On the 1st february 2022 episode of Shark Tank India, sharks Vineeta Singh, Anupam Mittal, Aman Gupta, Ashneer Grover, Namita Thapar, Peyush Bhansal and Ghazal Alagh looking at various new ideas, products and budding entrepreneurs. Every episode of Shark Tank India is a crazy journey into entrepreneurship and let us review some amazing and crazy entrepreneurship ideas from across India.
Thea and Sid
Entrepreneurs Ashwini Gadia and Aditi Minda had a unique way of pitching their product to the sharks. They brought in a couple who danced and then the guy proposed to his girlfriend in front of the sharks with a ring but alas…the ring did not fit!!. All of them enjoyed the way they made their entrance. According to them, couples in India face this kind of problem while proposing to their loved ones on a daily basis.
They claim to have a complete proposal solution for such people. They have made a site wherein couples get rings made of 925 sterling silver and 6A grade cubic zirconia. They also provide various collaterals like ring-sizer, dating/proposal advice, after sales service and inspirational real life love stories. Their average selling price is around Rs.1500 – Rs. 6500 and it’s cost price is around Rs.350 – Rs.850.
All 5 sharks gave their opinions and viewpoints but pulled out of the deal. The duo had asked for an investment of Rs. 80 lakhs in return for 7% equity in their company.
Pitch by Prashant Pandey and Karan Bhardwaj. They presented a range of products like Liveglass and Holobyk for which they have successfully run advertising campaigns along with 150+ other products to the sharks. Their motto is to create experiences of augmented reality, host events, and exhibitions on the same. And develop engaging games in India. Their major client is Xiaomi for the current year. They have a customization option for creating AI filters.
They asked for an investment of Rs. 2 crores for 4% equity of their company. Sharks did not find the business interesting enough to invest in it at the moment. They even found it difficult to scale the business. Even after all this, Shark Peyush gave them an offer of 2 crores but for equity of 33.33%. To which they gave a counteroffer for 8% for the same amount. But Peyush refused it, so they again made an offer for 10% but it got denied too. They had to walk away with no deal but tons of advice.
Growfitter, which was presented by CA Sanmati Pande and Harshit Sethy, is a platform that rewards users for basic activities like walking, running, and cycling. They entice the users to exercise more and improve their health habits and also avail their exciting app rewards.
They developed this app in Korea after being invited by the Korean government and it was launched in India in January 2021. They initially asked for 1% equity in their online platform for 50 lakh Rs., valuing their company at 50 crores. Despite being called by a wrong name before, Aman agreed to match their evaluation only after validating their platform with his tech team.
Presented by Yash and Alisha. They have a very nice vision of saving people’s vision with timely diagnosis of the eye. The machines available in hospitals can diagnose it but it requires highly skilled technicians and doctors (optometrists). Due to this difficulty, eye check-up camps cannot do it due to resource constraints.
They have products like C3 Vision and C3 Fundus Cam. Shark Peyush offered to volunteer for a demo of the said products. Basically, these devices can be paired up with smartphones which makes it an easy product to use for which one need not be highly skilled. These devices can help the doctors check for problems like glaucoma, diabetic retinopathy, cataract, etc. with just the image.
They asked for an investment of Rs. 35 lakhs for 6% equity of their company. All 4 sharks except Peyush did not like the idea and backed out without offering any deal. Shark Peyush was the only one to offer the 35 lakhs for one-third stake (33%) in their company, After some failed attempts at negotiating, they had to walk out without any deal as they did not agree to Peyush’s valuation of their company.