[music playing]
[theme music playing]
[theme music concludes]
[music playing]
This will be fun.
This is going to be exciting!
Oh my God!
[laughing]
Oh my God, buddy!
Oh! Oh! Oh!
What are you doing?
Check out the beauty products, then take a look at her.
Look at the beauty products again.
- This is Kunal Bahl's investment. - What is?
FAE Beauty.
The day I start quoting 'Kunal Bhal',
I'll wonder what's wrong.
It's Kunal Bahl!
'I am my FAEvourite.'
[music playing]
- Tranquillity! - This is a recent development.
As a child,
I used to be underconfident
because I didn't feel good in my own skin.
That was until I found my perfect lipstick.
That lipstick earned me my very first compliment.
It became my armour, boosting my confidence.
Now, makeup had changed the way I perceived myself.
But even today, a lot of women
struggle with makeup,
and that is because...
targets this 26%,
which is fair or medium skin tone.
After all, representation is important for everyone, isn't it?
That is why I created FAE Beauty.
It stands for Free And Equal beauty.
An inclusive beauty brand
that offers makeup and skincare products
for every skin tone, undertone and texture.
Available across our website, marketplaces,
quick commerce and more.
of over 3 lakh customers.
- Wow! - The beauty and skincare industry
is worth Rs. 50,000 crores today.
Entrepreneurs like Vineeta made a mark in this industry,
allowing founders like me to follow in her footsteps.
- And today... - Whoa!
Go, Vineeta!
And today, it's my dream, just like hers,
to build an inclusive beauty brand in India
for every Indian skin tone.
For this, my ask is Rs. 1 crore
- in exchange for 1% equity in my company. - Wow!
So, Sharks, I would love for you to join me on this journey
so that every woman can say,
'I am my FAEvourite.'
Oh! Nice pitch.
Yes. I am from Mumbai.
When I was a child, my family always joked
that I would open a beauty parlour when I grew up.
I was obsessed with makeup.
Whoa! Really?
Makeup was everything to me.
I was genuinely a child with low confidence.
I remember that makeup was like a shield for me.
As I grew older,
I realised that I was a nerd.
I enjoyed studying.
So, I got my education.
My dream was to enrol in a college in the USA.
After 12th grade, I went to Berkeley,
- where I studied business administration. - Nice.
I got a job. I was a management consultant at A.T. Kearney.
- I worked with them for around two years. - Very good firm.
Then I realised
that what I was doing wasn't meaningful.
So, I quit and returned to India.
When I was here, I thought of applying for jobs
to have some financial stability.
So, I considered many jobs and gave an interview.
I started seeing a gap in the market.
I wish more brands were focusing on inclusivity.
So, I joined a makeup school.
- Cool! Wow! - I became a makeup artist.
I did that for a year.
- I spent six months studying and another six working. - Where?
I worked as a makeup artist on the sets
of TV shows and movies.
We've never seen you on the sets of Shark Tank.
I didn't get the opportunity to work here.
- That was in the past. - We will discuss.
[laughing]
- Gender. - Skin tone,
skin texture, skin type and body type.
- Body type is a stretch... - Are you implying that
- the other brands are not inclusive? - No!
I am not saying that I am the only brand that's inclusive.
I am saying that I am a brand where my only focus is inclusivity.
Just sticking to inclusivity for over five years is tough.
So, hats off to you for that.
- Oh my God! - And it's fantastic.
You should show them
because when we think of inclusivity,
we often only think of different skin tones.
The beauty and fashion industry, and even magazines,
feature photoshopped images.
Models are slimmed down, their skin tone is lightened
and their acne is removed.
We have a 'No Photoshop' policy.
- Oh, okay! - So, what you see on our Instagram
and our website is what you get.
We don't remove the hair from a model's upper lip
and make them look perfect.
If they have acne scars, you will see that.
If there's pigmentation on their lips, it will be visible.
If this is how the product appears on pigmented lips,
and you have pigmented lips,
you'll know it will appear the same on you.
- That wants to increase its market share, will do the same. - Correct.
So, your focus is mainly on positioning...
It is.
Rather than product differentiation.
I would actually argue that our product is differentiated
because our sales are strong.
We develop all our products in-house.
We don't use ready-made formulas.
Karishma, what percentage of your sales is spent on R&D?
Less than 5%.
Thank you!
[music playing]
- I like the badge. - Thank you.
- Very nice. - Which badge?
Thank you for the bribe.
[laughing]
- Thank you! - Thank you!
Thank you!
Impressive packaging.
It's very cool.
I love this. It says,
- 'Jelly Tip Applicator For The First Time In India.' - Yes.
Is it soothing for your lips
or does it make it easier to apply?
It moulds to the shape of your lips
- and it gives you an ergonomic application experience. - Ah!
This material is called TPE. Thermoplastic elastomer.
We are the first brand to introduce it in India.
The product is really good. It feels good.
- I love the packaging. - Packaging is phenomenal.
- Thank you! - Vineeta, may I ask you a question?
- Sure. - You've known about FAE Beauty.
Do you like their products?
I do. I love
their packaging, branding and content.
Their products are nice.
Is the price range similar?
Price range... I think it's for Rs. 600.
Yes! Our liquid lipstick's MRP is Rs. 650.
- But we sell it for around Rs. 540-Rs. 550. - What about you?
- Similar! Around Rs. 500-Rs. 600. - Similar.
- You are not only competing with local brands. - Yeah!
But a giant!
Estee Lauder is changing their entire strategy.
They are planning to bring all their products to India
at different price points.
How will you compete in terms of scale?
Let me tell you, I am not afraid. Not anymore.
First of all,
sometimes, I have to block out the competition,
because I need to focus on what FAE has to do.
- Very good. - And I keep returning to the idea
that I genuinely believe there's space for it.
If Estee Lauder reduces their pricing,
there will be a market that understands Estee Lauder,
and there will also be a market for FAE and Sugar.
And I don't think we can
necessarily snatch away money from each other.
It takes a certain amount of time to get to where you are,
and I believe we've reached that milestone.
So, I am... This brand has seen its share of struggle.
But I kept at it.
I would like to think that I can finally see the fruits of my labour.
Do you have a hero product
that the brand is known for?
- This one, right? Lip Whip. - Yes, Lip Whip.
- That's the one. - That changed our life.
Would you say that Lip Whip...
I introduced skincare,
because at that time, repeats were higher.
It's a more sturdy and stable business.
And more importantly,
we need to remember that not everyone needs makeup.
Some are looking for skincare.
If we want to be inclusive,
we need to create products for those
who don't need makeup or prefer not to use it.
I am curious to know your sales.
In the first year, we made Rs. 30 lakhs
at a loss of Rs. 80 lakhs.
- Wow! - Oh my!
