[theme music playing]
Greetings, Sharks!
Come, let me take you to an average Indian living room.
We come here every day
after a tiring day at work,
we watch Shark Tank on TV
and get comfortable with our favourite snack.
Then, which startup should get funding or not,
we bet on that
and we don't realise when we end up eating 10 packets.
What does an average Indian want?
They want their TV and snacks, that's all.
I believe in eating and letting people eat snacks.
But if you tell me,
that you have to choose between health and taste,
that's a little difficult, almost like a buzz kill.
Therefore, we thought we should use millet
to not compromise on taste and health,
and we made Madmix.
It's baked not fried,
less in fat and no added sugar.
But it starts at a very affordable price point of just Rs. 20.
We are a crazy brand
where taste comes first
and health goes along with it.
In Madmix, we are slightly crazy.
We can take any ordinary thing
and infuse it with a unique, nostalgic taste.
Take our Paan Pop Raisins, for example.
It's just raisins,
but the moment you eat it,
- you'll feel like you're enjoying a Calcutta Sada Paan. - Wow!
Or our Jowar Bhujia,
once you eat it and you'll be transported back
to your school recess days.
From children to corporate employees,
everyone has indulged in this madness.
We are currently available
online and in more than 5,000 outlets.
- Wow! - Our vision is to make Madmix
the favourite snacking partner in Indian households.
For this, our ask is Rs. 50 lakhs for 1% equity.
I think you shouldn’t just eat Madmix while watching Shark Tank,
but it should also be enjoyed in the Tank!
- So, why don't you give us Madmix. - Just give me a second.
And I want to share
- that Gaurav is married to my ex-colleague. - Oh!
- I couldn't attend their wedding. - What are you saying?
How beautiful. Wow!
- We really missed you at the wedding. - Oh, yeah!
Oh my God! This is delicious.
This Paan Raisin.
And it's with no added sugar, no colour
and no preservatives.
- This one is delicious too, - You know, I love 'paan'.
Hmm! Oh, this raisin is so good.
It tastes like raisins, but feels like a 'paan'.
Which one of these is very delicious?
- You didn't get Chaat Corner. But... - 'Chaat.'
- This one, right? - No, that one is purple in colour.
Is the purple one being sold the most?
In puffs, Pizza Party and Flaming Fun are sold the most.
- The Pizza Party was good. - Flaming Fun is a winner.
It's based on Cheetos, right?
Yes. Flaming Hot Cheetos.
The 'paan-flavoured' is unparalleled.
Unreal!
You used to make something else earlier.
It was Daily Staple.
- with idli and medu wada. - Yes.
It used to be roasted chana dal chutney. We are giving that.
Amazing!
I love your packaging.
She was with me till the creative bit,
after that she asked me to handle the rest.
Wow! Tuisha was my colleague.
- In Sugar? - Yeah!
She left last year.
Just before we got married.
Did you go to Vineeta for funding?
There is a Shark called Vineeta. Did you go to her?
- I didn't get the opportunity. - Why not?
Because I wanted to be absolutely ready.
I didn't want to go unprepared
and ask her to check out the product.
I wanted to prove and wanted to come over here
so that she would also feel proud.
But you also have access to capital
- in the family business and all. - Yes.
Gaurav, let's know more about you.
I was born and raised in Mumbai.
I completed my education at the University of Wolverhampton
So, I finished my BBA from there.
I got married in 2023.
My family background is, that my dad's business is textiles.
And I, as a human being,
since I was born, I had this need to become an entrepreneur.
I started my first venture when I was 8 years old.
- How old are you now? - I am 28.
When I was 8, we organised art competitions.
Rs. 5 per ticket. We started with ticket sales.
At the age of 16, I started a brand
with my brother-in-law called Luxury In Gold.
We used to make gold-plated iPhones, Blackberries,
iPads and sell them mainly to HNIs.
Within six months, we clocked a revenue
- upwards of Rs. 2.5 crores in that. - Wow!
At 18, I became a consultant to a restaurant.
They were doing Rs. 1,500 per day,
and within a month's time, we got it up to Rs. 1.5 lakhs.
Then I finished my education.
After that, I joined my dad's business.
But if you ask anyone
who Gaurav is, they will tell you two things.
A resourceful person who loves his food.
- You are resourceful. - Resourceful.
Since childhood, one thing was clear.
When I grow up, I will open a restaurant once.
When I was with my father,
and I was unable to find creativity in the textile business,
that is when I started Daily Staple.
When did you start this business?
Last year, in September.
Almost two years, under the name of Daily Staple.
which was early for the market at that time.
So, you didn't continue that.
We changed the brand name and we brought the products to Madmix.
- What is the main category? - Ready-to-eat. Snacking.
Currently, puff, bhujia and raisins.
How much percentage of business is this?
97% of my business in India.
It mentions,
preservatives-free. But I see
a few things like silicon dioxide, disodium.
These sound like preservatives.
We had lab-approved preservatives,
...no trans fat, MSG and I ate it.
We are one of the first brands in India
that is accepted in school.
- Why mention it? - Clinically proven preservatives.
- 'No preservatives', maybe... - Is the wrong word.
Nowadays, we get to hear that
maltodextrin is not a very good ingredient to have.
How is it better for you?
It's just that you used millet instead of refined flour.
We are not... Between the healthiest and unhealthiest...
We are not the healthiest, we are in between.
And even the preservatives you see
are less than 1% of the overall recipe of the product.
Will you replace maltodextrin?
Yes! We are already... The product is ready in our R&D.
We are just waiting for a shelf life report from the lab.
As he said, there are preservatives. You said you will take it out.
If you do that, the product will change.
- It won't. - How would we know?
We did our R&D, and the taste has not altered.
But what is it compared to?
To the other bhujias in the market. From Haldiram...
We have a competitor.
Sorry, Aman. Let's Try.
In bakes puffs we have Snackible.
We have Taali, Farmley has just entered.
In baked bhujia, we have Prime Foods.
We have Open Secret.
In raisins, we have a golden opportunity.
- There are not many in this. - Farmley and Happilo do have raisins.
- Not flavoured raisins. - Okay! Not flavoured raisins. Okay.
Where are we when it comes to the price?
Are we above them, on the same level as them, or below them?
With few brands, we are at par with them.
In some brands... For example, if I say, Let's Try,
Let me tell them.
They grew from Rs. 12 lakhs to Rs. 12 crores in just two years.
Did you sell your share?
- No! He got an offer. - I got an offer.
But he didn't sell.
The investor is believed to be a good investor
when he sells and makes a profit.
- What? - Talk to me when you sell it.
- But... - Hold on!
We are also long-term investors like you.
We've been on Shark Tank for four years.
- You hold on for 15 years... - But...
- We should sell it in four years. - Wow! Hold on!
I have had quite a few exits as well.
- Good one, Vineeta. - Good one, Vineeta.
Tell me something. On the pricing, your packets are for Rs. 20.
Are there others who sell packets for Rs. 20?
Not much in the new age. We have people
who sell for Rs. 30, Rs. 35, Rs. 40...
Who is selling between Rs. 30-Rs. 35?
- There's Let's Try. MOM. - BRB.
