[theme music playing]
- Hello, Sharks! My name is Sanjay Modi. - Hi!
One day, I went to buy an English literature book
for my sister.
She was in second grade.
- That book was for Rs. 1,600. - Oh my God!
I belong to a middle-class family.
Back then I didn't have enough money to afford it.
So, I couldn't buy it
and went home without buying a book that day.
And then, I did some research on this market.
That is when I realised that the secondhand books...
Either the second-hand books are not available,
or even if they are available,
the shopkeeper has added his commission to it.
Because of which the cost of that book has gone up.
Sharks, my dad has been an ex-entrepreneur.
He has had a bad experience in entrepreneurship,
so he wants me to get a job
instead of taking this journey.
So, I asked for 6 months from him.
I have to make this profitable within 6 months,
otherwise, I will have to do what he has asked me to do.
So...
It's fine. Take your time.
Lock the deal soon...
[laughing]
I am on a tight deadline.
- What is your ask? - Sorry.
- It's okay. - It's fine.
Also, tell us more about the business if you want to.
Sanjay, take your time. It's okay. We can also start from the start.
This is not a test.
Talk to us as your friend and tell us about what NearBook does.
As a friend?
- Yes, a friend. - Exactly!
We are all friends.
Yes! Stretch a little.
- Yes! If you want to punch, punch him. - Yes, very good!
- So sweet. - Come and punch him.
NearBook is a platform
where we can sell our old books
and buy them if we want to.
We are India's fastest-growing classified marketplace.
So, I need your help and guidance to take it global.
For that, my ask is Rs. 40 lakhs for 20%.
So, finalise the deal quickly.
- I am in a tight spot. - I am in a tight spot, it seems.
Okay! Sanjay, welcome to Campus Special
- of Shark Tank India. - Thank you, sir.
You were nervous, but your comeback was strong.
You said you are all friends.
- We are friends. You have five friends. - That's sweet.
So, Sanjay, tell us about you.
Are you in school?
I am doing my third year in BCA
from Jai Narain Vyas University, Jodhpur.
Is this the first business you attempted?
Or did you have other ideas in your mind in the past?
I've tried a few times.
At what age did you start? 10-15 years?
- 12 years? - I aspired to be an entrepreneur
when I was in the 8th grade.
What was your first idea?
Biscuit cup.
A cup where we can pour tea
and as we drink it, we can eat biscuits.
I did submit it at DreamDeal.
Yes, that's right.
And I went to DreamDeal for this idea too.
- He is running his private Shark Tank. - Very good.
We know now.
- No, I don't take equity. It's just a grant
- so that you can go from zero to one and create a prototype. - Right.
- I was selected in the Top 30. - Lovely!
- Good! - For which idea?
- For NearBook. - Oh!
In 2020.
[laughing]
Sanjay, you shared something very interesting in your pitch.
- Yes, ma'am. - That your dad...
What happened that he became so protective of you?
He used to live in Mumbai.
This was before I was born.
He was managing a company here,
but he faced fraud or something went wrong.
- Because of that, we were in a bad financial state. - Hmm!
So, he returned and started farming.
Currently, he is working in Chennai.
He is a manager in a private Jain trust.
- And you are in Rajasthan... - Sanchore.
Sanchore. You are currently in a hostel in Jodhpur.
That is an affiliated college.
Okay! You live with your mom and sister.
Yes, my mom, sister and brother.
Tell me how NearBook works.
Can I show you a demo?
- Show us a demo. - Please do.
Thank you.
This is the interface of our app.
Our most used feature is Sell Book.
Because everyone wants to sell the book and make money.
- Sanjay, did you create this app yourself? - No!
Who did you get it made from? An agency?
Someone who does moonlighting...
- A freelancer. - How much did you pay?
- I got it made for free. I didn't have money. - Well done.
They helped me because it is a social impact startup.
How did you find him?
Through LinkedIn.
You went on their LinkedIn profile and dropped a message.
I dropped a message to all of you as well.
- Okay! - I was rejected by many.
- All right. - One of them agreed to help.
- We also became friends. - Really?
He is the one who pays the server cost.
- Wow! - What does he or she do? Who is so kind?
He is too good. I can't take his name.
- He works for a company. - Okay.
- They will fire him. - Whoever he is,
- thank him on our behalf. - He is too good.
He is doing a good job by...
I wouldn't have come so far without him.
Why not, Sanjay? You are 20 years old.
According to me, a 20-year-old boy can do anything.
So, why didn't you learn coding?
It has become so easy to make a website.
Did you try that?
Yes, I did. The front
- and many features were made by me. - Okay, you did.
- Very good. - I helped them and I created the website.
to make a product for you free of cost.
I am good at convincing people.
You will see how I crack the deal today.
Oh!
Well said.
You have full confidence.
- Show us the demo. - Let's see the demo.
Our app's interface is simple.
The user who has to sell the book will click on Sell Now.
They click on the camera.
- Well done. - We have to select the category.
After that, you need to enter the price at which you want to sell it.
For example, if I want to sell it for Rs. 50 and then post it.
Tell me something. Shouldn't that happen automatically?
The category should automatically be filled once the photo is clicked.
That's what we have planned for our next update.
Got it. Move on.
But while uploading the book,
don't you ask what state the book is in?
The buyer does that.
You know how Indian buyers are.
They want brand new stuff even for Rs. 50.
New stuff!
the state of their book is in a very good condition
or sightly poor? This feature exists in used marketplaces.
Right! But the listing time goes up if we do that.
Our average listing time is around 10 seconds.
In the past, it was around 2 to 2.5 minutes.
You can edit the book in the My Book section.
If you sold your book, you can click Mark As Sold.
This is a classified marketplace, we don't interfere a lot.
Other than this, our main feature,
which is our USP, is Nearby Books.
