[theme music playing]
The three of us are from Assam.
And we solve period problems women face.
Sharks, my sister is a government school teacher
in a small town in Assam.
She spends around 8 to 9 hours in school.
She used to skip school whenever she had periods.
Initially, I thought it was due to cramps or fatigue.
But the problem was much bigger than that.
She used to skip work
because there were no hygienic facilities to change pads.
There are no products made
that would make her feel comfortable for a longer period.
Pain is not the only thing that women have to face during periods.
They have to keep changing their pads
and rashes. There are many other problems they have to face.
In my sister's case,
she has a mental health condition
and would often forget to change her pad.
In the world, every month,
around 180 crore women get periods.
To free women from the hassle of periods,
we've made GoPadFree.
It is India's first 2-in-1 period product.
It is leak-proof
and can be used more than 50 times.
...menstrual cups and tampons.
This means it is environment-friendly
and pocket-friendly.
To make GoPadFree more comfortable,
we've made it from cotton using a patented technology.
We make these products in our in-house manufacturing plant.
Our vision is to be a part of
every woman's wardrobe and period essentials.
For this period-care innovation, our ask is
Rs. 1 crore for 3% equity.
Whoa! Wow!
Satyajit, Kiriti, Sourav, welcome!
We will get to the product.
But first, tell us
about your backgrounds
and what qualifications you have to be able to solve this.
I am an army kid.
I've studied in many states.
And then I did my engineering in electronics and communication.
From a government institute, Annamalai University.
After that, I moved to Amazon.
Where I was handling emerging brands in India and the US.
I developed a few products for marketing.
In 2019, I quit Amazon
and I started working full-time to create this category
for Healthfab.
I come from a small village in Assam called Nivia.
I studied engineering at Assam Engineering College, Guwahati.
Kiriti and I come from there.
After that, I did my BTech from Manipal, Sikkim.
...with John Deere and Company, Pune.
We met in Pune.
And then we eventually conceived the idea of Healthfab.
When was this invented?
We started this in January 2020.
We started in the pilot phase.
- Right! Right? It takes a lot of time to change the habit.
We decided that if there is traction in two years,
we will take it ahead full-time.
Let's see the product and demo.
- I want to see how much blood it can hold. - Correct.
[music playing]
- Is this the product? - Yes.
What I really liked about your product
- to the back. - To the back. Yeah.
But you know, I usually use the one with wings.
- Because it shouldn't leak at the sides. - Yes.
This is not solving the problem of the sides, right?
It's solving.
- It solves it. - How?
Let me explain, our technology...
Generally, a woman bleeds around 40-50 ml in five days.
No, it's not just the quantity.
Sometimes when you are working out
or sleeping,
- Okay! - You can see that we are currently using elastic.
You mentioned leaking on the sides.
We are moving towards non-elastic also.
There won't be leakage on the sides.
When you stick the pad,
the material is such
- that you don't feel the dampness. - Yes.
Here, because of this material,
a woman will feel dampness.
We have served more than 2 lakh women
and no one has complained about feeling dampness.
The microfiber material absorbs
the blood and securely holds it.
And no one feels dampness on our product.
Because you feel dampness when you put 30-40 ml at once.
Technically, in 10 hours, you are just bleeding around 7-8 ml.
- So, there won't be side leakage and dampness. - No.
But I agree that it doesn't feel damp at the bottom.
I've poured around 10-15 ml.
- It did get absorbed. - And what happened?
- It is absorbent. - You are not feeling the dampness?
It is damp here for now, but it won't be there for long, I guess.
But it is dry at the bottom.
There are renowned and new-age brands as well.
Compared to our technology
theirs is half.
- We are constantly doing the R&D. - What is half?
- Absorbency capacity. - Yes, those products...
What we are solving is we are making this
for the periods you have on the first and second day.
So, this product existed in the market, you made it better.
This product wasn't available in India. It's available in the US.
In the US, they use nylon and polyester.
And in India, we use cotton and the supply chain is in India.
Eventually, anyone can do this.
We have 50 permutation combinations.
It will take time to reach this level of absorbency.
To do this... Even if I take a big brand and not a small one.
We've noticed that mid-sized and big-sized brands have also launched.
Also, the biggest player in the pantry category has launched it.
- They are also doing around 3.7 stars. - Who are they?
Jockey!
Period panty... We are the first standalone brand.
- We've invested in a company. - Yes, ma'am.
- In season 3. - Yes, ma'am.
They've also launched.
If you see, they don't give 20% absorbency compared to our product.
Maybe not now, but in the future,
- they might. - I agree, sir.
It's not impossible.
But it will take around 3 years to launch it.
- Until then... - Why do you think so?
- I'll tell you, sir. - Please tell me.
What we have done here is we have played at the fabric level.
We buy cotton in the form of thread.
And then we play on the entire production process
from thread to fabric.
Combination of layers and composition of the layers.
Based on that, this absorbency was achieved.
So, it will take time for others to learn.
Understood! Let me speak now.
Everyone can make it now.
Jockey can also make it. Correct?
They have distribution
...and everything that they can do.
You are claiming two years. I doubt that.
Please explain why they can't do that soon.
Sir, I agree with you. Jockey might be able to do it in six months.
This might be an SKU for Jockey. For us, it is our entire business.
- And we... - Good point.
We get into the depth of our business.
Secondly, if you see
that this is going to be a huge market.
- Jockey won't be the only player. - Understood.
You know, one of the biggest issues
that women face, it could be related to pregnancy,
- surgery or menopause. - Yes.
Is urinary incontinence.
Do you think this has a use case for urinary incontinence?
Because you will be shocked at the percent of women
who have urinary incontinence.
Mild incontinence, urinary incontinence,
is the next category we are getting into.
Why a category? Why can't we use this?
- Ma'am, blood and... - Viscosity...
No, it just has to be thinner.
Yeah! It's slightly thinner and the point is
because the water moves faster.
Right? It can't be held with the same strength.
- Yes, that's why. - We studied Japan...
Someone has a product.
- Such panties... - There are urinary incontinence panties.
It has a thick base.
- Yes... - Is it sold in India?
Not in India. It's available abroad.
- It's not available in India, right? - No!
- So, launch it in India. - We are working on it.
In the next six months.
Show us the video and then tell us the sales.