- Who invested? - It gets better.
- I'll talk about funding. - Yes.
- I love it. - It gets better.
In the second year, our sales were Rs. 70 lakhs
at a loss of Rs. 1.5 crores.
Oh!
The story is still not over.
In the third year, our sales were Rs. 3.3 crores
- at a loss of 2.5 crores. - Not bad.
Then, last year, by 2024 we did Rs. 7 crores
- at a loss of Rs. 80. lakhs. - Hmm! Not bad.
- And this year... - Well done.
We've already done Rs. 10 crores
at a profit of Rs. 1.25 crores.
- Impressive! - Wow!
- What changed, Ms. Karishma? - Ah...
- Many things. - Okay.
Firstly, we had our hero product.
You found the product-market fit.
Yes! The second thing that changed was
- our strategy towards looking at the P&L. - Okay!
I made a decision, no more burning money.
I will now build a profitable business.
Isn't it amazing how simple it is sometimes?
It's the most liberating feeling in the world.
Very good. Well done.
What will the sales look like this year?
We're projecting Rs. 22 crores in net revenue.
- Nice! Are you happy? - I am happy.
Could it have been done better?
- It could've been much better. - What went wrong?
Multiple things. And that's where we come to the funding journey.
So, in 2020-2021
I borrowed Rs. 1.5 crores.
- From whom? - Arihant Patni.
- The valuation was Rs. 6 crores post-money. - Hmm!
In 2022, I raised a slightly larger round, which was Rs. 2.4 crores.
Which was led by Arihant Patni,
but there were Angels involved.
- What was the valuation? - Rs. 26 crores post-money.
In 2023, I raised Rs. 2 crores.
Again, Arihant Patni participated and Shiprocket
- also came in this round. - Oh my! Arihant owns your company.
Okay! What value... What was the valuation?
- At that time, it was Rs. 32 crores. - Okay.
And then, when Titan Capital gave me the term sheet,
they offered Rs. 3 crores in exchange for 13.5%,
with a valuation of Rs. 22 crores.
Hold on! Your numbers were growing,
so why did you agree to a down round?
It's going to work, right?
I made the decision that if I didn't accept the term sheet,
the company would shut down.
I will dilute my stake,
but I'll keep the company going.
Very good! A fantastic decision.
- As an entrepreneur, you have to live to die another day. - Yes.
I've come across so many entrepreneurs in India
who get obsessed with valuation.
And you are here because of that decision you made that day.
It's a very good decision.
- Do you have money in your bank? - Yes.
- How much do you have? - Rs. 2 crores.
- Are you in debt? - Yes, I am in debt.
- How much? - Rs. 1.4 crores.
- Could you share the cap table? - Yes.
My stake is 38%.
My brother's stake is 4.8%.
And my father owns 1%.
Wow!
We have an ESOP pool of 10.3%.
- It's partially granted. About 40% is granted. - Okay.
- Okay! - Not bad.
In addition to that, 26% is owned by Arihant Patni.
- Not bad. - 13.5% is Titan Capital.
- Okay. - 1.6% is Shiprocket.
And 4.4% is for miscellaneous Angels
who came in during the Rs. 2.4 crores round.
Do you think you should have retained more equity?
I think I should have.
But it is not the cards that I was dealt.
- Got it! - And I had to make this choice.
I think you have enough. There is no problem.
Could you share your margin?
What to expect from your business
and we haven't covered the unit economics.
My COGS is 25% of net revenue.
10% for logistics and gateway commissions included.
35% is my marketing expense.
18% accounts for overheads.
My EBITDA stands at 12%.
In terms of capabilities, where do you think the biggest gap lies?
Operations and supply chain planning.
And also, brand building in a smart manner.
Another big challenge is
connecting with the right types of R&D.
Finding and unlocking R&D networks to build more innovative products
is also a challenge for us right now.
- Have you ventured into quick commerce? - I have.
And? What are the results?
I don't want to know the typical investor vision.
- Forget that. - No! If I have a daughter someday,
I don't want her to be as insecure as I was.
There should be more representation in beauty,
so people feel they can be beautiful
regardless of having vitiligo, their size, or shape.
Now, if we talk numbers,
I would love to build a Rs. 1,000 crore brand.
All right. I asked this question
because I have a young daughter.
The dolls she plays with
are all blonde and blue-eyed.
We've been conditioned for years
by Western content
and toys, where beauty is defined
- by light skin and light eyes. - Yes.
Until there are inclusive brands in India,
Indian beauty,
a different type of beauty, will never emerge.
- It is about self-image. - Absolutely!
Karishma, you are an entrepreneur who has all the right answers.
You approach it with customer-backward thinking.
Your branding is strong.
I would like to give you an offer.
Rs. 1 crore for 3%.
Okay. Thank you for the offer.
- Can I join you, Aman? - Yeah.
I'd like to join Aman on this offer.
- So, Karishma! - Yes?
- Yes, ma'am. - Merely 1% or 3% in this category
isn't good enough for me, because it's very personal to me.
So, at this point, I don't think I am the right investor for you.
But I wish you the best.
If you need any help in unlocking R&D
or advice, I would be happy to help.
Thank you! I really appreciate it.
I love the story about inclusivity,
especially after witnessing my daughter's experience.
And I think that needs to change.
So, I'll make you an offer.
Rs. 1 crore for 3.33%.
- Rs. 30 crores valuation. - Okay.
Karishma, what I like the most
is that you are a very mission-focussed founder.
According to me, I like what you did for equity and valuation
because it's in line with my way of thinking.
So, my offer is Rs. 1 crore for 3%.
- Okay! - So, it's almost the same offer.
I'm thinking,
since my revenue is Rs. 2 crores monthly,
why is the valuation at Rs. 30 crores?
You are here not just for money, right?
- For strategic help. - You've come for strategic help.
You recently received a valuation of Rs. 22 crores in May.
So, there is a premium.
My only reason for that valuation
- is because I want more skin in the game. - Understood.
So, if it changes for you,
I am happy to give you Rs. 1.25 crores for 3%.
So that's my new offer.
- Okay! Now you have three offers. - And, Karishma...
He is changing our offer too.
Rs. 1 crore for 2%. Namita and I are coming together.
Okay. You have Rs. 1 crore for 2%.
- That's Aman and Namita's offer. - Right.
Anupam's offer is Rs. 1.25 crores for 3%.
Peyush's offer is Rs. 1 crore for 3%.
I have a counteroffer.
So, first I'd like to say
that I think every one of you are adding a certain value.
But, right now. I am going to
unfortunately go after the lowest value option.
Because I have very little equity left.
So, I think
- that should be the first criteria for me. - Good point.
No offence intended, I sincerely appreciate it.
And I think both of you have the potential
to create significant synergies.
But let's talk on value.