When the user chooses this,
they get to see books on sale nearby,
that too in ascending order.
If someone has listed a book that is 100 meters away.
Someone is willing to give the book for free. It's for Rs. 0.
Yes! You can also donate the book.
- You can also give the book for rent. - Okay.
- They don't have a 'Nearby' feature. - Right!
Why is it so important for you?
This is the vision
and the name of our app is NearBook.
We want to connect in the nearby community.
- How much percent? - You save on your transportation costs.
- Correct! - We don't transport anything.
People take it from each other.
It is not couriered.
- Exactly! - They have to personally go and collect.
Sanjay, the payment doesn't take place through the platform.
We just connect them.
They deal with the payment offline.
What will your business model be ultimately? Premium listings?
No! Advertisement.
You will make money from advertisements.
This already exists.
There is a company called Craigslist.
Craigslist started in the US.
Through classifieds, buying and selling had started.
There was Quikr in India.
But they couldn't make it a profitable business.
Did you study where they failed and why?
Yes, I did and I was disappointed.
[laughing]
Their investors were also disappointed.
Why were you disappointed?
Because it didn't work.
But this is my vision. I am doing it and I will do it!
No, that wasn't my question.
I am asking how you will do it.
They couldn't make it. Where did they go wrong
and how will you make it work?
I am working on many revenue models.
I have not decided on one thing yet.
It's time to pivot now.
I try a lot of things and I fail.
I change it and try it again.
I am learning.
Sanjay, the most important thing in marketplaces...
- Yes! - How to build trust between buyer and seller?
In a way, the marketplace builds trust.
If you are a buyer,
you buy on the platform.
The platform holds the payment.
Once the buyer receives the product,
that payment is released to the seller.
- But you are not doing that. - We are not.
Then how will you build trust on the platform?
Ah... That's a good question.
[laughing]
You can also say
that my job is not to create trust.
I can't say that, because that is my job.
I want the user to have a safe experience.
There have been scams in the past.
Give me an example.
Someone asked...
- Pay and I will send the book. - Yes, and the user paid.
- And he didn't get the book. - He lost the money.
But we've taken precautions.
We have given a disclaimer.
But the problem is, people don't read them.
This might not help create trust.
To create trust, I am doing this for the first time.
There are a lot of things I did wrong.
After that, we made a few changes.
For example, you can report a suspicious book.
We get the report and we delete it.
So, as of now, until you figure out how to create trust,
you will not charge a transaction fee, right?
You are right.
What success have you envisioned for yourself?
If, in the next 6 months,
you achieve this, then you'll consider yourself successful.
You mentioned you'll be profitable.
To reach that, you'll need to start advertising soon.
So, what have you thought about that? How and when will you do it?
Our power month is March and April.
The user visits once a year
when they have to sell the book.
- When the school starts. - He is talking about
- academic books. - Yes, academic books.
Most of the users are students.
- Okay! Mostly academic books. - Mostly! 80% and 20%.
- 20% are bibliophiles. - Okay!
The last few months... In March and April,
we had more than 5 lakh downloads during that time.
Because we went viral on social media.
- Wow! - We had more than 50 million social impressions on social media.
Yes, I submitted the reels.
If you did, we can play it here.
[music playing]
'What are you doing?'
'I gave my exams, these books are of no use to me now.'
'You give him water and I'll tell you where to sell them.'
'You can sell these books for the price you want.'
- Wow! - How?
'Look, you have to download the app and scan the barcode of the book.'
'You have to enter the details and the MRP of the book.'
'Also mention the condition of the book and selling options.
'And then, mention the price you want to sell it for.'
Once the book is picked up, you will be given the cash.'
- Amazing! - You had the feature to choose the condition of the book.
That was no longer there. Did you take it out?
That was there in the past.
But it is not there now.
Earlier there was a feature to mention the condition of the book.
- We did. - And MRP
- and offer price. - There were a lot of details.
But that increases the time of listing.
- That was around 2.5 minutes. - Yes.
- You had to bring it down to 10 seconds. - Yes.
How many people do you think could buy the books
using your platform in the past 4 years?
40,000 people have sold the books.
It has to be more than that.
Yes.
Your benefactor, who shall not be named,
how much has he spent?
Around Rs. 6 lakhs.
- Oh! - Rs. 6 lakhs. How much more will he give and by when?
Does he have a cut-off
- or is it unlimited? - He hasn't given me a cut-off.
So, is this unlimited?
I can't say that.
I want... That's why I want it to be profitable.
Everyone wants to make their business profitable.
But it is not so easy.
For that, you need to find the product-market fit.
It might take 3 months, 6 months or 2 years.
We don't know that now.
If you get funding, will your dad lift the deadline,
or will he still ask you to make it profitable in six months?
He will have to lift it off when it goes live.
- When it goes live! - I mean,
he will think I am on the right track.
Has your mentor met your dad?
No!
- He hasn't. - Your dad doesn't know.
Even I haven't met him.
- You haven't met him? - What?
How?
He lives in Gurugram
- and I am in Sanchore. - You met online
and he invested Rs. 6 lakhs in your business.
Do you both have an equity split?
ESOPs have been promised.
ESOP means Employee Stock Ownership Plan.
It's a scheme
where companies offer their employees
the option to buy shares at a deeply discounted price.
This way, as the company grows,
employees can also create a share of its profits.
Typically, it is believed that if you keep 10% of the company's equity
for employees in the early stages,
you're creating a very good and generous plan.
You promised ESOPs to him?
But ESOPs are given to employees.
- You will give him a share. - Yes.
- You have not decided how much share you will give him. - Yes.
Let's go back.
When you were in the 8th grade, you wanted to be an entrepreneur.
Where did your interest in becoming an entrepreneur come from?
This is how my dad was.
- He was mischievous. - Okay!
He came to Mumbai and tried acting and other fields.