[music playing]
Thank you, guys! You did a great job. - Thank you!
There is a lot of plastic being disposed of.
What is your rating on Amazon?
- 4.25 to 4... - 4.25.
And what is Jockey's rating?
3.7-3.8.
Does anyone else have a rating like yours in India?
Not yet.
- Is there a product in the US above 4? - Yes.
- Theirs is an equally good product. - Yes.
- Okay! - Sales!
So, let's start from the beginning, from when you started sales.
FY19-20, we did Rs. 3 lakhs.
- After that, we did Rs. 73 lakhs. - Okay.
And then we did Rs. 1.1 crores and then Rs. 3.3 crores.
Last year, we did Rs. 8.34 crores.
- Oh my! - Wow!
- This year? - And now?
This year, we've already done Rs. 4.8 crores by September.
We will do Rs. 11 crores.
Until last year, we were selling the product for Rs. 799.
Currently, with a better gross margin, we are selling for Rs. 499.
We will deliver to more customers.
This year, we will deliver to 1.10 lakh customers versus 50,000.
Our MRR was Rs. 95 lakhs in July.
In August and September, were Rs. 77 lakhs and Rs. 80 lakhs.
We noticed that in August and September
our CAC goes up by 30%.
In November, we will do Rs. 1.1 crores.
Is it profitable?
Last year, the profit was Rs. 2 lakhs.
Currently, we are not profitable.
How much loss are you in?
Currently our net loss on Rs. 4.8 crores is Rs. 85 lakhs.
Out of that Rs. 42 lakhs is debt repayment
and Rs. 43 lakhs is EBITDA loss.
Valuation... Did you raise funding? When?
We raised funding in 2022.
- How much? - Rs. 2.17 crores.
- Valuation? - Rs. 14 crores, pre-money.
...that Rs. 1 crore is a part of the Rs. 5 crore round.
We've already received the term sheet
- and the DD is done. - Oh!
How much are they giving?
The total is Rs. 5 crores. They are putting Rs. 3 crores.
And the investor is putting Rs. 1 crore.
Is the valuation the same?
No! Rs. 28 crores pre-money.
- Okay! - They've left the room for negotiation.
Good!
Tell me something. This one product costs Rs. 500.
- Okay! It mentions 50 washes. - Yes.
So, if I used it every time in life
- for 8-10 hours, it costs Rs. 10. - Yes.
The pad costs Rs. 6.
The pad you are talking about
is the lowest quality pad.
- You get a decent one for Rs. 6. You get Stayfree. - If you...
No, ma'am. That is around Rs. 8-10.
No, you get Whisper XL for Rs. 8-Rs. 10.
- Yes! - You get decent ones for Rs. 6.
Our vision is,
So, we want to make this a mass category.
Every month a woman
spends Rs. 100 in a shop.
We want to make this a mass category.
But that's good. The adoption will increase and it will grow.
This is a good business.
You could've come on Shark Tank when the sales were low.
We would've gotten it for a good valuation.
- Why didn't you apply earlier? - We tried last year.
- We couldn't make it. - You couldn't?
Vineeta and Namita, what about comfort?
Do you think this would be a better alternative
- than sanitary pads? - Yes, but you have to wash them.
Washing it will require effort.
And not just comfort. I am sorry, but they're very ugly.
- We are working on that. - We agree on that.
I guarantee you, that in the next six months, you will say
- 'What a product!' - We'll send it to you.
All right, we take your word for that. Let's move.
What is your long-term vision for the company?
Sir, we want to make this product a daily-use underwear.
- And they don't have to think about pads. - Good!
- Interesting! - Amazing!
- Heartiest congratulations on your product. - Thank you!
And thank you, seriously,
on behalf of all the women.
I will give you an offer.
Rs. 50 lakhs for 1.75% and Rs. 50 lakhs debt
at 9% interest for 3 years.
...that some of the other brands can copy.
What I would like to tell you is you could be the first mover
if you use my urinary incontinence idea
because it's a big problem in this country.
- Please come on board. - Hello!
And secondly, these look horrible.
- Make them nicer. - We are working on that.
We're working on that.
- Basically, I think I'll skip for today. - Okay.
But I will be watching you guys. For today, I'm out.
Thank you.
After you get the funding,
tell me one thing that you will not do in this company.
What are your don'ts?
I will never enter ten categories
just to meet my sales.
I want to stick to one or two categories
and do big business there.
Period panty should be synonymous with Healthfab.
And what currently motivates you?
I received a customer feedback.
"My sister can't walk."
"She had difficulty in changing her pads."
"Now, I make her wear a period panty"
"and she doesn't get rashes or irritation."
So, we're driven by the customer's love.
And what will make you happy in five years?
Serving at least 1 crore women in India in the next five years.
- We want to be... - Very nice.
If there's any brand after Whisper, we should be the one.
I'll make you an offer then.
I think I love the humility of your team.
And I love the fact that you wish to create an impact.
That was evident. I just wanted to hear it.
I'll give you what you asked for. Rs. 1 crore for 3% equity.
Good offer.
I have a few questions but I'd like to talk first.
The level of entrepreneurship, especially in the last two years,
the quality of entrepreneurs
and the quality of business plans and ideas is remarkable.
Not just in India,
I think global entrepreneurs will now come from India.
Absolutely.
And you will build one global company.
So, hats off. I salute you.
- Thank you. - Thank you.
Guys!
Um...
I was asking Vineeta
if she thinks this is a real problem.
She said, "Yes, it's a serious problem."
I asked her if she thought you guys would do well.
She said you'd do very well.
And frankly, your sales do speak volumes.
Rs. 11 crores in sales is no joke!
Moreover, you reduced the price to help others. That is amazing.
And you've to keep it profitable because it's not only a CSR venture.
You also looked at profitability.
So, very good. Good.
You've grown the business well.
You have a solid team.
So, you put your forte to use which is engineering
and we will bring you marketing muscle.
Vineeta and I.
We'll make you a combined offer.
What you asked for, Rs. 1 crore for 3% equity.
Let me tell you what happens now.
competing at Rs. 1 crore for 3% equity.
So, that's Rs. 50 lakhs for 1.5% equity.
And Rs. 50 lakhs for 1.5% equity
- isn't lucrative for me. - Increase the funding.
- Increase the funding! - Yes.
Join us, Anupam.