- Too Yumm. - BRB also. Too Yumm.
I've invested in BRB too.
Next season, you will able to say
that you invested in a healthy brand
along with Let's Try and BRB.
- Oh! Good one! - That can be an opportunity.
Are you saying that Let's Try isn't healthy?
It's made from groundnut oil.
But it's high in fats. We are low in fats.
They are fried, we are baked.
Branding is the youth appeal, so...
Haven't they improved their branding even after receiving funding?
Let's talk about you, Gaurav.
- We are talking about Madmix today. - Okay.
- How many SKUs do you have? - 20.
Which are the top 3?
Masala Masti Bhujia.
- How much percent does Bhujia contribute? - 42%.
- The second one? - Puffs.
Which is around 35%.
And premixes are 3%, and the remaining comes from raisins.
- Your business is bhujia and puff and then everything else. - Yes.
What is your channel mix?
35% is Indian distribution.
30% is online, from our website.
20% is export.
And 15% is quick commerce and e-commerce.
What is Indian Distribution? Say GT.
We used an alternate channel.
We are very strong in schools, colleges,
hospital canteens, vending machines and corporate offices.
We are available where
our packets run out within 24-48 hours.
- Why are you not in GT? - And of course hotels.
GT, to be very honest,
I tried it last year from September to Jan.
I joined my hands and ran.
- I ran as fast as I could. - It's difficult.
Why? What happened?
I am too young for GT. I am not that experienced.
The distributors will tear me apart.
The margins they demanded... Even if we gave them those,
the sales support, distribution,
warehousing, and everything else just wasn't feasible for me.
Listen, Gaurav. In which other countries are you available?
Dubai and Canada.
For the export market, premixes are 25% container.
how much is it in India and international?
It's around 80%-20%.
- Tell me, at the start, you said ready-to-cook is 3%. - Yes.
- And ready-to-eat is 97%. - Yes.
Tell us what it is for the company.
It's about 88%-12%.
- So, 12% is that business. - Yes.
But in that 12%, almost entirely is export.
Yes.
- In GT, ready-to-cook didn't work. - It did not.
Did you try ready-to-eat?
We did try roughly 500 stores between Mumbai and Pune.
Difficult... There were packets, but when were they sold,
for someone to go every day and check
once every four days wasn't possible. So, we immediately wrapped that up.
95% of India in this market is still GT.
GT, I agree.
We are waiting to give some more time to the brand,
increase the brand recognition
and then enter
- that market. - Okay! Gaurav, what is the scale?
You started in September 2023.
- Correct. - It has been a year.
From April to October, we did Rs. 1.08 crores.
How much do you think you will make in the year?
This year, Rs. 5.5 crores in net revenue.
The month before that it was Rs. 8 lakhs.
there has been a cash crunch.
Vineeta mentioned that you don't have cash issues.
My grandfather and father built everything themselves
and I am working hard to create something on my own.
- Have you not raised funding? - I did raise funding.
We started the round in December 2022.
We raised Rs. 1.76 crores.
And in December 2023, Rs. 50 lakhs.
- You raised funds for that. - Yes.
How much cash do you currently have?
About Rs. 20 lakhs in our account.
How much is your monthly burn?
Roughly, Rs. 8 lakhs.
You've seen this near-death situation a few months ago.
When you came here with a business
that is potentially at the run rate of Rs. 2 crores.
It might do Rs. 5 crores.
You are raising a valuation of Rs. 50 crores.
It seems like you don't want funding.
Nothing as such at all.
Because of the cash crunch,
we are only able to supply 30%-40% of the POs we're receiving.
The minute we have money in our account,
we have Rs. 80-85 lakhs in POs
month on month, ready to supply.
How much money have we invested in our working capital?
Roughly, 60 days.
- At cost? - At cost.
And the funding of around Rs. 2.2 crores,
was the burn more earlier? Where did it go?
Last year, Daily Staple shifted to Madmix.
We had paused the sale for almost five months.
Initially, when these products were launched,
we were searching for product-market fit and the right placement.
This led to significant burn last year,
and of course, in rebranding as well.
- Okay! Tell us your unit economics. - Sure.
Currently, our COGS is 30%.
- Okay! - Gross margin is 70%.
And our EBITDA is -8.35%.
Your gross margin is 70%. What other expenses do you have?
Our marketing is currently 12%.
12%? Isn't that less?
We don't know where the money is going.
Tell me next.
Our CM1 is around 60%.
CM2 is at 38%.
- CM3 is at 33%. - No!
- You didn't deduct the expenses. - Yes.
What is the expense after Rs. 70?
After 60%
you came down to 38%. What is 22%?
- Marketing! - No!
- From CM1 to CM2. - Yes.
- What is that? - Advertisements.
You are calculating marketing and advertisement separately.
- Okay! - What is this 12% in marketing?
For the agencies and all.
You should calculate that in marketing.
I apologise.
- How much is advertising? - 28%.
- So, 40% is marketing and advertising. - Yes.
I am here now in front of all of you.
You are here today. What will happen if you don't get funding?
Aman, there was a time in office,
when there was Rs. 10,000 and we had to give salaries the next month.
- What did you do? - I have faith in myself. Something will work out.
And I'll tell you why! I have to prove
to many people that I am worth it.
What will you do if it doesn't happen?
- I will do something, Aman. - What will you do?
We will try something.
We won't give up, that is for sure.
There has to be a term sheet or something.
No, nothing as such at all.
We are not even thinking of doing any rounds.
If we do, I will
- in the future... - Hold on! If we have the money for two months...
- I know, this... - This is what I was asking. What is happening?
- Why? - I made two mistakes, Aman.
You are making a mistake now. You know what? You are not running.
Aman, I am running every morning.
- As fast... - Vineeta also runs. I am not talking about that.
No, to figure funding.
You mentioned
- that you are not raising funding. - We've not opened any round
- to get a soft commitment! Yes, sir? - Boss!
You are claiming to be a fighter, you will be at it,
you are running, but right now, you're doing none of those things.
I am out.
If you needed funding,
you should've gone to Vineeta.
You are not a fighter.
I don't feel it. You are claiming it, but I don't sense it.
I don't see a passion.
Involve a co-founder, you are unable to handle it alone.
No, Aman. I am fighting every day.
This is my life, this is what I live for
- every single hour. - Forget me.
Why didn't you try looking for term sheets?
Of course, our existing investors are keen to come back.
But we are just waiting to initiate the round shortly.
But I feel that
you are carrying a burden with you.
Sometimes, founders
don't want to take favours from anyone
because they want to prove something without anyone's support.
It's not that I don't want help.
You won't get help if you don't ask for it.
But I believe in myself and I really believe in Madmix.
So, I know for a fact that we will grow
and prove to the investors who believed
in me when we didn't have Madmix.
Number one, you've priced for GT.
Rs. 20.
But you are selling to D2C, where logistics is killing you.
Secondly, get your numbers right.
When we asked about marketing, 12% seemed very low.
And then you mentioned that you pay the agency for advertising.
You should know your numbers.
Because 12% is not the right number.
- It was over 40%. - Correct.
Third, flavours are not very innovative.
Young people like you are expected to think out of the box.
Fourth is, your competition is crazy.