Did he try acting?
Yes, singing, acting and other things, but he failed.
My grandma and others at home used to taunt him.
It used to hurt me. Why would they do that?
So, gradually I felt that I will try it now.
- His dream... - I will prove that we can do this.
He couldn't do it, but I will.
How well did you do in your studies?
I am a backbencher.
I was also a backbencher, but I scored good grades.
I don't get good grades.
- You don't. - No!
Why? Do you not like studying, or is it that you don't understand it?
- I don't like it. - You don't like it.
You mentioned that you are studying through an online platform.
- Yes! - Why did you stop attending mainstream school?
Because I was working on this.
Even if I go, I doubt I will study.
I don't... I don't want to do a job.
Sanjay, you are lovely.
This is how we Rajasthanis are.
You have a lot of passion when it comes to this business.
Because it is not just about a business.
Here you want to prove something.
I started entrepreneurship when I was 13 years old
I also started a business with books.
I couldn't make a lot of money.
I had to shut it down and then I started an interiors business.
That failed too.
I blamed interior designers.
Then I started an export business.
I was around 18-19 years old by then.
That failed too. I blamed India's market for that.
But in the end, I realised that I was doing
a lot of things purely out of emotion.
I just wanted to win desperately.
I thought of taking a step back and focusing on my studies.
I got lucky
that I got a scholarship and I went to the US.
That is where I learnt how business is done.
So, the business you are in currently...
The world's biggest company, Amazon,
- started as an online bookstore. - Right.
Classified companies have already moved past this stage.
The main reason this doesn't work well
is the high seasonality.
The second issue is the business model.
If you start charging a transaction fee,
the yield per book becomes very low.
- Right. - And for an advertising model,
you need millions of users.
You said you don't want to work under anyone.
But I think it may not be such a bad thing.
The deadline of six months
will make you do the wrong things.
I am out.
But I am happy to mentor you in person.
You said you applied to DreamDeal.
Drop me an email.
But good luck, man.
Passion and enthusiasm are in the right place.
You need to develop a better understanding of the business. Okay?
I want to tell you that I agree with Anupam.
Sometimes, taking a step back,
getting a job...
Yes, very shocking. But...
Doing a job and learning is important.
Learn that and start again.
- But for today, I am out. - Thank you, ma'am.
Sanjay, I somehow
am not as convinced as Anupam and Namita
that this business will not work.
I think the best thing about this category
is that Indians consider books to be a form of Goddess Saraswati,
which is why they don't want to throw it away.
So, online classifieds didn't work in India.
But in your specialised use case
where you will be focussed on books, it might work.
The small things you've done in this,
like uploading in just 10 seconds.
It requires very sharp business thinking.
The ad business you've thought of,
that you will scale it.
I think you should keep trying it out.
However, before scaling it massively and paying for the reviews,
make sure the consumer experience is good on both ends.
You've improved the selling side,
but there are still many gaps on the buyer's side.
You must improve that.
- And I would suggest that you focus on that. - Sure.
And I hope you are successful. For now, I am out.
I believe that our dreams become our fate.
Since 8th grade, you've had a dream of building something big.
I believe that it will happen someday.
Here, the most important thing to crack is trust.
As Kunal mentioned earlier.
There is one metric that's repeat.
We have a 55% repeat rate.
We should deliver that consistently for the next 6-9 months.
I believe your 'Nearby' feature is amazing.
If this works, you will be able to prove that in multiple categories
before it becomes monetisable.
But currently, I don't see long-term trust
in your business.
But you are stubborn and that is what an entrepreneur wants.
So, I would like to meet you outside. But I am out today.
But I wish you all the very best. Thank you, sir.
Sanjay, I believe your strength
lies in your ability to connect with people.
By leveraging this strength,
I think you should bring more people on board with you in this business.
Sometimes, when we build something on our own,
we don't notice our blind spots.
Sanjay, there are a lot of things in business
which are yet to be done.
Team, traction,
payments, trust.
A lot of things are pending.
For that reason, I am out today. All the best.
Sanjay, one minute.
- Should I go? - No, wait.
I am restless.
I said that you reminded me of my story.
I started entrepreneurship when I was 13 years old.
I didn't have a mentor.
So, it took me a long time to understand
how business is done and how it's made.
- I think you need a real mentor. - Yeah.
Because of the qualities you have. Your determination and passion
are in the right place.
I won't be happy with myself
after giving big talks,
and when I see that person in myself,
I don't give them a chance.
I am going to make you your DreamDeal.
You asked for Rs. 40 lakhs for 20%.
If not this, we will do something else.
But I see that you can make something.
Yes or no?
[music playing]
Deal done!
- Wow! - Amazing! Well done.
This is more for me than you.
I wanted you.
Okay! Good!
Because you are in classified business, you know the pain.
- We are so happy for you. - The pain!
I couldn't have slept tonight if I hadn't made an offer to you.
Amazing! The situation is not tight anymore.
- Now, we'll outshine everyone. - Outshine!
- No! - Sir!
[music playing]
[camera shutter clicks]
Congratulations! No!
Do well.
Congrats.
Sir!
All the best, Sanjay.
Yes!
- Sanjay, congratulations! - Thank you, ma'am.
- Don't call me 'ma'am'. - Aunt!
I will slap you for calling me that.
Thank you, sister.
Very good! Are you happy now that you have a cheque?
I am elated.
And I really wanted to celebrate because this is a good chance.
I didn't know what you liked,
so I ordered a few things from Swiggy Instamart.
It was delivered in 10 minutes.
Thank you, sir. There are diaries
so that you can continue working.
There are premium pens
so that you can sign more cheques now.
I was hungry. You did the right thing.
Oh! Very good! I am very happy.
There are energy bars because I know you were anxious.
We will trade some books.
Guys, if you need anything, you get everything in Swiggy Instamart.