My valuation can't...
I can give you Rs. 1.5 crores for 3%. That's the best I can do.
- Tell us, Karishma! - You should keep your equity.
- I can't go below that. - My counteroffer
is Rs. 1 crore for 1.3%.
[pensive music playing]
Ah! Okay, let's not... Let's not negotiate much.
I think you have less equity remaining.
- Let's do Rs. 1.5... - Let's do Rs. 1.75 crores.
Rs. 1.75 crores. Yes!
- No! - Rs. 1.65 crores?
- Rs. 1.3 crores, please! - No!
- We'll grow a successful company. - Good! Fight for your equity.
No! You have to meet us in the middle, Karishma.
I don't want to offend you with a small increase.
That's my fear.
- Okay, done! Rs. 1 crore for 1.5%. Let's close. - Let's close it.
Deal done!
- Done! Good. - There you go!
- Well done! Good luck. - You fought for it.
- Lovely! - Thank you.
Good luck, Karishma.
- Good luck! - Thank you so much.
[camera shutter clicks]
My support system encouraged me greatly.
'You should be on Shark Tank.'
'It's a platform for a company like yours.'
I was scared because I was always in loss.
This year, I changed that.
I finally felt like these are respectable numbers
and I deserve to pitch these numbers
[music playing]
Welcome to ACKO Change Makers where we really welcome change.
And it has been portrayed beautifully over here
on this change makers wall.
With the perfect mix of tradition and modernity, we are promoting
gender equality and inclusivity.
And today's change maker is Karishma.
- Congratulations on getting funded. - Thank you!
Your inclusivity factor is not only
skin tone or shades, it's also about texture.
- Yes. - It's about accepting your flaws.
I applaud that change.
- Thank you so much for bringing that change about. - Thank you!
Nowadays, young girls, they get very influenced by digital media, right?
What advice or change would you like to bring
for people to change their mindset, to accept them for who they are?
- Beauty is a feeling, it's not a formula. - Hmm!
The faster we accept that I am beautiful from within,
and I don't compare myself to others,
the better it will be for my inner and outer peace.
Beautifully said, FAE Beauty.
I love it. Thank you for bringing that change.
Similarly, with their revolutionary offering, ACKO
has completely transformed the insurance space.
Now, while taking car insurance, no spam calls.
Eliminate the confusion
you have regarding price and policy
and buy ACKO's car insurance.
It's easy, transparent, hassle-free,
for the right premium.
Karishma, because you are getting this change in the beauty industry,
we will applaud that.
To celebrate your time here, A small token for you
on behalf of Shark Tank and ACKO Insurance.
You look so pretty here.
- Nice! - Thank you!
[camera shutter clicks]
'Shark Tank India, co-presented by ACKO Insurance,
'PokerBaazi and Swiggy Instamart.'
'Co-powered by Adani, and Jaguar Bath and Light.'
'And partners, Rayzon Solar, ICICI Direct,'
'Lenskart and Sofy.'
[theme music playing]
Whoa!
- Hi, Sharks! - Hello!
What better way to start a pitch
than with something sweet and beautiful?
- Oh, nice. - Wow!
Wow!
Lovely!
- Okay! Got it? - Thank you.
- Is it edible? - Yes!
- Yes! Now you are talking. - Oh my God!
Now you're talking.
Sugar roses.
Does it have lactose in it?
- No! - Wow! Look at how beautiful they are.
- Nice shoes. - Thank you!
- Do you make shoes? - No.
- But I spend all my profits on it. - This is lovely.
- All right! - Thank you! Wow! They look so beautiful.
I want to keep it as it is.
This is what we can eat and not this, right?
No! Just the roses.
Don't eat the ribbon as well.
So funny.
So, Sharks. You've guessed it right.
These flowers are not only beautiful but they are also edible.
Because they are made from fondant.
Hmm! Yummy!
Does such a business exist?
What am I doing in this business?
There is an amazing story behind this.
For my wedding reception, I ordered
a wedding cake worth Rs. 36,000.
This wedding cake ended up being the biggest disaster of my life.
- Why? - It looks good.
- Are you mad? - Is this me?
Does this look like me?
- Looks horrible. - Are you serious?
I paid Rs. 36,000.
But I have a motto in life.
- Turn something messy into something magical. - Nice.
So, I did some research and discovered
that India, being the second-largest exporter
exporter of sugar globally,
Then what?
After two years and 400 attempts,
I became Food Technologist and Chef Gauri from just Gauri.
Hello, Sharks. My name is Gauri Varma.
[music playing]
Confect is a 100% clean, vegan
and delicious tasting brand.
We make all our products
using pure cane sugar.
We produce over 800 products, ranging from premixes...
I'll show you how we can convert a regular cake
in a beautiful cake in just a matter of minutes.
So, this is edible glue.
- Wow! - We're just going to take some of it.
- My daughter would absolutely love this. - Yes.
- Right? - This is every kid's dream.
This is edible lace.
[music playing]
- So, that's the drip. - Yes!
- Is the drip edible? - Yes.
This is just a simple frosting.
- Do you sell these ingredients? - Yes.
And this is our edible sugar flowers
which you buy and place on a cake.
Nice!
- Gorgeous! Beautiful. - Really nice.
India is always known as the land of sweets.
And I think it's time for the world to know that there is so much more
we can do in food technology.
And for that, this journey with you
will be like sprinkles on a cake for me.
- Lovely! - So, my ask is
Rs. 1 crore for 1% equity in my company.
- Whoa! - Wow!
Your business must be good then.
This was not a sprinkle.
- Is that Eiffel Tower? - Yes.
I've been looking at it and Namita.
If we make Namita sit on top of that,
don't you think it will look lovely
- for the rest of the pitch? - Yeah, right!
Yeah!
It's amazing. I was admiring it.
Gauri, welcome to Shark Tank.
For years, I've been baking with both my sons.
Aside from sprinkles,
- we couldn't source anything, even from premium stores. - Yes.
So, my point is, I am so happy that you brought this to India.
Tell us the story and then your products.
When I was in 10th grade I scored around 66%.
My mom commented that
this percentage wouldn't help me get into a good college.
"I'll have to get you married.'
But I was like, I need to do something about this.
So, I decided to give swimming a try.
There's no sweating involved, and it's not unpleasant. Let's try it.
So, did you start swimming to avoid getting married?
- This is where the story began. - Okay!
I entered the pool. It was May or June.
And by November, I found myself
in my first national swimming competition.
When I went for college admissions,
I was granted a sports quota
- Wow! - So I could complete B.Com in Lady Shri Ram College.
- Very good. - That's impressive.
I wanted to study further,
but my family wanted me to get into a top college.
'You can't go to the US. You can go to the UK as closer to Delhi.'
Why not... Closer to Delhi?
