Shark Tank India has returned with its second instalment on Sony Entertainment Television and Sony LIV. Shark Tank India Season 2 episode 31 titled “Innovations and Investments”, premiered on February 13, 2023 during the 10-11PM IST time slot. Payel Seth is the show’s creative director, and 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.
-Shark Tank India Season 2 Episode 31 Recap Contains Spoilers-
Shark Tank India Season 2 Episode 31 Recap
Prem Kale is the first young 22 year old entrepreneur to pitch his business model to the Sharks. Having dropped out of school early, the ‘Tipayi’ founder has developed and come up with a patented design of balance bikes made of sustainable wood in India. The all weather resistant material used therein lets kids carry their bikes on their own without any fears. With a 3-stage convertible model of the bikes, the deliveries are sent out across India in addition to exports to the US.
The entrepreneur asks for an investment of Rs. 50 lakhs for 10% equity, and also reveals that he made his first bike at the age of 17. He may have left his school, but he never stopped learning and enrolled himself in short term educational programs and developed his woodworking skills. Peyush is bowled over by the youthful drive of the founder to have come up with an impressive logo and designs. He’s ready to purchase these bike models for his son too.
Starting in May 2019, the first financial year sales of the brand stood at Rs. 50,000, which then grew to Rs. 3 lakhs with the overall lifetime sales having escalated to Rs. 26.5 lakhs. The price of each bike is as low as Rs. 5000 as compared to the competition in market, and even if there are other models priced at a lower price, they’re all Chinese imports, whereas the custom-built of ‘Tipayi’s bikes is made of child-friendly materials.
Since the concept awareness is still on the lower end, the company is as good as a pre-revenue model. Peyush advises him to collaborate with an older investment of Aman and his which will help him with tie-ups and connections to build the brand further. He makes him an offer of Rs. 5 lakhs for 10% equity and Rs. 45 lakhs debt at 12% interest instead, while also aiding him with business networking. However, Prem doesn’t look at the debt option as a feasible add-on to the offer and politely declines it.
Next to join the set is ‘DigiQure E-Clinic’, a brewing healthcare revolution that doesn’t just provide clinic management, but also software and telemedicine solution. Bridging the gap between the inhabitants of rural and remote areas and better healthcare facilities, they offer online doctor consultation through the means of their ‘Saksham’ card fee (Rs. 1 per day).
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Having succeeded with more than 4000 checkups, Akanksh Tandon and Soumen Banerjee lead on with a vision of making healthcare affordable and accessible for rural populations. They hope to garner funds worth Rs. 40 lakhs for 4% equity.
The foundational story as to why this platform was raised in the first place is a personal account witnessed by one of the representatives on the stage and the heart rending incident has pushed them to go on about this mission. A side IT business co-exists with their business model as well, and while Namita and Vineeta are the first ones to put out their offer of Rs. 40 lakhs for 20% equity, they also raise the condition of merging that business with the telemedicine gig. The executive director of Emcure Pharmaceuticals later revises the offer by lowering the stake to 15% equity.
Peyush rides into the bidding war with his offer of Rs. 1 crore for 25% equity, and wants to become an equal partner on the mission, but his offer is contingent on the same condition too. Anupam appreciates their transparency and wants to join them as well despite the lacking business model. He has the same condition in addition to a set of new others in the mix. The team ultimately presents a counter to Namita, who goes ahead with the revised deal of Rs. 40 lakhs for 10% equity, which pushes Vineeta out of the offer and the Emcure director heads in solo and closes the deal.
Anupam and Peyush disagree with the deal and claim that in order to disrupt a business, one needs a new approach instead of settling into conventional paradigms. By having signed the deal with Namita, ‘DigiQure’ has committed itself to the latter framework, which as per the other Sharks isn’t a practical way to tackle the issue.
The last pitch of the day has Bharat, Surbhi and Rajeev Bansal bringing in their range of organic and pure CSIR certified ‘Nirmalaya’ products. By recycling floral waste acquired from temples, they’re producing blended essential oils, ittars, low carbon-content agarbattis (incense sticks), organic gulaal for Holi and more.
Their aim is to win funds worth Rs. 60 lakhs for 1.5% equity. With their sales of the year 2020-21 standing at Rs. 29 lakhs, which eventually grew high to Rs. 3 crores for the last financial year, online reach has helped them expand their operations and product demand. Estimating their projected sales of the present year to close at Rs. 8 crores, they address the various customers interested in their products – ones who buy them for ‘pooja’ purposes, for aroma therapy or to support the cause as the majority of their team comprises a women workforce.
Since the team had already raised a consequential round of funding prior to visiting the Shark Tank India set, the Sharks believe that they don’t even need another round at the moment, and can still go on about their business smoothly. The team wins a marketing opportunity with their appearance on national TV, which is more than enough for their success despite not winning any cheques signed off for investment.
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.