to 10,000 like your Didis
- but they make about Rs. 3,000 to 5,000... - Okay.
Just by checking the eyes of people.
I believe I could be of great help.
They're in the Rajasthan belt.
You could get them to do this
because that may not be full-time, right?
Their income level will grow to Rs. 15,000
and demand generation could be done.
And because your background is so stellar,
I will also give you the same offer.
I would actually like to partner with Anupam,
if Anupam is okay of course.
We have 3,500 women on board.
Employing those women comes with its own set of problems.
- It's not just about the women. - Hmm.
- Yes. - It's about them not having that support.
The barriers to make that mission happen,
which is an almost impossible-sounding mission...
If your goal
does not drive you for the next 40 to 50 years,
then it's not worth it.
Yes.
So, I will give you an offer which I think is fairly steep.
I want to do this solo
because the product and your mission seem really exciting.
I want to learn about the women and Didis you work with, okay?
I offer you Rs. 50 lakhs for 5% equity
From 5 to 10 crores! Well done.
Vineeta's offer is good.
Unfortunately, I am out.
You've already gotten the help.
She will surely gain expertise in selling pickles.
I think the offer you've got,
I can't match in terms of the valuation.
So, I'm out.
If Peyush wants to do it at that valuation, he can do it alone.
My offer is the same. Rs. 50 lakhs at 10% equity.
I think Vineeta wants to go solo.
If she didn't want that, I'd have joined in.
Vineeta, may I ask why you wish to go solo?
Peyush will really bore me.
- Yes. - [laughter]
That's true.
It's a small deal.
- No scope for a multi-Shark deal. - Guys, let's make a decision.
- May we take some time? - You may go and decide.
[pensive music playing]
Welcome back.
Firstly, thank you for the offer. We really liked it.
When I set up the company,
- We will structure it as equity plus advisory... - Yes.
At Rs. 20 crores valuation.
- The remaining shares will be in the form of advisory... - Yes.
You will carve out additional equity and offer it to me.
Right?
Peyush, we want to associate with you for Drishti Didi.
You know what? Let's make it easier.
We will give you Rs. 1 crore, okay?
- Rs. 50 lakhs and... - She wishes to go solo.
Hang on a second. Let him complete first.
You finish.
If she's okay, she's okay. Otherwise, no problem.
So because... I think we want 5% each minimum
on the same terms.
Then you have Rs. 1 crore of money.
What have you decided finally?
It'd be great if you both could come.
- So, do we have a deal? - Yes.
They will have Vineeta Didi
- and Brother Peyush too. - Vineeta...
- Congratulations! - Thank you!
[exhilarating music playing]
[photo clicking]
Yay!
- Yay! - Yay!
[exhilarating music playing]
[theme music playing]
[theme music continues playing]
Hail India, Sharks!
- Hail India! - Hail India!
Popcorns sold in 99% of the multiplexes
- use our machines, our seeds, and our spices. - The expensive ones.
They aren't really expensive, but we do make them.
Munna Bhai is incomplete without Circuit.
Similarly, the experience of watching a film is incomplete
without eating popcorn.
We can't enjoy a film without popcorn.
When 'Sholay' was released 50 years ago,
salty popcorn was sold in small packets.
And even now, when films like 'Jawan' and 'Pathaan' were released,
popcorn was sold in cinemas.
For instance, Caramel, Cheesy Sriracha,
and Butter Salted Popcorn.
However, nowadays, people don't just watch films in the theatre.
They also watch films on OTT at home.
So I decided to deliver
the experience of popcorn to people at home.
And that's how The Popcorn Company was born.
Popcorn & Co. deliver both ready-to-eat
Our popcorn is available on the internet,
or while walking in the market, but you must eat Popcorn & Co. popcorn.
- Nice. - Nice. [laughing]
Vikas
- or Popcorn Man of India, welcome to Shark Tank. - Thank you, ma'am.
I go to the theatres along with my family regularly.
All of us want popcorn.
My children always prefer the caramel-flavoured one.
I like the butter salted popcorn and so does my husband.
- You rightly said we want the same experience at home. - Absolutely.
- You have a great business and a great product. - Thank you!
When did you begin your journey?
Ma'am, actually my journey began in 2019.
I used to live in the US. After I returned to India in 1996,
I launched a company called Kitchenrama
which designed hotels, restaurants, catering companies,
and food courts. I also provided them with equipment.
Did you gain this experience while living in the US?
- I'm about to tell you the exact situation. - Okay.