It's far.
- It will take to reach. - Are you talking about Uttarakhand
or the United Kingdom?
It's close to South Delhi, man.
- London! - Anyway, I wanted to go abroad.
I narrowed it down and I was like Oxford sounds cool,
- I should go there. - Oh my!
- So, I applied and went to the business school. - Wow!
to return once the course was over.
'We need to get you married.'
I started job hunting over there.
And I got a job in Deloitte in London.
In 2008 Lehman Brothers crashed.
So, after being on a bench for about six months,
I came to Mumbai.
There were brand like Gucci, Dior, Prada,
Calvin Klein, French Connection
were coming to India. I worked there in business development.
In 2011-2012 I worked with Planet Retail.
And I was a buyer for Nautica by that time.
How did you get into buying from business development?
I wanted to do more things.
I get saturated after around 1.5 years.
I was like what's next? Where can I grow?
How do I learn more?
Because it's crucial to understand all the aspects of business.
While all this was going on, when I had come back from London,
I had met my husband-to-be.
And my parents were against it.
Why not?
See, every family has visions and dreams
- for their children. - Got it.
And I didn't have a goal in life
- to be someone's wife. - Nice.
Or dressed and roam around wearing diamonds.
It was just not me.
So, I always thought that I want to do something big in life.
I took their blessings and went to Vegas.
I got married in Vegas.
- Oh! That explains the cake. - Nice!
Wow! What a story!
And then we came back and decided to throw a small wedding reception
for our friends.
- I love this. - Because after that I had exhausted all the money.
We paid for our wedding, the reception
- and the cake. I also lost my family. - Cake!
The cake turned out to be a disaster.
I can't express how frustrated I was.
Out of all the expenses you made,
spending on the cake bothered you the most.
- It was too much! - Rs. 36,000.
- Because the cake turned out to be bad. - Oh my God!
It was the last straw.
And the bubble burst.
So, I decided that I don't want to work for anyone.
Now, I'll make cupcakes and cakes. I will get to the root of how cakes
- and cupcakes are made. I had decided. - Oh my God!
Then Delhi in me came out and I had enough of it.
Whoa! That's like it.
I love it!
'I had enough!'
I opened a bakery.
I started a cloud kitchen when it wasn't trending.
A client visited my shop and said,
'I want a fondant cake.'
Whoa! I can't explain that moment to you.
Because I was like I will make that cake.
The current rate of fondant cake is approximately Rs. 1,600 per kilo.
And the imported product is for Rs. 550.
Also, the product wasn't performing.
It would tear or secrete oil.
It doesn't work for India at all.
So, I said, if I make this cake, then that would
be the turning point for me.
I didn't know where to buy ingredients from
or which ingredients to buy.
What are these ingredients called in India?
I used to go to Chandni Chowk.
I spent months there.
Gauri, couldn't you have asked a food expert to help you with this?
It did not exist in 2013, 2014, 2015.
- Okay! Let's take your work for it. Let's move on. - It was very tough.
And then
I met good vendors, experimented, and created my first product.
- Now, I made it, but how do I sell them? - Oh!
I dropped a message on Facebook saying,
'Anybody who wants to try, I'll send you fondant free of cost.'
- In which year did you launch this product? - 2018.
- Since then in six years you launched... - Correct.
- Around 800 products. - Yes.
For the dessert and baking industry?
- Yes! - Okay!
[music playing]
This is like Baklava.
This is a Baklava Pistachio Cake.
We've got our Christmas Plum Cake
And we've got our Coconut Cake.
[music playing]
There... Thank you!
- This is delicious! - Gauri!
Do you believe that, in terms of quality,
you are the best manufacturer
in India for these products?
Without a doubt.
Is that your view, or do your customers feel the same way?
We supply to all the luxury hotels.
- Does Oberoi buy from you? - Oberoi and Taj.
In the B2C consumer baking sector,
here are several brands like this on quick commerce platforms.
There is a funded company called Whip... What is the name?
You might know.
No! I haven't even seen them.
You're not aware of other competitors
and believe your company is the only one.
No, it's not just my company that's doing this.
But I don't think anyone is worth considering as my competitor.
- Honestly! - But why?
I am India's first company
who is going to make a global confectionery brand.
- We are selling in the United States of America. - Wow!
- In London, UK... - Wow!
We are already in Australia. And we are launching in Canada.
So, you are exporting.
Before Covid my business was largely B2B.
First, the business pivoted to online.
- That's why I entered the US market last year. - Hmm!
- Wow! - In one year.
- In sales? - Oh!
- Yes - Share your numbers.
That is when I believe we will have a real conversation.
Okay! In 2018-2019, when we had started the business,
we were at Rs. 24 lakhs. Which was all B2B.
In 2019-2020,
we were at Rs. 1.2 crores.
Next year, we did Rs. 3.4 crores.
- That was the year of Covid. - The year after, Rs. 5.6 crores.
- Rs. 4.5 crores. - Hmm!
And last year, we did Rs. 8 crores.
This year, we have already touched Rs. 7.5 crores.
So, we're going to close at a Rs. 15 crore turnover.
So, did your business in India fall through?
- These sales are from your business in the US. - Almost!
It's gone!
It's over!
It's gone! But why?
- India is very price sensitive. - Right!
- We are losing market to the new players. - Hmm!
We also were working for someone for some time.
But that client is not ready for this just yet.
No one understands the storage or handling of these products.
So, the cost of doing business, my time,
and dealing with vendor management was too much.
You mentioned a few times that you don't care about your competitors
because they are not delivering the best product.
You don't know which other brands are in the industry.
Could it be possible
that you're unable to satisfy both Indian consumers
and B2B clients?
I'm aware of all the key competitors.
The company you mentioned might close down in six months.
I stopped keeping track of it.
But my key competitors
who are taking a significant market share in India,
their maximum sales come from their glazes and premixes
and not so much from the fondant or the sprinkles.
Please understand that fondant and sprinkles are not staple in India.
Whereas, in a place like the US, it is a staple.
It is much easier for me to penetrate
- by giving them something better. - Got it.
In the US, my competition is Wilton.
Their valuation is about 3.6 billion.
It's an 85-year-old company.
I am competing with their fondant.
didn't you ever think of shifting to the US?
It will be better and you can make more profit. Walmart...
That's why I am here today.
To shift to the US?
No! I want to open warehouses there.
We've trademarked our brand in the US, Europe and the UK.
We want to go D2C direct.
- Is the US the future of your business? - 100%.
But not today.
Sharks, it has just been 18 months in the US.
I am testing their waters.
In India, it took me five years to make 1 lakh customers on amazon.in.
But in the US, I made 70,000 customers in 1.5 years.
And, my repeat rate is very high.
Product approval is very high.
I wanted proof of concept.