Now, it's interesting. It's exciting.
Would you be okay with Rs. 2 crore for 6% equity?
If all four come on board, we'll take 7%.
- 6% is something we've already committed. - No, we...
Let's close the deal here.
- Four Sharks for 7%. - Done.
Good job. You guys are doing a wonderful job.
You guys are creating a good impact.
[camera shutter clicking]
- You guys are a good team. - Thank you.
- Thank you, bye. - Buh bye.
[music fades]
[uptempo music playing]
[music concludes]
Welcome to ACKO Change Makers where we really welcome change.
And that is beautifully portrayed on the wall behind me
on our Change Makers wall.
Through a perfect mix of traditional and modern methods,
we are encouraging inclusivity, generic quality and sustainability.
And today's Change Makers are Team Healthfab.
- Welcome, everyone. - Thank you.
That felt great. I wanted to ask you about that.
How come you went towards the female sector and not the male?
We believe that when women get their period,
- they suffer from many problems, right? - Hmm.
It is the responsibility of men to help and support them
and I think, if we could give them a bit more comfort,
it would change the world in a better way.
You're bringing about a nice change as entrepreneurs in this sector.
What advice would you like to give our viewers, especially the men?
What change can they bring about
to be more sensitive and compassionate
towards the women in their house during this period?
I think men can help with the daily chores
and provide them with emotional support.
At least talk politely and offer women their help.
Be with them in this change.
- They go through this cycle every month. - Hmm.
- Even a little change can help them a long way. - Amazing.
So, communicate, help and be with them.
That's the major part.
All I can say is fab!
Thank you for bringing about this change.
It's also very sustainable.
Similarly, ACKO too, with its revolutionary offerings
is changing the insurance space.
Now, only pay for a car while buying one
and not for the car insurance.
I bet you didn't know
that buying car insurance from the showroom is not mandatory.
Buy car insurance from ACKO
and save up to Rs. 36,000.
We welcome this change of yours.
And to celebrate your time in the Tank,
we wish to give you a memento so that you remember us forever.
This is from ACKO Insurance, Shark Tank and me.
[camera shutter clicking]
[theme music playing]
[theme music concludes]
- And I am Akash. - Oi!
Sharks, India and astronomy share a timeless bond.
The Rigveda has mentions of celestial observations.
His contributions, number zero and pi,
are regarded as the foundation of mathematical astronomy.
That's how we built an observatory on Jantar Mantar
and could track the movements of the sun and other planets.
In the field of modern science,
ISRO's satellites Chandrayaan and Mangalyaan
and the cutting-edge research of the Astronomical Society of India
are taking this legacy forward.
India has always been a great contributor
when it comes to understanding the universe,
but why isn't this legacy and expertise
made available to the ordinary?
We're fascinated by the universe too.
Why must we stay confined to textbook images
and science projects on the solar system?
The category of these products is quite an unorganised sector.
There's no teacher or expert to guide you
on where to buy these products from.
We identified this gap and initiated Pie Matrix.
We are making user-friendly telescopes.
We make quality products
which let you explore the universe
from your home or anywhere in the world.
People think telescopes cost about Rs. 1 to 1.5 lakhs.
We want to tell them
that at a starting price of Rs. 4,000,
they can explore the moon's craters, Saturn's rings and much more.
Not only that, one of our main USPs is
that you can assemble our telescopes in a few easy steps.
Sharks, we're not just selling products,
we sell experiences through step-by-step support,
Our dream in the next three years
is to show people a world outside this world through our products.
And for that, our ask is Rs. 1 crore for 3% equity.
- Nice. - On that note, today is the full moon.
- Wow! - Oh!
Yes, today's the full moon.
- What timing! - You can actually see the moon's craters.
And also, if you're lucky,
we'll be able to show you Saturn's rings.
- Oh my God! - Let's go.
- Yes, let's go. - Let's go!
Let's do this!
Do I look excited?
[music playing]
Here, we have live footage of the moon
we'll be showing you on this telescope.
- I want to see Saturn's rings! - Yes, ma'am. Please.
Here, we have Saturn.
- You'll have to see it from here. - Here.
I don't see anything.
It needs to be set. I'll have to come there.
So, I was wondering how you'd show it.
Till then, we'll show you the moon.
Saturn's rings are not visible on account of the smog.
- There's too much light. - Actually...
- What'll we see? - See whatever is visible.
We'll show you the moon.
You're not from Mumbai.
No, I'm from Delhi.
- But were you not at one place... - Yes.
- At Jio. - We met at Jio.
- We spoke. - Yes, that's what I'm saying.
- Yes. - Exactly.
- You remember. You tried this telescope. - Yes.
Can you see the craters on the left?
We'll zoom it even further.
- Side... - That's the full moon.
- This is the western side. - Don't touch.
The telescope will move.
Yes, I can see it.
Can you see the surface of the moon?
- You can see its craters. - [indistinct chatter]
The galaxy won't be visible either.
- And nothing else. - I can only see the moon.
Actually, there's smog on Saturn too.
- Come on. - Let's go.
- Yes...
- It was taken from this telescope. The imagery... - Okay.
- Thank you. - Thank you, sir.
- Yes. - Let's go. Thank you.
[light-hearted music playing]
All right, guys.
- Aman and Akash! - Yes.
- Welcome back. - Thank you.
- Let me tell you a sad story about me first. - All right.
When I was a child, someone gifted me a telescope
but it broke.
So, I didn't pursue it.
But about 15 years back, my friend gave me one
which was a lot more powerful.
But then, a storm hit us.
- I stay on the 18th floor and it broke... - Oh.
After a few days.
I thought I wasn't destined to have one.
But now, after meeting you, my hope has been restored.
What's your story?
- Well, this isn't a business plan you come across. - Yes.
Did something happen that... How did you stumble upon this?
Basically, we travel a lot.
We go to remote areas...
- How do you know each other? - We're brothers.
- We've known each other since childhood. - Who's older?
- I'm older. - I'm younger.
- He's younger. - How old are you?
I'm 26 and he's 24.
Okay. Please continue.
So, we travel extensively.
The first time we went to Ladakh...
It was the first time we'd seen such a clear sky.
You could see the belt of the Milky Way
- and shooting stars. - With the naked eye?
- With the naked eye. - Yes.
When we went to Hanle...
