1 00:00:20,040 --> 00:00:21,840 [theme music playing] 2 00:00:28,520 --> 00:00:30,600 [theme music playing] 3 00:00:37,000 --> 00:00:39,040 [theme music playing] 4 00:01:03,680 --> 00:01:04,520 - Hi, Sharks! - Hello! 5 00:01:04,640 --> 00:01:05,680 Imagine this. 6 00:01:05,880 --> 00:01:08,600 It's 8 am in the morning and you are groggy. 7 00:01:08,840 --> 00:01:12,480 As usual, you reach out to your go-to drink 8 00:01:12,560 --> 00:01:15,480 - and make coffee or tea. - Okay! 9 00:01:16,200 --> 00:01:18,640 Fast forward to 10 am and boom! 10 00:01:18,720 --> 00:01:20,480 Instant crash and jitters. 11 00:01:20,600 --> 00:01:22,720 And you crave one more drink. 12 00:01:22,800 --> 00:01:24,320 - Sounds familiar, right? - Yeah! 13 00:01:24,480 --> 00:01:25,680 And now, imagine this. 14 00:01:25,760 --> 00:01:29,080 A beverage that provides instant energy, 15 00:01:29,240 --> 00:01:31,560 keeps you free from jitters and crashes 16 00:01:31,640 --> 00:01:35,680 and ensures sustained focus throughout your day's tasks. 17 00:01:36,200 --> 00:01:38,600 - Yes, it's not magic, it's matcha! - Oh! 18 00:01:38,720 --> 00:01:39,760 - Hi, Sharks! - Wow! 19 00:01:43,720 --> 00:01:45,360 And we are team Glow Glossary. 20 00:01:45,480 --> 00:01:48,040 And our hero product is this high-quality, 21 00:01:48,160 --> 00:01:50,760 organic, ceremonial-grade A Japanese matcha. 22 00:01:59,160 --> 00:02:01,120 This is a super green tea powder 23 00:02:10,600 --> 00:02:12,440 This balances your blood sugar. 24 00:02:12,520 --> 00:02:14,360 It balances your hormones 25 00:02:24,360 --> 00:02:25,160 Awesome! 26 00:02:25,280 --> 00:02:26,520 Take your time. It's all right. 27 00:02:28,280 --> 00:02:31,240 Sharks, my Japanese friend made me try this for the first time. 28 00:02:31,320 --> 00:02:33,680 And honestly, it was love at first sip. 29 00:02:34,400 --> 00:02:36,200 This is new in India. 30 00:02:36,320 --> 00:02:39,760 It became our mission to bring matcha from Kyoto to Kanyakumari. 31 00:02:39,840 --> 00:02:40,880 - All right! - Whoa! 32 00:02:40,960 --> 00:02:45,080 We started our business from a B2B model. 33 00:02:45,240 --> 00:02:49,520 Now, we are present in more than 30 cafes. 34 00:02:50,000 --> 00:02:51,320 But that is not enough. 35 00:02:51,400 --> 00:02:53,920 We want to bring the magic of matcha 36 00:02:54,080 --> 00:02:56,040 to every household. 37 00:02:56,160 --> 00:03:00,040 In the future, we will launch even more fun, wellness-based products. 38 00:03:00,200 --> 00:03:02,880 And we believe that healthy doesn't have to be boring. 39 00:03:02,960 --> 00:03:05,800 Our ask is Rs. 60 lakhs for 4% equity. 40 00:03:09,800 --> 00:03:12,520 ready to make a matcha made in heaven? 41 00:03:13,600 --> 00:03:15,000 Let's make you a cup 42 00:03:15,120 --> 00:03:17,000 before we spill the rest of the tea. 43 00:03:17,080 --> 00:03:18,560 - I need it. - Let's do it. 44 00:03:18,640 --> 00:03:19,640 Yes! 45 00:03:21,280 --> 00:03:24,440 We've already whisked it and kept it ready. 46 00:03:24,880 --> 00:03:27,200 You can mix it with milk 47 00:03:27,280 --> 00:03:30,000 or you can add it to any other drink of your choice. 48 00:03:30,080 --> 00:03:32,600 It looks like neem juice. 49 00:03:32,800 --> 00:03:34,680 - Hopefully, it doesn't taste like it. - Yeah! 50 00:03:34,800 --> 00:03:37,920 This is ready to compete with your coffee. 51 00:03:38,040 --> 00:03:39,200 Oh, wow! 52 00:03:41,080 --> 00:03:44,680 So, this is an iced latte in almond milk. 53 00:03:46,840 --> 00:03:49,600 [music playing] 54 00:03:50,640 --> 00:03:52,680 - This one's the strawberry one. - Yes! 55 00:03:53,280 --> 00:03:54,480 All right! 56 00:03:55,760 --> 00:03:57,560 The one with strawberries is delicious. 57 00:03:57,640 --> 00:04:00,680 - I am drinking matcha for the first time. - What? 58 00:04:00,760 --> 00:04:02,640 - Is this your first time? - Really? 59 00:04:03,800 --> 00:04:05,920 [music playing] 60 00:04:07,360 --> 00:04:09,360 The matcha doesn’t have 61 00:04:09,440 --> 00:04:11,840 - that strong powdery taste. It's nice. - Grainy and powdery. 62 00:04:13,600 --> 00:04:15,200 [music playing] 63 00:04:15,280 --> 00:04:16,840 Do you also give this bowl with it? 64 00:04:16,920 --> 00:04:19,920 This is a ceremonial kit. It's very meditative. 65 00:04:38,520 --> 00:04:40,560 It is on our website and Instagram. 66 00:04:40,640 --> 00:04:41,840 What is the price? 67 00:04:41,920 --> 00:04:43,600 Rs. 1,192 with tax. 68 00:04:43,680 --> 00:04:44,680 For the kit? 69 00:04:59,720 --> 00:05:02,920 - I am a functional medicine practitioner. - Okay! 70 00:05:03,040 --> 00:05:04,440 I lived in New York 71 00:05:04,520 --> 00:05:06,600 - for 6 years. - Do you mean you are a doctor? 72 00:05:06,680 --> 00:05:10,440 - Not a doctor. It's more like a nutritionist. - Okay. 73 00:05:10,800 --> 00:05:12,960 Pratishtha, were you born and raised in New York? 74 00:05:13,040 --> 00:05:15,200 No! I was born and raised in Ghaziabad. 75 00:05:15,600 --> 00:05:17,360 And then I studied in London. 76 00:05:17,480 --> 00:05:20,240 After that, I got married and moved to New York. 77 00:05:20,320 --> 00:05:22,400 Basically, my hormones were very off. 78 00:05:22,480 --> 00:05:24,160 I had severe thyroid. 79 00:05:24,280 --> 00:05:26,280 When I first moved to New York, 80 00:05:26,400 --> 00:05:29,760 I gradually adjusted my lifestyle and noticed positive changes. 81 00:05:30,560 --> 00:05:32,440 When I returned to India, 82 00:05:32,560 --> 00:05:33,880 I faced problems. 83 00:05:33,960 --> 00:05:35,960 Back-to-back tea and coffee. 84 00:05:36,120 --> 00:05:37,680 That doesn't suit me. 85 00:05:37,760 --> 00:05:40,080 When I wanted to buy matcha, I couldn't find it. 86 00:05:40,160 --> 00:05:42,040 So, then I launched Glow Glossary. 87 00:05:43,520 --> 00:05:45,120 I am 21 years old. 88 00:05:45,200 --> 00:05:48,040 So, I am in my last year of college. 89 00:05:48,160 --> 00:05:51,200 - Actually, I was a customer of Glow Glossary! - Oh! 90 00:05:51,280 --> 00:05:53,760 Yes! So, it's customer to partner. 91 00:05:53,920 --> 00:05:57,000 I met Pratishtha at a pop-up 92 00:05:57,240 --> 00:05:59,280 where she was making matcha. 93 00:05:59,360 --> 00:06:01,480 And I love matcha. 94 00:06:01,680 --> 00:06:04,720 I went to her and said, 'You are selling matcha.' 95 00:06:04,800 --> 00:06:06,560 And then she took me through the whole process. 96 00:06:06,560 --> 00:06:09,080 That is how we started talking. 97 00:06:09,160 --> 00:06:12,200 And then I started doing marketing for the brand. 98 00:06:12,280 --> 00:06:14,000 It's been almost a year 99 00:06:14,120 --> 00:06:16,280 - that we have been working together. - Yeah! 100 00:06:16,400 --> 00:06:18,800 - When did you become partners? - Last month. 101 00:06:23,280 --> 00:06:24,520 ...your matcha powder from? 102 00:06:24,600 --> 00:06:26,920 Shizuoka and Kyoto. 103 00:06:32,000 --> 00:06:33,720 I met her in London when I was in college. 104 00:06:33,800 --> 00:06:36,040 She helped me a lot. 105 00:06:36,120 --> 00:06:39,160 - Do you transport leaves from Shizuoka? - No! 106 00:06:43,440 --> 00:06:46,440 - There is a process of making matcha. - Tell us. 107 00:07:08,080 --> 00:07:10,160 - or is it done on the farm? - Vendor... At the farm. 108 00:07:10,280 --> 00:07:11,120 Farms! 109 00:07:11,240 --> 00:07:15,200 So, your job is to put the powder in a bottle and sell it in India. 110 00:07:15,320 --> 00:07:17,720 - For how long have you been doing this? - One year. 111 00:07:17,840 --> 00:07:20,040 Have you observed a growing number of people in India 112 00:07:20,160 --> 00:07:22,480 searching for matcha products 113 00:07:22,560 --> 00:07:24,120 and coming across your brand? 114 00:07:24,200 --> 00:07:27,480 We started with a B2B model. 115 00:07:27,560 --> 00:07:30,080 Through B2B, we found out 116 00:07:30,160 --> 00:07:32,520 that this might work. 117 00:07:32,960 --> 00:07:36,200 That is when we started doing events and pop-ups. 118 00:07:36,280 --> 00:07:39,720 We noticed that flavoured drinks 119 00:07:39,800 --> 00:07:42,360 like strawberry, blueberry, rose matcha, 120 00:07:42,440 --> 00:07:44,120 work the best. 121 00:07:44,680 --> 00:07:47,720 Who do you think are your sizeable competitors? 122 00:07:47,800 --> 00:07:48,640 Vahdam. 123 00:07:48,720 --> 00:07:50,480 - Vahdam is in Matcha as well? - Yes. 124 00:07:50,560 --> 00:07:52,560 - Do they sell tea bags... - No! 125 00:07:52,640 --> 00:07:54,360 - Powder? - No, they also sell matcha. 126 00:07:55,000 --> 00:07:57,000 I am confused. 127 00:07:57,360 --> 00:07:59,560 What are you exactly selling? I am not clear. 128 00:07:59,880 --> 00:08:01,800 Your name is Glow Glossary. 129 00:08:01,920 --> 00:08:03,800 If I take matcha away, 130 00:08:08,600 --> 00:08:11,720 So, are you selling it as a functional benefit 131 00:08:11,800 --> 00:08:13,840 or as a beauty product 132 00:08:13,920 --> 00:08:15,520 or are you selling it as 133 00:08:15,640 --> 00:08:18,600 the tradition of matcha, good for you tea? 134 00:08:19,040 --> 00:08:22,640 I believe in simple daily rituals 135 00:08:22,720 --> 00:08:26,520 that gives you a long-term health benefits 136 00:08:26,680 --> 00:08:30,400 and not super expensive supplements or a cream. 137 00:08:30,480 --> 00:08:31,880 So, Glow Glossary 138 00:08:31,960 --> 00:08:34,520 is about what you do every day. 139 00:08:34,600 --> 00:08:36,240 - I am confused. - And very simple ritual. 140 00:08:36,360 --> 00:08:38,400 Daily rituals is the whole... 141 00:08:38,480 --> 00:08:41,240 You brush daily, that's a ritual. 142 00:08:41,320 --> 00:08:43,240 - Yes! - You bathe! That's a ritual. 143 00:08:43,320 --> 00:08:44,600 You are not selling that. 144 00:08:44,720 --> 00:08:46,880 - No, so... - Where is the ritual in this? 145 00:08:46,960 --> 00:08:48,760 Rituals for that ultimate glow. 146 00:08:48,880 --> 00:08:50,080 But what is the ritual? 147 00:08:51,040 --> 00:08:53,320 Matcha is a daily ritual. 148 00:08:53,400 --> 00:08:56,240 Are you talking about drinking it or making it? What are you saying? 149 00:08:56,360 --> 00:08:59,080 Making it too. It's like moving meditation. 150 00:08:59,160 --> 00:09:02,160 Once you make it, it's so zen. 151 00:09:02,240 --> 00:09:03,440 You are going to get the hang of it. 152 00:09:03,480 --> 00:09:05,360 What is so zen about it? 153 00:09:06,720 --> 00:09:09,680 - We saw you pour it. - Yes. 154 00:09:09,760 --> 00:09:11,320 - That wasn't so zen. - Yeah! 155 00:09:11,400 --> 00:09:13,000 - You already made it. - Like coffee! 156 00:09:13,120 --> 00:09:15,520 Like getting lost while whisking the coffee. 157 00:09:15,600 --> 00:09:17,320 - Yeah! - It's important to understand this. 158 00:09:17,400 --> 00:09:19,360 So, let's not dismiss it. 159 00:09:19,920 --> 00:09:22,960 Because I understand that what you are saying 160 00:09:23,040 --> 00:09:25,040 is that you are selling a ritual and not a product. 