So, in these four areas,
- you have to be a little bit more alert. - Absolutely.
But love your enthusiasm. But for today, I am out.
Thank you!
Even if you raise Rs. 50 lakhs
during a cash crunch, it will cover your business only for 5 months.
Why did you think of Rs. 50 lakhs?
Why didn't you ask for more? What is your strategy behind this?
Currently, Rs. 50 lakhs is only to solve
my inventory, warehousing and logistics.
Simple! I don't want to put the money into marketing or anything else.
Will this dramatically change your unit economics?
- Yes! - What will change?
Shipping and COGS.
You have to solve the problem for next month.
COGS and shipping improvements are long-term solutions.
When the fire has gone off here, you need to pour water.
We can't say we will build a new house, right?
How will you extinguish this fire?
Do you have access to capital?
Yes, my family. If I require money someday,
then I will request my dad
- to help me in that scenario. - To lend you.
So that the business continues to grow.
And you don't want to do that.
For the time being, yes.
I don't think that anyone doubts whether you are capable or not.
But you are unable to convince us.
Hope and belief are not a plan.
- A lot of respect for you and what you've created so far. - Thanks.
Figure it out, please. I am out. Best of luck.
I was quietly observing you.
There are flashes of intensity in you.
At times, you become intensely focused and driven,
and then suddenly it just starts waning.
I feel that there are certain attachments in your life,
and until you let go of them,
you won't truly be happy or productive.
You have not said 'no' to anything in this business.
You have ready-to-cook and ready-to-eat.
You've done domestic and export,
offline and online,
but you've spread yourself too thin
because I believe you want to prove something to someone.
That's why you agree to do everything that comes your way.
Because you feel
that it's an indication of the beginning of failure.
We've all seen failure in life.
So many times people have come to me and it's over and they are ruined.
It's okay! You can take a step back.
Re-invent yourself. Come back.
This work is for you, not for anyone else.
I wish you the very best.
Today, I won't be able to invest.
But I hope Madmix is back on track
and you are successful in life. All the best.
Thank you so much. Thank you.
Gaurav, you are humble.
You speak with so much warmth and kindness.
It feels like I am talking.
But I have a question.
To heal yourself, to treat yourself,
if we need to rip the band-aid off, we will.
Are you ready to do that?
One thing I promise you,
ripping the band-aid is a no-brainer.
If we don't rip it off, I'll be on the ventilator of the ICU.
And I will lose what I made with such hard work.
I might not have been able to present
that I'm capable, but yeah!
Give me an opportunity, Ritesh.
I promise you, it will be something that you will really enjoy.
Gaurav, I think
you should focus on one business and shut the other down.
Okay!
One business could be export, ready-to-cook.
The second one could be the domestic D2C business,
which is ready-to-eat. You choose.
If you agree to pause one of the two businesses,
I was going to ask for 10%, but I could not bring myself to do it.
Gaurav, what are you thinking?
- Absolutely! - You won a lottery, accept it, do the rest later.
Would you be interested to do it at 2.5%?
- It should've been 10%. - Answer me first.
- Do you accept the condition? - That I am okay. 100%.
Okay! My offer is Rs. 50 lakhs for 5%. Decide soon, friend.
[music playing]
- Gaurav, I really... - Gaurav!
- It's a no-brainer. - I really suggest
you take it.
- Done, Ritesh! Deal accepted. - Good decision.
- Hello, Gaurav. - Hello!
Welcome to our PokerBaazi Zone, where you hold the cards.
Superb! Very excited.
There are a lot of similarities between poker and business.
In both cases, the situation can change at any time.
There are three phases of opening community cards.
The first phase is flop.
- It's from the introduction phase. - Okay.
There is no one in FMCG in my family.
- But I was always passionate about food. - Okay.
I was clear that I didn't mind selling vada pav on the street,
- but I wanted to enter the food industry. - Okay.
When I proposed this idea at home,
the conversation wasn't easy.
There are many hows and don'ts and why.
- 'Will you be able to do it?' - Yeah!
But gradually, they saw my passion and they were convinced.
It's hosted on PokerBaazi with a total prize pool of Rs. 100 crores.
If you are also a master of skills and strategy
then head to PokerBaazi app, and create your winning hand.
Download the app now!
'Shark Tank India, co-presented by ACKO Insurance,
'PokerBaazi and Swiggy Instamart.'
'Co-powered by Adani and Jaquar Bath and Light.'
'And partners, Rayzon Solar, ICICI Direct and Lenskart.'
Jewellery brand! Palmonas.
Hey, this is a Pune brand.
She is Shraddha Kapoor.
No! But the brand is by a Pune girl.
[music playing]
From a distance, it looked like shining gold.
Wow!
From a distance, it looked like shining gold.
And when you got closer, what did you see?
I didn't go closer. The gold costs Rs. 70,000.
Oh God! But where did you see a shining gold?
On Vineeta
in the last season of Shark Tank. Look!
Oh, nice.
This is Palmonas. This is demi-fine jewellery.
Oh!
Hi, Sharks! Welcome to the world of demi-fine jewellery.
- Pune! - Yes!
And with our third co-founder, Shraddha Kapoor,
we are building India's most-loved
demi-fine jewellery brand, Palmonas.
It falls between imitation and fine jewellery.
Sharks, we make this jewellery for you and not your locker.
We want you to wear this jewellery every day.
There is no jewellery-care guide.
Put it on with confidence and enjoy.
Our journey started two years ago.
And we've served more than 1 lakh customers.
We sell on our website, Palmonas.com.
- Rs. 1.26 crores for 1% of Palmonas. - Oh my!
...how India buys jewellery,
one stunning piece at a time or maybe all.
[laughing]
Shraddha Kapoor didn't come.
- She was very excited to come on the show. - Then?
But I told her that this is not your expertise.
[laughing]
I'll go.
And right now, as we are here,
she is also doing her Palmonas duty.
So, she is in an event promoting Palmonas.
So, I am happy.
How much equity does she have?
21%.
- Oh, that's a substantial amount. - That's why.
And both of you?
I have 50%.
- And I have 29%. - Okay.
- Amol and Pallavi. - Yes.
Welcome to Shark Tank.
- Thank you! - Thank you! Dream come true.
Tell us about your background.
So, Kunal, I am from Udgir
which is in the Latur district of Maharashtra.
I completed my MBBS from Latur.
I pursued a Master's in Surgery in Orthopaedics from Sangli.
- Nice! - Post that,
I did superspeciality in joint replacement from Pune.
- Oh! - And I worked as a joint replacement surgeon
- for around 4-5 years. - Very good.
Amazing!
- Lovely! - And then?
After that, we got married.
[laughing]
- Why are you blushing? - What's making you blush?
[laughing]
How many years have you been married?
- They are blushing. - 8 years.
- 8 years! You are blushing like newlyweds. - Yes.
We have two children.
What happened after you got married?
- In business. - He means in business.
- Yes! - We launched our first brand
called Karagiri.
- It is a saree brand. - Yeah, sarees.
- I've heard that. - Yes, sarees.
Yes! We launched that in 2017.
We grew the business organically for four years
in a bootstrapped way very profitably.