When I returned to India,
the PVR Cinemas came into being and the multiplex industry was growing.
At that time, I got the chance to deliver my popcorn
inside their facility.
Earlier, while working in the US,
I used to work for a similar company
- called Gold Medal. - All right.
I used to export popcorn to the whole world while working there.
- Ah! - That's how the whole association started.
I understand.
You import the product from the company in the US
and act as their distributor.
Absolutely. It bears a logo which reads "Service by Kitchenrama".
Aside from Kitchenrama, as a proof of concept, I started
making and selling popcorn in 2019.
When I started selling, I gained good traction.
So I decided to launch another company.
Do you run both companies?
I run both, but I'm focussing on it currently.
I spend 95% of my time on this.
I spend only 5% of my time on Kitchenrama which has its own CEO.
They run that company. It runs on autopilot.
How big a business is that?
It was worth Rs. 25 crores pre-Covid
and post-Covid, it's worth Rs. 18 crores.
Do you make a profit in that company?
I make a profit of around 15%.
- Don't just talk about it. Let us taste. - Please serve us.
- Yes, of course. - I'm surprised to know popcorn is imported to India.
The US is the biggest corn manufacturer in the world.
- Aman, you may choose one. - I'll take all.
Please take them.
[chuckling]
- Ma'am... - [laughing]
- Ma'am, it's for you. - What's this? Crunchy Lichi.
- Crunchy Lichi. - Sea Salt...
- Sea Salt Caramel. - Cheesy Sriracha.
I want one salty and one sweet.
- Please try the Lichi flavour. - Something different about you.
Peyush, which one would you like?
Which one is salted?
- Salty Cheese Sriracha. Here it is. - Thank you!
[ethereal music playing]
Boss, the Strawberry Popcorn is a class apart.
Generally, I think a few food items including coffee
and popcorn shouldn't be flavoured.
But this has a solid taste.
However, I like to eat hot popcorn.
- When they are warm. - You are absolutely right.
Basically, fresh popcorn is available in cinemas or carnivals.
These are categorised as Gourmet Popcorn.
You can enjoy these at home.
How much does one box cost?
It costs Rs. 200.
Our average selling price is Rs. 200-Rs. 260.
- ACT! - I don't know its cost. ACT...
- How much does it cost? I think Rs. 10. - Rs. 10-Rs. 20.
We can buy a pouch for Rs. 15-Rs. 20 to prepare it in a microwave.
- It's a gourmet indulgence product. - I see.
It's an in-home consumption product.
It's more suitable for couples on the Valentine's Day.
We make stupendous sales on Valentine's Day.
Popcorn is in a different league during the gifting season.
It could be Diwali, Raksha Bandhan, New Year or Christmas.
I don't understand why you aren't telling us about this.
- It's your biggest product. Sprinkles. - It's my bestseller.
I go to America to buy this.
[dramatic music playing]
- This is amazing! I'll take it with me. - Please take it.
We can make popcorn at home and these...
- What is it? - These are the seasoning.
It's our DIY Movie Night Kit.
Its biggest advantage
is that you can make it in a pressure cooker or microwave.
You can use any cooking method.
How much does this cost?
'Rs. 125.'
- Absolutely. - Please stop selling those and focus on this.
I need your knowledge.
What about your business scale?
The thing is, we are still learning D2C business.
Secondly, it's a challenge to negotiate and talk
to Quick Commerce Companies.
Boss, we can help you do it. That's not a problem but you have 6 stores.
- Yes. - Aren't your stores making a profit because your sales are low?
The entire industry was hit due to Covid.
However, we are growing now. We have 6 existing stores
and three are on stand up. They'll open in a month.
No, sir. It's not right.
Covid was over in 2021.
Right? We are in 2024.
makes sales worth Rs. 15,000-Rs. 35,000.
Basically, there are two businesses. One is the packaged food business.
Your second business is the QSR business
where you provide fresh food
and follow store economics.
Both the models are different.
The skill set and team structure are entirely different.
What do you want to do in the long term?
My vision is to have a mix of both.
Without building the QSR business properly
So you are running the QSR business as a marketing channel.
- Absolutely. - Your main business is at-home-packaged popcorn.
- Correct. - Mr Suri, I hope you're sure
because then you won't expand the QSR business.
You're taking me wrong. I never said I wouldn't expand.
Sir, if you expand
and the scale of that business matches the FMCG business,
you can't call it a marketing channel.