It was delivered in 10 minutes. Order now.
What is the Shark in you saying?
Which pitcher should get a deal and who shouldn't, right?
Do one thing, just hear it out.
There is a contest going on the Lenskart app or Lenskart.com,
Offer Or No Offer. Participate in that...
[music playing]
I am 18 years old.
- Oh my! - I never wanted to do a job.
I always wanted to be an entrepreneur.
I am currently pursuing a BBA at Masters' Union in Delhi.
It's a new-age college where we understand business
practically and not theoretically.
Today, I am here with my second startup, MemoTag.
[sighs]
There is a role model in everyone's life.
For me, that was my grandpa.
The difference between right and wrong, financial knowledge
and standing on my own feet. I learnt all of this from him.
The vibe between my grandfather and me was something else.
But three years ago, he was diagnosed with dementia.
It was quite a sad situation for us.
This had become a safety concern for us.
Currently, families of around 88 lakh patients
in India go through the same concern.
...we can analyse patients' voice through vocal analysis
and predict when their health will improve...
When I was young, both my parents used to work.
My grandparents raised me and looked after me.
It's my turn now to look after my grandpa
and help millions of patients like him and their families.
We are currently at the 4th prototype stage.
And we are almost ready for the launch.
We need your support. Rs. 50 lakhs for 5% equity.
So, Sharks! Let's transform
the future of proactive caregiving with MemoTag.
Reyansh, welcome to the Campus Special episode,
Shark Tank Season 4.
Very sorry about your grandpa's health condition.
...tell us about your first startup.
I started with my mom's startup.
She had this homegrown business
where she sold bands.
What do you mean?
The decorative bands that are used during weddings.
I was with her, I helped her, and through that,
I developed an interest in entrepreneurship.
After that, I worked with a start-up called appoyster.
After that, I started my first startup called Gigtern.
It was UrbanClap for students.
We created a marketplace for students
where we connect them with hyper-local offline gigs.
That's why I started MemoTag in August 2023.
Why did you name it MemoTag?
'Memo' comes from memory and it is shaped like a tag.
Where did you learn to give a presentation
with such confidence and articulation?
Are you a drama student?
I've been practising since morning.
So honest.
- You are very good. - Thank you, sir.
- Can I just show you... - Show us the products.
[music playing]
This is the packaging and this is the prototype.
Is this inside it?
No! There is just the packaging.
Leave something for us.
- I will pass it on, don't worry. - Please...
[music playing]
I created my first prototype in January.
In January, I used a bike tracker from Amazon...
When we gathered insights, we realised
that patients with dementia don't like skin-invasive things.
- They used to throw it away. - Hmm!
In the last prototype which I am showing you,
in that we can add different types of wearables.
They can wear it like a locket, attach it like a hook...
At the start, we do a small quiz
thereby determining the patient's cognitive level.
It's called a Mini-Cog Test
This is where our application and wearable connect.
We can also set up a boundary.
This is the boundary limit which should not be crossed.
If the patient does, the device triggers an alert.
We can also call the patient in case of an emergency.
Call them how? Through the device?
- Yes. Just like a normal call. - Does it have a SIM?
- Is there one in it? - Yes, it does.
Hang on. Will this ring?
It won't ring. The call directly connects.
- So, it directly starts. - Yes.
- Is it a two-way conversation or one-way? - Yes, two-way.
The second is a proper fault detection
where if the patient falls,
In cognitives, our main function is the CST.
There is a whole progression chart
from the time they wear the device predicting their improvement time.
So, this gives personalised recommendations.
Could you give us a demo of the vocalised reminders?
Ma'am, the demo isn't working. That is the reason.
Then this is just theoretical.
- It's in the prototype stage. So, some functions work. - Right.
We have over 170 beta and alpha testers.
The third prototype only has the physical features.
- This prototype has those features. - Yes.
Then why can't you give us a demo of the vocalised reminders?
There are internet problems and other issues.
So, it wasn't working properly.
Show us the demo on the screen
but we need to see that your features work.
Ma'am, actually, that's not working.
I mean, I won't be able to operate it.
It's not an internet problem then,
- it is... - This is not connected to it.
Can you tell me what feature you can show us?
None of the features, ma'am.
This application will be connected to the fourth prototype.
I don't have the application for the third prototype.
So, I can't give you a demo.
How do you run the third prototype without an application then?
We have a separate application for it
with a basic UI and UX.
- We run it on that. - Show the demo using that.
We don't have the software on this phone, sir. It won't work.
Why didn't you bring it?
Sir, I didn't think it'd be useful
and thought I'd show you the demo on this app.
- So, you could have brought it. - Yes.
This is an oversight on your part
- or an... - It's an oversight, sir. It's my fault.
So, is anything on this running currently?
- You showed us a true wonder! - Yes.
Out of all this, what really works?
Nothing except Reyansh!
[both laugh]
Sir and ma'am, we're here to pitch a concept.
But you said the beta testing was done.
It was on the old application
which was a UI-UX dumb down application.
- You could've just pitched the poor UI-UX application. - Yes.
Which was tested and worked fine.
You just mentioned that 150 people beta and alpha tested the app.
Does that apply to the old app or this app?
The old app, ma'am. We're still developing this one.
Reyansh, tell me something.
- This device you gave us... - Yes?
- This is just a 3D-printed casing. - Right, sir.
How are you going to launch the product in December?
Sir, our circuit design will be ready by December
and the application will be ready by then.
[solemn music playing]
Let's understand the market.
What other products exist in the market?
India majorly has two players.
The first is ***
and, sir, the other is Ivory.
Our moat and USP is...
...like I mentioned, the prediction model.
How big is the dementia care market in India, Reyansh?
- In India, there are currently 88 million people. - 88 lakh.
Yes, sir. 88 lakh.
The market is $150 million.