161 00:09:25,120 --> 00:09:28,920 There is a shift for me in terms of what you've brought here. 162 00:09:29,000 --> 00:09:30,160 If you are selling a ritual, 163 00:09:30,240 --> 00:09:33,600 then you have to demonstrate it and sell it to us. 164 00:09:34,560 --> 00:09:37,120 If you are selling a product, then it's in front of us. 165 00:09:41,560 --> 00:09:44,000 That you are not a matcha company. 166 00:09:45,400 --> 00:09:48,480 Zoom out and tell me what you are making. 167 00:09:48,880 --> 00:09:51,160 We want to create products 168 00:09:51,240 --> 00:09:53,880 that can be used in your daily rituals. 169 00:09:55,800 --> 00:09:59,360 Pratishtha tested three products. 170 00:09:59,440 --> 00:10:01,920 Matcha, body scrub 171 00:10:02,000 --> 00:10:03,240 and body oil. 172 00:10:08,840 --> 00:10:11,800 And we realised 173 00:10:11,880 --> 00:10:14,840 that there is not much awareness about it in India 174 00:10:14,920 --> 00:10:18,160 compared to beauty and skincare products in the country. 175 00:10:19,240 --> 00:10:20,360 I am very confused. 176 00:10:21,480 --> 00:10:23,160 If your products 177 00:10:23,320 --> 00:10:25,880 are all related to the benefit of glow, 178 00:10:25,960 --> 00:10:29,080 then in a way, it is a beauty company. 179 00:10:29,520 --> 00:10:30,840 I know you don't want to label it. 180 00:10:30,880 --> 00:10:32,600 So, you turned it into a ritual. 181 00:10:32,720 --> 00:10:34,280 I will then ask you 182 00:10:34,520 --> 00:10:37,880 to tell you the market size of rituals in India. 183 00:10:38,160 --> 00:10:39,440 And you won't be able to say it. 184 00:10:40,800 --> 00:10:43,840 So, I request you 185 00:10:44,160 --> 00:10:48,200 to be open to defining it. Right? 186 00:10:48,280 --> 00:10:49,760 So that we can get to the next level. 187 00:10:49,960 --> 00:10:51,320 - Okay! - Yes, so... 188 00:10:51,560 --> 00:10:52,640 Yeah, okay. 189 00:10:52,720 --> 00:10:55,800 So, we want to make this a beauty and wellness company. 190 00:10:55,880 --> 00:10:57,400 - Okay! Thank you! - Got it. 191 00:10:58,800 --> 00:11:01,480 Now, that was not that hard. Well done. 192 00:11:02,000 --> 00:11:04,800 You are a super luxurious product. 193 00:11:04,880 --> 00:11:07,480 - That is your segment, isn't it? - Yes. 194 00:11:07,800 --> 00:11:10,200 But we want to make it 195 00:11:10,320 --> 00:11:12,920 - accessible and affordable. - I am going to pause you again. 196 00:11:13,840 --> 00:11:17,120 Pratishtha, I keep sensing that you want to say something. 197 00:11:17,200 --> 00:11:20,000 - No. - And then you drive the answer through Kavya. 198 00:11:20,720 --> 00:11:23,640 So, I don't know what exactly is going on. 199 00:11:23,720 --> 00:11:25,600 I am camera-shy. 200 00:11:25,680 --> 00:11:27,600 We already decided 201 00:11:27,720 --> 00:11:29,400 that Kavya is going to take care of all that. 202 00:11:29,400 --> 00:11:31,440 - Okay! You are camera-conscious. - I am... Yes! 203 00:11:31,520 --> 00:11:33,760 - That's the problem. Okay. - I am very camera-conscious. 204 00:11:37,440 --> 00:11:39,120 Kavya has 35%. 205 00:11:39,200 --> 00:11:41,160 What is the breakup of 65%? 206 00:11:41,280 --> 00:11:42,600 - I have it. - All of it? 207 00:11:42,680 --> 00:11:43,680 - Yes, all of it. - Okay! 208 00:11:43,760 --> 00:11:45,440 - And you are the CEO. - Yes. 209 00:11:45,520 --> 00:11:47,520 - And you are the CMO. - Yes. 210 00:11:48,280 --> 00:11:49,760 When did we start selling the product? 211 00:11:49,840 --> 00:11:52,400 In August 2023. 212 00:11:59,720 --> 00:12:02,440 Hold on! When did that start according to you? 213 00:12:02,520 --> 00:12:04,760 - April. March 31st. - Financial year. Okay. 214 00:12:04,880 --> 00:12:06,680 What are you expecting for the full year, Kavya? 215 00:12:06,720 --> 00:12:07,720 Rs. 1.5 crores. 216 00:12:12,640 --> 00:12:14,200 Tell us about the channel. 217 00:12:14,680 --> 00:12:17,280 B2B is 38%. 218 00:12:17,680 --> 00:12:20,080 D2C is 35%. 219 00:12:20,160 --> 00:12:21,480 That is coming from our website. 220 00:12:21,560 --> 00:12:24,040 And event is 27%. 221 00:12:24,120 --> 00:12:25,360 Got it. 222 00:12:25,720 --> 00:12:28,400 What are the top 3 cafes you work with? 223 00:12:33,120 --> 00:12:35,840 How much do you sell this Rs 1,192 product for? 224 00:12:35,920 --> 00:12:37,440 We sell it to them in kilograms. 225 00:12:37,520 --> 00:12:40,680 - How much is that priced at? - Rs. 13,500. 226 00:12:41,640 --> 00:12:44,440 Our revenue is Rs. 67 lakhs this year. 227 00:12:58,760 --> 00:13:01,080 - Yes! - Will you make Rs. 75 lakhs? 228 00:13:02,560 --> 00:13:05,760 Is there anyone else other than you in the team in Glow Glossary? 229 00:13:06,320 --> 00:13:07,880 That's why the margins are so high. 230 00:13:21,000 --> 00:13:24,200 The price difference between 231 00:13:25,720 --> 00:13:28,640 B2B and D2C is three times. 232 00:13:28,720 --> 00:13:32,000 So, the gross margin will be quite different. 233 00:13:32,200 --> 00:13:34,800 Do you have a 90% gross margin on this product? 234 00:13:34,880 --> 00:13:37,520 I am not sure about the exact percentage. 235 00:13:38,680 --> 00:13:40,040 How much does the powder cost? 236 00:13:40,200 --> 00:13:41,840 Around Rs. 395. 237 00:13:49,200 --> 00:13:51,360 That is our B2B COGS. 238 00:13:51,480 --> 00:13:52,880 How much do you sell them for? 239 00:14:02,400 --> 00:14:03,560 Okay! 240 00:14:03,640 --> 00:14:07,320 And how much does Vahdam sell 30 gram matcha for? 241 00:14:17,000 --> 00:14:18,440 - Do they sell at cafes? - Not sure. 242 00:14:18,520 --> 00:14:21,120 Pratishtha, why did you tell us about the quality difference? 243 00:14:21,720 --> 00:14:23,160 Can you explain a bit more? 244 00:14:23,880 --> 00:14:26,280 The grainy matcha has stems 245 00:14:26,360 --> 00:14:29,520 and vines in it. They use machines. 246 00:14:29,600 --> 00:14:33,280 Our matcha is plucked traditionally and... 247 00:14:33,720 --> 00:14:35,000 Have you visited the place 248 00:14:35,120 --> 00:14:36,600 - where this is processed? - I have not been to Japan. 249 00:14:36,600 --> 00:14:37,760 - Have you not been to Japan? - No! 250 00:14:37,800 --> 00:14:40,600 - Oh wow! - How are you convinced that this is high-quality? 251 00:14:40,680 --> 00:14:44,840 I've been drinking matcha for around 15 years. 252 00:14:45,040 --> 00:14:46,920 All of us have been drinking it. But... 253 00:14:47,000 --> 00:14:49,320 I mean, I tried many matchas. 254 00:14:49,400 --> 00:14:52,040 My best friend and the one I consider my sister, is Japanese. 255 00:14:52,120 --> 00:14:55,000 You are basically depending on her. 256 00:14:55,440 --> 00:14:56,920 I am surprised that 257 00:14:57,040 --> 00:14:59,400 you are talking about Japanese philosophy, 258 00:14:59,520 --> 00:15:01,320 rituals, ceremonies 259 00:15:01,400 --> 00:15:02,960 and products. 260 00:15:03,040 --> 00:15:05,200 But you have not visited that place. 261 00:15:05,320 --> 00:15:07,160 I didn't go there because I didn't make a plan. 262 00:15:07,240 --> 00:15:09,080 I became so occupied 263 00:15:09,200 --> 00:15:11,040 - with Glow Glossary. - But you are the founder. 264 00:15:11,080 --> 00:15:12,440 - You have 65% equity. - I will go. 265 00:15:12,520 --> 00:15:14,160 I will go this spring. 266 00:15:14,240 --> 00:15:17,000 - Have you planned a trip to Japan with Rs. 60 lakhs funding? - Yes. 267 00:15:17,080 --> 00:15:18,680 - No! - Pratishtha... 268 00:15:18,800 --> 00:15:19,880 I was... 269 00:15:20,160 --> 00:15:21,560 - Actually, why not? - Why not? 270 00:15:21,640 --> 00:15:23,600 You can all come along with us. 271 00:15:23,680 --> 00:15:24,560 Oh God! 272 00:15:24,600 --> 00:15:26,160 With our money. 273 00:15:26,960 --> 00:15:30,040 What is your vision for this business in the next five years? 274 00:15:30,240 --> 00:15:32,880 How big do you think you can make your business? 275 00:15:33,000 --> 00:15:36,560 We want to make matcha accessible 276 00:15:36,640 --> 00:15:40,240 and for that, we can bring our costs down 277 00:15:40,320 --> 00:15:43,560 when we order bulk orders. 278 00:15:43,720 --> 00:15:46,480 Along with that, we want to bring more products, 279 00:15:46,600 --> 00:15:48,400 which is matcha-infused. 280 00:15:48,520 --> 00:15:50,360 For example, matcha and skincare. 281 00:15:50,440 --> 00:15:53,960 Apart from matcha, also to have a range of products 282 00:15:54,040 --> 00:15:57,400 that are around health and wellness. 283 00:15:57,520 --> 00:15:58,440 Okay, thank you. 284 00:15:58,520 --> 00:16:00,720 It says Magnesium After Glow. 285 00:16:00,800 --> 00:16:02,840 When you mention the compound, 286 00:16:03,040 --> 00:16:06,440 the person will go and check out the ingredients. 287 00:16:07,040 --> 00:16:09,400 The ingredients are not mentioned here. 288 00:16:09,800 --> 00:16:13,040 For investors, these details help in decision-making. 289 00:16:14,360 --> 00:16:17,920 One of you... It would be better if you could tell us, Pratishtha. 290 00:16:18,000 --> 00:16:21,360 Explain the unit economics to us in one minute. 291 00:16:22,400 --> 00:16:24,560 Okay! I think she is the right person. 292 00:16:24,640 --> 00:16:27,440 Why? You are doing this business longer. She just joined. 293 00:16:28,560 --> 00:16:33,320 She is handling that. I handle procurement 294 00:16:33,720 --> 00:16:35,760 and funding. 295 00:16:35,840 --> 00:16:37,520 Funding? You are profitable. 296 00:16:38,120 --> 00:16:41,440 No! I started this with my money. 297 00:16:41,520 --> 00:16:42,880 So, you don't want to answer the question, 298 00:16:42,920 --> 00:16:44,480 but it will go against you. You tell us. 299 00:16:45,000 --> 00:16:48,520 Our COGS and packaging are 42%. 300 00:16:48,600 --> 00:16:49,960 Tell me the unit economics 301 00:16:50,080 --> 00:16:53,440 of B2B and D2C's unit economics. 302 00:16:55,040 --> 00:16:56,480 We... 303 00:16:56,600 --> 00:16:58,160 - I know collectively. - Tell us collectively. 304 00:16:58,200 --> 00:17:00,080 No! I don't want to know collectively. 305 00:17:00,200 --> 00:17:02,240 Why are you testing their math? 306 00:17:03,240 --> 00:17:06,360 I am not testing their math. They are doing business. 307 00:17:06,440 --> 00:17:08,480 If you give them your Rs. 60 lakhs 308 00:17:08,640 --> 00:17:11,960 then you want to try to understand their grip on unit economics. 309 00:17:13,760 --> 00:17:15,960 Look, the B2B business is primarily an importing business, 310 00:17:16,000 --> 00:17:17,960 and its underwriting works very differently. 311 00:17:18,080 --> 00:17:19,640 It's fine if you've come on this serious platform 312 00:17:19,680 --> 00:17:21,000 to fool around, then it's fine. 313 00:17:21,080 --> 00:17:24,240 I will also say, let's travel to Japan. 314 00:17:24,360 --> 00:17:26,520 But if you've come for a serious investment, 315 00:17:26,680 --> 00:17:28,720 then you have to answer serious questions. 316 00:17:28,920 --> 00:17:30,200 If you don't know, then say you don't know. 317 00:17:30,200 --> 00:17:32,640 - I don't know separately. - Okay, got it. 318 00:17:32,720 --> 00:17:34,480 Let's do the combined unit economics. 319 00:17:34,560 --> 00:17:36,920 42% is our COGS. 320 00:17:37,280 --> 00:17:39,960 Shipping is 1.4%. 