With that idea, I began sales in UK too
and, we made sales worth 20,000 pounds in two months in UK.
Because, these products are not available.
The concept of my brand
has been copied by a lot of American brands
within the last six months.
When it was copied in India, you went to US.
Now that they copied it, where will you go?
[tense music playing]
Okay.
I'm trying to think how to explain this to you.
My product sells at Rs. 480, for 1 kg fondant.
People want fondant for Rs. 250.
That's like...
some want Basmati rice, others don't mind regular rice.
But, I want to only sell Basmati.
- Kids... - Gauri! Gauri, you seem to have taken offence.
But, as an investor, we want to know, what your learning
from this experience was.
You saw immense growth and then your business shut down.
You're saying, everything is the customer's problem.
That's why, we're repeatedly questioning you.
No, I'm not saying everything is the customer's problem.
I am here today, because...
I know I understand this business.
I understand how to sell it to anyone
in the US or around the world.
But, I am going wrong somewhere in India.
I cannot understand the customer.
I cannot grasp the tip on how to enter
sustain and build.
And, there's nothing wrong in it.
- Yes, very good answer. - That's a better pitch.
- That's a much better... - Nothing wrong...
- What you were saying till now... - That you weren't interested.
'The customers here don't understand me.'
Now, you're saying, 'I'm not understanding'.
I'm not understanding.
- That's the difference, the right answer. - Absolutely.
Tell me something, could it be... You initially said that...
every couple of years
you get saturated.
- Yes. - That's your nature.
- You can't do anything about it. - Yes.
So, could it be that, every couple of years, you feel this is
done and dusted.
'Let's move on to something bigger and more challenging.'
If this wasn't my nature...
how would I reach 800 products?
That is a big mistake, by the way.
Actually, Gauri, let's talk about the numbers.
Fondant makes up what percentage of your sales?
Sprinkles.
Over 300.
I think that if you...
make only the best fondant in the world
at... the lowest cost
that is a better strategy than launching 800 products.
I would say
grasp one market first.
The US, which is the largest market, grow that.
But, what's happening now is...
because you are making so many products, your core USP
which you feel nobody can make better than you, is being ignored.
All your time is going in...
doing other things, where, you don't have much differentiation.
So, I am out today.
Because, I think, it is still not at that stage.
Uh, but, I wish you best of luck. You will do very well.
But, think about this.
Okay.
Can I just give you my point of view?
Of course.
A fondant, as a product, has about a 5000-crore market.
- Where, global? Okay. - Global.
What you said is absolutely right.
But, Wilton became so big
only when, along with fondant, they gave sprinkles, cutters
pans and colours.
I don't want to be only a fondant brand.
- But, that is... this is a journey. - Why? Because...
This is a journey.
Don't run after these numbers of market size.
If you build a business worth 500 crores
10% of the market
because, you feel, that's your product and differentiation
that is not a bad business.
But, after making that 500 crores, it gives you right to expand.
What would be your biggest challenge in the future?
Um...
Just give me a minute, I completely blanked out.
- Take your time. - Yeah.
Eat some cake or sprinkles.
So, my biggest challenge is that I am...
To manage supply chain and customer experience
very well in every country.
I don't see any other challenge.
Inventory management is so time-consuming.
Like, a DHL shipment is dispatched daily.
We've begun sea shipments, we're sending containers
and, we are not being able to keep up with the demand.
Because, I am giving something new.
So, if you don't find any differentiation in sprinkles
please have more cakes, because, there is...
a huge difference, they are, like, poles apart.
Your US initiative is 18 months old.
It's too early to base on that, at the moment.
Uh, especially for a 100 crore valuation, for me.
So, right now, I can't partner with you.
I'll give you just one suggestion.
You are a self-made person.
Completely! Exact opposite of what your parents wanted you to be.
So, your super power is 'messy to magic'.
Sometimes, it may happen, the dark side of it
which does not let you learn from your failures...
that can hold you back. So, my suggestion is that
whatever you say in the pitch, be super honest with yourself.
- Yeah. - Good luck, Gauri, and, make us proud with a global brand.
Thank you.
I think you have some work to do.
Uh, because, if you see the market in India
the dessert and bakery segment is galloping.
If this didn't sell, various other models could have been introduced.
But, you quickly pivoted to the US.
Also, you're saying that, every 2-3 years...
I get itchy.
That scares me a bit.
So, I'm out. I won't make an offer to you.
Unfortunately, I'm out, too.
I find the evaluation of 100 crores too high.
Uh, one suggestion about the US market that you've entered.
Before starting UK, double down US.
- Yes. - And, understand that market.
It gets very tough to tackle one's own and the consumer's confidence.
- All the best. - Thank you.
I am very upbeat for this
to become big in India.
So, if you want to be present in India
market it in India, and, give equal weightage to both
and not shift to some global country...
And, honest! What I love about you is your honesty.
Thank you.
India is home.
I told you that...
I have come here to leave my mark.
I couldn't make sense here
so, I looked for something else as I was helpless.
Please understand where I'm coming from.
So, the answer is a yes?
Hundred percent yes.
Then, listen to my offer.
I'd like to give you an offer of 1 crore for 2 % equity.
But, a royalty of 2 % till I get my 1 crore back.
[tense music playing]
Yes!
[dynamic music playing]
Your entire pitch was about the US market.
'And, they get me, I get them, instinctively.'
Correct.
She said, you have to move your entire business to India.
- I didn't say entire, I said equal. - My business is in India.
No, it's not. Your numbers don't say that.
And, you said, 'that's what I want to do'.
- Shall I speak now? - Yes, it was a question.
Very simple.
Okay, you got the money, don't bother about him.
- No, really! - Just trying to bring the reality out.
- I trust you, Gauri. - You said, you don't get this market.
- Alright, Gauri, well done. - Bye, take care. Well done.
Have fun.
- She wanted an offer and she completely...- Enough.
- Since the start... - Not a joke to build a business.
- she would have said anything. - Anupam.
- She didn't mean it. - A business of 15 crores...
- is not a joke. - But, even this year, her business...
- I know, but, she's honest. - will be in the US.
Now, you're getting FOMO.
First, he arrogantly said 'your nature of shifting every 2-3 years'
'for a change...'
I said, that's how one makes 800 products.
I wanted to tell Peyush also to sell only one glasses
all over the country.
Why does he have so many designs in Lenskart?
I mean, there was no logic.
Truly, I don't feel the other Sharks know anything about cakes.
I think she's confused.
- No, not confused, for a deal... - She was truthful.
- she did it, it's okay. - Not for a deal, man.
You bet on a horse.
If you don't want to invest, just say you're not interested.
That you don't understand my business.
But, those silly excuses were not required at all.
I got to know that you...
will bring cakes and some edible goodies.