Isn't that wrong?
Don't you think $150 million is a bit too low?
If we take an average of $10 million,
then you are spending
- $10-15 a year per... - Person.
Person.
Sir, we actually did our market research
and we landed at this calculation.
The companies we've seen
- are more service-based. - Yes, ma'am.
Yours is product-based.
I think your unique proposition or main point is
more hardware versus software.
I'm sorry I didn't bring this up before.
We're not a hardware company, we're a software company.
Our goal is to start with wearables,
test out the market
and come up with a SaaS.
...such as Apple Watches and Fitbits
and take it to the masses.
Our eventual goal is to create a SaaS company.
Tell me what your goal for the next 11 months is,
because I'm highly confused.
- So, you... - I'll tell you the numbers, ma'am.
- You'll like it. - What numbers? Tell me the market's numbers.
What will we like? Let him speak.
Ma'am, we have 3,500 pre-orders of the wearable
and one year's subscription.
We currently have a contract of Rs. 5.25 crores.
In these pre-orders, what's the advance payment you've received?
Sir, no advance payments. We have LOIs and MOUs.
[tense music playing]
So, don't get caught in that trap.
We have other numbers too. We've even cracked the distribution.
- We have a technology partner called ProCohat. - Okay.
And ProCohat is an IT vertical of a company called SMS.
SMS is one of India's largest medical-based companies.
Their IT department
is helping us entirely to build this product.
- Reyansh, a simple question. - Yes, sir.
How many transistors does this have?
Sir, transistors?
I'm not sure, sir,
because I'm not the IT hardware guy.
As a founder, are you coding the software?
I did code the software myself at the start
but they got the software during the transition.
Who makes the hardware then?
We outsource the hardware
to a unit development facility in Nashik.
We design it in-house though.
You said you have a team of 15 people.
How are you paying them salaries?
- Have you raised funds? - We transferred 15% equity, sir.
They're ProCohat employees.
- Oh! ProCohat's! - And SMS... Yes.
They work for us.
- ProCohat gives them a salary. - Right, sir.
- You've given shares to ProCohat. - Yes, sir.
I'm out.
I sat through 7 to 8 Campus Special pitches
but very sorry to say,
this was probably the most disappointing.
The fact that your product currently is zero
and to cover that up,
you do a lot of storytelling.
And that makes it
very difficult to trust you as a founder.
I think you made a good-looking box
with good branding,
but that without a product is a big no.
[ominous music playing]
I think sometimes when you're too young,
you end up going too fast.
And when you chase after speed,
you tend to miss out on giving depth.
I would request you
to actually show a customer journey for your next pitch
- not just through your words. - Yes. Right, ma'am.
Today, you don't have that. That's why I'm out
but work on it and you will be a success.
I think your biggest problem is the approach that you've taken.
Alright.
You were asked, what makes you different?
You replied, "I integrated everyone's USPs"
"and added some of my own features."
"And that is my superpower."
You claim your product is better
- because you can do everything. - Yes.
That's not how you create disruption,
that's a fast and painful death.
I don't wish that upon you
but because you have that approach,
I think today if I make you an offer or fund you,
that'll be the wrong decision
because you can learn from others' mistakes
but you get wisdom from your own mistakes.
I think you can do it. Good luck.
I'm out.
Reyansh!
- It's important for a founder to be detail-oriented. - Yes, sir.
I asked how many transistors the device had
but you had no idea about it.
Then how can we believe this will be a solid,
innovative hardware plus software company going forward?
I am out for today.
I wish you all the best.
Hopefully, you'll learn a valuable lesson
and be very successful.
All the best.
Reyansh, the way the pitch went...
We saw the box of the product at the start
but it didn't have the product.
The product was there but it wasn't able to connect.
I suggest you be forthcoming about it.
- No surprise is always a win. - I agree, sir.
Today, because I didn't see
your passion and deep dive in regards to the product,
I am out
but I genuinely wish you all the very best.
Thank you so much.
Thank you so much, Sharks.
[poignant music playing]
'I thought if I pitched them the vision'
with a proof of concept which we've done before,
they would believe what I did earlier was possible too,
but that didn't turn out right.
So, we got a good reality check.
[up-tempo music playing]
[music concludes]
Welcome to ACKO Change Makers where we really welcome change,
and that is beautifully depicted on the wall behind me,
our Change Makers wall.
Through modern advancements and smart techniques,
we're empowering change
and today's Change Maker is Reyansh.
...but one thing is, you've also been a caregiver to your grandparents.
Right.
And it always happens that
caregivers concentrate so much on their patients
that they forget about their own mental health
- as well as health. - Absolutely.
What can we do
to support and empower the caregivers?
MemoTag's entire purpose is to take the stress off of caregivers
- and create a holistic environment for them. - Hmm.
We do this by giving them proactive tools
such as full-time detection,
we give them cognitive monitoring tools
so that they can always be on top of their patients' health
- and get real-time alerts about their issues. - Hmm.
Thank you so much for bringing about this change
at such a young age.
What an innovator! I absolutely love it.
Just as he's bringing about a change in this industry,
ACKO too is revolutionising the landscape of insurance.
Now, stop dealing with unknown agents.
Know your insurer.
Have faith in ACKO,
the trusted choice of lakhs of Indians.
They've settled over 3 lakh car claims.
I had to tell them this.
But I have to tell you
that Shark Tank and ACKO wish to give you a memento
- to celebrate your time in the Tank. - Awesome.
- This is for you, Reyansh. - Thank you.
- Nice photo. - [chuckles]
Very nice photo.
[camera shutter clicking]
What's this?
- What is this? - Armour.
The vest is for warming, that's for cooling.
That's a security device.
Strange.
[theme music playing]
[theme music concludes]
- Greetings, Sharks. - Greetings.
My name is Mukkabir. I'm from Gular, Assam.