321 00:17:40,120 --> 00:17:42,840 Salaries and wages are 3.1%. 322 00:17:42,960 --> 00:17:45,720 Events is 9.6%. 323 00:17:45,800 --> 00:17:48,280 Overheads are around 0.7%. 324 00:17:49,200 --> 00:17:52,080 I think the niche markets 325 00:17:52,600 --> 00:17:55,160 have amazing starting points 326 00:17:55,240 --> 00:17:56,720 towards large expansion. 327 00:17:57,320 --> 00:18:00,200 And in lifestyle, it's important that the influencers... 328 00:18:00,360 --> 00:18:03,160 You mentioned Soho House. For instance, 329 00:18:03,320 --> 00:18:05,600 if someone experiences your product there, 330 00:18:05,800 --> 00:18:06,960 I would expect 331 00:18:07,040 --> 00:18:10,120 that patrons from other cafés would inquire about it. 332 00:18:10,200 --> 00:18:11,920 Exactly! Everyone asks. 333 00:18:12,400 --> 00:18:15,280 But on the other hand, I saw some challenges. 334 00:18:15,920 --> 00:18:18,800 You are not crystal clear about your future. 335 00:18:19,760 --> 00:18:23,040 I was unable to understand your vision. 336 00:18:23,160 --> 00:18:25,320 For that reason, I want to be out. I wish you the best. 337 00:18:25,440 --> 00:18:26,760 - Thank you. - Thank you! 338 00:18:27,280 --> 00:18:31,080 Kavya and Pratishtha, I am out. 339 00:18:31,160 --> 00:18:34,520 I think there are some gaps in the founding team. 340 00:18:34,600 --> 00:18:38,280 The biggest gap is 341 00:18:38,600 --> 00:18:41,040 that entrepreneurs need to do sales. 342 00:18:41,120 --> 00:18:42,120 This is a huge gap. 343 00:18:42,160 --> 00:18:46,160 If you are unable to sell your passion project convincingly 344 00:18:46,360 --> 00:18:48,160 to the investors, 345 00:18:48,240 --> 00:18:50,080 then you must solve this. 346 00:18:51,000 --> 00:18:53,640 Secondly, a significant portion 347 00:18:53,720 --> 00:18:55,680 of your current business, 348 00:18:55,800 --> 00:18:58,160 particularly events and cafés, is not scalable. 349 00:18:58,840 --> 00:19:00,800 So, I am out. 350 00:19:01,680 --> 00:19:06,400 But I am very happy that you know your purpose 351 00:19:06,480 --> 00:19:09,320 of creating these rituals and wellness. 352 00:19:09,400 --> 00:19:11,040 You are good at it 353 00:19:11,120 --> 00:19:13,840 because you make 45% EBITDA. 354 00:19:14,000 --> 00:19:15,600 But it is not investable. 355 00:19:16,840 --> 00:19:20,120 Pratishtha, smile. 356 00:19:20,640 --> 00:19:22,400 You look quite nervous. 357 00:19:22,680 --> 00:19:24,600 And I know that it is difficult. 358 00:19:24,680 --> 00:19:27,080 - Yeah! - But you have to have a big smile. 359 00:19:27,160 --> 00:19:30,360 - Because it's not easy being an entrepreneur. - It's not. 360 00:19:30,560 --> 00:19:33,000 I think your business model needs a lot of work. 361 00:19:33,760 --> 00:19:35,480 You really have to figure out 362 00:19:35,600 --> 00:19:37,480 in which direction you want to go. 363 00:19:37,560 --> 00:19:40,040 More tea... Even your beauty products 364 00:19:40,120 --> 00:19:42,120 should have a common theme of matcha. 365 00:19:42,200 --> 00:19:45,760 Right? You have to learn a lot from a business perspective. 366 00:19:46,160 --> 00:19:47,840 Please spend some time on that. 367 00:19:48,560 --> 00:19:50,360 Because of that, I am out. 368 00:19:50,800 --> 00:19:54,000 But smile and be proud of your achievements 369 00:19:54,080 --> 00:19:55,240 and I wish you the best. 370 00:19:55,320 --> 00:19:57,680 - Thank you so much, Namita. - Thank you. That was really sweet. 371 00:19:57,720 --> 00:19:58,720 Thank you! 372 00:19:59,080 --> 00:20:01,840 Pratishtha and Kavya, your product is awesome. 373 00:20:01,920 --> 00:20:04,480 I finished it. 374 00:20:04,640 --> 00:20:06,640 It tastes good. 375 00:20:06,880 --> 00:20:09,880 I won't say I am an expert at matcha. 376 00:20:09,960 --> 00:20:12,640 But I drank a lot of matcha over the years. 377 00:20:12,720 --> 00:20:16,480 I believe it might be a Grade A quality matcha. 378 00:20:16,920 --> 00:20:18,920 At this point, we've perfected this product. 379 00:20:19,040 --> 00:20:22,320 But our other endeavours are ordinary. 380 00:20:23,440 --> 00:20:26,280 But I think there is a good opportunity here. 381 00:20:26,400 --> 00:20:29,120 You must've heard of a goldmine, this could be a 'greenmine'. 382 00:20:29,960 --> 00:20:33,480 The last thing I would like to say is attention to detail. 383 00:20:35,720 --> 00:20:38,320 The founder who feels pain about their business 384 00:20:38,480 --> 00:20:41,040 must know the most critical aspect. 385 00:20:41,160 --> 00:20:43,280 Where the product is coming from. 386 00:20:43,880 --> 00:20:46,320 These are the details you need to know as a founder. 387 00:20:47,040 --> 00:20:52,480 I don't think you're eager to delve into the details. 388 00:20:53,520 --> 00:20:55,920 So, for these reasons, today, I am out. 389 00:20:56,360 --> 00:20:57,760 But I wish you all the best. 390 00:20:59,000 --> 00:21:02,200 Tell me honestly, what is it that you want to do? 391 00:21:04,080 --> 00:21:05,840 How big of a business do you want to build? 392 00:21:05,920 --> 00:21:08,240 We want it to be at least Rs. 200-300 crores. 393 00:21:08,320 --> 00:21:09,320 Okay! At least that much. 394 00:21:09,400 --> 00:21:11,440 - Have you had a job? Is this your first job? - No. 395 00:21:11,520 --> 00:21:13,000 And have you done a job anywhere? 396 00:21:13,080 --> 00:21:15,720 - Never worked in my life. - That's what I thought. 397 00:21:17,200 --> 00:21:18,720 And don't take it the wrong way. 398 00:21:18,800 --> 00:21:21,520 - I've done business, real estate. - Let me be honest. 399 00:21:22,120 --> 00:21:23,320 - In New York? - Yes. 400 00:21:23,400 --> 00:21:26,920 Okay, good. I think this is an investable business. 401 00:21:27,040 --> 00:21:29,440 This is your reflection, Pratishtha. 402 00:21:29,840 --> 00:21:32,000 Everything about it is you. 403 00:21:32,240 --> 00:21:36,200 You will need a lot to become investable. 404 00:21:48,480 --> 00:21:52,040 - His question was about the supply chain. - Okay! 405 00:21:52,120 --> 00:21:54,880 Right? So, you don't have an understanding of all this 406 00:21:55,080 --> 00:21:57,400 And numbers! You are not good with them. 407 00:21:57,560 --> 00:22:00,120 I don't think it's just camera-shy. 408 00:22:00,200 --> 00:22:01,760 - It is. - I think... It is? 409 00:22:01,920 --> 00:22:03,680 Okay, I'll give you the benefit of the doubt. 410 00:22:04,360 --> 00:22:07,000 I am out. But I am going to wish you something 411 00:22:07,160 --> 00:22:09,080 which I don't generally wish everyone. 412 00:22:10,040 --> 00:22:11,480 I wish you a lot of struggle. 413 00:22:14,000 --> 00:22:17,280 If you want to make a company worth Rs. 200-Rs. 300 crores, 414 00:22:17,440 --> 00:22:20,480 then you have to fail. Then your up will be high. 415 00:22:21,320 --> 00:22:22,320 That's my view. Thank you! 416 00:22:22,360 --> 00:22:23,360 - Thank you! - Thank you! 417 00:22:23,440 --> 00:22:25,120 - All the very best. Thank you! - Thank you! 418 00:22:25,120 --> 00:22:27,320 - Best wishes. Good luck. - Yes. 419 00:22:27,600 --> 00:22:30,840 To summarise, they appreciated 420 00:22:30,920 --> 00:22:32,400 - our products. - I agree. 421 00:22:32,520 --> 00:22:34,480 And their feedback 422 00:22:34,600 --> 00:22:38,480 and constructive criticism... 423 00:22:38,560 --> 00:22:41,920 I think... As... 424 00:22:42,000 --> 00:22:43,560 As team Glow Glossary 425 00:22:43,680 --> 00:22:46,560 it is very valuable for us. 426 00:22:46,680 --> 00:22:51,240 - Because if not from them, who would we hear it from? - Exactly! 427 00:22:51,560 --> 00:22:53,760 - Hello, team Glow Glossary. - Hello! 428 00:22:53,840 --> 00:22:55,040 - How are you feeling? - Hello! 429 00:22:55,160 --> 00:22:56,640 - Hopes are still up. - Yes! 430 00:22:56,720 --> 00:22:59,120 - Nothing's coming down? - This is just the beginning. 431 00:23:06,120 --> 00:23:09,000 Because all of them almost finished their drinks. 432 00:23:09,120 --> 00:23:10,400 And matcha is an acquired taste. 433 00:23:10,440 --> 00:23:13,080 I also went to Japan and matcha was all over. 434 00:23:13,200 --> 00:23:15,360 And I also thought it was an acquired taste. 435 00:23:15,520 --> 00:23:17,440 So there is something very different about your products. 436 00:23:17,440 --> 00:23:19,040 - So, congratulations. - Thank you! 437 00:23:19,200 --> 00:23:21,200 To be on the tank and face the Sharks. 438 00:23:21,280 --> 00:23:23,360 So, I wanted to gift you something. 439 00:23:23,440 --> 00:23:27,400 - I ordered teacups for you from Swiggy Instamart for you. - So cute. 440 00:23:27,480 --> 00:23:29,240 So that you can enjoy your morning routine. 441 00:23:29,360 --> 00:23:31,000 It was delivered in 10 minutes. 442 00:23:31,560 --> 00:23:32,920 I hope you like it. 443 00:23:33,000 --> 00:23:34,480 Thank you, sir. This is for you. 444 00:23:34,600 --> 00:23:35,840 - Thank you so much. - Thank you so much. 445 00:23:35,880 --> 00:23:37,920 - So sweet. - I really want to try your product. 446 00:23:38,040 --> 00:23:40,680 - So, maybe we can have a little matcha party after this. - Yes. 447 00:23:40,800 --> 00:23:41,880 - Definitely! - Yes. 448 00:23:41,960 --> 00:23:43,440 Guys, while we have our matcha party, 449 00:23:43,520 --> 00:23:44,720 you go on Swiggy Instamart. 450 00:23:44,840 --> 00:23:46,720 Order what you want and it will be delivered in 10 minutes. 451 00:23:46,760 --> 00:23:47,760 Order now! 452 00:23:47,800 --> 00:23:49,720 What is the Shark within you saying? 453 00:23:49,800 --> 00:23:52,240 Which pitcher should get a deal or not, right? 454 00:23:52,320 --> 00:23:53,640 Do one thing, just hear it out. 455 00:23:53,720 --> 00:23:55,600 There is a contest going on at Lenskart, 456 00:23:55,920 --> 00:23:57,080 Offer or No Offer. 457 00:23:57,560 --> 00:23:58,880 Participate in that 458 00:24:10,400 --> 00:24:12,160 [theme music playing] 459 00:24:18,600 --> 00:24:20,600 [theme music playing] 460 00:24:33,080 --> 00:24:36,200 Sharks, there is a saying in Punjabi. 461 00:24:36,960 --> 00:24:38,680 When vision is lost, the world disappears, 462 00:24:38,760 --> 00:24:40,400 if you lose your teeth, you lose your taste. 463 00:24:40,400 --> 00:24:41,920 - Yes! - Good oral health 464 00:24:42,080 --> 00:24:44,640 not only helps you enjoy delicious food 465 00:24:44,840 --> 00:24:46,920 and look beautiful 466 00:24:47,040 --> 00:24:49,960 but it also has a significant impact on your overall health. 467 00:24:50,040 --> 00:24:50,880 I agree. 468 00:24:50,960 --> 00:24:52,920 If we have tooth issues 469 00:24:53,000 --> 00:24:55,560 like a toothache or need to get braces, 470 00:24:55,720 --> 00:24:58,960 we still visit the same dentist in the area. 471 00:25:07,840 --> 00:25:09,360 Such as oral medicine, 472 00:25:27,840 --> 00:25:29,080 Greetings, Sharks! 473 00:25:29,160 --> 00:25:32,680 I am Dr. Bikramjeet Singh, from the city of Guru Ram Das, Amritsar. 474 00:25:52,400 --> 00:25:54,080 Braces specialist puts on braces. 