It got delivered within 10 minutes. I'm just going to tell him, yes.
Thank you.
- Yes, see, it's here. So, I am going to use this to... - Wow!
eat all the edible goodies you have.
But, tell me something.
Quick 3 or 4-ingredient
cake that I can make in my vanity, maybe.
I'll quickly order the ingredients from Swiggy Instamart.
How can I make a quick easy 3 ingredient cake?
- I make this for my son all the time. Refined flour. - Okay.
Sugar, cocoa powder, oil and baking soda.
- That's it. Mix everything in a cup. - Is that all?
Microwave for just 45 seconds and you have a delicious cake to eat.
Amazing! Okay, I'm going to order this on Swiggy Instamart.
It will be here in 10 minutes.
- Do you want to eat with me? - Of course. Hundred percent.
Great! Guys, you go on Swiggy Instamart too.
All your cooking needs are available there.
They are delivered in 10 minutes. So, order now.
If you have the same mindset as us Sharks,
then play, Be The Home Shark.
And win tons of prizes from the comfort of your home.
Download the Sony LIV app now!
[exciting music playing]
[dynamic music playing]
Sharks!
The count of millionaires has hugely risen in the world.
As a person becomes successful
time and convenience become assets for him.
They hire a personal assistant for this asset.
Those personal assistants are very good
- but, they have a few drawbacks. - Hmm.
Like, they work 8 hours a day.
They aren't available on the weekends.
And, they don't have global access.
Sharks, just imagine.
We give you a group of personal assistants
who are with you 24/7.
Sharks, my name is Karan, I am from Goa.
Sharks, my name is Advita, I'm from Goa.
Indulge is a digital concierge service
through which, we eliminate minor and major hassles
Sending across flowers.
Global travel, restaurant reservations.
Shopping, private jet. A lot more!
Sharks, we are a WhatsApp first company.
That means, you are immediately able to connect to us.
We treat your every task like a mission.
And, to complete that mission
we collect your personal data points
like, your birthdays, anniversaries
Right from a perfume
you can purchase art, a yacht or a villa on it.
In the last two years, we've done a lot of research and development.
And, we've fulfilled more than
25000 requests successfully.
As we speak, 183 high-net-worth individuals
access our service through a subscription-based model.
In the coming two years...
our aim is to manage the time of 10,000 people
from India, Dubai, Singapore and London.
Sharks, our ask is...
50 lakhs for 1 % equity in Indulge.
So, Sharks, your wish is our command.
Are you ready to indulge with Indulge?
Karan and Advita.
Welcome to Shark Tank.
- Thank you so much. - Thank you.
You have come to the right Tank.
[laughter]
Have you come for business or funding?
Your services are needed here.
Namita has a whole entourage here.
- That's why... - Really?
Maybe she can use just one WhatsApp.
But, anyway, let's hear you out.
You... what is your background? How did you enter this space?
I am a college drop-out, and, as I was dropping out...
Now, your valuation is justified. Tell us more.
[laughter]
I started a lifestyle magazine right during college.
- Ooh! - During the running of a magazine
a person manages design, content, distribution, marketing, everything.
That experience proved very handy to me.
But, in 2012...
as Instagram and Facebook arose
my magazine lost its followers.
So, due to that, I halted the magazine business.
But, I called my subscribers and readers for an event.
In that event, I displayed luxury brands like these
and they loved it.
I did 50 luxury exhibitions at several such places.
So, you thought, now why not, directly serve them?
Yes, and, I was often told to arrange a touch and feel.
You know, and, I interacted with a lot of millionaires in small towns.
I saw that they have capital
taste and are well educated, but, have no access.
They can't even believe they can watch a match or buy a product.
- True dat! - So, I digitalised that.
Advita, what's your background?
I come from Ahmednagar, which is now called Ahilyanagar.
I come from a very typical Marwari joint family.
- Which year was this? - Early 2022.
I want to understand the business.
What are your top three services?
I'll take the liberty, five instead of three.
So, one is travel. One is retail.
One is experiences. One is dining.
And, one is special requests.
I want to know more about special requests.
[laughter]
- I mean, they ask anything. So, we'll get to that. - Okay.
Tell us about them.
Travel is, from hotel booking
to restaurant reservations. Your boarding pass in your hands.
If you have kids travelling with you
the place should be kid-friendly. If there are elders along...
it should have wheelchair assistance.
Medicals, etc. Having awareness of all that.
Let's go to retail.
'Show me the new catalog of Sabyasachi.'
'I am going to Dubai.'
'What are these products that I can go buy?'
- Experiences. - Everything around. Global, sporting events.
- World Cup. Wimbledon. - Concerts.
- Exactly. - Boxing match.
- Yes. - And, special requests?
Everything which does not fit in this box.
Like, we have a client from Hyderabad.
He said, I want tea tomorrow morning from a tea stall in Bangalore.
And, the team did that.
Often, there are medical emergencies.
We've had a situation, where...
a client in Bangkok wanted an air ambulance.
And, he couldn't get one.
And, we got this call in the middle of the night.
- And, you arranged that ambulance? - Yes, we arranged it.
But, whom are you servicing? Because, if you ask here...
- Do you use it, Vineeta? - Concierge, yes.
You-you?
- I don't use a concierge. - Me neither. You?
- I have an EA. - EA, right? You?
- No. - Black card.
I've never used a concierge service.
So, who are the people that are using it?
And, what do they use the most?
Actually, all our clients have EAs.
They do a little more of professional work, and
personal tasks, like sending a gift to his wife
or, planning a holiday has
- some participation from the EA. - The travel agent will do it.
But, that has some limitations.
- His global access, like... - Give examples one by one.
A gift for the wife. I'll do it myself.
- Okay. Yes. - Anything else won't feel personal.
- Second. - We'll inform you a week prior.
Your wife's birthday is coming up.
I have reminders set for the whole year.
- Okay, okay. Let's go one by one. - Yes, one by one.
You'll do it yourself.
You are in between a meeting. You guys drop a message.
'I want to do something amazing for my wife.'
'Suggest something.'
Your team comes and tells you
'Sir, we know your wife likes ABC.'
'And, you know what? Last month...'
'she was requesting and she was looking for this bag.'
'These are your five options.'
That is where we come in to help.
My proposition is simple.
I will save you time and remove the hassle out.
So, you're also saying, you are a high quality
- assistance vs mediocre quality? - Absolutely high quality.
- Yeah. - Like, we had a client, who...
wanted to gift his wife a bracelet from a particular brand on 14th Feb.
The particular brand is not available in India.
We learned, globally, one piece is available.
- Amazing! - The next production is three weeks later.
And, anyway, for anyone...
What is the weirdest thing someone has asked for?
Uh, oh!
There are many, I mean...
- Yes, I mean... - Give some examples.