I appreciate your statement.
I'm also a person who believes "specific is terrific".
I'm focussed completely on FMCG.
I don't pitch for this business because I attract customers.
Let me tell you how I have the upper hand.
I have been in this industry for 30-35 years.
Currently,
parents come to me on a daily basis with Rs. 15-Rs. 20 lakhs
and request me to settle their kids professionally.
What could stop me then?
I have an operation team.
I don't handle it alone. My operation team handles everything.
Sir, I'll surely learn something from you.
You started a company which makes sales of Rs. 2.5-Rs. 3 crores.
Now, you say that your popcorn business
and the QSR business are so stable
that you can easily focus on building the brand.
I want to understand your magic.
- It's Mr Suri's magic. - I understand.
- Vikas, let me get to the specifics. - I got the point.
I'll ask you four questions. Please answer them one by one, quickly.
What is your gross profit?
Your repeat customer percentage.
40%-50%.
I measure it at my stores and at other places too.
- So you have 40%-50% repeat customers. - That's right.
I know about 4700BC Popcorn.
They pivoted recently.
They had an issue regarding funding
or maybe sales.
Do you have an idea what happened really?
I have no idea, to be honest.
As far as I know, the attempts to sell premium popcorn and foxnut...
- They didn't succeed. - They didn't succeed
- because consumers think they can buy it at Rs. 15... - Pricing.
- And eat them. - It can be prepared at home.
Selling a cheap item at Rs. 100 after upgrading it
could only be restricted to gifting.
Because we gift a premium item.
However, self-consumption is too low.
I'll give you an offer.
[joyful music playing]
First and foremost, I'm bothered because you have two companies.
You claim that the company runs on autopilot
but that's not true.
That is a big problem for me
but I can live with it.
My conditions for this business are...
Condition number one is that your offline stores,
like your own stores, franchises and kiosks...
Packaging is also right but your sales have been flat for 3 years.
Let me tell you the valuation I'm willing to give you.
Rs. 75 lakhs for 15% equity
and 3% sales royalty
Is the market large?
What if it's excluded?
We can subtract around Rs. 50 crores.
- Huh? That's it? - Yes.
Boss, if I have ever eaten popcorn in my life...
- We ate them mostly there. - We mostly ate in the cinemas.
We don't eat popcorn at home.
I'm telling you the raw material cost.
You are talking about the final product.
Forget raw materials, what is the industry size at the retail level?
I don't know the exact breakup
but the entire popcorn market is worth Rs. 800 crores.
Okay. So there are two types of retail businesses.
One is the QSR format
and the second is the FMCG format. The ones we make at home.
What is their individual percentage? Do you have an idea?
- A rough idea. - I'm just guessing
that the FMCG market is close to Rs. 500-Rs. 600 crores.
- Are you talking about the organised business? - Yes.
We also get popcorn in small towns and villages.
They are unbranded, packaged and sealed.
It must be as large as Rs. 2,000 crores.
The unorganised market is much bigger.
Right? It costs Rs. 5-Rs. 10.
- His target customer is different. - Vikas, I have made my decision.
All of us like popcorn
but I feel your product's cost is too high. That's one.
Secondly, I lost you when we asked you about your competition
but you said, "I don't have a clue."
My suggestion is to know your competition better
and also your numbers.
It's not my USP
and it's an expensive category for me. So I'm out.
Thank you!
I want to know something. What is the per-month revenue
of your kiosks?
I have a kiosk in Delhi.
Where exactly in Delhi?
It's at Pacific Mall, Subhash Nagar.
We sell just butter salted in cinemas.
COGS is much lesser. When I make premium products, I need sugar...
Isn't there a kiosk chain in the popcorn business?
We are the only ones.
I'm surprised because the real margin is in the retail market.
Its manufacturing cost is less than Rs. 20.
It's a business with a 90% margin. I'm saying hypothetically.
If your sales are worth Rs. 6 lakhs,
your gross profit should be Rs. 5 lakhs.
Suppose I pay Rs. 1 lakh of Rs. 5 lakhs in salaries.
In reality, I could be making
a 30% profit from a kiosk.
The cost of setting it up...
That's right.
- That's not hard. - Shh!
No! No! No!
You just shushed him. [laughing]
- Did he say that? - Shh!
We need to invest Rs. 10 to Rs. 12 lakhs to set up this kiosk.
Were you a teacher or in the army before?
No.
Even if you invest Rs. 12 lakhs,
I think you can easily earn Rs. 1 lakh with this kiosk.