475 00:25:54,360 --> 00:25:55,800 All under one roof. 476 00:25:56,840 --> 00:26:00,240 But Sharks, this is what I used to do 10 years ago. 477 00:26:06,680 --> 00:26:10,000 that in order to provide standardized dental care 478 00:26:10,080 --> 00:26:13,760 and reach the masses, we needed a state-of-the-art facility. 479 00:26:13,960 --> 00:26:17,640 That's why we have three clinics and a team of 12 doctors. 480 00:26:17,880 --> 00:26:19,640 And we want to spread our wings 481 00:26:19,720 --> 00:26:22,160 to 100 clinics in the next 5 years. 482 00:26:30,480 --> 00:26:32,520 It means visit us and smile. 483 00:26:32,720 --> 00:26:33,840 - Thank you. - Amazing! 484 00:26:33,920 --> 00:26:35,800 - Lovely! - Welcome to Singh Tank. 485 00:26:35,880 --> 00:26:37,800 - Thank you! - Shark Tank. We are both Singh's. 486 00:26:37,920 --> 00:26:38,960 Thank you so much. 487 00:26:39,080 --> 00:26:42,440 How did you become a dentist? 488 00:26:42,520 --> 00:26:45,920 One more thing, dentists are expensive in Mumbai. 489 00:26:46,000 --> 00:26:47,680 Why is it so expensive? 490 00:26:48,240 --> 00:26:50,800 First of all, I am grateful to all of you. 491 00:26:50,880 --> 00:26:52,760 I've learnt a lot from Shark Tank. 492 00:26:52,840 --> 00:26:54,520 I think that was the trigger point 493 00:26:54,640 --> 00:26:56,840 that pushed me to think beyond. 494 00:26:56,920 --> 00:26:58,040 Wow! 495 00:26:58,160 --> 00:27:00,360 - There was a book for Founders on Shark Tank. - Yes. 496 00:27:00,440 --> 00:27:02,960 I read it a few times and made notes. 497 00:27:03,040 --> 00:27:05,720 I learnt about EBITDA and PAT. 498 00:27:05,800 --> 00:27:07,800 I am truly grateful. 499 00:27:07,880 --> 00:27:10,280 I've come this far and I believe God will guide me ahead. 500 00:27:10,400 --> 00:27:11,480 Coming back to the question. 501 00:27:11,480 --> 00:27:13,760 I was born and raised in Amritsar. 502 00:27:13,880 --> 00:27:15,640 I come from a middle-class family. 503 00:27:15,720 --> 00:27:18,640 And my parents wanted one son to be a doctor and another an engineer. 504 00:27:18,720 --> 00:27:21,640 Since I was good with my studies, I was forced to go into medical. 505 00:27:21,720 --> 00:27:24,720 But I didn't get into MBBS in my first attempt. 506 00:27:24,800 --> 00:27:27,320 In my second attempt for MBBS, I missed it by just one rank. 507 00:27:27,480 --> 00:27:30,120 - Oh! - I thought that this was what God wanted. 508 00:27:30,200 --> 00:27:31,600 I entered BDS. 509 00:27:31,680 --> 00:27:32,880 Where did you do BDS? 510 00:27:39,880 --> 00:27:41,600 - This was in 2013. - Okay! 511 00:27:41,680 --> 00:27:44,520 I opened a second clinic after four months. 512 00:27:50,560 --> 00:27:52,200 So, I shut down the first clinic. 513 00:27:52,280 --> 00:27:53,840 This went on for 2022. 514 00:27:53,920 --> 00:27:56,720 One of my patients from the UK, who I worked on, said, 515 00:27:56,800 --> 00:27:58,360 'You are such a good doctor.' 516 00:27:58,480 --> 00:28:00,200 'How many patients are you treating in a year?' 517 00:28:00,200 --> 00:28:02,680 I said, 'Hardly 1,000 patients in a year.' 518 00:28:02,800 --> 00:28:06,400 So, he said, 'Why not 5,000 or 10,000 patients?' 519 00:28:06,520 --> 00:28:09,560 I couldn't do that single-handedly. 520 00:28:09,640 --> 00:28:11,800 - There is this huge block in doctors. - Yes. 521 00:28:11,880 --> 00:28:13,520 That the patient will come to me. 522 00:28:13,600 --> 00:28:15,320 How will they go to others? 523 00:28:15,440 --> 00:28:17,240 That is when I realised 524 00:28:17,320 --> 00:28:20,640 that if that was the case, then how would Medanta Hospital scale up? 525 00:28:21,040 --> 00:28:25,520 In dentistry, Clove started in 2012. 526 00:28:25,600 --> 00:28:27,960 They have 500 clinics now. 527 00:28:28,040 --> 00:28:30,680 So, I formulated it. 528 00:28:30,800 --> 00:28:32,520 And now, I am here. 529 00:28:32,600 --> 00:28:34,520 And it is expensive in Mumbai 530 00:28:34,600 --> 00:28:36,240 because it is a Tier 1 city. 531 00:28:36,320 --> 00:28:39,600 This is not the standardisation in procedures. 532 00:28:39,680 --> 00:28:41,280 Tell me something simple. 533 00:28:41,360 --> 00:28:45,400 For a cleanup, what is the cost in Mumbai and Amritsar? 534 00:29:08,640 --> 00:29:10,960 That is why it is expensive in Mumbai. 535 00:29:11,040 --> 00:29:13,360 Yes! Exactly, sir. Let me give you an example. 536 00:29:13,440 --> 00:29:15,680 I can only do 10 procedures in a day. 537 00:29:15,760 --> 00:29:17,120 But it is about demand and supply. 538 00:29:17,200 --> 00:29:19,400 When I have 20 patients in my waiting room 539 00:29:19,480 --> 00:29:21,000 who want me to do the procedure from me. 540 00:29:21,040 --> 00:29:23,160 So, what can I do? I will increase the prices. 541 00:29:23,240 --> 00:29:24,520 That is the only thing. 542 00:29:24,600 --> 00:29:27,160 Good doctors think they can't scale 543 00:29:27,240 --> 00:29:28,560 so they increase their price. 544 00:29:29,280 --> 00:29:31,560 Dr. Bikram, what is your vision? 545 00:29:31,640 --> 00:29:34,160 Do you want to build one more Clove? What do you want to do? 546 00:29:34,240 --> 00:29:37,520 - Yes, sir. We will be better than Clove. - How? 547 00:29:37,760 --> 00:29:41,600 - As a professional, I know what is missing in Clove. - What? 548 00:29:41,680 --> 00:29:44,400 They don't have standardisation of procedures. 549 00:29:44,840 --> 00:29:47,080 They will charge Rs. 10,000 for the same procedure 550 00:29:47,160 --> 00:29:49,360 or Rs. 20,000 as well. 551 00:29:49,480 --> 00:29:51,040 By looking at the bag and shoes? 552 00:29:51,120 --> 00:29:55,360 Exactly! The point is that I want to build transparent health care. 553 00:29:55,440 --> 00:29:58,440 As a doctor, there isn't enough transparency 554 00:29:58,520 --> 00:30:01,080 as there should be. 555 00:30:01,200 --> 00:30:04,400 Whether we have rich or poor patients, we charge the same. 556 00:30:04,480 --> 00:30:08,480 We designed the interior of our clinics in such a way 557 00:30:08,600 --> 00:30:11,760 that 50% of the patients forget about their pain. 558 00:30:11,880 --> 00:30:13,480 Because when people enter the clinic... 559 00:30:13,560 --> 00:30:15,440 - Can we see the photos? - Yes, sir. 560 00:30:17,040 --> 00:30:19,160 This is one of our consultation rooms. 561 00:30:19,240 --> 00:30:21,360 - This looks standardised. - This is 1,000... 562 00:30:21,480 --> 00:30:23,600 What makes someone happy here? 563 00:30:24,680 --> 00:30:27,680 The interior is such 564 00:30:27,800 --> 00:30:29,240 that when the patient sits on the chair, 565 00:30:29,280 --> 00:30:32,080 a lot of them fall asleep. 566 00:30:32,320 --> 00:30:34,880 Your layout looks standard. 567 00:30:35,040 --> 00:30:38,520 There is a sky on the ceiling. People have put TV now. 568 00:30:38,640 --> 00:30:40,080 This is no big deal. 569 00:30:40,640 --> 00:30:43,560 Our main product... People didn't come to see the interior. 570 00:30:43,680 --> 00:30:44,600 Wow! 571 00:30:44,680 --> 00:30:45,920 People... 572 00:30:46,000 --> 00:30:47,520 - We are on the same page. - Let me tell you. 573 00:30:47,560 --> 00:30:49,240 - It is a combination of the same. - I agree. 574 00:30:49,240 --> 00:30:51,520 - I spoke about what you... - Let me tell you. 575 00:30:51,600 --> 00:30:53,200 - I'll give you an example. - I mentioned it 576 00:30:53,240 --> 00:30:54,600 - and you changed the topic. - No! 577 00:30:54,760 --> 00:30:55,840 - Amazing! - 2,000... 578 00:30:55,960 --> 00:30:59,080 Sir, I am saying it is a combination of everything. 579 00:30:59,400 --> 00:31:01,680 Specialised dentists, affordable prices, 580 00:31:01,800 --> 00:31:03,920 good clinic infrastructure also. 581 00:31:04,000 --> 00:31:07,400 I have automated our system 582 00:31:14,200 --> 00:31:17,040 where we will simultaneously open three clinics. 583 00:31:17,120 --> 00:31:19,240 - Where? - Either Ludhiana or Mohali. 584 00:31:19,360 --> 00:31:22,320 How many patients can you treat at once? 585 00:31:22,400 --> 00:31:24,560 Our clinics are 2-chair clinics. 586 00:31:24,680 --> 00:31:26,040 I recently upgraded 587 00:31:26,160 --> 00:31:28,520 my oldest clinic to a 4-chair clinic. 588 00:31:32,880 --> 00:31:36,400 Given the current scenario, we are about 20% less than them. 589 00:31:42,840 --> 00:31:45,560 Have you planned where to open these clinics? 590 00:31:46,360 --> 00:31:49,400 In the first three years, we will cover major cities in Punjab. 591 00:31:49,520 --> 00:31:51,000 - Then Delhi NCR region. - What do you mean 592 00:31:51,040 --> 00:31:51,840 by 'Major Cities'? 593 00:31:51,960 --> 00:31:53,080 Tier 2 cities. 594 00:31:53,160 --> 00:31:55,240 Ludhiana, Patiala, in that segment? 595 00:31:55,320 --> 00:31:57,680 Let me tell you why I am after Tier 2 cities. 596 00:31:57,760 --> 00:32:00,560 Insurance is not involved in the dental clinic business. 597 00:32:00,680 --> 00:32:02,680 So, it is not a big revenue generating business. 598 00:32:02,680 --> 00:32:07,240 One clinic can't afford eight specialities, Anupam, right? 599 00:32:07,360 --> 00:32:08,840 So, this bunch of three clinics 600 00:32:08,920 --> 00:32:11,400 is able to afford all the specialists on roll. 601 00:32:11,480 --> 00:32:14,200 - Are these specialists on roll? - Yes, sir. 602 00:32:14,280 --> 00:32:15,560 As far as I know, 603 00:32:15,680 --> 00:32:18,320 when you standardise things and bring them on the employee roll, 604 00:32:18,400 --> 00:32:19,880 it becomes a fixed cost. 605 00:32:20,080 --> 00:32:22,720 The standalone practices, where I go, 606 00:32:22,920 --> 00:32:24,680 over there, the doctor is the main guy 607 00:32:24,760 --> 00:32:26,040 and then, there are consultants 608 00:32:26,120 --> 00:32:28,480 who come in on certain days of the week. 609 00:32:28,600 --> 00:32:31,440 So, people go there accordingly, which is okay I feel. 610 00:32:31,560 --> 00:32:34,480 So, how is this better than the standalone thing? 611 00:32:35,160 --> 00:32:38,160 In the medical field, 2x2 is not always 4. 612 00:32:38,240 --> 00:32:39,560 We can take any approach 613 00:32:39,640 --> 00:32:41,000 - depending on the speciality. - That's a good point. 614 00:32:41,040 --> 00:32:44,000 Suppose a 60-year-old female comes in to get dentures. 615 00:32:44,080 --> 00:32:45,240 So, our endodontist, 616 00:32:45,320 --> 00:32:47,040 root canal specialist, implant specialist, 617 00:32:47,160 --> 00:32:48,600 prostho... Crown specialist. 618 00:32:48,680 --> 00:32:51,560 They jointly take a call about what is good for the patient. 619 00:32:52,120 --> 00:32:55,080 With doctors on roll, we can take the right call, point number one. 620 00:32:55,320 --> 00:32:56,200 Point number two. 621 00:32:56,280 --> 00:32:58,720 When we call doctors on consultation, Namita, 622 00:32:58,920 --> 00:33:02,200 they take 50% to up to 70% of the chunk. 623 00:33:06,640 --> 00:33:08,520 So, these eight specialists 624 00:33:08,640 --> 00:33:11,160 - rotate between three clinics. - Yes. Yes, ma'am. 625 00:33:11,320 --> 00:33:13,800 - What's the CapEx per clinic? - Rs. 35 lakhs, sir. 626 00:33:13,960 --> 00:33:18,440 After 6-9 months, how much profit do you make from a clinic per month? 