India has declared Hanle as an astronomical site.
You'll find telescopes in almost all the hotels there.
That's when we saw a telescope for the first time.
- How long ago was this? - Two years ago.
When they showed us the moon the first time,
- we went, "Wow!" - Wow.
We saw every crater.
We have been curious since childhood as to how these things looked.
That was a first-hand experience for us.
Then we started thinking about it.
We decided to pursue the market.
There's no brand in India other than Pie Matrix
that offers these products.
What were you doing at the time?
We have a family business.
- Of what? - Sheet metal...
Sheet metal fabrication.
Basically, we are commercial kitchen equipment manufacturers.
One of the biggest in Asia.
We have a few factories throughout India.
We have a factory in Vadi.
I'd visit it and learn how things worked.
That's what I was doing.
And he just graduated from college.
Do you manufacture them or import them?
Do you have any photos?
- Generally, people are oblivious to what they'll get to see. - Sure.
Please show us photos then.
This is our Instagram handle.
So...
What's this?
This is the Butterfly Nebula.
There are many such nebulas.
The Orion Nebula and the Butterfly Nebula.
Then, there's the Dumbbell Nebula.
This one is the Pleiades star cluster.
This is an open star cluster.
It has many groups of stars.
We took this photo with Helix.
- Very nice. - Some pictures through the Helix Reflector Telescope.
- Does this have an inbuilt camera? - See.
We took this with our phones.
- Some of the videos... - That would be nice...
From our own camera.
I uploaded a photo on my Instagram handle. I was watching...
- You upload a photo of the moon with a telescope. - Yes.
Yes, what brand was that?
- Bresser, a German brand. - Is it not Indian?
- German. No. - Not Indian.
I don't get one thing.
I might see it once or twice just out of curiosity.
I won't come home every night and look at the stars.
- Actually, not every night... - [chuckles]
Sometimes, you'd want to just sit with your family
- and take the products out. - I might do that once.
Sir, we make sure
your telescope doesn't gather dust in the drawing room.
We'll send you daily reminders
via WhatsApp and Instagram automation
about astronomical events with interesting facts.
So, we have a strong community
of 15,000-20,000 people who use our products.
We've never had this problem where people don't use them.
- Your business is telescopes and binoculars. - Binoculars
20%, and 80% comes from telescopes.
Okay. You said in your pitch Rs. 4,000 was your starting price.
Which one is that?
- The small telescope Neo Refractor. - That one.
How much does the big one cost on which we saw the moon?
It's priced at Rs. 45,000 to 50,000,
but we just got done with the R&D and we'll launch it soon.
We haven't launched it yet.
So, your products range from Rs. 4,000 to 50,000.
Currently, from Rs. 4,000 to 2 lakhs.
Which one sells the most?
...you go for Pegasus.
That costs Rs. 12,500.
Suppose you have a DSLR,
want to mount it to get star trails as well as track objects...
Suppose I focus on a planet.
For photography purposes, I'll also need tracking.
Helix solves that purpose and costs Rs. 27,000.
What's tracking?
- Tracking is done in slow motion... - Track an object.
Tracking an object. The telescope will follow it.
Tell me something.
Technology is so advanced these days.
Don't you have a product
in which you feed what you want to track, say Saturn,
- and it automatically tracks its position? - This is the one.
- This is the one. - We already have that.
This is the Vega Goto Telescope.
- So, in this... - Why didn't you set it up outside?
Nothing was visible. So, we thought we'd show you the moon and Saturn.
- Okay. What's the price? - It costs Rs. 75,000.
Then it will give you the list of planets and galaxies. Everything.
You press "Okay" on Andromeda Galaxy.
That way, it will go to the galaxy automatically.
It'll track it all night if you want to do photography.
- That's the R&D. - Point the telescope
and by wearing an AR or VR device,
- you can have a much richer experience. - Definitely.
- Technology has made many advancements. - Yes.
We're keeping up with them through R&D.
What was the market size you saw?
What did you see as the market size?
Sir, there's no hard data in India to tell you the market size.
We worked out an estimate.
There are 60,000 premium private schools.
If the school doesn't have an astronomy lab,
- it'll definitely have an astronomy club. - Right.
So, commercially, the telescopes start at Rs. 40,000.
So, you could take the TAM as Rs. 250 crores.
When you decided you wanted to do this business,
you said you did research.
Did you find a gap?
There are products in the market. Then what gap did you find?
International brands don't have that big a set-up in India.
They sell through distributors.
So, in the already existing mature astronomy market,
they focus more on higher ends or professionals
versus amateurs.
Did you also feel they're unaffordable?
And was your goal also to make them affordable?
No, sir. They are affordable.
Their price range is the same as ours.
Okay. They don't have distribution.
They don't have distribution and after-sales support.
Plus, they've done cost-cutting in the amateur segment
because they are focusing more on the professional.
You've been in this business for two years, right?
We started in November 2022
but we began sales and operations last year in April.
How much business have you done this year?
We've done Rs. 1.65 crores till October.
What!
Have you sold commercial devices or...
- No, sir. Only these amateur... - The amateur ones.
Do you sell online D2C?
D2C. We sell through Hamleys. Offline.
I'll tell you the split.
So, 74% of sales comes from online and 26% from offline.
Out of 74%, 92% is from Amazon
and 8% is from our website.
What's the average ticket size?
I can tell you about B2C for Amazon.
Our average ticket size is Rs. 8,800.
- What are your projected sales for this year? - Rs. 6.38 crores.
How so? We already have in hand orders.
How are Amazon orders in hand?
- Sir, we have tenders for binoculars and others. - Tenders!
There are loads of tenders for binoculars
- for instance defence... - You mentioned only two channels.
- 74% online, 26% Hamleys and retail. - Yes.
What's this new thing?
We wouldn't pay much attention to tenders earlier.
But in the last two months,
Our Google reviews are good.
All our reviews on Amazon are 4.5 and above.
The tender business hasn't started. You've just registered.
You have no business, but might in future.
- Sir, the sampling is done. - Got it...
There's no revenue from it so far.
- A little, not so much that we... - So, negligible.
- Negligible. - What is your projected profit?
Out of Rs. 1.65 crores, our COGS is 48%.
Our marketing is 10%.
Packaging and logistics is also 10%.
Our fixed expenses account for 8%.