- Because the margin is high and if the pricing is right... - Gosh!
- We do earn. - Then open 1,000 kiosks.
I'd like to tell you my perspective. The thing is...
Sir, why are you here?
You are Vikas Suri. "The Vikas Suri".
The one who knows everything.
We have been here for three years. Do you know this?
- Yes. - Do you know about our work?
- I think so. - You shushed a Shark abruptly here.
You said "shh".
- It's okay. He is older than me. - You cut him short.
It's not about age.
Position matters.
[dramatic music playing]
I'm sorry if I hurt you, but I didn't really say that.
That's only one of the points.
Since the moment you came here,
you have been giving big statements like "specific is terrific".
However, your answers are vague.
You don't give a clear answer
to any question. Will you close the QSR business or not?
You took your name, Vikas Suri.
I never heard it before.
You repeated your name four times at least.
"I'm famous enough to get customers."
Then why did you come here?
You know what we do.
We invest money and give advice
because we are experienced.
We open a few doors.
We help your business grow in the quick commerce segment.
Simultaneously we learn too.
After meeting you, I feel that you lack learning agility and humility.
What will we learn? And how will we teach?
How will we build a business together?
Mr Suri, your business structure is messy
- besides all the personal issues I pointed out. - Okay.
That's one big reason I'm out.
- Thank you. - Good luck to you, man.
I think the popcorn business will grow
but maybe you can't do it.
Thank you.
Vikas, I failed to understand your strategy today.
brand idea. That is how it started.
Stick to that. I am out for now.
You are obviously the king of manufacturing and importing
this product.
But when it comes to learning D2C
- you still have a journey to cross. - Correct.
And I think you should be curious about
what format will work.
I asked you to manage the retail store and he has another suggestion.
Namita is happy with the spices.
- Happy with the spices, it seems. - So,
in all this, you need answers.
And, since you don't have answers,
asking for investment can be very risky.
That's why I am out. Best of luck.
Thank you!
There is one offer left. Four Sharks are out. - So, Vikas,
It's a non-negotiable offer.
You can counter it, but I will not go with it.
[camera clicks]
- Thank you once again for the deal. I really...- Thank you!
- Nice meeting you. - Thank you!
Thank you very much, sir. Thank you.
[music rises]
[theme music playing]
[music rises]
- Hello, Sharks. - Hi!
Have you seen a hero's entry in a film?
He always gets out of a luxurious car
with a swag.
And all eyes are on him.
That makes everyone desire a similar car
and get out of the car in style
while catching everyone's attention.
Today... Sorry!
- No problem. - It's fine.
You can start from the top if you like.
- Hello, Sharks! - Hello!
Have you seen a hero's entry in a film?
He always gets out of a luxurious car with a swag.
And all eyes are on him.
That makes everyone desire a similar car and get out of the car in style
while catching everyone's attention.
Social media is the trend these days and everyone wants to be a star.
[joyous music playing]
When you ask people about their dream car,
they'll probably mention Mercedes, BMW,
Mahindra Thar, Fortuner, or Lamborghini.
- But they can only afford a basic car. - That's right.
Even if people can afford a luxury car,
and you can become a co-owner of the brand new car.
My ask is
- That was brilliant. - Very nice.
- Extremely sorry. - That's fine. It's okay.
Generally, speaking. Fractional ownership
- There are around 25 crores households in India. - Okay.
I know that there is a market.
I also know there is aspiration and demand.
There's a supply as well
of cars that cost Rs. 20 lakhs to Rs. 4 crores.
We now have many choices
- that weren't available a decade ago. - That's right.
There is demand and supply, but there is a need for a platform.
The fractional ownership doesn't provide ROI.
But it gives you usage.
India is a different country.
In the US, Europe, and China,
- leasing and renting models are successful.- I agree.
In India, the issue is that luxury cars are very expensive
due to high taxation.
If you share a car
with four people,
it is still used.
There is a prolific market for used cars.
It is solving this problem.
Be it a used car or a new car,
it helps with your daily commute.
That car is used regularly.
We are solving the problem of cars that are used occasionally.
Explain your solution to us.
Give us an example of who is doing what and what the expenses are.
So that we don't assume. Tell us.
- Okay! - Also, explain how the scheduling works.
- That is very important. - Explain your model with the app.
When the customer logs in or signs up,
we educate the customer.
We clear their doubts with FAQs.
The customer browses the cars
and sees multiple dream car options.
and he used the car for 150 days.