627 00:33:18,520 --> 00:33:20,000 I'll give you the figures for a bunch. 628 00:33:20,320 --> 00:33:22,680 - Last year, it was Rs. 90 lakhs. - Okay. 629 00:33:22,760 --> 00:33:26,160 This year, we've touched Rs. 1.1 crores last month. 630 00:33:26,240 --> 00:33:27,280 Projected full-year sales? 631 00:33:32,720 --> 00:33:36,760 Could you tell us your EBITDA for the last and current year? 632 00:33:56,960 --> 00:33:58,360 and treatment counsellors, 633 00:33:58,440 --> 00:34:02,720 a 30% EBITDA after deducting their salaries is impossible. 634 00:34:02,800 --> 00:34:04,240 The numbers don't add up. 635 00:34:05,120 --> 00:34:07,520 Let's take our oral surgery cases, right. 636 00:34:08,200 --> 00:34:09,800 We target new patients. 637 00:34:09,880 --> 00:34:11,720 What's the flow of new patients in a month? 638 00:34:11,800 --> 00:34:14,040 It's around 230-250 right now. 639 00:34:14,200 --> 00:34:16,400 The surgery cases are not lined up for all seven days. 640 00:34:16,640 --> 00:34:20,160 - For now, we're onboarding doctors only twice a week. - So, now... 641 00:34:20,240 --> 00:34:22,280 - How... - You mentioned at the start 642 00:34:22,360 --> 00:34:24,680 that the most important aspect was 643 00:34:24,840 --> 00:34:27,200 - that you have payroll doctors. - Yes, ma'am. 644 00:34:27,280 --> 00:34:28,720 That's not currently in force. 645 00:34:28,800 --> 00:34:30,720 - Now, they're only part-time. - No, ma'am. 646 00:34:30,800 --> 00:34:32,760 They are with us on a payroll basis 647 00:34:32,840 --> 00:34:34,560 but I've had them for 648 00:34:34,640 --> 00:34:37,200 let's say two days in a week, three days in a week... 649 00:34:37,280 --> 00:34:38,760 That's not a payroll, right? 650 00:34:38,840 --> 00:34:42,400 Because two days a week or three days a week is not employment. 651 00:34:42,560 --> 00:34:43,960 It is again consulting. 652 00:34:44,360 --> 00:34:46,360 I mean, I don't give a profit cut on that. 653 00:34:47,080 --> 00:34:50,320 Because it takes Rs. 35 lakhs to set up one clinic, 654 00:34:50,520 --> 00:34:53,720 so the cost for three clinics is Rs. 1.25 crores. 655 00:34:54,400 --> 00:34:57,800 You're currently not paying them the full salaries 656 00:34:57,880 --> 00:34:59,760 - but on a part-time basis. - Yes. 657 00:34:59,840 --> 00:35:02,320 Even after that, your payback 658 00:35:02,400 --> 00:35:04,760 on the basis of your EBITDA is taking 2-3 years. 659 00:35:05,320 --> 00:35:08,320 Scaling to 100 is going to be very difficult 660 00:35:08,400 --> 00:35:10,000 because the payback time is too long 661 00:35:10,120 --> 00:35:13,680 and this is also where you have a presence. 662 00:35:13,840 --> 00:35:16,920 Then it'll take longer in Mohali and Ludhiana. 663 00:35:17,000 --> 00:35:18,200 It'll take six years. 664 00:35:18,520 --> 00:35:22,680 Ma'am, the business has been in operation only for 1.5 years. 665 00:35:22,800 --> 00:35:24,440 I designed the SOPs during... 666 00:35:24,520 --> 00:35:26,840 - But you didn't get a payback yet. - Yes, ma'am. 667 00:35:26,960 --> 00:35:28,320 So, gradually over time now, 668 00:35:28,400 --> 00:35:30,200 the payback for your Amritsar cluster 669 00:35:30,280 --> 00:35:32,480 will take another 1.5-2 years. 670 00:35:32,600 --> 00:35:33,960 - How did you calculate that? - No, ma'am... 671 00:35:33,960 --> 00:35:35,160 - Because... - It's really simple. 672 00:35:35,200 --> 00:35:37,240 - He earns Rs. 15 lakhs. - Correct. 673 00:35:37,400 --> 00:35:39,760 - 30%... - The capacity utilisation is 35%. 674 00:35:39,840 --> 00:35:40,840 - Currently, we... - I know 675 00:35:40,880 --> 00:35:44,080 but capacity utilisation is also a bottleneck. 676 00:35:44,160 --> 00:35:46,040 The bottleneck will be the same. 677 00:35:46,200 --> 00:35:48,400 You'll open clinics in Ludhiana and Mohali. 678 00:35:48,640 --> 00:35:50,760 The first year, they'll be at 15% too 679 00:35:50,840 --> 00:35:53,440 and then 30% in the next year, 40% after that... 680 00:35:53,600 --> 00:35:56,080 - They'll also take 4-5 years to touch 50-60%. - No, ma'am. 681 00:35:56,160 --> 00:35:58,400 That won't happen. We'll follow a proper launch plan. 682 00:35:58,880 --> 00:36:00,880 If we're launching a clinic in any city, 683 00:36:00,960 --> 00:36:02,640 it'll be with a proper launch plan 684 00:36:02,720 --> 00:36:04,600 to get full capacity of the clinics on day one. 685 00:36:05,200 --> 00:36:07,360 The launch plan will require you to do marketing. 686 00:36:07,440 --> 00:36:08,640 That will take your EBITDA down. 687 00:36:08,680 --> 00:36:09,840 So, then again, 688 00:36:09,920 --> 00:36:13,080 one cluster isn't going to recover before 3-4 years. 689 00:36:13,440 --> 00:36:15,680 Ma'am, we're achieving that in 13-14 months 690 00:36:15,760 --> 00:36:18,040 considering that the average cost of a patient's treatment 691 00:36:18,080 --> 00:36:21,160 - is... - It has been 18 months but Amritsar hasn't made money. 692 00:36:21,400 --> 00:36:23,600 Our model just got finalised. 693 00:36:23,960 --> 00:36:25,120 It was in the process. 694 00:36:25,200 --> 00:36:28,200 Vineeta, we need to get 120 patients in our clinic 695 00:36:28,560 --> 00:36:31,640 to achieve a Rs. 10-lakh revenue per clinic. 696 00:36:47,680 --> 00:36:50,160 Two scalings and polishing, consultation, X-rays. 697 00:36:57,280 --> 00:36:58,760 What's the tenure of your lease? 698 00:36:58,840 --> 00:37:00,320 A minimum of 9 years. 699 00:37:00,400 --> 00:37:02,320 One of them is for 15 years. 700 00:37:02,440 --> 00:37:04,880 - So, two are for 9 years each and one is for 15 years. - Yes. 701 00:37:05,640 --> 00:37:08,640 The business currently has two challenges. 702 00:37:09,040 --> 00:37:11,400 One, it has only been 1.5 years. 703 00:37:11,720 --> 00:37:12,960 It isn't clear 704 00:37:13,040 --> 00:37:15,800 what the payback period of your clinic is. 705 00:37:16,160 --> 00:37:18,800 The second and more important point. 706 00:37:18,880 --> 00:37:20,800 You ran the clinic in the first city 707 00:37:20,960 --> 00:37:23,160 and did all the work yourself. 708 00:37:23,280 --> 00:37:25,840 You served your customers and patients well 709 00:37:25,920 --> 00:37:27,880 and motivated your team. 710 00:37:28,320 --> 00:37:30,000 When it becomes two cities 711 00:37:30,400 --> 00:37:32,080 and you expand to a few more, 712 00:37:32,200 --> 00:37:33,760 you can't be everywhere all at once. 713 00:37:35,240 --> 00:37:36,200 That's when you can tell 714 00:37:36,280 --> 00:37:38,760 if the company has operational excellence. 715 00:37:39,040 --> 00:37:41,360 So, for these two reasons, I'm out 716 00:37:41,720 --> 00:37:43,840 but I really loved your energy. 717 00:37:43,920 --> 00:37:45,600 Wish you all the best. 718 00:37:45,840 --> 00:37:49,120 Dr. Bikram, today, you're not at a stage 719 00:37:49,200 --> 00:37:50,840 where you should raise funding. 720 00:37:51,320 --> 00:37:53,560 Take any of your numbers, 721 00:37:53,720 --> 00:37:58,520 as of today, one clinic does Rs. 5 lakhs a month on average. 722 00:37:59,280 --> 00:38:03,480 You want to take it to 50% utilisation 723 00:38:03,960 --> 00:38:06,840 but a dentist's business doesn't go beyond 50% 724 00:38:06,920 --> 00:38:09,680 because they've to contend with the fact 725 00:38:09,760 --> 00:38:11,960 of uneven traffic on weekends and weekdays. 726 00:38:12,560 --> 00:38:14,880 So, I think for now, 727 00:38:15,240 --> 00:38:18,000 just continue to operate the way you have been for a while 728 00:38:18,080 --> 00:38:21,560 and prove your model in not one, but a few clusters 729 00:38:21,720 --> 00:38:23,360 and only then, raise capital. 730 00:38:23,440 --> 00:38:26,240 I wish you the best, Dr. Bikram. I'm out. 731 00:38:27,480 --> 00:38:28,520 Thank you. 732 00:38:29,160 --> 00:38:32,080 The business sure does have some opportunities. 733 00:38:32,160 --> 00:38:34,920 The supply of dentists is very high 734 00:38:35,280 --> 00:38:37,480 and people's teeth are going from bad to worse 735 00:38:37,600 --> 00:38:40,000 because of bad eating habits and lifestyle. 736 00:38:40,800 --> 00:38:42,320 There's an opportunity 737 00:38:42,400 --> 00:38:45,160 but the challenge is it is capital-intensive. 738 00:38:45,960 --> 00:38:49,960 The scale won't be optimum till you get a lot of funding 739 00:38:50,240 --> 00:38:52,320 to take care of that upfront payment. 740 00:38:52,480 --> 00:38:55,840 If you do it on your own or take Rs. 1 crore from us, 741 00:38:56,000 --> 00:38:57,640 the speed will be very slow. 742 00:38:58,520 --> 00:39:00,160 So, I think there are a lot of challenges. 743 00:39:01,120 --> 00:39:03,760 Proud of you. Wish you the best but I'm out. 744 00:39:03,880 --> 00:39:04,920 Thank you very much. 745 00:39:05,840 --> 00:39:07,960 This is an execution business out and out. 746 00:39:08,640 --> 00:39:12,000 Unless you master its playbook, 747 00:39:12,400 --> 00:39:15,000 two clusters in two cities, 748 00:39:15,600 --> 00:39:18,880 a minimum of Rs. 2 crores per clinic in a year, 749 00:39:19,320 --> 00:39:22,120 until then, you shouldn't scale the business 750 00:39:22,200 --> 00:39:23,640 to avoid knee-deep problems. 751 00:39:24,400 --> 00:39:27,120 Nail it and then scale it, okay? 752 00:39:27,440 --> 00:39:28,360 I'm out. 753 00:39:28,480 --> 00:39:30,480 I hope you do well 754 00:39:30,560 --> 00:39:32,240 because Singh is the king. 755 00:39:32,320 --> 00:39:34,440 - Good luck. - Singh is the king and he'll remain the king. 756 00:39:34,480 --> 00:39:35,360 [laughs] 757 00:39:35,440 --> 00:39:37,360 - I agree with that. - Yes. 758 00:39:37,440 --> 00:39:39,760 We spoke about payback many times today. 759 00:39:40,600 --> 00:39:43,320 By any means possible, you need to... 760 00:39:43,400 --> 00:39:45,400 Set your target as 12 months. 761 00:39:46,080 --> 00:39:49,600 You have to chase it as a single target 762 00:39:49,680 --> 00:39:53,520 and ensure that you fix things in Amritsar properly 763 00:39:54,240 --> 00:39:56,520 and along with that, also ensure 764 00:39:56,600 --> 00:39:58,920 that your documentation and playbook are in place 765 00:39:59,000 --> 00:40:00,400 to implement in other cities. 766 00:40:00,920 --> 00:40:04,080 Today, because I feel you're not there yet, 767 00:40:04,760 --> 00:40:05,960 I'm out. 768 00:40:07,000 --> 00:40:08,200 All the very best, Doctor. 769 00:40:09,720 --> 00:40:13,320 It is said that pressure makes diamonds. 770 00:40:13,480 --> 00:40:16,440 - And every entrepreneur must possess grit, right? - Absolutely. 771 00:40:16,520 --> 00:40:19,440 I'm not denying the feedback which I got from you. 772 00:40:19,600 --> 00:40:21,880 This is part of a journey. 773 00:40:22,200 --> 00:40:23,520 - I hope so. - Amazing. 774 00:40:23,640 --> 00:40:26,200 - Thank you. Can I shake hands with you? - Goodbye. 775 00:40:26,320 --> 00:40:27,840 - Sure, sir. - Yes, please. We'll come there. 776 00:40:27,880 --> 00:40:29,200 So sweet. 777 00:40:29,280 --> 00:40:30,960 - Thank you, sir. - You're very likeable, Doctor. 