Our overheads come to 2%.
Our net profit is 22%.
What's the US market size?
- For... - Only for the products you're selling.
- Sir, I could tell you the global market size. - Okay.
The market size for telescopes and binoculars is $1.13 billion.
- but those are industrial telescopes. - Yes.
You sell consumer telescopes.
- Yes, consumer telescopes. - Yes, amateur.
- Amateur segment. - Only amateur segment right now.
- You could say hobbyists. - Yes.
- $1.13 billion. - Yes.
I think you should invest in R&D.
Hmm.
Just assembling won't do
because eventually, there's competition
and this wouldn't grow into a big business.
You need to bring some sort of differentiation
and maybe, you need to think of a larger vision.
I'm out right now
because I don't see a good market size.
But best of luck.
Aman! Akash!
I believe you're off to a good start.
Here's your first positive.
I'm happy to see an Indian brand
compete in pricing with global brands,
which is a rare sight.
I believe I want to be out right now
- because this is more of a hobby business now. - Hmm.
Do you know when this will become a real business?
When you make a foray into B2G.
Crack that.
Your future is closer than it appears to be.
- You'll make crazy money there. - Thank you.
- All the best. I'm out, guys. - Thank you.
Aman and Akash!
I think firstly,
the build quality and design sensibilities
of your products are quite solid.
And even your logo,
the pi symbol as a telescope,
- then the half moon in 'Pie'... - Yes.
They're very small details.
'The sky is not the limit' tagline.
I think the marketing, branding, aesthetic sense,
the user experience of the product
and the features are very good.
The challenge is the added complexity in India.
A founder told us
that 12 out of the world's 15 most polluted cities are in India.
Today, even with the best possible setup and founders,
we could see only the moon.
So, these challenges will keep increasing in India.
For instance, in smaller cities,
people could get frustrated after buying telescopes as they can't see anything.
And $1.13 billion for a global market is very small.
It's very niche.
So, I see a TAM problem.
As of now, I can't take a bet on a valuation of Rs. 33 crores.
For that reason, I'm out.
I think you should think a little deeper.
It's imperative,
while creating the market, to educate the consumer.
On your Instagram page,
there wasn't much educational content.
I think I would like to see that in your business.
I would like to see that openness to feedback.
Going more on the education side to create a market.
Today, I don't see that.
And for that reason, I'm out.
I think this is an ecosystem play.
This technology is growing at a very fast pace.
The world is fascinated with space and that's absolutely clear.
Multi-billion dollar businesses are being built around space.
That's absolutely clear. I'm making one myself.
So, there is no question in my mind about that.
I think the GTM has to be schools, astronomy clubs in schools...
Yes.
Through partners.
Introduce children to astronomy,
- then you can sell them telescopes and binoculars. - Yes.
Right? That will take time. 10 years, 15 years...
I don't know how long it will take
but I'm willing to put a cheque here.
But I'm not going by your valuation
nor am I going to invest Rs. 1 crore
because where the business will go is not clear now.
So, I'll make you an offer.
Rs. 75 lakhs as debt at 12% interest
which you may draw as needed
and I'll give you Rs. 25 lakhs
for 5% equity...
Until then,
this cheque is just for me to closely work with you.
Please discuss it.
- Okay, we'll take two minutes. - Give us some time.
No problem at all.
[pensive music playing]
A valuation of Rs. 5 crores!
- The valuation doesn't make sense. - Their sales is Rs. 5 crore.
Since he is the only one, he can give any valuation.
- 'Hello?' - Dad, we just received an offer.
He'll negotiate aggressively now.
- They will turn it down. They don't need money. - Hmm.
[gripping music playing]
- Yes, sir. Aman! Akash! - Sir, first of all,
- thank you, Anupam, for the offer. - Yes.
But we have a counter.
Looks difficult, but tell me.
Sir, we can do Rs. 75 lakhs in exchange for 5% equity
and Rs. 25 lakhs in debt.
- That's my final offer. - So, he is giving you Rs. 25 lakhs for 5%.
How you want to structure it is...
- Decide. - Don't think about valuation.
- You guys are smart. - Don't think about valuation.
It's your call.
[mumbling]
[tense music playing]
So, thank you for the offer
- but I don't think we can... - No worries.
- Respectfully accepted. - We also respect your offer but...
- All the best. - All the best.
Thank you. Lovely meeting you.
- All right, good luck. Thank you. - Bye.
'Basically, we had our projected sales in mind.'
'We wanted a good valuation as well as their expertise.'
'Since the gap between the valuation and our expectations was huge,'
we didn't feel there would be much of a value addition.
The valuation they offered matches our current turnover.
- That's why it doesn't make any sense. - So, it didn't pan out.
- Team Pie Matrix, welcome. - Thank you.
I want to tell you one thing about my life.
I was the president of the astronomy club in my school.
- Oh! - Yes.
- It was in the sixth or seventh grade. - Okay.
- And we'd get only two seconds to use the telescope. - Yes.
Um, at that time, I couldn't afford it
but I just heard in your pitch,
your telescope is actually very affordable.
- Yes. - Yes, they are.
I wish you existed back then.
- If only Pie Matrix existed back then. - Me too.
Are you personally interested in astronomy?
- Yes, a lot. - Yes.
After making our products...
Our products are so amazing.
We love exploring the sky.
- And we do. - Okay.
- It was a hobby. - Absolutely.
- You got interested after you went to Ladakh. - Yes.
Ladakh was the trigger point.
- Ladakh was the trigger point. - Yes.
- My birthday's coming up. I'm going to Ladakh. - Okay.
Yes. And I know your telescope is outside.
- So, I'm actually going to get your telescope... - Yes, absolutely.
- I'll take it so I can see the stars there. - Yes, very clear.
I ordered some essentials from Swiggy Instamart
because my flight is in two days.
My order arrived in ten minutes.
- Let me tell you that I've ordered Ladakh essentials. - Okay.
What do you think I must have ordered?
What do you think I have to take to Ladakh?
Coffee, snacks, energy drinks
- because you'll have to stay up all night and see the stars. - Yes.
Nice. And?
- And I think some warm clothes. - Some warm clothes.
Okay, close enough. I've ordered hot chocolate sachets
and I've ordered gloves.
- Oh, okay... - And a torch.
Freezing temperatures.
- Not bad, right? - Not at all.