I think an accelerator bought it, right?
Yes, it was acquired in 2021.
Was Karagiri started by both of you or just you alone?
Yes. Let me tell you about my journey.
I'm from Nashik.
I did my schooling there.
Then I went to COEP
- and studied engineering there. - Oh, wonderful!
My grandfather was a weaver.
My native place is a small village called Pauni near Nagpur.
We had two handlooms there.
I always wanted to do something for this community.
When I was in Lucknow, there were so many 'chikankari'...
I mean, there are loads of shops on a single street,
but there wasn't a single shop in Nashik.
I identified a demand and supply gap
and thought of doing something there
which would also help me understand e-commerce.
So, I procured 15 basic designs that are available everywhere
and I started selling them on eBay.com.
And to my surprise,
within a week, I started selling 6 to 8 saris everyday.
Wow!
A small hobby had turned into a business.
And my entire education cost
literally from my college fees was covered.
I decided I wanted to do this,
but I belong to a Maharashtrian traditional family.
They hadn't even heard of the word start-up.
Mom said, "Why'd you go to IIM if you just wanted to sell saris?"
- "Take up a job now." - [Sharks laugh]
- Typical mother. - Yes.
Then I joined GS and worked there for nine months.
I saved up money
and my entrepreneurship journey began from there.
So, you quit your profession as a doctor
- and joined her in Karagiri. - Yes.
Pallavi told you to quit
- being a doctor and you did! - No, it's not like that.
Who convinced you?
Was it her or did you come willingly?
After marriage, nothing is more important than your wife.
[all laugh]
Pallavi used to take care of all the things.
I'd return home from the hospital.
Then we would pack the saris together
and hand them to the delivery guy.
So, that journey from scratch to acquisition...
I enjoyed that.
Her passion and energy are contagious.
[laughs]
I thought I should stand by her.
- Aw, that's nice. - Amazing.
- Very sweet, - So sweet.
How did Palmonas start?
It stemmed from a personal need.
My skin is highly sensitive.
- So, I could never wear imitation jewellery. - Okay.
I always thought there had to be something.
And just then, one of my friends was coming down from the US.
She got me a pendant
from an international Demi-Fine jewellery brand.
I really loved it
and I wanted more because I could wear it
and didn't have to spend a lot of money either.
I looked up 'buy Demi-fine jewellery in India'.
There was no one selling it.
Pallavi, what's the underlying metal?
Is it silver?
Yes, silver and steel.
- So, you do 18-carat plating on silver and steel. - Yes.
Thick gold plated is Demi-Fine.
So, I'll tell you the difference.
What everyone currently does is known as flash plating
- This takes about seven seconds. - Tell me something.
- Coming to your problem of sensitive skin. - Yes.
You can wear the thin gold-plated jewellery.
Yes, but if you wear it twice, it oxidises.
Is this a real problem?
Even the artificial jewellery brands
are doing revenues of Rs. 200-300 crores.
- They aren't facing the issue of people... - What was our company?
- Rubans. - Rubans.
- So... - See, the problem is not only having sensitive skin
and not being able to find the right solution.
The problem is finding a brand which has aspirational designs.
- The brand Melorra started in 2015. - Yes.
- GIVA started somewhere around 2019. - 2019.
Melorra recently had a distress sale
- to Senco Gold. - Yes.
- And GIVA is really progressing well. - Yes.
Though Melorra had the first mover advantage,
there was a distress sell whereas the other one's growing.
What do you think the reason is?
Melorra is a fine jewellery brand
versus GIVA which is a silver jewellery brand.
Secondly, I feel, what GIVA cracked well, was distribution.
I mean, open your stores in every alley.
Sell jewellery in Rs. 1,500 to 2,000.
Everybody will buy
- because this is a huge gifting use case also. - Offline.
- They realised the importance of offline early. - Offline, yes.
Because many times, the Indian consumer
- makes a discovery online. - Exactly.
But for jewellery,
- they prefer an offline model to purchase. - Correct.
100 on 100 marks.
Thank you. [giggles]
Oh, wow!
- Lovely! - Oh, wow.
How nice!
- How cool is that? - Thank you.
Thank you so much. Wow, lovely.
Oh, wow. I love it.
I like this.
- Can this be used as a pendant? - Um...
- Or is it like a dangler? - It's like a dangler.
- Dangler to your bag or something. - Maybe you can... Bag, yes.
- Very nice. - Oh, nice.
What's the story of the name Palmona?
What does it mean?
It is a combination of our names.
Amol and Pallavi.
- Pallavi... - And Anaya.
- Anaya. - Hey, what about Shraddha?
- She just joined them. - She just joined us.
When we started, it was just Amol, Anaya and me.
- Is Anaya your daughter? - Yes, right.
- So sweet. - Three years old.
I love the design.
I'm going to try your earrings.
Please do.
This is very pretty and quite trending.
How do you like the earrings on me?
- I love it! - They're looking lovely.
- See! Beautiful, right? - They're actually suiting you.
it contains 0.01 gram gold.
- 1%. - Yes.
Pallavi, could you tell us the price points
of the products you gave us?
Our price points start at Rs. 1,000
and go on till Rs. 8,500.
What's for Rs. 1,000 and what's for Rs. 8,500?
Our entry-level necklaces start at Rs. 1,000
- and you get our Mangalsutra for Rs. 8,500. - Got it.
Is it fitting you?
Yes! Perfect fit.
Made for you. [giggles]
Fully Palmona today.
[laughs]
We're clear on the products.
Let's discuss numbers.
- Yes. In 2022-23, we did Rs. 3.8 crores. - Okay.
In 2023-24, we did Rs. 6 crores.
- Till November, we've done Rs. 13.5 crores. - Amazing.
And projected sales for the whole year?
Around Rs. 30-35 crores.
This growth happened sustainably over the last six months
where we highly improved our performance marketing.
Shraddha's arrival was a great help.
What was the bottom line in 2022-23?
Why?
And you're bootstrapped.
It's not like you had a prior valuation.
No, we've just closed our angel round.
So, by next week, we will get all the money in the bank.
- Who is it? - What's the valuation?
Rs. 126 crores.
How much are you raising?
Rs. 6 crores.
Tell me how you got Shraddha Kapoor on board.
What's the whole story? And when was this?
It's a very interesting story.
One day, I was scrolling through Instagram
and stumbled upon Shraddha's reel
in which she was wearing a Palmonas piece
which is our statement piece.
In fact, we have it on display here.
I found a fan's comment that said, "Your necklace is so pretty."
To which Shraddha replied,
"I love it so much that I've ordered a few more."
Whoa!
I went back, checked my orders
and found this customer S Kapoor.
- Oh my God! - Oh, nice.
She was buying from us.
- Crazy. - We didn't know.
I made a reel about it.
Um, you know...
We collated all the content pieces
and showed that Shraddha wears Palmonas.
Hope this reel reaches Shraddha Kapoor
and it did.
Then she messaged me saying,
"Pallavi, I love Palmonas. I love what you're building."
And I took the chance
because to me, Shraddha was
- the face that I was looking for. - Yes.
I said, "Let's meet up."
I was eight and a half months pregnant.
We went to Mumbai.