778 00:40:31,000 --> 00:40:31,840 - Thank you. - All the best. 779 00:40:31,920 --> 00:40:34,640 Sir, I won't shake hands with you. I'll give you a hug. 780 00:40:34,720 --> 00:40:36,760 - You're from Amritsar. - Thank you. 781 00:40:37,360 --> 00:40:38,280 - All the best. - Thank you. 782 00:40:38,360 --> 00:40:40,040 You're right, execution. 783 00:40:40,160 --> 00:40:42,160 Keep at it. Execution is key. 784 00:40:43,040 --> 00:40:44,760 Thank you. Thank you, guys. 785 00:40:46,240 --> 00:40:49,480 'If my goal was to get a cheque, I'd have been elated.' 786 00:40:49,600 --> 00:40:51,680 'And if I didn't get it, I'd have been sad.' 787 00:40:51,800 --> 00:40:52,880 'That's not my goal.' 788 00:40:52,960 --> 00:40:54,720 'My goal is to open 100 clinics' 789 00:40:54,800 --> 00:40:57,520 'and provide transparent dental care to India' 790 00:40:57,640 --> 00:40:58,960 'at affordable prices.' 791 00:40:59,080 --> 00:41:00,360 That goal still remains. 792 00:41:00,480 --> 00:41:01,480 This is the process. 793 00:41:01,480 --> 00:41:03,800 I was running, I fell but I got back up again. 794 00:41:04,160 --> 00:41:05,200 That is the thing. 795 00:41:05,680 --> 00:41:07,480 - Greetings, Doctor. - Greetings. 796 00:41:10,920 --> 00:41:12,520 Are you familiar with poker? 797 00:41:12,800 --> 00:41:14,480 Um, no. I've never played it. 798 00:41:39,560 --> 00:41:42,440 Then you set up three clinics, that was the growth phase. 799 00:41:42,840 --> 00:41:45,040 - Hopefully, there will be maturity as well. - Yes. 800 00:41:45,120 --> 00:41:48,640 Is there a story relating to any of these phases you'd like to share? 801 00:41:49,000 --> 00:41:52,320 - Yes, I'd like to talk about the introductory phase. - Alright. 802 00:41:52,560 --> 00:41:56,000 - I'm sure you must have had some dentistry experiences. - Hmm. 803 00:41:56,080 --> 00:41:58,320 - I've had some trigger points too. - Hmm. 804 00:41:58,400 --> 00:42:00,080 When I see that 805 00:42:00,200 --> 00:42:03,360 a patient goes to a particular dentist out of the many options, 806 00:42:03,440 --> 00:42:06,520 - to them, that dentist is the best in the world. - Right. 807 00:42:06,760 --> 00:42:08,360 They're paying for the service 808 00:42:08,440 --> 00:42:10,640 - but still, they don't get any transparency. - Hmm. 809 00:42:10,760 --> 00:42:14,640 So, I think that was the base for my business plan, 810 00:42:14,760 --> 00:42:17,120 - to prove transparent care. - Hmm. 811 00:42:17,200 --> 00:42:20,960 If health, education and farming are transparent, 812 00:42:21,040 --> 00:42:23,080 - then a person can do anything in life. - How nice! 813 00:42:23,120 --> 00:42:27,000 So, in the introductory phase, my whole idea started from there. 814 00:42:27,120 --> 00:42:30,240 We've formulated it well in Amritsar. 815 00:42:30,320 --> 00:42:32,320 - I also got feedback from the Sharks. - Hmm. 816 00:42:32,400 --> 00:42:34,080 I will prove it in other cities. 817 00:42:34,320 --> 00:42:36,080 God willing, very soon... 818 00:42:36,200 --> 00:42:38,360 You will, and let me know when you come to Delhi 819 00:42:38,440 --> 00:42:39,440 and I will definitely... 820 00:42:39,520 --> 00:42:42,880 I'll never forget the loss of Rs. 15,000 that I suffered. 821 00:43:08,280 --> 00:43:09,600 The next time we meet, 822 00:43:09,680 --> 00:43:12,120 - get me 'aam papad' from Amritsar. - Sure! 823 00:43:12,200 --> 00:43:15,640 Yes! If you're a master of skills and strategies, 824 00:43:15,720 --> 00:43:18,360 log on to the PokerBaazi app and make a winning hand. 825 00:43:18,440 --> 00:43:19,560 Download the app now. 826 00:43:55,080 --> 00:43:56,720 [theme music concludes] 827 00:43:56,880 --> 00:43:58,360 Sharks, there's a saying, 828 00:43:58,440 --> 00:44:00,240 "What you've been searching for was in plain sight." 829 00:44:00,280 --> 00:44:02,040 I too was in a similar situation. 830 00:44:02,320 --> 00:44:05,240 I left my village when I was 16 and came to Mumbai. 831 00:44:05,320 --> 00:44:06,840 I tried my hand at many things, 832 00:44:07,080 --> 00:44:10,040 but the real treasure was in the forests of my village. 833 00:44:10,120 --> 00:44:12,320 That is our lovely jamun 834 00:44:12,840 --> 00:44:15,200 which is called the 'Fruit of the Gods'. 835 00:44:15,320 --> 00:44:16,840 There's a mention of it in our Vedas. 836 00:44:16,920 --> 00:44:18,480 'Jambudweep Bharat Khande.' 837 00:44:18,640 --> 00:44:22,080 Our subcontinent is named after jamun 838 00:44:22,160 --> 00:44:24,920 and jamun is only found in the Indian subcontinent. 839 00:44:25,040 --> 00:44:26,640 Both Ayurveda and modern science 840 00:44:26,720 --> 00:44:28,800 recognise its benefits. 841 00:44:28,920 --> 00:44:31,480 It contains dietary fibre, calcium, magnesium 842 00:44:31,560 --> 00:44:33,680 and minerals in high quantities. 843 00:44:33,760 --> 00:44:38,760 Being a low glycemic food, diabetics prefer eating this. 844 00:44:38,840 --> 00:44:42,080 The problem is it grows only for one month in a year 845 00:44:47,800 --> 00:44:49,880 And our tribal sisters 846 00:44:50,000 --> 00:44:52,000 carry them in baskets 847 00:44:52,200 --> 00:44:54,760 and sell them on the roadside for one-fourth the price 848 00:44:54,880 --> 00:44:57,080 or throw them away in the evenings. 849 00:44:57,200 --> 00:45:01,040 Over 30% of the fruit that stays on the trees eventually rots. 850 00:45:01,240 --> 00:45:04,480 With that in mind, we started Tribalveda 851 00:45:13,160 --> 00:45:15,400 We husband and wife hail from Jaswantgarh, 852 00:45:15,520 --> 00:45:19,120 - a small village amid the forests located in Udaipur district. - Nice. 853 00:45:19,240 --> 00:45:21,480 Not just jamun, Tribalveda also creates 854 00:45:21,600 --> 00:45:26,640 products by processing seasonal fruits like custard apple 855 00:45:35,280 --> 00:45:40,480 and source and process the products from the tribal women. 856 00:46:00,480 --> 00:46:04,360 and process 5 lakh kg of wild fruits annually. 857 00:46:10,560 --> 00:46:12,680 and wish to create employment opportunities 858 00:46:12,760 --> 00:46:15,160 for our tribal community. 859 00:46:15,240 --> 00:46:19,240 So, our ask is Rs. 50 lakhs for 2% equity. 860 00:46:23,000 --> 00:46:24,560 - Lovely. - Always in season. Very nice. 861 00:46:24,600 --> 00:46:26,920 What a wonderful tagline. Always in season. 862 00:46:36,920 --> 00:46:38,440 I want to try Jamun Shot. 863 00:46:38,520 --> 00:46:40,360 - What did you bring? Did you bring anything? - Jamun Shot. 864 00:46:40,400 --> 00:46:41,240 - Yes, we have. - Jamun Shot. 865 00:46:41,320 --> 00:46:42,360 - Bring it here. - Quickly. 866 00:46:44,120 --> 00:46:45,720 I want Jamun Shot. 867 00:46:56,120 --> 00:46:59,040 Hey! Your tongue will become purple. 868 00:46:59,120 --> 00:47:00,960 Oh, really? And the teeth as well? 869 00:47:01,040 --> 00:47:03,920 The entire tongue becomes purple. I've eaten loads when I was a kid. 870 00:47:08,120 --> 00:47:10,360 When I'd visit my maternal grandmother for summers, 871 00:47:11,240 --> 00:47:12,240 she'd give me jamun. 872 00:47:14,200 --> 00:47:15,200 Hmm! 873 00:47:15,360 --> 00:47:16,360 Oh my God! 874 00:47:16,920 --> 00:47:17,800 Potent! 875 00:47:17,920 --> 00:47:19,680 Oh, it's really the taste of jamun! 876 00:47:20,280 --> 00:47:21,800 I loved the cubes. 877 00:47:21,880 --> 00:47:24,080 - This looks like a mini jamun. - Outstanding. 878 00:47:24,240 --> 00:47:26,720 If you like jamun, you're going to like the cubes. 879 00:47:26,800 --> 00:47:30,400 For how long are you able to store the cubes and strips? 880 00:47:30,520 --> 00:47:34,120 Their shelf life varies from 6-18 months 881 00:47:34,200 --> 00:47:35,200 depending on the product. 882 00:47:35,280 --> 00:47:36,760 Do you use preservatives? 883 00:47:36,840 --> 00:47:40,240 No, we don't use any kind of preservatives. 884 00:47:46,680 --> 00:47:51,680 I was born in Bera village which is close to Udaipur. 885 00:47:51,760 --> 00:47:54,160 I studied only till the twelfth grade. 886 00:47:54,880 --> 00:47:57,880 I came to Mumbai in 2002 after completing my twelfth 887 00:47:58,040 --> 00:48:02,720 and the first job I landed was as a delivery boy in a shop. 888 00:48:02,920 --> 00:48:05,160 After that, I worked as a helper 889 00:48:05,280 --> 00:48:08,000 and later on, as a salesman. 890 00:48:08,160 --> 00:48:09,960 I did that for seven years. 891 00:48:10,640 --> 00:48:14,920 One day in 2011, I was at a friend's place. 892 00:48:15,000 --> 00:48:17,080 He was a broker in the commodities market. 893 00:48:17,160 --> 00:48:19,240 I had no idea absolutely 894 00:48:19,320 --> 00:48:21,600 as I didn't know English and hadn't studied much. 895 00:48:21,720 --> 00:48:26,520 So, I learned about the commodities market there. 896 00:48:26,640 --> 00:48:29,520 - Then I started my own broking firm... - Oh! 897 00:48:29,600 --> 00:48:32,600 - Where I worked with a team. - Whoa! 898 00:48:32,680 --> 00:48:36,560 I did that for three years but even shut down. 899 00:48:36,680 --> 00:48:38,200 I went to the village during that time. 900 00:48:38,280 --> 00:48:40,400 Since childhood, tribal women 901 00:48:40,520 --> 00:48:42,840 would bring custard apples and jamun in baskets 902 00:48:42,920 --> 00:48:45,040 to sell in the villages. 903 00:48:45,120 --> 00:48:46,400 I already knew that. 904 00:48:46,480 --> 00:48:49,880 But I noticed that custard apple grew in large quantities there 905 00:48:49,960 --> 00:48:51,960 and I decided to do something about it. 906 00:48:52,080 --> 00:48:55,800 So, I borrowed Rs. 80,000 from my friends 907 00:48:55,880 --> 00:48:59,040 and took a loan of Rs. 4 lakhs from the bank. 908 00:49:04,960 --> 00:49:07,320 Did you start with jamun or custard apple? 909 00:49:07,400 --> 00:49:09,480 Custard apple. We started with custard apple. 910 00:49:09,560 --> 00:49:10,840 We extract the pulp 911 00:49:10,920 --> 00:49:13,640 and supply the processed frozen ice cream pulp 912 00:49:24,640 --> 00:49:27,560 We made jamun pulp in 2018. 913 00:49:33,200 --> 00:49:35,440 but they don't have any health benefits. 914 00:49:35,520 --> 00:49:38,480 So, I thought people prefer eating jamun 915 00:49:38,560 --> 00:49:42,160 as a medicinal fruit but don't get it easily. 916 00:49:42,280 --> 00:49:43,280 I acted on that thought 917 00:49:43,360 --> 00:49:45,120 and in 2022, 918 00:50:21,960 --> 00:50:25,240 Who are your customers zone-wise and age-wise? 919 00:50:25,360 --> 00:50:27,120 Are they men or women? Why do they buy it? 920 00:50:27,240 --> 00:50:28,080 - Yes... - Hang on! 921 00:50:28,160 --> 00:50:29,640 - Pooja, you could answer too. - Yes. 922 00:50:30,040 --> 00:50:31,720 I'm not aware of the marketing bit. 923 00:50:31,800 --> 00:50:33,960 - I oversee processing during season time. - Okay. 924 00:50:34,040 --> 00:50:39,800 - I mean, I train the tribal women on the processing methods. - Okay. 925 00:50:39,960 --> 00:50:41,280 Please answer. 926 00:50:41,400 --> 00:50:43,120 The customers of these products 927 00:50:43,200 --> 00:50:46,600 - are majorly 35 years and above. - Okay. 928 00:50:46,640 --> 00:50:49,120 They consume it as a health product. 