- Clothes... - You're all set.
- You have the astronomy essentials. - Thank you.
- You've to give me your telescope. That's left. - Absolutely.
Guys, if you need travel essentials or absolutely anything else,
it's available on Swiggy Instamart and gets delivered in ten minutes.
I am going to take their advice
on how to use their telescope on my trip
while you go and place an order!
'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.'
[theme music playing]
[theme music concludes]
- [Gujarati] How are you, Sharks? - [Gujarati] Great!
Be it Navratri, Diwali, New Year or Janmashtami,
presenting saris of all themes right here, right now.
Vineeta!
In a ready-to-wear cotton sari, you'll look as sweet as SUGAR.
- [laughter] - Oh, my!
Anupam!
I won't wear a sari.
Should I pack a designer sari for the missus?
[chuckles]
Yes, sir.
Namita, you'll look like Kareena and Katrina in this Bandhej sari.
And red is my favourite colour.
Aman! Peyush!
These are our top Banarasi saris.
Get them packed
before Sarla from Ahmedabad gets her hands on them.
[chuckles]
Sharks, our saris are world-famous in India
- as they are so affordable! - Oh, my!
Yes, Sharks. All the saris on the table
will cost you not more than
- between Rs. 599 to 1499. - Banarasi?
Don't worry about the quality.
Buy from us once and you'll be back to thank us.
"This is superb, big brother!"
Big brother!
Sharks, online shopping is growing at a fast pace these days
but online shopping doesn't provide
the experience that comes with offline shopping.
You see the same sari being sold at multiple prices.
Then again, no verified seller or genuine quality.
The miracle solution for all these problems is Sudathi.
We are brothers from Surat
and we bring to you
India's most affordable online fashion brand Sudathi.
Sudathi's two main categories are saris and kurta sets.
They're so affordable
that you'll never have to wait for an annual sale again!
In just one year,
Sudathi has made a place in the hearts of over three lakh Indians.
Sharks, nowadays,
over 50% of the customers come from Tier 2 and Tier 3 markets.
Sudathi aims to provide
affordable fashion to this very market.
Our ask is,
neither ours nor yours,
let's close the deal at Rs. 1 crore for 1% equity.
- Wow. - A valuation of Rs. 100 crores.
Yes, ma'am.
Viren, Darshan and...
- Hiren! - Hiren.
- All three brothers, right? - Yes.
- Real brothers? - No, cousins.
My father and his father are real brothers.
I'm a cousin from the extended family.
I see.
Welcome to Shark Tank, guys.
- Thank you, sir. - Thank you.
How did you get into the sari business?
I completed my master's in 2011.
I did a BBA and an MBA in Finance.
Then I came to Surat.
- I was a team leader in Surat for the textile category. - Okay.
I used to meet vendors and manufacturers at the time.
From 2014 to 2024, I did trading.
We'd supply to all these corporate brands
and manufacture for them.
Viren's dad and I did trading together.
From what I learned and understood in my ten-year journey,
I thought of building a D2C brand.
Darshan joined us after the pandemic.
He was in an IT college which shut down during the pandemic.
Viren was in Canada doing digital marketing.
He had a good job there.
We said we were young and energetic
and had the capacity to take risks and understand the market.
That's how Sudathi was born.
Which year was this?
Last year, last September.
It's been one year.
- Just one year. - One year, yes.
- This is... - You've decided what to give to who.
This is our best-selling sari.
- I want the best-selling sari. - Best-selling.
- This is our ready-to-wear cotton sari. - What's this?
- Are you really giving her a white sari? - Sari.
It's pre-draped, this sari.
It's beautiful though.
Is this pre-stitched?
- Yes. - Pre-stitched.
This is my wife's favourite colour. Very good.
- Thank you. Thank you so much. - You're welcome, ma'am.
Lovely.
Thank you.
Sir, the sari which you're holding is just for Rs. 599.
- Really? - This one?
That's Rs. 999, free shipping and easy returns.
This one?
That's for Rs. 1,499. Kanjeevaram sari.
Oh!
That's for Rs. 599
and that has the highest units sold on our website
which is more than 15,000 units.
- This one? - Embellished sari. Rs. 1,099.
How much does your costliest sari cost?
Rs. 2,499 which is...
Your most expensive sari
- is about Rs. 2,499. - Rs. 2,499.
- Nothing above that. - No.
How much does this sari cost normally?
If you go to one of the good shops in the market,
it'll cost you anywhere between Rs. 1,000 to 1,700.
And you sell for Rs. 599.
I am getting a polyester feel in this cloth. Please tell the truth.
- This is made in Surat. - Yes.
- And they are made by machines. - Okay.
And the machine has polysilk.
...that is of a different fabric. It is silk.
- The Kanjivaram silk that you are talking about - Yes.
You will get it for more than 10,000 rupees, not less than that.
- The actual Kanjivaram. - Yes, the actual one.
But the one we get in the market is made up of polysilk.
Yes, you will get only polysilk.
Manyavar is a revolutionised market because
- they have their grip over a gap. - Yes, ma'am.
Like the men's wear and they went deep into it, right?
Here, I am sorry, but
the sarees that I am looking here and over there,
what is the difference?
Nowadays, the market is about Tier 2 and Tier 3. It's growing rapidly.
And the main thing about the market, according to our knowledge,
is that the aspiration for the market is high,
but the budget is very low.
Taking into the consideration that fashion,
as you said, this saree is available for the 3000 to 4000 range.
But we sell it for 1499.
The quality is 100% assured because
our customer return for the last one year is 5%.
Does this include everything? RTO, return, everything?
No, only customer delivery.
Tell me about RTO.
RTO is 23%.
You brought the other two into the business. It was your idea, right?
Yes, because I have been in this business for the past 10 years.
I have a question, that were you trading in
sarees, fabrics or garments?
Exactly what kind of trading you were doing?
- I was trading in sarees. - Only sarees. - Yes.
- You said your father was working with them. - Yes.
But is he not involved?
No. Only we three are involved in it because it is an IT business,
it is a product business, but that is our traditional trading business.
What is your shareholding and roles in the business?
I have 51%.
My role is business growth, strategist and kind of CEO.
What is a kind of CEO?
- Either you are a CEO or not. - CEO.
- Now he is CEO, not kind of, right? - No.