We spent the entire day together
and it just happened organically.
You went to meet her when you were eight and a half months pregnant
- and spent the day together. - Yes.
You put in a lot of effort.
- She manifested it with Shraddha. - It was actually a manifestation.
Pallavi, if I like the founders, I make a deal quickly.
Oh!
[joyous music playing]
- So, my offer to you is what you asked for. - Gosh!
Which is Rs. 1.26 crores at 1% equity
but I'll take a royalty
which is 1% of your sales
till I recover my Rs. 1.26 crores.
- Lifetime warranty. - Yes.
- Effectively, this is plating. - Right.
And as we know, plating fades eventually.
How long does it take for the plating to fade in your case?
Almost after 3 to 4 years.
So, is there a caveat regarding the lifetime warranty?
Basically, of course, it is a depreciating asset.
If you buy gold and wish to sell it,
it does depreciate.
There's a lot of sunk cost that you end up losing
like making charges and GST.
In that comparison,
if you are getting even 15% back after three years of usage,
it's an additional benefit for the customer.
Let's take an example.
What's your top-selling product priced at?
That is for Rs. 5,800.
How much gold is in it?
Worth Rs. 600.
- Is the underlying metal silver? - Silver, yes.
- What's the value of the silver? - Rs. 300.
Effectively, you're giving back the value of the metal.
Yes. I mean, you can say that.
However, when they learn
that they've been cheated in the name of lifetime warranty...
[solemn music playing]
That will have some impact on the brand.
At the end of the day,
if I buy something worth Rs. 3,000
- and if you give me a voucher for your store worth Rs. 450... - Yes.
Saying that this is the lifetime warranty,
that'd be of no value to me
because your store has nothing that costs Rs. 400.
That's exactly what I'm saying, Vineeta.
Our customers don't buy our products
because we offer a lifetime warranty.
They are buying because they love the products and designs
and they want to own it.
Tell me something.
Suppose a customer comes back to you after three years
- once the gold has faded. - Yes.
- And says, "I bought this necklace for Rs. 6,000." - Okay.
- "I'll give you Rs. 600." - Okay.
"Replate this, please." Will you do it?
We do lifetime replating free of charge.
Yes.
Until now, we have fulfilled almost 1.08 lakh orders
out of which 60 customers said that the plating on the clasp...
Because it hasn't been 3 to 4 years, Pallavi.
- Have you considered that? - It has been 2.5 years, Vineeta.
- I know, but you said the plating wears off in 3 to 4 years. - Yes.
And in India, if people know
that plating worth Rs. 600 will be done free of cost,
why wouldn't they avail of it?
- Do you account for the warranty cost in your gross margin? - Yes!
Can you tell me how?
Our gross margin includes all of the costs
that might arise in the future.
Tell us the unit economics for this.
Our gross margin is 76%.
Our cost of doing business is 11%
which includes marketplace commissions,
shipping and logistics charges and others.
Then, we spend 40% on marketing.
Our central cost comes to almost 10 to 12%
that's rentals, salaries and others.
And then, we're left with around 12 to 15% of EBITDA.
So, where is this Rs. 600,
which is spent on replating every four years, factored?
Because our gross margin I think is very healthy.
- No... - 76%.
I know, but that is because you're spending Rs. 900 of that Rs. 5,800.
That's your 76% gross margin.
When you break down Rs. 5,800,
you said Rs. 900 was your cost.
Rs. 600 was for the gold and Rs. 300 was for silver.
I think, Pallavi,
you didn't account for it in your financials.
- And if you didn't, you can say so. It's fine. - Okay.
No problem.
But just say it transparently.
So, this is our thought process.
Even if people come back to replate,
that will be around 1 to 2% of our entire orders.
And the pace at which we're scaling,
if this feature is helping us gain trust...
Because I'm very confident of the product.
All right. I think let's move forward.
What's your average order value?
Rs. 2,600.
What are your sales channels?
The majority of sales is through our website
which is 70%.
Then 20% comes through marketplaces
and 10% from our stores.
Is your main USP or superpower your design?
Yes.
- Or marketing? - Yes.
- I would say first... - Or is it pricing?
Or Shraddha?
Or is it you?
All of the above!
So, if I have to prioritise, I think the first will be design.
Then second, our execution, which is our distribution.
Third will be our price.
And Shraddha Kapoor is a face
which communicates all of these three.
So, she is not a USP
but I think she's a part of the ecosystem.
Amol! Pallavi! Amazing founders.
- Particularly, Pallavi, you're a real rockstar. - Thank you.
Thank you, sir. Means a lot coming from you.
I have just one issue.
- This stage has progressed too far. - Okay.
- I prefer to make investments in earlier-stage companies. - Okay.
So, wish you all the best. Today, I'm out.
- Thank you. - You'll be very successful.
- Thank you. - Thank you so much.
Will you give royalty?
No.
Sorry.
No, I didn't ask for it. She did. Turn her down.
[all laugh]
As they say, "Only a jeweller knows a real diamond when he sees it."
Similarly, I too see your worth,
that you will do something big.
The valuation is bad. I can't meet it.
I'll take a chance. Let me try.
If I get a deal, good. If not, that's okay too.
Rs. 40 lakhs for 3% equity
and the rest Rs. 86 lakhs debt at 12% for 3 years.
Your dilution would be lower.
You wouldn't have to give royalty either.
Hey, do you want to give equity or royalty?
Royalty is much better. It's like an expense.
Equity is like a lot
- when you believe in your business. - Your revenue this year
- is already over Rs. 13 crores. - 30 crores.
You're getting a valuation of Rs. 13 crores though.
I'll make you a better offer if you want.
Rs. 40 lakhs for 2% equity,
but I can't do any more than that.
I'll give you the rest as debt at 12% for 3 years.
So, a Rs. 126-crore valuation,
but I'll change the royalty to 0.5%.
I am out today.
I still have a slight confusion about the value proposition.
I think, Demi-Fine jewellery as a space currently doesn't exist.
I'm not sure it will
because above it comes those selling real gold.
They are always perceived as an investment.
And at the bottom, you have artificial jewellery brands.
What you sell for Rs. 5,000,
they might sell the same designs for Rs. 1,000 to 1,500.
And I agree, your shine will last for 3 to 4 years
whereas theirs might last probably for a year.
But when you compare the cost,
it's 3 to 4 times their pricing.
So, will the middle price point of Rs. 5,000 to 6,000
make it in the long term?
That is 5 or 10 years down the line.
- I'm not finding a lot of confidence in this market. - Okay.
- So, I wish you the best. - Thank you.
I'd be happy to help
- if you need any help in offline and expansion. - Definitely.
- Thank you so much. Thanks, Vineeta. - Thank you.
I really like Namita's offer and I believe she's based in Pune.
Sharks, we really appreciate all the feedback.
Thank you so much.
But we don't wish to give royalty
because currently, the business
- is in the hypergrowth phase. - Good decision.
Good decision.
All the money has to go into the business.
See, I'll tell you. Let me just explain our logic.
You haven't yet made Rs. 30 crores, right?
It's Rs. 13 crores.
Usually, the valuation you get
is based on the prior year's sales.
But I'm believing in your forecast, that is number one.