I'm 17 years old and I've just completed twelfth grade.
Very good.
I am Varsha. I'm from Karnataka.
I'm an MBA student at XIME College...
Sharks, you must be wondering
how an IITian, an MBA student
and a high-school dropout met.
Sharks, when I was in the eleventh grade,
I spoke to bike and taxi drivers.
They'd work in the heat every day at 40°C.
I identified a problem. Not just them,
but 75% of the workforce of India
like delivery boys, fire marshals and security guards
work in extreme heat.
This could cause productivity loss, health issues
...all I needed was a solid team.
I logged on to Y-Combinator's Co-Founder Matching Platform...
...but a walking AC.
It uses PCM which is Phase Changing Material
and Radiative Cooling Technology...
...for many hours.
The price ranges between Rs. 1,000 to 1,500.
And we're also working on other variants of it.
Sharks, I believe this innovation can bring about a revolution.
That's why I dropped out of school
and work on this full-time now.
While we study as well as work on this.
Sharks, just as indoor cooling offers a variety of options,
we want to offer sustainable
and affordable outdoor cooling options
and bring disruption in the personal and thermal comfort industry.
Our ask is Rs. 54 lakhs for 3% equity in our company.
Sharks, we might not be cool, but our vest is very cool.
- [Sharks laugh] - Quite literally.
You guys are very cool.
Knowing yourself is half the battle won.
Sharks, could I give you a demo of our products?
Go ahead.
What's its weight?
Around 900 grams.
Coming to the vest. This here is a windcheater fabric
coated with a radiative material.
PCM increases its lifespan.
Also, there is this mesh fabric which allows air to pass.
This is a PCM pouch that is Phase Changing Material.
You must have seen it being used in cold-chain solutions.
Wear this underneath your shirt or T-shirt like a vest.
We keep things inside the fridge to cool them.
- You built a mobile fridge! - [laughter]
PCM is available in three variants.
22°C, 24°C and 29°C.
Yes, ma'am. We're working on it to make it even more comfortable.
Let's deep-dive into the product.
Firstly, I welcome you
- to today's Shark Tank Campus Special. - Thank you.
Tell us about yourselves.
What brought about your pursuit in this business?
My journey began when I was in the sixth grade.
I had watched '3 Idiots' for the first time.
In the movie, Rancho built a drone.
That inspired me to invent things too.
I tried a few times and successfully built a drone too.
Then the lockdown was imposed.
I had a lot of free time and made other inventions.
I won many national and international competitions.
When I was in the eleventh grade,
I spoke to a bike taxi driver.
- Excess heat causes problems for them. - Hmm.
They found it difficult to work in the scorching heat.
If they don't work, how will they provide for their families?
I had problem-solving skills.
I thought, why not use them to address this issue?
- Are you really 17? - Yes.
- Really? Sure? - Yes.
What's your story, Ankush?
I'm from Bachra, Jharkhand.
I first prepared for the IIT at Kota
- just as you had. - True.
I cleared the IIT exam in 2021.
I always aspired to be an entrepreneur.
My first step was to go to IIT and do something there.
I worked on a lot of ideas and technologies
from the first year itself.
Some of the start-ups received a grant.
The IIT also gave us grants.
Then Mukkabir discussed the problem with me.
And you joined him.
What's your story?
I am 22 years old.
I'm from a village called Mattikoppa in Karnataka.
Where I come from,
it's a great achievement if you've studied beyond the twelfth grade.
What's the population of your village, Varsha?
250 people, sir.
- Wow! - You come from a village with 250 people.
Yes.
Amazing. What did you do after twelfth?
I wanted to do something different since childhood.
I didn't want to do a 9 to 5 job.
You were rebellious.
Start-up was my passion. I have an interest in marketing.
After that, I met these two.
The problem statement was great too.
Unbelievable, right?
You're from Assam,
you are from Karnataka and he's from Jharkhand.
From three different corners of the nation
and you're building a business together.
Why did you want to do this business together?
And why did you choose entrepreneurship as a career?
You're an MBA and you're from IIT.
I'm sure there are other career options.
There are options, but...
All three of us want to solve problems
and make money through problem-solving.
You could solve problems in a job too.
I won't be able to solve my problems there.
How is this your problem? He identified it.
Yes, he did, but I have a keen interest in solving it.
- I want to do it. - Why?
Because I sweat profusely in summers.
[Sharks laugh]
That's when I realised this was my problem too.
Did the passion arise only because you feel too hot
- or is it because this is a big opportunity? - Yes.
Be honest.
Nowadays, it's cool to be a founder on campuses, right?
The majority of India's workforce is exposed to the scorching heat.
- It's a big problem. - Hmm.
So, the market size is quite big.
What value will you add to the company?
I've worked mostly in technology, operations, sales...
It's equally distributed between us.
He oversees the product.
I handle sales and operations.
And he oversees finance and others.
- Do your parents support you? - To a certain extent.
What about you, Varsha?
To be honest, my parents don't want me to do this
- because they don't have knowledge about start-ups. - Yes.
That's why I'm not working full-time till now and chose to do an MBA.
I'm just waiting for the right time to tell them
that I want to do this full-time.
- And I hope this is the right time. - They'll find out today.
Yes.
Okay. This is great.
Made in India, for India solution.
Does this solution exist anywhere else in the world?
People do make such solutions.
They're working on PCM and Radiative Cooling Technology.
We have tried their solutions.
We've made the required changes and bettered the user design.
Most people making vests in India
don't use the Radiative Cooling Technology.
The major use of these technologies is in different user cases.
Could you tell us the difference between the two technologies
and also how you're adopting both?
Show us your products first. That way, we'll understand better.
[music playing]
How many years ago did you start this business?
We met about 1.5 years ago.
Sir, March 2023.