Okay.
Kind of CEO.
I am the Chief Marketing Officer. And I am...
Are you also 'kind of' or a CMO?
I am a CMO.
And your equity?
- Equity is 24.5%. - Equity 24.5% and yours?
Mine is 24.5%.
And I look after the operations and tech. I am CTO.
Only you invested in it or all the three of you?
We all have invested.
And I invested some money as a part of a loan in the beginning.
As far as I know, the saree market is quite competitive.
It's sold online. Even the brands are made online.
And there are many unorganised players as well in the market.
The saree that is available for 4500 rupees in the market,
how can you sell it for 1500 rupees? There's something I don't understand.
Because we are directly connected to the manufacturers.
Because he doesn't have exposure.
In Surat, there are officially more than 70,000 such kinds of manufacturers.
Let me close this for now and move on.
But I am not satisfied by your answer.
- Okay. - So, either you are saying that
the sellers are selling it for 4500 which they bought for 1000 rupees,
you also buy it for 1000 rupees but you sell it for 1500 rupees.
It will be difficult for you to make a profit
because your customer acquisition cost is the same.
Because you are competing with them and they have a margin, and you don't.
Or you are saying that
you buy it from the remote areas, who sell it to you at low prices.
It is difficult to scale this.
I don't understand
from where are you getting the stuff for one-third of the price.
But you are unable to make us understand.
- Let's keep it aside. - The price cannot be your USP.
Your biggest advantage is your sourcing.
But Aman, it can't be... I mean, everyone knows about Surat.
It's nothing that people are not aware.
What are you doing in the sourcing that others fail to understand?
So basically others can also do it, right?
Surat is the market of trust and relation.
If I am here for 10 years,
if I remember my journey from 2014,
and when I go to the market,
I never got that rate and bargain that time.
But the 10 years of trading,
where we have traded for more than 250 crores,
so the goodwill and bargain is so good for us
- that people trust us. - Okay.
It's not that uncle's business...
How big is it?
300 crores.
- What is your equity share in that? - 30%.
Yeah! Now listen.
Is it possible that the extra items coming out from there,
or the inventory that is piled up,
you are selling those items cheaply, that is why your cost is less for sourcing?
It is 100% fresh stock. New design, new things.
Now my question is, where do you sell it?
100% of the sales are done only on our website.
- Wow! - So you are saying that, within one year
the customers come and trust you, and buy it from your website?
- Yes. - Yes, ma'am.
And they are buying it because of the price.
- Price and quality. - Affordable pricing and quality.
So, basically, in September, we calculated our GMV to be 4.66 crores.
What is GMV?
Net sales that are booked.
- In the month of September. - Gross...
- In September... - Yes.
On sales, tell me the net of discount and net of tax and net sales.
And tell me the net of the returns.
2.66 crores.
So 2.66 crores is your net of GST,
- net of return, net sales in September. - Everything.
And you started this last year in November.
- Yes. - We started in September.
- In September... - Not bad, in one year...
In the first financial year our net was 2.87 crores.
And how much for this year?
This year, we made 8.1 crores.
What was the sales in quarter 1?
In July, it was 1.15 crores.
In August, it was 1.90 crores.
And in September, it was 2.66 crores.
What are the expenses on marketing per month?
24% of this.
Expected sales this year?
- 30 to 35 crores. - Oh my God!
In two years, you made sales of 35 crores. It's a big business establishment.
What is the profit for the month of September?
10% EBITDA.
- Not bad. - You made around 25 lacs.
Yes.
I want to understand one thing, out of 2.55 crores of your business
how much is repeat business and how much is new?
12% repeat.
Isn't 12% repeat too less
because last month it was 1.92 crores?
So you have a 25% growth in the business.
I feel the repeat is a little less.
When we talk about Tier 2 and Tier 3
and cost-conscious buyers,
they buy 4 to 5 sarees in a year.
They don't buy more than that.
This is the perception of the customer.
The frequency of buying is not much.
- So, looking at the monthly repeat rate will be inaccurate. - will be irrelevant.
So, last month, where you made 2.66 crores,
how many were Kurti sets and how many sarees?
3% - 3% Kurti.
This is very little.
- So this is a saree business. - Yes.
- 100%. - You have just started. - Yes.
Okay, tell me the unit economics.
635 is the ASP,
out of that, 49% is the cost of goods,
24% is for advertisements,
13% logistics,
9% for maintenance and operations and 5% for EBITDA.
- But right now, you said 10% profit EBITDA. - Yes.
This is the benchmark, but last September,
it was unexpected during sales, we can't call it as main profit.
Our journey previously,
was along with the COGS and metrics.
What will be the EBITDA in the future?
We'll be able to do 8% to 10%.
8% to 10% in the next six months.
8% to 10% can be easily achieved.
8 crores of sales took place in H1.
- So, 9 or 10% of it will be 80 lacs. - Yes.
The yearly salary is 1.5 crores.
With 1.5 crores, you manage to give salaries to the warehouse
- and take for yourself. - Everything. Hmm.
It means approximately in 10 to 11 lacs, everything is managed.
Around 3% is the salary.
1% is the packaging cost.
1.5% for the web maintenance and...
But you might have hired a developer or someone in the team.
During this 100% of the business development,
we have never hired a third-party agency.
- He looks after IT and Tech. - I look after it. - Marketing...
- Is there anyone else in the IT team? - No.
- Did you develop everything alone? - Yes.
Why did you do only D2C?
In the last 10 years, during trading with a brand,
I did business and also faced a setback.
I lost my peace for 2 to 3 months due to that one setback.
The reason behind it is
their too much interference in every matter and
command control that you either work on their terms or develop your own.
My second learning was that many unorganised players come there.
I sell this saree for 599,
but someone else might sell it for 499 with cheaper quality.
He would replicate it, and I won't be able to do anything.
So until his benchmark diminishes, I have to wait and watch.
What is your vision?
What will be Sudathi in the next five years?
I am not at all convinced because
whatever pricing pressure you get in the marketplace,
the D2C has more than that. We have been through the D2C business.
You will get it eventually. But now your scale is low
and the problems in the market places,
problems like duplicating the products, or others,
eventually, you have to solve these problems
because the brand is something
which has its availability.
Availability means
a trust is built when it is market-based.
Okay, good luck. But I am out.