So, it costs Rs. 1,000 per day.
24 hours of cycle.
There are no expenses per year.
After buying your share by paying Rs. 1.5 lakhs,
there will be no further charges.
10,000 people have already paid Rs. 99
What if I want to make last minute changes if there is availability?
Yes! There is a limitation on reservations and cancellations
It is split into
weekends, holidays and weekdays.
There is no need to communicate.
Our app is powerful. It can manage everything.
If I were driving and I hit the car,
how would anyone know who did it?
The pickup and drop is done by our driver.
Over and above the insurance claim, the person will be liable.
Is your use case out of station generally?
No, there are around 7-8 use cases.
Tell us two use cases.
If someone has a hatchback, they want a seven-seater car.
Let's say, I heard about your app today,
I go on it and try to join my intent group.
How long does it take from that day to purchase?
Planning extensively can become challenging
as they have work commitments
and are unsure about their leave availability.
Isn't that a big challenge for people?
The car will be utilized by someone,
causing their points to go down,
and someone will get an opportunity.
So, this isn't a challenge.
But for some reason, if their usage points aren't used,
they can sell the credit points on our platform
Because you understand
your ownership and usage needs,
instead of dealing with a membership
where you might not get the car on time.
- Excuse me! - Hold on! I am out.
Okay.
You haven't understood the Indian consumer.
In India, it is taxing to plan
The slots have to be booked on your app.
It's next to impossible.
This culture and mindset doesn't exist in India.
Part-ownership, showing off,
is fine.
But when it comes to execution, implementation and operation,
you will lose your mind on scheduling.
So, I am out.
Hurry up and tell me your revenue as of now.
We are currently pre-revenue.
what your operational challenges could be.
and keep it in good shape.
If I had to do this, I would either rent a car
or take a taxi.
For now, I sense issues in this mode.
You are pre-revenue. Let's see.
Go ahead with it and see where this goes. I am out.
Sanjeev, you really thought outside the box
and created a one-of-a-kind business model in the world.
So, hats off for thinking differently
and really bringing it to life. I like the name Prorata.
I doubt there is a market for this.
I don't think you have a business model.
So, I am out.
I am really interested in this!
I like this.
I also think you are smart.
Because you have released a new model
and the commercial thinking behind it
where you charge Rs. 100 for filtering.
And the app you demonstrated
shows that you have put a lot of thought into it.
Per ticker per year.
How much is your margin in this?
- Our job is to... - Those at the showroom?
We integrate with the showroom.
We will give the car for service at the showroom.
[suspenseful music playing]
We buy a 5-year service package.
We just need to give a system to the showroom.
It's a completely tech platform.
How many showrooms have you integrated until now?
We raised Rs. 1 crore in the idea stage.
When?
In June 2022.
From whom?
In the last 5-6 months, I became an engineer from Chartered Accountant.
I learnt to code.
- And I formed a team... - You made this app on which platform?
On Flutter.
- Is this true? - Yes!
There is no pro rata car sharing model in the world?
No! There is leasing and renting model.
And India needs fractional ownership.
Do you want to take the bet?
- If you... - I have another concern.
The valuation is bothering me.
- You are pre-revenue. - Hmm!
This is a theoretical business.
This valuation is impossible.
Your valuation should be below Rs. 10 crores
- Rs. 5 crores. - This is a theoretical business.
- And your ask should be between Rs. 25-Rs. 50 lakhs. - Okay.
That is when a person or an investor
can take a bet as an early stage bet.
We could give it a try
and see what happens.
Because the thinking is strong.
We are doing a round of Rs. 4 crores
with a commitment of Rs. 2 crores already in place.
We have raised Rs. 26 lakhs from the investor platform in this round.
Because this is not an institutional investor.
- They cannot set the valuation. - Okay.
So, I am out. But good work! Great work!
[music swells]
I was interested to do this with Anupam.
If both of us
had invested Rs. 25-50 lakhs each
on a valuation of Rs. 5 crores and not more than that.
[indistinct]
Then it would have been like we took a punt.
It might grow or we might lose the money.
Will you consider the valuation of Rs. 10 crores?
Rs. 5 crores! Rs. 50 lakhs, Rs.25 lakhs each for equity.
- Is it 10% equity? - Yes.
That is what I believe.
[music rises]
[camera clicks]
- Thanks. - Okay! Best of luck.
- Thanks, buddy! - Thank you.
[upbeat music playing]