Number two.
Your round that happened is mostly angel.
I could very easily have offered you Rs. 1.26 crores for 3% equity.
I gave you the valuation that you asked for,
to conserve your equity.
If you are confident about your sales,
what is 0.5%?
I think it's a very fair deal.
[ominous music playing]
- We'll just take a minute. - Sure.
Thank you.
[gripping music playing]
So, Namita and Ritesh have given an offer.
The valuation is Rs. 126 crores,
but they're asking for 0.5% royalty.
If you want my opinion, no need to take a royalty.
You'll make money. Do the deal.
- You'll make five to ten times the money. - Agreed.
But my point is she'll give it.
It doesn't matter if you get 60 lakhs back.
I guarantee she'll give it to us.
'See, an exitable business should not have royalty,'
'and you're protecting them pretty much'
- 'with whatever equity rights you're giving them.' - Okay.
'Principally, it doesn't make sense.'
My point is don't lose the deal over it.
- No. - It's a good deal.
Ritesh, show some faith.
Don't underestimate me.
[gripping music playing]
Sharks, we actually want you to be on our board
but giving royalty at this stage
is not making sense from our business standpoint.
We want to open multiple stores.
- Very nice. - Our target is to open 100 stores.
- Very nice. I'm proud of you. - Whoa! 100 stores.
And, so I request you, please.
- Um, if we can do this... - Pallavi, to be honest,
for the kind of effort we'd be putting in, 1% is nothing.
We both get 0.5% each.
That's nothing!
Let me give you an example.
Let's say next year, you're at Rs. 100 crores.
What is 0.5% of Rs. 100 crores?
I'm not able to think right now.
- Rs. 50 lakhs. - 50 lakhs.
Rs. 50 lakhs.
Rs. 50 lakhs, right?
Within 1 to 1.5 years, you'll pay us the royalty back.
And see, we ought to have some value too.
- Absolutely. - We also want to feel wanted.
I think this is our final offer.
- I think we have been very fair. - Aman!
- Very fair! - Do you want to change your offer?
- No, let them talk. - We have been very fair.
[tense music playing]
[music concludes]
Okay, you have a deal.
- Deal! - Yay.
Well done, congratulations to you.
[camera shutter clicking]
Namita, you're an outstanding Shark!
Gosh! This is unbelievable. Even I can't believe it.
- I knew it. - She strikes hard!
- I knew it. - She's a real Shark!
- Yo! - I knew it!
I can't believe it. Good deal.
'I was very clear I wanted a deal from Namita'
because she's from Pune and she's fab.
And Ritesh brings so much experience
on the offline side
where we've just begun.
So, I think that value-add cannot be compared with
the 0.5% royalty that we've actually shared with them.
So, I think I'm pretty happy about it.
Hello, Pallavi and Amol.
- Hi. - Hi!
How was your experience?
- Great. - Amazing.
- Amazing? - Yes.
You're bringing a big change in the world of gifting
and solving a big problem.
My wife and I...
I mean, we majorly fight over her wanting gifts.
- And girls want cute gifts, you know. - Correct.
- That makes them go "aw". - Yes.
When my wife sees my gift, she says, "Outrageous!"
[all laugh]
"What have you got me? Don't show me your face again."
You definitely won't experience that again.
Yes. There's no way I want to experience that again!
Okay, let me tell you.
- Your product is a great gift. - Yes.
- Because this is much cheaper but of good quality. - Yes.
And I saw that your products are available on Swiggy Instamart.
I said let me order it right away and make my wife happy.
So, I placed the order and it arrived in ten minutes.
Thank you so much, sir.
I'm delighted!
I ordered earrings from your website.
Amazing!
- Wow! - Your wife is going to be very happy.
Yes, I'm also very happy.
- Amazing products. - Thank you.
You should bring some sweetness into those relationships.
Order whatever you need from Swiggy Instamart.
Delivery in ten minutes. Order now.
[theme music playing]
[theme music concludes]
Wow!
Age is immaterial if you have a passion to work.
I am still in the same line of work
and this is my fifth entrepreneurial venture.
Bhupen and my father were friends.
We united once again in 2022,
and Mehta and Kangutkar together
formed the company MK Power & E-Mobility.
We make passenger and cargo electric three-wheelers
I currently have 40 years of experience
in the automobile industry.
I was also an executive committee member
of the All India Taxi and Autorickshaw Association.
I know what owners and drivers want.
High mileage,
low maintenance and high earnings
are preferred by all autorickshaw drivers.
So, our passenger electric and cargo electric autorickshaws
We funded this company ourselves.
We have all the required approvals
like the ARAI approval that are accepted pan-India,
as well as state approvals.
we'll head to the dealerships and get ready to hit the road!
We've started with three-wheelers,
but in future, we'll go into four-wheelers also.
Sharks, our vehicle is ready.
Hop on and join the young and the youngest.
- Amazing. - [all laugh]
Your energy at this age
is really going to inspire people.
Thank you.
I believe one should never retire.
Really amazing and very inspiring.
If you wish to sit, please go ahead.
The chairs are at the back.
[music playing]
- Sir, we... It's okay. - No problem.
We still have the spirit.
Please sit, Bhupen.
There's no doubt you're in high spirits!
It is our duty, you see.
Thank you.
Could you tell us about your journey?
Bhupen, you mentioned this was your fifth venture.
I used to supply metals earlier, ferrous and non-ferrous.
Then we shut down that business.
Which year was this in, Bhupen?
This must have been 1972 I guess.
After that, I made a foray into social activities.
Um, Rotary Club and Lions Club.
Then I realised it wasn't my calling.
Then I joined George Fernandes.
The Motor Vehicles Act was enforced in 1989.
Back then, Rajesh Pilot was the Minister of Surface Transport.
I moved on to become the All India Executive Committee Member
and our president was George Fernandes.
Bhupen, do you mean Mr. George Fernandes
who was a politician?
Yes, Defence Minister.
The Defence Minister and Railway Minister.
What business did you do after that?
I was the leader in India.
Then, diesel autorickshaws were introduced in Pune,
three-wheeler Greaves Garuda.
So, I was the first dealer.
They gave me the dealership because they knew I could run it.
I ran it from 1996 till 2008.
And I was the number one dealer
for the Greaves Garuda diesel autorickshaw.
I had sold 4,000 vehicles in just three years.
After that, we started a consultancy
where I'd source dealers for Piaggio,
TVS and MLR.
They had one or two-year contracts.
After that passed, I wondered how long I would do that work.
Automobiles were my passion.
His father was my friend.
He'd always tell me to go into business with him.
We had electric automobiles in mind.
So, we studied it and began finalising suppliers.
Who could supply good motors?
The same went for batteries, chargers as well as controllers.
By the grace of God, we got good suppliers.
In which year did you enter the automobile market?
2022.
Any particular reason?
Did an event occur in 2022
that compelled you to start your own business?
I did many jobs and ran many ventures,
I took dealerships of many companies and ran them, but not any more.
- Okay. - I wanted to start my own business
- and offer dealerships to others. - [laughs]
- Fantastic, Bhupen. - Amazing.
Tell us about yourself, Pramod.
I am from Pune.