Uh, someone wanted a specific Diet Coke
in his hotel in the Himalayas.
- It wasn't available in the hotel, the plateau... - Or, the village.
- He only wanted Diet Coke. - Not even Diet Pepsi.
- Only Diet Coke. - So, from a city below...
we paid Rs. 4000 extra, and...
- He paid Rs. 4000 for a Coke? - Yes!
- Yes, yes, yes. That's all he wanted. - Spoilt brats!
- And, the services you provide... - Yes?
I mean, you charge double the price for a product?
- No, no. - No!
- As per actuals. - Exact!
- Exact. - We have a subscription model.
We take our charges from you in the start.
After that, everything is as per actuals.
How much do you charge? 4-5 lakhs per year?
- Or, more? - 4 lakhs per year.
- 40,000 a month. - That's our subscription charges.
So, 5 lakhs.
What commission do you make per client per year?
- So, we... - You must be charging something.
- So, accumulated... - That's undisputed.
Every vendor gives us a vendor fee.
The blended average comes around 5%.
So, how much is a client's annual billing?
First year was 2 lakhs. It moved to 5 lakhs.
As we speak, it is around 8-8.5 lakhs.
So, if you consider it 10-15 lakhs in the long term
we make Rs. 50,000-1,00,000 there too.
Just help me understand your customer profile.
You said, 183 HNIs.
Couple of years, HNI means 1 crore rupees.
Nowadays, even 10 crore individuals aren't called HNIs.
So, UHNI is the new word.
UHNI is an individual
at least, on definition, a person
whose net worth is more than 30 crore rupees.
- Okay. - Our clients...
predominantly, as we speak, are UHNIs.
And now, HNIs are starting to join in.
What is the population that you can target?
There are 12,000 people who fall under the UHNIs.
- In India? - In India.
There are 12,000 UHNIs. Let's round it up to 10,000.
How many of them will come to you?
You'll go from 183 to a maximum of 1000.
- You will earn 5-6 lakh rupees annually from them. - Yes.
- So, how much does that come to? - 60 crores.
How much is your margin from 60 crores?
Almost 50 crores.
- I can explain this to you. - No. Why?
For every 200 people...
we have a team of 10.
There will be a King in this team.
And, from each 200 person cohort
- you're earning 10 crores annually? - Yes.
And, you're spending 10 lakhs per month, which is 10%.
- Yes. Yes. - 10% is your manpower cost. What else?
Then, we have a centre data. We have a certain infrastructure in Goa.
Another 10% gone.
- Yes. Another 10%. - That's how you make 80%.
- Correct. - And, what's the King's compensation per month?
2-2.5 lakhs a month.
And, what do the Knights take?
- Knights, 50,000. - So, this is a big problem.
- Because, if I am using a concierge service... - Sure, yes.
I get used to talking to a certain person.
I understand, but, habits have changed.
I get a little irritated if I get calls. I am WhatsApp first.
What percentage of your interactions are on WhatsApp?
I want to show you a demo.
Show me.
- Okay. Concierge. - Why did you write Anupam Mittal?
- It's a dummy group. - But, the...
- description is true, although it's a dummy group. - Yes.
- Italy and everything. You are stalking me. - So, once you...
[laughter]
Our research is strong.
Let's say, you subscribe to the service.
We introduce you to your team.
And then, we request you...
to fill this persona mapping form.
We pick your major and minor details.
If you ask us to book your flights
we know if you're someone
comfortable flying early morning, or, to do something else.
I mean, what kind of hotels do you like.
- Yes, got it. Understood. - Luxury, Heritage etc.
This... we speak on your behalf. You say, 'Hey, guys'.
'I need a private jet.'
'Next Wednesday, I have a meeting.' The team comes back to you.
They give you a quotation.
It will tell you, this is available, this is a five-seater.
If this works for you, you say yes.
And, this includes your commission?
From the vendor's side. Everybody gives us a vendor fee.
Do you transparently tell the client what your exact
value of your commission is?
No need for the backside details. We share with you
the existing market rate.
Why do you take this commission?
Because, just for 5 crores
why are you breaking your trust?
When we started the company, when we offered membership to anyone
nobody wanted to take membership.
- So, in the first year, for 600 people... - Initially?
we worked on 5%.
As Diwali approached, we felt, now that we have value
we'll introduce a membership model.
So, we gave two options.
So, it's not worth doing the 5% each time
because, client will say, 'why did I pay you 5% more?'
We lately decided that instead of 4 lakhs a year
we have broken it down to offer Rs. 40,000 a month
as a subscription. We are creating a habit-changing mechanism.
Why do you have only 183 customers if this is such a great idea?
Actually, the number is 1000.
183 got filtered
to being paid and serious customers.
The other 700 use us subjectively.
So, that 1000 has no meaning.
Because, you've spoken of a community of 12,000 people.
They are very connected. You know!
There are clubs, like YPOs and EOs.
EO Chennai has reached out to us and signed, saying that
all their individuals want a concierge.
'Can you offer something better to us?'
Campden, family business, if you know.
They asked for this for their business.
Did you tell us your sales yet?
This year, we've earned 2.2 crore rupees as revenue.
- In how many months? - 7 months.
This year, we put 53 lakh rupees in the app.
And, we started a company and an account in Dubai.
We spent another 10 lakh rupees for that.
I asked you about the sales. How did you reach the Dubai account?
No, uh, I was giving you the breakdown of the sales. - Expenses.
Sale, again, 2.1 crores is the revenue we did.
You just said 2.2.
Uh, 1.9...
- Is it 2.2 or is it 2.1? - It is...
- 2.1...- It's 2.2.
- .19 something. - Come on, 30 lakhs a month.
- Yes. - Right?
If I can understand this correctly, you're talking about
- 183 HNIs. - Yes.
If you are earning Rs. 40,000 per month from them
- then, you would make about 70 lakhs last month. - Yes.
- Did you earn 70 lakh rupees on your subscription last month? - Yes?
No.
We haven't moved to the 40,000 model yet.
- We're just starting that. - What's the model now?
- You just said... one second. - The 4 lakhs model now!
How many of the 183 people are at the 4 lakh model?
Sixty.
And, 120 are at 1 lakh rupees.
Plus 5%.
You just said you stopped commissions.
- Yes. - So, how can they be on...
The old model.
The people who pay 1 lakh, pay 5% transparent service fees.
- The customers themselves pay it. - Okay.
So, your profit...
as per your margin...
because, you have 20 people, you are overstaffed.
From your 2.2 crores...
you have a profit of 1.5 crores?
- No, not 1.5 crores. - Why?
- We paid 50% in salaries. - Whose salaries?
We have a team of 30 people right now.
They can manage 400 people.
You'll hire 20 for 400, why 30?