929 00:50:53,520 --> 00:50:56,280 Mumbai and Bengaluru regions. 930 00:50:56,360 --> 00:50:57,720 We get more orders from the South. 931 00:50:57,800 --> 00:50:59,960 What's the sales percentage split between Mumbai and Bengaluru? 932 00:50:59,960 --> 00:51:02,560 Around 40% from Mumbai 933 00:51:02,720 --> 00:51:05,920 and 20% from Bengaluru. I'm talking about the city. 934 00:51:06,360 --> 00:51:08,520 Rajesh, tell us about your channel distribution. 935 00:51:08,640 --> 00:51:10,720 Our major sales this year... We stopped the rest. 936 00:51:10,800 --> 00:51:13,920 Our sales on marketplaces is barely 8-10%. 937 00:51:14,440 --> 00:51:16,800 Out of Rs. 91 lakh sales, 938 00:51:16,880 --> 00:51:19,760 Rs. 20 lakhs is from retail, 939 00:51:19,880 --> 00:51:23,080 some through the farmer's market, events and other such activities. 940 00:51:23,160 --> 00:51:25,120 The rest is from the website 941 00:51:25,200 --> 00:51:27,680 where we do performance marketing. 942 00:51:27,760 --> 00:51:29,160 We don't have our own team. 943 00:51:29,320 --> 00:51:30,760 We've hired an agency. 944 00:51:30,840 --> 00:51:32,760 Could you tell us about your B2B business? 945 00:51:32,840 --> 00:51:35,360 Out of your Rs. 2-crore sales, 946 00:51:35,440 --> 00:51:37,360 how much profit do you make approximately? 947 00:51:37,440 --> 00:51:42,440 We have a gross margin of 45-47%. 948 00:51:42,600 --> 00:51:44,360 Very good. And D2C? 949 00:51:44,960 --> 00:51:49,040 In D2C, our profit ranges from 70% to 500. 950 00:51:49,120 --> 00:51:51,360 How is your gross margin calculated? 951 00:51:51,480 --> 00:51:55,200 There is a 100 km area in the forest 952 00:51:55,280 --> 00:51:58,160 - where jamun grows naturally. - Okay. 953 00:51:58,240 --> 00:52:02,840 We've split the tribal women in the forest into different groups, 954 00:52:03,080 --> 00:52:04,760 what you call self-help groups. 955 00:52:04,920 --> 00:52:07,440 We source our jamun from those groups. 956 00:52:16,320 --> 00:52:18,600 And in the nearby village... 957 00:52:18,680 --> 00:52:20,720 We have ten collection centres in total. 958 00:52:20,800 --> 00:52:23,800 We have a small processing centre in one of the villages 959 00:52:23,880 --> 00:52:27,040 capable of processing 2 tonnes. 960 00:52:27,120 --> 00:52:29,280 1 kg of jamun... 961 00:52:29,360 --> 00:52:30,840 After removing the seeds, 962 00:52:30,920 --> 00:52:33,600 2 kg of jamun generates about 1 kg of pulp. 963 00:52:34,000 --> 00:52:36,680 So, the cost of the fruit is Rs. 80. 964 00:52:55,560 --> 00:52:57,280 Coming to the products we make from the pulp. 965 00:52:57,280 --> 00:53:00,520 The pulp costs us Rs. 160 per kg. 966 00:53:00,600 --> 00:53:02,040 When we dry... 967 00:53:02,120 --> 00:53:03,200 It cost you Rs. 110. 968 00:53:03,280 --> 00:53:05,000 Yes, that pulp for Rs. 110 969 00:53:05,120 --> 00:53:06,800 is sent for the drying process. 970 00:53:06,880 --> 00:53:10,080 The drying process will include the packaging cost. 971 00:53:10,160 --> 00:53:12,640 So, you add about Rs. 20. 972 00:53:12,760 --> 00:53:15,280 Let's talk about the kilo-wise prices. 973 00:53:15,360 --> 00:53:17,000 Our Jamun Strips 974 00:53:17,200 --> 00:53:20,960 - sell for about Rs. 3,500 a kg. - Oh! 975 00:53:21,040 --> 00:53:23,760 - And... - So, the pulp that costs Rs. 110, 976 00:53:23,880 --> 00:53:26,360 after processing and value-add 977 00:53:26,440 --> 00:53:28,280 - it is sold for Rs. 3,500 a kilo... - Rs. 3,500. 978 00:53:28,320 --> 00:53:29,160 It's not direct 979 00:53:29,240 --> 00:53:31,320 because drying causes the food to lose water content. 980 00:53:31,400 --> 00:53:34,160 So, 10 kg of pulp gets reduced to 1 kg. 981 00:53:34,240 --> 00:53:37,440 The cost is about Rs. 1,500-1,600 982 00:53:43,320 --> 00:53:45,040 The cost of the pulp is Rs. 110. 983 00:53:45,160 --> 00:53:46,800 We put it in the mixer. 984 00:53:46,880 --> 00:53:50,000 Add a meagre cost of Rs. 10 for the electricity. 985 00:53:50,080 --> 00:53:53,880 Add another Rs. 10-13 for the cost of the bottle and the label. 986 00:54:03,520 --> 00:54:05,320 You operate at 70% gross margin. 987 00:54:05,400 --> 00:54:08,040 Your making cost is Rs. 1,500 and selling cost is Rs. 3,500. 988 00:54:08,560 --> 00:54:10,520 Rajesh, I want to hear from you. 989 00:54:15,840 --> 00:54:21,040 Right now, our marketing problem is a big challenge 990 00:54:21,200 --> 00:54:23,520 because I don't have the know-how. 991 00:54:24,160 --> 00:54:26,560 Okay. How much are you currently spending on marketing? 992 00:54:26,640 --> 00:54:28,360 Rs. 18 lakhs this year. 993 00:54:28,440 --> 00:54:29,560 - Rs. 18 lakhs. - Yes. 994 00:54:29,680 --> 00:54:32,120 And even getting into export... 995 00:54:32,200 --> 00:54:34,400 - Have you made any exports yet? - None. 996 00:54:34,520 --> 00:54:38,880 Whoever we sell to B2B is exporting the products. 997 00:54:39,360 --> 00:54:40,880 Rajesh! Pooja! 998 00:54:44,600 --> 00:54:46,600 is so sub-scaled 999 00:54:46,720 --> 00:54:49,960 that figuring out whether we'll have a product-market fit, 1000 00:54:50,080 --> 00:54:53,400 or whether people above 35 will buy it or not 1001 00:54:53,560 --> 00:54:55,640 at scale is also difficult to figure out. 1002 00:54:56,000 --> 00:54:57,280 I have a suggestion. 1003 00:54:57,400 --> 00:54:58,920 Tell the story of these tribal women. 1004 00:54:59,000 --> 00:55:01,440 You've not mentioned it anywhere on your packs 1005 00:55:01,600 --> 00:55:03,440 that you're providing them employment. 1006 00:55:03,560 --> 00:55:06,600 The marketing you do should be purpose-driven 1007 00:55:06,680 --> 00:55:08,480 because your purpose is very strong. 1008 00:55:08,600 --> 00:55:10,680 I wish you the best of luck. 1009 00:55:10,760 --> 00:55:14,000 May you get the fruit of your labour and may it be sweeter than jamun. 1010 00:55:14,080 --> 00:55:15,600 I'm out but best of luck. 1011 00:55:15,680 --> 00:55:16,680 Thank you so much. 1012 00:55:17,200 --> 00:55:18,760 I have two issues. 1013 00:55:19,760 --> 00:55:23,240 The number one issue is that jamun is an acquired taste. 1014 00:55:23,320 --> 00:55:26,680 A lot of people might not even like its taste. 1015 00:55:27,840 --> 00:55:29,720 I had Jamun Strips 1016 00:55:29,800 --> 00:55:32,960 but I found it a little hard to chew. 1017 00:55:33,040 --> 00:55:36,560 And even the taste... Sorry, I didn't like it that much. 1018 00:55:36,840 --> 00:55:39,360 Secondly, the TAM is also small. 1019 00:55:43,880 --> 00:55:44,960 Thank you. 1020 00:55:46,200 --> 00:55:47,360 I feel that 1021 00:55:47,440 --> 00:55:51,240 you should only grow your B2B business for now. 1022 00:55:51,320 --> 00:55:52,720 Look at the size. 1023 00:55:52,800 --> 00:55:55,520 There's a vast difference between B2B and B2C businesses. 1024 00:55:56,440 --> 00:55:58,680 I believe you can do Rs. 100 crores 1025 00:55:58,880 --> 00:56:02,960 only by expanding B2B supply. 1026 00:56:03,040 --> 00:56:04,920 You don't even need money for that. 1027 00:56:05,200 --> 00:56:06,920 Not equity capital, 1028 00:56:07,080 --> 00:56:08,960 but you will need working capital 1029 00:56:09,040 --> 00:56:11,160 which banks and NBFCs will give you. 1030 00:56:11,280 --> 00:56:14,400 Also, there are many players in the market who will too. 1031 00:56:15,600 --> 00:56:16,880 Today, I am out. 1032 00:56:17,800 --> 00:56:22,120 I really like your story and found it very inspiring. 1033 00:56:26,560 --> 00:56:28,520 - Wish you all the best. - Thank you. 1034 00:56:28,760 --> 00:56:30,440 How's your ownership divided? 1035 00:56:30,560 --> 00:56:32,120 I hold 42% 1036 00:56:32,360 --> 00:56:34,600 and she holds 19%. 1037 00:56:34,880 --> 00:56:37,000 10% is in the ESOPs pool. 1038 00:56:37,080 --> 00:56:38,440 Wow! Very good. 1039 00:56:38,560 --> 00:56:43,040 And we already have an investor called Benzai10. 1040 00:56:43,240 --> 00:56:45,880 IIM Calcutta gave us incubation funds. 1041 00:56:45,960 --> 00:56:48,240 They hold 6... 7%. 1042 00:56:48,440 --> 00:56:52,760 And another 15% is with the director. 1043 00:56:52,920 --> 00:56:57,680 In 2018, I had absolutely no funds. 1044 00:56:57,760 --> 00:56:59,160 So, he had invested. 1045 00:56:59,280 --> 00:57:00,360 How much? 1046 00:57:00,920 --> 00:57:04,040 Only Rs. 20 lakhs in instalments. 1047 00:57:04,200 --> 00:57:08,520 And Zerodha has agreed to invest Rs. 2.5 crores 1048 00:57:08,600 --> 00:57:10,120 in our company 1049 00:57:10,280 --> 00:57:13,400 at a post-money valuation of Rs. 17.5 crores. 1050 00:57:13,520 --> 00:57:15,040 - Congratulations. - Thank you. 1051 00:57:15,120 --> 00:57:16,800 Do you have the term sheet? 1052 00:57:23,960 --> 00:57:25,920 Listen, it was nice to meet you. 1053 00:57:26,880 --> 00:57:30,000 I feel that this isn't as big right now 1054 00:57:30,720 --> 00:57:32,200 and might grow eventually 1055 00:57:38,560 --> 00:57:41,400 I think I'll be out for that reason. 1056 00:57:42,120 --> 00:57:43,120 Thank you. 1057 00:57:43,360 --> 00:57:46,000 Rajesh! Pooja! I'm very sorry. 1058 00:57:47,040 --> 00:57:50,160 Um, I see some challenges in your business. 1059 00:57:51,240 --> 00:57:53,400 I feel that your TAM is small. 1060 00:57:58,640 --> 00:58:01,400 Your business wasn't successful on marketplaces. 1061 00:58:03,320 --> 00:58:06,280 But I think I really like you. 1062 00:58:06,960 --> 00:58:09,640 You have this ability. 1063 00:58:09,760 --> 00:58:11,760 Put you in any bad situation 1064 00:58:12,040 --> 00:58:13,280 and you'll turn it around. 1065 00:58:13,720 --> 00:58:15,040 I'll take a bet on you. 1066 00:58:16,640 --> 00:58:18,320 I'll invest in your company. 1067 00:58:18,760 --> 00:58:21,880 I feel your TAM can be grown through exports. 1068 00:58:23,360 --> 00:58:26,520 - You need to focus more on B2B and HoReCa. - Okay. 1069 00:58:29,520 --> 00:58:32,120 that some of the restaurants there serve Jamun Shots. 1070 00:58:32,360 --> 00:58:33,760 I believe the opportunity is there. 1071 00:58:34,200 --> 00:58:36,760 So, I'll make you an offer. Rs. 50 lakhs as you asked. 1072 00:58:38,120 --> 00:58:40,040 But because this involves a lot of hard work, 1073 00:58:40,120 --> 00:58:42,920 as it's a small business and has to be grown later, 1074 00:58:43,360 --> 00:58:47,000 instead of 2%, I request you to give me 7.5%. 1075 00:58:54,440 --> 00:58:56,840 I was going to offer you Rs. 50 lakhs for 10-15%. 1076 00:58:56,920 --> 00:58:57,920 The offer is good. 1077 00:58:58,280 --> 00:58:59,600 What's your counter? 1078 00:59:00,440 --> 00:59:04,640 Um, Rs. 1 crore for 5% equity. 1079 00:59:09,520 --> 00:59:11,280 You want a valuation of Rs. 20 crores. 1080 00:59:12,360 --> 00:59:14,120 Here's my final offer. 1081 00:59:14,280 --> 00:59:19,080 I'll invest Rs. 50 lakhs as you requested for 5%. 