I have done my BE from COEP, Pune, in 1986
in Metallurgy.
After that, I went to the US.
I did my Master's from Drexel University in Philadelphia
After that in 1991,
I got a Postdoctoral Research Fellowship
with the University of Tokyo.
Ritesh was just about to be born.
[all laugh]
After my PhD, I was in Tokyo, Japan, for a year.
Then I went back to the US and worked in research for a while.
Then I thought my father has a business in India
and I should get into that.
Then I joined my father's business of hydraulic hoses and fittings.
Parallelly, I set up a powder metallurgy plant
in Markal.
I ran it for 15 years.
- 15 years! - Yes.
In which year, sir?
1996 to 2012.
Powder metallurgy is actually a very cash-intensive business.
It didn't do that well. So, I sold it off.
Then I continued running my father's business.
In 2022, I was dealing in electric cycles.
I had got the motor and everything.
He told me, "Let's do this together."
I said, "Okay, let's do it."
As you know, Bajaj Auto is a leader in three-wheelers.
They made a successful transition into EV.
When you were aware of the dynamics,
didn't you think about what you'd do differently in EV
that the big players weren't able to achieve
with that kind of market capitalisation?
Here's the thing.
If you take our dealership, you're sorted in Rs. 30 to 40 lakhs.
60,000-70,000 electric autorickshaws are currently sold each month.
So, we're operating on a plan of 500 vehicles.
How will this benefit consumer autorickshaw drivers?
The government is extending benefits.
If someone specially takes an electric connection for this,
they'll sanction it for as low as Rs. 3 per unit.
It's not a subsidy. They start getting billed at Rs. 3.
Is this cheaper than Bajaj's electric autorickshaw?
Ours is a bit cheaper.
Cheaper!
Bajaj has two versions.
- One is costly and the other is priced a bit lower. - Yes.
My vehicle is in the same range as their high-end model.
What's the price difference?
In Pune, it costs Rs. 4.35 lakhs.
How much does Bajaj sell the cheaper one for?
That's also around Rs. 4 lakhs.
Rs. 4 lakhs. And yours?
So, there's a price difference of say about Rs. 20,000 to 30,000.
In automobiles, the price difference
is never more than Rs. 5,000 to 10,000.
- Bhupen, a very important factor is the service network. - Hmm.
Customers buy cars from sellers they feel will provide
- a hassle-free service in future. - Yes.
More than service centres, this is what matters.
The parts in this like the suspension, brakes
and tyres are common
whether the make is Bajaj, Piaggio or TVS.
They don't go to the company's service station
for such things anyway.
They have this idea in their head.
They think it's more time-consuming and will cost them double.
So, they get the servicing done at any of these small repair shops.
As for the controller, motor and battery,
we provide a warranty of 3 to 4 years on them.
You just have to replace it with a new battery.
Your sales and service dealers would be the same?
- Same. - Yes.
Where will you manufacture?
- In Pune. - In Pune.
What will be the capacity?
For now, we have thought of making 50-100 units per month.
So we sorted out the dealers according to our range.
Have you already got the dealers ready, Mr Bhupendra?
We have finalized two dealerships in Pune.
- We sold only 2 vehicles, sir. - Okay.
Then we'll get the report on how it is working.
Whenever we are satisfied, we'll put it on the market.
And the manufacturing, Mr Bhupendra,
are you assembling?
- Assembly. - Yes, sir.
From where do you source the parts?
The main parts like motor and controller,
comes from GPP. Ghaziabad Precision Product.
And it supplies A to Z everything to all the automobile industries
according to their requirements.
Lithium battery is of CLN
which has a factory in Noida.
Mr Bhupendra, 79 years, great!
- God's grace. - When you raise your hand, I am scared.
I feel good to talk to you.
- Because my wife and I have been watching this for 3-4 years. - What?
- Shark Tank. - How did you feel?
My wife likes it more than me.
[laughing]
I told her what are you seeing? You won't understand it.
She says, I understand.
Many ladies come here.
- Yes. - Even young people come here.
Even young girls participate here.
"Look how inspiring it is. Why are you sitting at home?"
[laughing]
Please tell me the truth, who is your wife's favourite shark?
The rest of them will feel bad.
[laughing]
It was nice meeting you.
Does your wife like to see that you are still working and...
- She doesn't let me stay in the house. - Why?
Go out. You will be free and so will I.
Oh!
We'll stay healthy if we keep working.
Wonderful.
Did you ever think
that at this age you will come to Shark Tank and pitch?
- No, I never thought. - Never.
But I knew that someday I will make my own vehicle.
- Wonderful! - Great!
Superb!
I was adamant that I'd make an auto with CNG or diesel, for sure.
Great!
How did you convince him?
To convince him, his father was enough.
- He had confidence in me. - Alright.
He was sure that if I invest there will be no problem.
How much did you invest in this business?
Sir, till now we have invested 2 crores.
- We both, together. - You both, together.
How do you divide it?
- I invested less than him. - Okay.
- But still. - I can't give you figures.
- It's 50-50%. - I am unable to give you figures.
No problem.
Did you ever feel that...
My son is also there. He is 28 years old.
- His nephew is there. He is 37 years old. - Okay.
The models that are getting popular today, for example, Rapido.
- Have you heard about Rapido? - Yes.
- They provided auto rides in the beginning. - Yes.
Now they are giving car rides also.
So in the business of the auto rickshaw...
vs directly going through dealers and selling to customers,
there are two models like that.
Have you thought about a partnership with someone like Rapido?
If we get contacts like that
and it gets us tied up then we'll be happy.
Have you heard about a company name Altigreen?
- Altigreen. - Altigreen, it is Bengaluru based.
Yes. That is bought by Reliance.
- Yes. - It was bought by the Reliance and got the money back.
Okay.
What will be the difference between their and your product?
The product is similar but marketing is different.
- How is it? - Those are from NASA.
NASA people are manufacturing auto?
[laughing]
Yes, their engineers are over there.
They are there to manufacture the auto.
They don't realize that it's not Chandrayaan
but auto which runs on the road.
- It would fly like a rocket. - In Delhi, they fly it like a rocket.
Yes.
Why did you launch the tempo together with it?
There are dealers where
the passengers' demand is more.
- But in the industrial area, cargo is needed. - Tempo is needed.
Ah!
When you see in this industry,
in many companies the technologies are made inside the company by itself.
Have you thought, in this sector
that in the long run you will have your own R&D
or will you focus more on the third-party assembly only?
There are two things in this, sir.
Either you should have a good investment
so that you can work at home
or your inventory will go low
and at the end the price will get cheaper.
Today we bought 500 things to make the battery.
- But 10 batteries didn't work. That is our wastage. - Correct!
But if it is outsourced then we can return if the battery doesn't work.
Do you know, in this industry
the decision finally rests upon the investor or the owner.
So your proposition for the owner,
the price is cheaper than Bajaj, Mahindra or Piaggio,
is that enough or is there anything else
- which will draw the owner's attention? - I think, at our price,
they sell it at this price even by taking a subsidy of 20,000 rupees.
But we sell it without subsidy as we have kept our expenses low.
Our needs are less.
Most of the companies get it for credit.
It would cost 10 to 15% more.