Coming to your vest,
what do you think you're doing uniquely
that makes this proposition strong?
The body loses 60-70% of its heat through radiation.
There exists a human body heat balance equation.
When you're sitting,
your body generates 50 watts of heat.
If you lose more than 50 watts, you'll feel cold.
However, when you exercise,
you generate 600 watts of heat.
If the heat lost and generated are not equal,
then you start feeling hot.
So, we're trying to cool the body using two methods.
One is radiation.
We've used radiative material here
which speeds up your body's radiation.
Let me explain how radiative material works using a photo.
A radiative material...
- Take any regular material, this for instance. - Hmm.
Now, in regular materials...
There's an atmospheric temperature and the temperature in space.
The radiation from normal materials
mostly interacts with the atmosphere.
So, its temperature is around atmospheric or ambient temperature.
If we coat this with a radiative material,
rather than interacting with the atmosphere,
that material will interact with space
given the wavelength of the radiation.
Tell me something, Ankush.
- Radiative materials reflect external heat. - Correct.
But doesn't your body heat get trapped inside?
Yes, sir. You're right. Body heat does get trapped.
The Phase Changing Material will melt due to that heat.
So, on account of the melting,
the temperature of the PCM remains constant.
Shouldn't we think about innovating the design
to allow the body heat to escape
while giving a cooling effect at the same time?
But the fundamental problem in this
is that ice packs last for an hour or two
because they've been allowed to freeze.
Here, you can't freeze them or we'll feel too cold.
So, even after refrigeration, this has become room temperature.
So, even that will become warm in half an hour.
We have three variants. 22°C, 24°C and 29°C.
That's its freezing point.
So, it will always stay at 22°C...
- Not always, but a few hours. - Yes, 3-4 hours.
Sir, could I take a look at that for a moment, please?
Sir, this one
is at 22°C.
This one's at 24°C...
- I want to compare 22°C and 24°C. - Got it.
- Is it colder? - Yes, there's a difference.
This is 24°C.
This is 22°C.
We're working on a new design.
This is the new design.
It won't have packets.
The structure will be made of silicone.
It will contain the Phase Changing Material.
Gosh! This looks like fashion clothing.
[Sharks laugh]
Are the gaps we see meant for heat dissipation?
No, you've to wear it inside.
- Like we... - Hey!
Do you know the vests we wear get worn out after a few years?
It's the same look!
Why are you making it again? It's the same thing.
No, sir. Let me explain it to you.
We tested the product with delivery boys too.
We piloted with Zomato and Swiggy.
We took feedback from 30 to 40 people.
This was the main problem.
There are nine packets
and you've to individually take them out and freeze them.
That hampers the user experience.
As Namita mentioned, it's bulky as well.
So, we are working on the new design now
where it's a single structure instead of nine packets.
It can fold into a box.
You don't need to put it in the fridge.
It will stay stored in a box when not in use
and will charge automatically.
Then simply take it out of the box and wear it when needed.
What's your vision 3 or 5 years down the line?
How big a business will this become?
Sir, after 5 years,
our target is to get sales of at least Rs. 1,000 crores
and we'll definitely do it.
In 10 years, the target is to achieve Rs. 10,000 crores
with the vest and other products too.
Take me on board!
[laughter]
As they say,
"More fiction has been written in Excel than in MS Word."
Who else works with you apart from you three?
Sir, my brother is in IIT Delhi and works on the technology.
Have you received any grants?
- Yes. - Yes, sir.
What's the value?
Rs. 54 lakhs in total.
- Oh! - Oh, wow!
From who?
Sir, we were the winners of Samsung Solve for Tomorrow.
- When did you get it? - Right.
October 2023.
Have you applied for any other grants?
We got a grant from Emergent Ventures also.
- How much? - Rs. 2.5 lakhs.
From our sir Pankaj Jhunja.
He's Head, Mobility Innovation Hub, Tata Motors.
He worked there for 34 years.
Then there's Alexander of Third Derivative.
He's the world's... He invests in ClimateTech Startups.
Alexander oversees technology there.
- He's our mentor. - Nice.
Then there's Jayshree,
the Product Marketing Head at Samsung.
Do either of them spend time with you regularly?
Mr. Pankaj Jhunja.
- From Tata? - Yes.
Got it.
It's good to know you're thinking so far ahead
So, hats off to you.
We didn't talk much about
the problems faced by the users and how they'd use the product.
I think you ought to pay more attention to that.
More a little bit maybe also on the business side.
That would be my advice to you.
Because this seems like a research project,
I don't know what value I can add.
You already have quite a few mentors.
So, good luck. I hope you build something great
and solve the problems of our labourers. Good luck.
- Thank you. - Thank you, sir.
Your Campus Special pitch today
has taught three things to other college students.
One, the power of networking.
You got connected through Y-Combinator
The second is the power of mentorship.
Rs. 54 lakhs in grants is no joke.
And third is the power of rebellion.
Your rebellion and technology
will help coal mine workers and construction workers.
I'm sure they'll solve India's real bottom-of-the-pyramid issues.
However, it's too early for me.
When your new product is ready,
we will meet again
but for today, I'm out.
I'm out in the sun all day.
I get sunburned from the scorching heat.
Sometimes, the run gets over at 11 and 12 pm.
I look for cooling fabric all across the globe.
Mainstream brands offer Climacool shirts
where radiative cooling is used in the fabric by the way.
You could be a make-in-India innovation
that sells this for Rs. 500 to 600 eventually.
I think you can solve your problem but you're not there yet.
But before that,
please don't make stories on Excel about a Rs. 10,000-crore business.
First, get your product right.
Best of luck. Right now, I'm out.
Our dreams shape our destinies.
You dreamt big
Currently, I feel it will take you time to get repeats
given the state of your current business.
For that reason, I am out.
I wish you all the very best.
Okay, sir.