And I liked what you said,
you want to become the Zudio of the saree business.
I will give you 1 crore.
But I want 4%.
- is unbelievable. - It's not yet achieved.
- It's eight crores. - It will happen, maybe 15 crores also.
But 15 to 20 crores within a year
with a 5% EBITDA is phenomenal.
To become a Zudio for sarees,
there is a mindset for the brand building.
I think what I feel now is that
I am not getting a clarity, as an investor
will you make the Zudio of the sarees
and will I get the exit as an investor?
So because of that lack of confidence,
I am sorry, but I am out.
- It's an interesting industry. - Yes.
Your honesty and transparency...
...something is hidden but it's not seen.
You are saying everything honestly and transparently.
I fully agree with you
that you don't want to do business in the marketplace.
Marketplaces will destroy you.
- The brand won't be created at least in the initial stage. - Yes.
You have to create a brand pull.
Let me give you an offer. 1 crore for 3.5%.
Overall, I liked that you have a strong ideology
about quality and economics.
- because you know - Yes.
And you've seen both sides, and I have to trust your judgement there.
One thing that I think which is needed the most
is the mindset because without a team,
- Yes. - It won't happen.
And building a strong mindset of sharing
and investing in that team,
- I don't think you can create a Zudio. - Okay.
- And secondly, the right partners with capital. - Yes, sir.
Okay? I think I can help you with this
both on the supply side, brand building side
and most importantly, to make it omni-channel.
To make it omni-channel.
Yes, and what tech is to be built for it.
I think it is very similar to the space of eyewear, what I have seen.
My offer to you is one crore for 3%.
My offer is Rs 1 crore for 3 per cent.
Anupam sir, Aman sir and Peyush sir,
how about you three come together for Rs 1 crore for 3 per cent?
But that's too less skin in the game. Think about it.
How can we help you with just 1 per cent?
You need to increase the equity if you want the three of us.
That can work.
So, we have a counteroffer.
Three sharks for Rs 1 crore for 4.5 per cent.
Sir, can we hear your revised offers individually?
Yes. I offered Rs 1 crore for 2.5 per cent.
...could you agree to 2 per cent for 1 per cent each for Rs 1 crore?
Okay. So, we'll select individually now.
- Can I recommend something? - Yes, please.
You have two options now.
You can choose an individual shark.
Anupam wants more equity in the multiple sharks deal.
Wait a minute. Okay?
- So, this... - We'll be back.
[laughing]
Oh, God! Let's do one thing.
They don't want to do a deal with me.
- No, it's not like that. - So, they can...
- It's not like that. - They are okay with
joining you.
I feel this matter is too political.
No. It's not political.
Do you want him or not?
That is not the point.
- Listen, brothers. - Listen.
We'll have one deal. The three of us will be there.
Okay? You don't have any other offer.
You only have one offer.
Rs 1 crore for 4 per cent and three sharks. That's the only offer.
- Peyush, do you have a problem? - There is no other...
- Guys! - I cannot go against this.
- There is no other deal. - Wow! - 4 per cent for three sharks?
It doesn't matter.
Guys, I'm out!
- What did I tell you? - I'm out!
Wait a minute, Anupam. Let's see.
Let's get done with it.
- They didn't want to do it. - Sir, please.
- So, we optimised it for them. - We can't optimise so much!
He's trying to separate us.
He's asking us to do it their way.
You have Rs 1 crore for 4 per cent and three of us. Yes or no?
Yeah. That's the only offer.
Just say yes or no.
Yes or no?
- Yes. - Yes, sir. - Deal done.
- We've learnt it from you. - Yes, good.
Three men selling 'saris'! Very nice!
Six men now.
- Six men! - Yes. Six men selling 'saris'.
Amazing!
Thank you.
Thank you, sir.
Shut the door now.
Oh, my God!
We lost something at the end of the day.
However, we wanted the three sharks.
So, it was a win-win.
They wanted the percentage, and we wanted the sharks to join us.
So, both got what they wanted.
So, Viren, Hiren and Darshan,
welcome to the PokerBaazi zone where you hold the cards.
No.
No!
So, Poker and business are very similar.
But today, we'll focus on the top five.
- Our five hands in focus are these. - Okay.
Okay? You tell us your priority
of the five in focus.
- So, the product comes first. - Okay.
- Quality Assurance. - Hmm.
Customer service.
Strategy.
We'll replace production
with marketing.
So, your Royal Flush,
- the highest priority, is the product. - Yes.
Your Flush is marketing.
Yes.
I thought logistics and operations must be hectic for you,
considering it's on a website. It's E-commerce.
Technology has smoothened out logistics now.
We have automation and AI at our disposal.
Logistics was manual before. But it's entirely automated now.
So, that's not so much of a headache.
But a customer expects a lot from the products today.
Why is customer service so important?
It's even before marketing.
Marketing brings customers. Yet, you ranked service before it.
If a customer is happy with a product they get...
Yeah, thank you.
The total prize pool is Rs 100 crores.
You, too, should download the PokerBaazi app.
Use your strategy to secure the winning hand.
Download the PokerBaazi app now.
...to have a shark with us,
who you will see sitting on the sofa today
because, at times, he goes into nap mode in the middle of a pitch.
- Yeah. - Aman sir, how are you?
I'm great. It's good to see you again, Aashish.
Today's question was sent by 26-year-old Subhash from Bikaner.
The question is this.
People all over India are getting inspired by Shark Tank.
They're starting businesses.
It's a good sign for the country.
You have to look into the finances.
You have to focus on the branding.
You have to focus on tech if yours is a tech company.
You said yours is an FMCG company.
Two things are crucial, product and brand.
If your product is good, you must ensure it reaches the consumers.
Why would anyone buy your product if they don't know what it is?
Right? You're not the first one to make that product.
I always say that every product without a brand
is just a commodity. Right?
Somehow, you need to relay the information
about what's good in your product.
Only marketing can do that.
Marketing has two aspects.
That is brand marketing and performance marketing.
Initially, you won't be able to do brand marketing owing to the money
unless you're an influencer who can tell people
or if you get an opportunity
like that of Shark Tank. Brands get good opportunities here.
That's where your brand marketing will start and give you returns.
That's great. Today was a free mentoring session.
Thank you so much for asking that question.
See you in the next Ask the Shark with a new question and a new shark.