Shark Tank India has returned with its second instalment on Sony Entertainment Television and Sony LIV. Shark Tank India Season 2 episode 8 premiered on January 11, 2023 with the title “Investment With Intent” during the 10-11PM IST time slot. Payel Seth is the show’s creative director, while it’s been produced by Studio NEXT, with Ravikesh Vatsa as its writer.
The show is hosted by comedian Rahul Dua, and graced by six judges, better known as sharks – Anupam Mittal Founder-CEO of Shaadi.com – People Group; Aman Gupta, Co-Founder-CMO of boAt; Namita Thapar, Executive Director of Emcure Pharmaceuticals; Vineeta Singh, Co-Founder-CEO of SUGAR Cosmetics; Peyush Bansal, Founder-CEO of Lenskart.com and Amit Jain, Co-Founder-CEO of CarDekho Group and InsuranceDekho.com.
Vineet Saraiwala’s bubbly energy pitches in for ‘Atypical Advantage’ – India’s biggest inclusive platform offering employment opportunities to the disabled population. In a nation of 7 crores+ population of disabled people, the employment rate for them sits as low as 0.4%. Vineet started this platform in 2020 and his team has partnered with 100+ companies and 100+ NGOs to generate 1000+ opportunities for people since then.
In hopes of creating an environment where companies like ‘Atypical Advantage’ aren’t needed anymore, he strives to strike a balance in society and solve the massive predicament of unemployment. Vineet himself has a rare case of Retinitis Pigmentosa, a genetic degenerative eye condition that causes severe vision impairment.
Asking for Rs. 30 lakhs for 1% equity, he declares the three verticals upon which their platform works – performing artists (500+), atypical art (1100 live artworks) and inclusive hiring. Their top client is Amazon, where 60+ people have received placements for full-time job opportunities.
While creating a separate website may be perceived as an act of exclusion, developing this platform was a necessary step because the top 3 websites of the nation are deemed inaccessible for disabled people, as even uploading CVs on them is a hassle. Moreover, mainstream websites don’t offer sign language support. All companies signing with them pay a monthly retainer fee, and this package includes disability sensitisation, post-placement support, job mapping, consulting, interview scheduling and sign language support.
The monthly sales for August 2022 were recorded at Rs. 10 lakhs. The sharks put forth a question about whether he wishes to grow this as a business, or if his interests lie more with making an impact. To this, Vineet replies that he prioritises social returns over the financial ones.
On December 3, i.e. World Disability Day, they raised an amount of Rs. 3 crores at the valuation of Rs. 7 crores, from a series of investors with a social lens. Anupam moves in with the first offer of Rs. 30 lakhs at the valuation of Rs. 7 crores. Namita and Aman also join in with him for a joint offer of Rs. 30 lakhs for 4.29% equity.
Peyush asks about the number of pre-existing advisors on his team, which gets the response of 14 angel investors with 15% equity. He’s personally passionate about the cause, having shared his sister’s case as well. However, he’s unwilling to join forces with so many people onboard. Presenting the sole condition that he has the prime seat at the table with Vineet, Peyush is determined to come in alone and makes him an offer of Rs. 1 crore for 12% equity. He’s even ready to integrate the platform with Lenskart by introducing a proper technology medium.
Vineet wants all of them to join together for Rs. 1.2 crores, 10% equity, but Peyush isn’t ready to settle with too many differing views in the same boat. Anupam breaks it down for all four of them to come onboard, however, Peyush doesn’t budge with this one and a lot of commotion is ignited, especially between him and Anupam. Namita lays down the final joint offer with Aman for Rs. 30 lakhs for 3% equity, which is ultimately confirmed. Thereafter, she calls for a time out following Vineet’s departure to settle the scene between the two heated sharks, thus requesting them to move on.
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Next to arrive is the mother-daughter founding duo of Aakriti and Poonam Rawal, the owners of ‘House of Chikankari’. Recognised by a GI tag in Lucknow (Geographical Indication), their business has the most unique and artistic pitch since the beginning of the season. Their models put out a performance to display their handcrafted clothing’s grace.
During their 2 years of sales, they’ve welcomed 5000+ women employees and 15,000+ customers with the simultaneous goal of maintaining the authenticity of the the hand embroidered craft and making it all the more relevant for the modern audience. Their ask of the day is for Rs. 75 lakhs for 1% equity.