It was great to meet you
and it feels great that our students
aspire to make invention-led start-ups.
I would encourage you
to set a plan for the next four quarters.
By the first or second quarter,
you have to bring the product to a ready-to-sell stage.
Third quarter from now,
let's assume you want sales of Rs. 5 lakhs.
Plan backwards from there.
What needs to be achieved today,
next week and next month.
That's how companies are made.
Wish you all the best.
- Today, I am out. - Thank you.
But sometimes I feel,
aren't they a little rough around the edges?
Maybe it's the stress, you know?
So, I've decided to organise a pitch workshop here.
Some... You know, those final tips and tricks from yours truly!
I attended business school after all.
I ought to put my master's degree to some use.
Let me order some workshop essentials from Swiggy Instamart.
And I know Aashish is not going to do this, so I shall.
First, supplies.
We are going to order some diaries, markers...
Let me order a lot of stationery.
Staplers, highlighters... Yes!
And an energy bar for me
because I'm going to be the teacher.
Done. Order placed.
Guys, go to Swiggy Instamart. They've got everything.
It's actually incredible and it arrives in ten minutes.
Wish me luck for my first session.
Go on and order now.
'Shark Tank India co-presented by ACKO Insurance,'
'PokerBaazi and Swiggy Instamart.'
'Co-powered by Adani and Jaquar Bath & Light,'
'and partners Rayzon Solar, ICICI Direct and Lenskart.'
[music playing]
Jaquar presents Bringing Good Ideas To Life.
Not only that, they've also shown a renewed perspective
that they're going to create a huge ripple effect in our society.
From bringing about change through new innovations
to empowering local and artist communities
with their skills,
every pitcher did something different.
I know you didn't miss a thing,
but shouldn't you refresh your memory?
Yes? So, let's have a look.
[upbeat music playing]
At FundooLabs, we make
Chemistry-based DIY scientific and sensory toys.
This must look like pink water to you.
When you take it in your hands,
- you get a really unique sensation. - Whoa!
I can play with this all day.
- Whoa! - Oh!
You're the real Santa Claus without a beard.
[all laugh]
You get everything in the cities
except the taste of village food.
Especially our food from Bihar.
Be it the 'litti chokha' your mother makes
- or the aroma of mutton cooked on a low flame. - Right.
To plug this gap,
we started Gaon in 2017,
a multi-brand food company.
Are all these four 'littis' fried?
No, they are roasted.
Yet they taste so delicious!
[light-hearted music playing]
'We are from the small village of Kdonghulu'
'in the Ribhoi district of Meghalaya.'
And we mother-daughter are the founders of Eriweave.
At Eriweave, we are dedicated
to fostering sustainable economic development
in our community
by crafting eri silk yarn
and organic dyed hand-woven eri silk fabric
from the locally sourced eri silk cocoon.
The quality is top-notch.
It doesn't itch.
The EleFant is India's mobile app-based toy library
where you can become a member, get toys and books for your kids
and return them in exchange for something else when they get bored.
We decided to make healthy, gluten-free,
sugar-free and dairy-free desserts.
- So, this doesn't contain carbs or sugar. - Right.
- Then what does it have? - It has health!
The cookies are yum!
- Very good. - Wonderful.
Greenday is India's first
and premier biofortified food-focused company.
So, if we consume the rotis made of your flour daily,
then would my daily requirement of basic minerals
and vitamins be fulfilled?
At least 50%.
Vibrasense is a portable, battery-powered handheld device
that quantifies
the loss of sensation in the body within five minutes.
Tell us about your journeys.
I studied Economics at Delhi College of Arts & Commerce
whereas Karan studied Economics at St. Stephen's College.
I graduated in product design.
I'm a 2010 pass-out chartered accountant.
I'm a company secretary and lawyer.
Your governance and compliance must be solid!
[Anupam laughs]
Please tell us about your business.
- We've done about 2.5 crores in sales from January until now. - Wow.
We have done Rs 1,57,50,000.
The net profit that remains is 39%.
Unbelievable.
I'll give you an offer.
[music playing]
Rs 60,00,000 for 10%.
Rs 60,00,000 at 8% would be fair.
Yes, Sharks. The deal is final.
Let's do it.
- All right. Done deal. - Done deal.
- The deal is done. - Just do this. - The deal is final.
- Yes.
- Say it this way, 'The deal is final.' - 'The deal is final.'
You are GOAT and I have boAt.
[laughing]
- The deal is final. - That's great.
- Lovely. - Congrats. Let's go.
[music playing]
All the pitchers have proved one thing.
Made in India, for the world. Like Jaquar.
Hello and welcome to 'Ask The Shark.'
We have the founder and CEO of Shaadi.com and People Group,
I think you'll find the question very interesting.
Today's question has been sent by Ravi Kumar
- from Gorakhpur. - Hi, Ravi.
He's from Gorakhpur and is 37 years old.
His question is...,
Quick money-making schemes
are only schemes. They are not reality.
Sometimes we hear stories like,
'He purchased this stock'
'and it multiplied 100 times and he earned one crore rupees.'
'He purchased Bitcoin and earned five crores.'
But these are very rare and these are only half-truths.
We don't know the entire story behind it.
No one tells you how much money he lost later on.
I don't pay attention to all these things.
How to get rich quickly?
I won't be able to explain it to you, unfortunately.
What I can tell you
is if you develop your capabilities
and focus on yourself
which is a dire necessity in the world.
For example, these days
we have a shortage of AI engineers.
Uh... Prompt engineers
with whose help you can run AI, ChatGPT. We need them.
We need digital marketers.
Because everything is being sold online.
...but that's the truth.
He wanted money.
He wanted free money. I don't have that.
No problem. But you gave a very good answer. Thank you so much for the answer.
We'll meet you in the next 'Ask the Shark' with a new question and a new Shark.