There are other people. Like, accounts, or me and Advita.
Every month, how many people are you adding?
- I mean, clients. - So, 20-25.
How much did they pay you?
1 lakh plus 5% and there are a few that take the 4 lakh memberships.
So, how much did you make last month? 40-50 lakhs?
35 lakhs.
So, how much will you earn this year?
This year, I will make a profit of at least 6 crores.
8 crores revenue is yet remaining.
You're at a 2 crore revenue.
- And now, you're saying, you will earn 6 crores? - Yes.
- I'll tell you... - Tell me, how much did you earn out of 2 crores?
- We earned 30%. 60 lakhs. - Where is that 60 lakhs?
- You're saying you have... - We put it in the tech.
What do you mean, tech?
You outsourced the app?
- I mean, the CTO is ours. - Yes.
But, there is a team which works for it too.
- So, we are paying it. - CTO is your full-time employee?
Yes. ESOP. He has a 1% equity too.
Karan, Advita, first of all, nice model.
And, I think, a lot of people can use this.
- That's my way of life. - Correct.
I won't be able to relate to this problem, unfortunately.
So, I'll be out.
But then, it was like, great cry over little wool.
It turned out a little of that.
If this truly were such a great model
you wouldn't be stuck at only 183.
And then, the second problem is, even out of the 183
only few of them are doing the 4 lakh model.
The rest are not really signing up for the full subscription.
So, to me, this is a sign that, they don't...
find much value addition in the services.
So, both, on the demand side
in terms of number of sign-ups and value per customer
and on your operation side, in terms of your strategy.
I see a lot of weakness.
For that reason, unfortunately, I'm out.
But, I do wish you the best.
[tense music playing]
I don't think this business has
any scaleability in compounding
because, the more you go towards
exclusivity and uniqueness
the lower the scaleability and compounding goes.
Second, you know, the retention point that Namita raised.
I think, for me also, that was a big concern.
For that reason, I'm out.
My biggest problem is...
one of credibility.
I can't trust anything you say.
Your numbers simply don't match up
with the story you're painting.
Your valuation makes no sense.
You made very little money from the 2 crores.
Valuation of 50 crores? I think, you need a lot more clarity
before you raise capital from an investor.
For all those reasons, I'm out.
I fundamentally believe that people
want to improve their quality of life.
- Yes. - Correct.
And, let's forget the ultra HNI.
Numerous people are earning a salary of 1 crore nowadays.
- Correct. - Right? In companies.
- They cannot afford an EA. - Correct.
Right? And, you can provide great service.
But, I'm unable to add up the numbers.
And, I'm giving you that last
- uh, benefit of doubt. - I'll take this one.
When you begin something that has no bible...
- Untrue! - Untrue.
- Many concierge companies have come and gone. - Let her talk.
- Yes, okay. Go on. - Okay? May I?
When we took in 1000 people
you learn that this is not feasible on 5%.
You come into second year, you see memberships make so much sense.
I would rather not take commission from my vendor. Right?
But, you just put someone on the habit
of paying 5% on 1 lakh, which I'm taking from you.
And, you realise there are people who want only a month.
Only when they're travelling. They worry about their parents.
They're using it when parents are travelling with them.
- These are learnings out of a business. - Yes.
How many people are actively paying 4 lakhs currently?
- Around 60. - Cumulatively, 65.
If I go and ask those 65 people
- if they'll renew next year... - Hundred percent!
- Okay.
What is your cap table right now?
Sixty five.
Advita is at 5. We have 5 for ESOPs.
We have 1 to our CTO.
We have 6 Angels, who have come in.
And, we have 18 % with another company.
Which is ours, I'll tell you how.
- Yes, this... - Yes, so...
- What is this 18 %? - So, initially...
Nikhil Kamath, who's my first Angel investor.
I worked with him for two years after COVID to build True Beacon
- which was a wealth management company. - Yes.
So, I spoke to Nikhil about what he wanted to do after COVID.
I told him I want to do this.
I want to manage lifestyles like he manages wealth.
So, he offered me 75 lakh rupees to start this company.
So, we started the company with that money.
And, we decided, at one point...
we'll buy back Nikhil's shares.
Nikhil has exited now from the company?
- Yes. - Yes, Nikhil recently exited.
- The company... - Okay, one thing, sorry.
So, firstly, I thought...
conceptually, what you're building will be needed in India.
The only thing I will tell you is to keep it 100% transparent.
- Absolutely. - Yes.
I am out today, because...
- a new angle with the 18% has turned up... - Absolutely.
just when I was trying to make a deal.
There is a lot of confusion now.
I'm out.
Best of luck, guys.
- Best of luck! Thank you so much. - Thank you.
- Bye. - Thank you.
[tense music playing]
- Hello, Team Indulge. - Hello.
Welcome to the PokerBaazi zone where you hold the card.
you want to share with us during this stage of your business?
We started off, like...
in a cafe in Goa.
- We built it over the year with 30-odd people. - Hmm.
Managing 1000-odd families.
- Hmm. - Extremely profitable company.
- We managed to be on Shark Tank. - Yes.
- Right? It's a great space to be in. - Hmm.
So, all tough job has been done.
So, all the good cards have come.
The last two are important and I think we are just waiting for...
- the right card. - Yes.
Let me tell you, you have excellent cards. This is called a...
- Full house. - Exactly!
[theme music playing]
She has a photo like this of Pythagoras in her wallet.
Please welcome the co-founder and CEO
of Sugar Cosmetics, Vineeta Singh.
- Hi. - How are you?
I'm good.
I'm roaming with a photo of Pythagoras.
But, do you know the Pythagoras theorem?
I was a Math teacher.
- Oh! Really? I didn't know this. - Yes.
Don't I look like I'm highly educated?
No, generally, people from Math aren't so funny.
- They're very serious. - Yes.
You could say that.
Our question for today has been sent by Ragini Sinha.
She's 22 years old, from Uttar Pradesh, Lucknow.
I started my first company 17 years ago.
At that time, fundraising was very difficult
for a woman entrepreneur.
I think, there has been immense improvement in 15 years.
If you go to see, today, there is a 20% participation
of women in the workforce.
And, that's a very welcome change.
There are 70% women in our company.
I think, Shark Tank is one of those rare places
where, generally, 2 out of 5 Sharks are also women.
The participants we get...
also consist of 30-40% women entrepreneurs every year.
So, I think, the start-up ecosystem, where
there are very few, one in ten, or
- even one in twenty women... - Yes.
a lot of women are seen in Shark Tank.
And so, I feel, here...
we don't hesitate at all to raise our voice.
Friends, send in your questions.
I will ask the question. Go on the Sony LIV app.
Select your favourite Shark and send in your questions.
See you on the next Ask the Shark with a new question and a new Shark.