‘House of Chikankari”s price range is rated between Rs. 2350 – 7000. The samples are handed to the sharks and Anupam is the first one to praise the incorporation of a personalised touch in their marketing strategy.
The company’s sales stand at Rs. 33 lakhs for the 2020-2021 cycle, while the projection for this year is estimated at Rs. 15 crores, after having secured Rs. 1.82 crores last month. With a team size of 70 hustling through it all, their gross margin is recorded at 68-70%, with net margin at 15%.
At the moment, their business model is largely restricted to the online domain and has garnered 33% of international customers from 6-7 countries like the U.S., Australia, UAE. etc. Straight kurtas mark their highest sales, closing in at 47% of the total and repeat customers are noted at 33%.
Aman is completely swept off his feet with their ability to directly communicate with the customers and for having employed people working in their proximity or the helps at their residence. He hands them out an offer of Rs. 75 lakhs for 5% equity. Namita gladly steps out as she wants Aman, “her favourite shark”, to take the crown.
Vineeta and Anupam come in next with an offer of Rs. 75 lakhs for 6%, and aim to work on their brand building and performance marketing. This is followed by Peyush cutting it close for Rs. 75 lakhs for 5%. Proclaiming that he wasn’t initially inclined towards investing in the clothing business, but was won over by their pitch, he opens up to joining hands with Aman for the deal. Anupam and Vineeta match the offer as well, showing no signs of relenting at the moment.
Aman and Peyush are up next and they make the final offer of Rs. 75 lakhs for 3.75%, which is picked as the deal of the day by ‘House of Chikankari’.
The third business for is a DNA keepsake jewellery brand, ‘Magic of Memories’ run by Preety Mago. Preserving DNA in an art form, she’s come up with various pieces of jewellery holding pet DNA, blood, breast milk, umbilical cord, a baby’s first hair, and even pieces of memoir jewellery to remember one’s deceased loved ones. Having launched in 2019, Preety has gained 5000+ sales and asks the sharks for Rs. 25 lakhs for 5% equity.
Her brand’s Instagram profile has over 60,000 followers, making it the highest profitable platform for her business model after securing maximum sales from there. The founder has come up with a unique formula for dehydrating breast milk and then converting it to the resin model. Most extreme requests received by her to date involve customers asking her for sperm and poop preservation.
‘Magic of Memories’ has gained sales of Rs. 8 lakhs, with Rs. 4.17 lakhs coming in during the last month. Preety’s jewellery is rated higher in price due to it being made in gold and silver. Order value stands at 11,000 with 90% of her customers being mothers.
The sharks gradually open up about their perspectives on the unique business proposition. The overall consensus generated, as is initially voiced by Peyush, is that since the business category is still new, acceptance rate from the audience will also take its sweet time to rise. Aman steps out first due to a lack of relatability with the entrepreneurship model, Namita can’t envision the scalability in it either and declines, Vineeta again speaks of the low acceptance factor, Anupam respects how she has earned around Rs. 2 lakhs per month from this novel artistry, but isn’t passionate about the concept, and just like that all of them are out of the deal.
Shark Tank India Season 2 Episode 8 Review
It was a striking vision to see Peyush Bansal in this light for the first time during the season. Ever since the onset of Season 2, he’s kept up with his calm demeanour, which has been markedly noticed by the viewers as well. However, in the latest episode, his passion for the cause drives him to such an extent that we finally see the sharks get ‘sharky’. Additionally, this also marks the first episode in a long while that didn’t introduce any food businesses.
If ‘Atypical Advantage’ sought to raise awareness and bridge the gap for employment opportunities for the disabled population, thus reaching out for a social transformation in one’s perspective, ‘House of Chikankari’ stayed closer to cultural handicraft roots and extended them to the contemporary modernity, while ‘Magic of Memories’ brought in a brand image unlike anything we’ve ever seen before. All in all, the latest entry has been eventfully balanced out by its happenings, and rather entertaining than its former counterparts this year.
Shark Tank India Season 2 episodes will be broadcasted on Sony Entertainment Television and live-streamed on SonyLIV from Monday to Friday at 10 PM IST.
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