1082 00:59:19,720 --> 00:59:22,600 We could structure it like this. 1083 00:59:22,840 --> 00:59:27,000 Whatever your round of valuation Rs. 17-17.5 crores, 1084 00:59:27,320 --> 00:59:29,240 I'll invest equity in that. 1085 00:59:29,720 --> 00:59:33,920 For the rest, you said you have a director on board to support you, 1086 00:59:34,120 --> 00:59:36,880 so you could give it to me as advisory shares 1087 00:59:37,000 --> 00:59:39,160 through which I could help you with your HoReCa business, 1088 00:59:39,160 --> 00:59:41,680 team building and making links. 1089 00:59:42,840 --> 00:59:45,000 Let me tell you my offer clearly. 1090 00:59:45,320 --> 00:59:48,440 Rs. 50 lakhs for 2.8% equity 1091 00:59:48,680 --> 00:59:52,320 along with 2.2% advisory equity. 1092 00:59:57,160 --> 00:59:58,160 [music concludes] 1093 00:59:58,200 --> 00:59:59,880 - You have a deal. - [Namita chuckles] 1094 01:00:08,880 --> 01:00:10,680 'I admit we have loads.' 1095 01:00:10,760 --> 01:00:13,080 'We'll get his help to sort them out' 1096 01:00:21,440 --> 01:00:23,440 'Ritesh supported our vision.' 1097 01:00:23,520 --> 01:00:25,160 That feels great 1098 01:00:25,240 --> 01:00:27,320 and this will benefit us all. 1099 01:00:27,440 --> 01:00:28,800 [up-tempo music playing] 1100 01:00:35,440 --> 01:00:39,040 Welcome to ACKO Change Makers where we really welcome change, 1101 01:00:39,200 --> 01:00:42,960 whose lovely portrayal we see behind us 1102 01:00:43,040 --> 01:00:44,800 on our Change Makers wall. 1103 01:00:45,400 --> 01:00:48,720 Through technological advancements and a forward-thinking mindset, 1104 01:00:48,840 --> 01:00:50,160 we're bringing about 1105 01:00:50,240 --> 01:00:52,320 a revolution of efficient farming in rural India. 1106 01:00:52,520 --> 01:00:56,440 Today's Change Makers are Team Tribalveda. 1107 01:00:56,520 --> 01:00:57,920 - Welcome. - Thank you. 1108 01:01:01,400 --> 01:01:02,760 You got a deal. 1109 01:01:02,880 --> 01:01:04,880 And also specifically 1110 01:01:04,960 --> 01:01:07,160 you're helping so many tribal communities, 1111 01:01:07,240 --> 01:01:08,560 which is phenomenal. 1112 01:01:08,720 --> 01:01:13,200 I also... I mean, sure, many of our viewers need to know this. 1113 01:01:13,280 --> 01:01:14,800 And this is my question to you as well. 1114 01:01:14,840 --> 01:01:15,840 We don't know 1115 01:01:15,920 --> 01:01:18,040 which tribal communities are into what business, 1116 01:01:18,120 --> 01:01:20,640 what products they're making and what their livelihood is. 1117 01:01:20,800 --> 01:01:24,360 As individuals, what can we do to help or support them? 1118 01:01:24,480 --> 01:01:26,840 The tribal communities 1119 01:01:26,960 --> 01:01:29,360 in different regions of India 1120 01:01:29,440 --> 01:01:30,880 are making some or the other product. 1121 01:01:30,880 --> 01:01:33,800 - Some run a start-up while some work. - Hmm. 1122 01:01:33,880 --> 01:01:37,000 - We could purchase their products. - Hmm. 1123 01:01:37,080 --> 01:01:39,840 - They should work towards educating them. - Yes. 1124 01:01:39,920 --> 01:01:42,160 - That will help... - So they become empowered 1125 01:01:42,280 --> 01:01:45,240 and don't have to struggle 1126 01:01:45,320 --> 01:01:47,360 - like their parents are. - May they become capable. 1127 01:01:47,440 --> 01:01:50,440 If they get a good education, then they could 1128 01:01:50,520 --> 01:01:52,200 - get good jobs. - Progress. 1129 01:01:52,280 --> 01:01:53,480 Yes, they could make progress. 1130 01:01:53,600 --> 01:01:55,480 - That will really matter. - I absolutely agree. 1131 01:01:55,480 --> 01:01:57,520 - Thank you so much for doing what you do. - Thank you. 1132 01:01:57,560 --> 01:01:59,120 Just as they're bringing about a change, 1133 01:01:59,120 --> 01:02:01,880 ACKO too with its range of revolutionary offerings, 1134 01:02:01,960 --> 01:02:04,080 is changing the insurance landscape. 1135 01:02:04,280 --> 01:02:07,680 If your car ever breaks down, don't worry. 1136 01:02:07,920 --> 01:02:11,040 ACKO car insurance gives you roadside support 1137 01:02:11,120 --> 01:02:13,280 along with real-time updates on cars. 1138 01:02:13,360 --> 01:02:14,720 It's so chill, guys. 1139 01:02:15,160 --> 01:02:16,600 To celebrate your time in the Tank 1140 01:02:16,680 --> 01:02:18,720 and because you also got a cheque, 1141 01:02:18,840 --> 01:02:21,760 here's a memento on behalf of ACKO and Shark Tank. 1142 01:02:21,880 --> 01:02:24,040 - Congratulations. - Thank you. 1143 01:02:25,520 --> 01:02:26,520 [camera shutter clicking] 1144 01:02:26,680 --> 01:02:29,560 'Shark Tank India co-presented by ACKO Insurance,' 1145 01:02:29,680 --> 01:02:31,760 'PokerBaazi and Swiggy Instamart.' 1146 01:02:31,840 --> 01:02:34,480 'Co-powered by Adani and Jaquar Bath & Light.' 1147 01:02:34,560 --> 01:02:38,560 'Partners Rayzon Solar, ICICI Direct and Lenskart.' 1148 01:02:38,920 --> 01:02:40,320 [bubbles warbling] 1149 01:02:42,720 --> 01:02:44,160 Hello and welcome to Ask The Shark. 1150 01:02:51,800 --> 01:02:56,280 along with Co-Founder of Snapdeal and Titan Capital 1151 01:02:56,360 --> 01:02:58,040 and the promoter of Unicommerce eSolutions, 1152 01:02:59,040 --> 01:03:01,240 I have something interesting to discuss with you. 1153 01:03:01,360 --> 01:03:04,680 Both of you have been investing for a really long time. 1154 01:03:04,760 --> 01:03:08,040 You identified many big businesses in their early stages, 1155 01:03:08,120 --> 01:03:10,600 invested in them and helped them grow. 1156 01:03:10,920 --> 01:03:13,920 We want the audience of our show to know and learn about 1157 01:03:14,000 --> 01:03:18,040 the philosophies followed by people who have been long-term investors. 1158 01:03:18,120 --> 01:03:19,760 I have a good template. 1159 01:03:20,560 --> 01:03:23,600 We see the team most importantly because... 1160 01:03:23,720 --> 01:03:27,160 If I look at my history of the many companies I'm invested in, 1161 01:03:27,240 --> 01:03:29,480 most of the time if a company fails, 1162 01:03:29,560 --> 01:03:30,920 it's either because of a discord in the team 1163 01:03:30,920 --> 01:03:32,800 - or there's a problem with the founder. - Okay. 1164 01:03:32,840 --> 01:03:34,360 Fundamentally, that's the problem. 1165 01:03:34,440 --> 01:03:36,000 A lot of people say product-market fit, 1166 01:03:36,120 --> 01:03:37,920 but a good team eventually gets it right. 1167 01:03:38,160 --> 01:03:40,600 So, I think that becomes a critical piece. 1168 01:03:40,720 --> 01:03:43,160 The second piece, as I always say, is the TAM. 1169 01:03:43,280 --> 01:03:45,000 The total addressable market. 1170 01:03:45,120 --> 01:03:47,000 How would it be? 1171 01:03:47,080 --> 01:03:48,480 They might not have it now, 1172 01:03:48,680 --> 01:03:51,280 but is there a proxy that they might understand 1173 01:03:51,360 --> 01:03:52,520 or such a trend 1174 01:03:52,600 --> 01:03:55,040 that might become a big market in future? 1175 01:03:55,160 --> 01:03:56,600 And finally, the timing. 1176 01:03:56,720 --> 01:03:59,920 Had you invested in D2C 10-15 years ago, 1177 01:04:00,000 --> 01:04:01,560 - you might not have made money. - Okay. 1178 01:04:01,600 --> 01:04:04,720 But today, the infrastructure is ready 1179 01:04:04,880 --> 01:04:06,800 for delivery and payments. 1180 01:04:06,880 --> 01:04:08,520 - People trust it now. - Yes. 1181 01:04:08,640 --> 01:04:11,200 The D2C companies launched in the last five to six years 1182 01:04:11,280 --> 01:04:13,480 are doing very well, not all of them, but a few of them. 1183 01:04:13,560 --> 01:04:15,280 The ones coming up now will also do well. 1184 01:04:15,440 --> 01:04:17,440 These three things are highly critical. 1185 01:04:17,520 --> 01:04:19,200 We study them in detail. 1186 01:04:19,320 --> 01:04:21,600 Nobody will refuse if you want to make one. 1187 01:04:21,720 --> 01:04:22,640 Certainly! That's true. 1188 01:04:22,720 --> 01:04:24,040 That's a philosophy. 1189 01:04:24,120 --> 01:04:27,360 - Sir, you? - The ecosystem is becoming mature. 1190 01:04:27,440 --> 01:04:30,040 The founders have also become sophisticated. 1191 01:04:30,320 --> 01:04:34,760 Essentially, many investors have similar philosophies. 1192 01:04:34,880 --> 01:04:36,760 You see it in Shark Tank, too. 1193 01:04:36,840 --> 01:04:39,200 All founders understand everything. 1194 01:04:39,520 --> 01:04:40,960 The recipe for being 1195 01:04:41,040 --> 01:04:42,320 a good investor is clear. 1196 01:04:42,400 --> 01:04:45,120 - The problem is with the discipline of following the recipe. - Okay. 1197 01:04:45,200 --> 01:04:47,360 Our recipe involves 1198 01:04:47,440 --> 01:04:49,280 seeking individuals who have excelled 1199 01:04:49,360 --> 01:04:51,760 at something in life, 1200 01:04:51,840 --> 01:04:54,120 such as dance, art, music, 1201 01:04:54,200 --> 01:04:56,960 or academic or professional degrees. 1202 01:04:57,080 --> 01:04:59,640 When you want to excel in life, 1203 01:04:59,760 --> 01:05:01,800 you need intensity, rigour, 1204 01:05:01,920 --> 01:05:03,920 resilience, and grit, 1205 01:05:04,080 --> 01:05:05,840 and the same is required of an entrepreneur. 1206 01:05:06,640 --> 01:05:08,040 Secondly, TAM. 1207 01:05:08,160 --> 01:05:11,760 We consider whether the opportunity being pursued 1208 01:05:11,880 --> 01:05:14,800 - is of short TAM or not. - Okay. 1209 01:05:14,880 --> 01:05:18,600 When a company is young, it cannot compete 1210 01:05:18,760 --> 01:05:20,280 with a short TAM. 1211 01:05:20,400 --> 01:05:24,040 Bigger TAM has influential players and more money. 1212 01:05:24,160 --> 01:05:26,960 The third and perhaps most important thing is 1213 01:05:27,040 --> 01:05:28,800 that many good teams 1214 01:05:28,920 --> 01:05:30,640 with a doable TAM 1215 01:05:30,720 --> 01:05:33,120 lack discipline in economics. 1216 01:05:33,480 --> 01:05:36,080 So, even good businesses can go through a slump 1217 01:05:36,160 --> 01:05:38,440 if they don't focus on economics. 1218 01:05:38,800 --> 01:05:41,640 Early on, it's necessary to define whether 1219 01:05:41,800 --> 01:05:45,040 the business is a squirrel with a tail or an elephant with a trunk. 1220 01:05:45,160 --> 01:05:48,520 Will the business have a margin of 20 per cent, 50 per cent 1221 01:05:48,600 --> 01:05:50,040 or 70 per cent? 1222 01:05:50,120 --> 01:05:51,720 We consider these three things. 1223 01:05:51,800 --> 01:05:54,800 There are other factors, too. However, largely, 1224 01:05:55,120 --> 01:05:59,560 - if these three are ticked, the others are also ticked. - Okay. 1225 01:05:59,880 --> 01:06:01,600 Since you've been investing for a long time, 1226 01:06:01,760 --> 01:06:04,760 do you see any difference between the founders before and now? 1227 01:06:04,880 --> 01:06:06,880 I've seen an immense transformation. 1228 01:06:06,960 --> 01:06:11,400 Our nation has progressed 1229 01:06:11,480 --> 01:06:13,440 a lot in the last 15 to 20 years. 1230 01:06:13,520 --> 01:06:16,240 The entrepreneurs 1231 01:06:52,960 --> 01:06:57,200 they're ready to challenge US billion-dollar companies. 1232 01:06:57,280 --> 01:06:59,880 Our founders have this confidence now. 1233 01:06:59,960 --> 01:07:02,720 See you at the next Ask the Shark with a new question and a new shark.