But we buy the parts in cash. That is the difference.
Is there any reduction in the service too?
Like in our product if we talk about mileage or top speed,
or torque, is it less than Bajaj?
Nowadays, you must have heard that
- EV got burnt or... - Yes, right.
- I was about to ask you. - I will tell you about that.
- So many scooters get burnt. - The battery here,
this doesn't have lithium.
It is the lead acid battery.
The battery that we bought from the company,
we asked them to set their battery temperature till 70.
Till 70, the battery should not get heated.
Is this also lithium-ion?
Lithium-Ion with iron phosphate coating.
Mr Bhupendra, how big do you want your company to be?
Sir, my thoughts are big.
It should be.
But if it comes to money, it is difficult.
You can fake everything but not money.
But you might have something in mind.
Sir, for me, I wish to sell 500 units every month.
Mr Bhupendra and Mr Pramod, I am very happy to meet you. I enjoyed it.
I don't have much knowledge about this industry
and I won't be able to help you much.
So, unfortunately, I am out
But I have a suggestion that you can hire some automobile engineers
and professionalize it.
We'll definitely meet you when we'll visit Pune.
We'll meet your wife also.
100%, sir. You are most welcome.
Thank you. And please, keep watching Shark Tank
and tell your wife that I should still be the best.
I'll tell my wife that Mr Aman said that he was out.
Oh, no, sir.
That is my dialogue.
But I am in for coming to your house.
[laughing]
Okay, Mr Bhupendra, and Dr Pramod,
in the EV space,
there are some concerns,
like Ritesh said that it can get burnt
and there are safety and servicing issues.
When there is no expertise and you hear all these things happening,
so to keep a distance,
I feel would be better for someone like me.
That is why I am out.
- Okay. - You are from Pune.
I think you should have talks with Rapido.
- Happy to make that connect. Thank you. - Thank you. - Thank you.
I didn't feel that this innovation
is something that it may create a revolution in the market.
In this category,
I think with the significant price difference
there will be significant impact on the market.
But your aspiration to make a business of 240 crores,
I think you will achieve it.
I wish you the best of luck.
But today I am out.
Thank you.
Mr Bhupendra and Mr Pramod, it was nice meeting you.
You are very inspiring.
Thank you for that.
I think dealer network is a good idea.
But for a young company, I feel
it would be better that you look for an anchor customer
so that they can become your captive buyer.
You will get a production volume.
In the auto sector, it is all about the volumes.
- Without volumes, it is difficult to make an auto sector. - Correct.
I am out today
because I think this business is too early.
But it will be a big business in the future.
But that is yet to be seen.
I wish you the very best.
And keep inspiring the whole country. Thank you.
- Thanks. - Thank you.
Mr Bhupendra and Mr Pramod,
there is a rapid revolution in the EV industry in India
for passenger vehicles or commercial.
The opportunities in this industry are quite exciting
which makes me enthusiastic
when it comes to this industry.
But today, unfortunately, I couldn't appreciate completely that
your strength,
which is to bring unique dealers, how will you translate it.
I will be more than happy to introduce you to Rapido and Uber, both.
They won't buy your products by themselves
- but they can recommend your business to their partners or owners. - Franchise.
And hopefully, that will make you successful.
I really wish you all the very best. Thank you.
- Thank you. - Welcome.
- Greetings! - Thank you. - Thank you.
- Good luck, Mr Bhupendra - Thanks a lot.
- and Dr Pramod. - Thank you.
- Thank you. - Bye. - It was a pleasure meeting you.
- Sir! - God bless you in all respects.
- Keep your blessings and maintain the standards. - Bye!
- Thank you. - I bow to your feet.
- You are young. - Yes.
I am.
- Sir is young too, in fact, younger than you. - Younger than him.
- You are the youngest, actually. - Cheers!
- Thank you. - Thank you.
[upbeat music]
We have seen its beautiful portrayal on our Change Maker Wall as well.
With innovation and connectivity,
we are creating a digitally empowered sustainable future.
And today's Change Makers are Mr Bhupendra and Mr Pramod.
How are you?
- Very good. - Fine.
- Great? - Yes.
The change you are bringing is extremely important.
Revolutionising the transportation industry
and moving towards greener
and cleaner options is the need of the hour.
But our generation today
has a mindset of not wanting to work, aiming to retire by 30.
You are setting an example
and are still dedicated to your passion.
I want to know what change should people bring in their mindset
to feel more inspired
and attached to their work.
Keep working, even if you face failures,
keep moving towards success.
Yes. Would you like to add something to that?
No, that is the best way to say it.
Absolutely, 100 per cent, short and concise.
Thank you so much for sharing your thoughts.
You are bringing a great change,
just like Acko is revolutionising
the insurance landscape with its offerings.
Don't fall into the trap of random agents.
Know your insurer.
Trust Acko.
It is the trusted choice of lakhs of Indians
and has settled over 300,000 car claims.
We appreciate this change you are bringing
and for the time you gave on Shark Tank,
Shark Tank and Acko would like to present you with a gift.
[uplifting music]
Here.
[clicking sound]
[Shark Tank theme]
Hello and welcome
to this special segment of Invest Smart with ICICI Direct.
I am your wealth buddy.
Today we will discuss some important investment topics
that will help you make informed and
confident investment decisions.
Our aim is to make you aware and empowered.
So, let's get started.
I am joined by Bharat and Shashwat from Indi Hop Shop.
And today,
I will also pitch a product
that will ensure your money is always working for you.
You decide whether you want to invest through it or not.
- Sounds good? - Yes.
So, let me introduce you to the ICICI 3-in-1 account,
where you get savings, Demat,
and trading facilities all in one place.
When you invest through this,
your funds always remain in your ICICI Bank savings account
and continue earning interest
until your buy order is successfully executed.
- So, let me show you how it works. - Sure.
...from our ICICI savings bank account.
And whenever you sell your stocks,
the money will be credited directly to your savings account,
where it will continue to earn interest at all times.
- So, would you invest through the ICICI 3-in-1 account? - Yes, sure.
So why wait?
Simplify your investment journey...
Invest smart, invest conveniently.
We have Ritesh Agarwal, founder of OYO. Hello.
Today's question is from Shiva Sharma,
33 years old, from Gurdaspur, Punjab.
I have a couple of key learnings on going international.
First, identify which market
has the lowest cost of entry.
Because learning takes time and money.
So, keep the cost of entry as low as possible.
When OYO started,
we first entered Malaysia.
Because the cost of entry was very low there.
Second, see if your customers and suppliers have past ties.
Many of our property owners were from Tamil Nadu
who had properties in Malaysia.
So we leveraged that connection.
Similarly, when we made a major acquisition
in the United States worth half a billion dollars,
one of the main reasons was that 70 per cent of the hotel owners
- there were of Gujarati origin. - Yes.
Sindhis, Gujaratis, Punjabis.
Sindhis, Gujaratis, Punjabis,
many communities have been running businesses there for generations.
So, we felt there was an existing relationship we could build upon.
Look for markets where you have some kind of connection.
And last but not least,
a crucial point,
whatever market you decide on, invest your own time.
...choose your favourite shark,
and we'll be happy to address them.