Shark Tank India has returned with its second instalment on Sony Entertainment Television and Sony LIV. Shark Tank India Season 2 episode 17 titled “Innovation, Hardwork And Diligence” premiered on January 24, 2023 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.
-Shark Tank India Season 2 Episode 17 Recap Contains Spoilers-
Nothing fits better like a glove than a family treading out on a collective journey to expand its business. Radha Krishna Choudhary, Siddhant Agarwal, Ambika Agarwal, Vinita Agarwal and Vibhor Agarwal, the founders of ‘Avimee Herbal’, are the first ones to address the shark in the latest episode with their line of hair and skin-care ayurveda products.
The first wave of COVID kickstarted their approach to formulate an oil to tackle hair-related problems. ‘Avimee’ is essentially a mix of ayurvedic and modern ingredients and started its journey in 2021 and have presently branched out to 27 products in the company. The family hopes to fulfil ‘Nana ji’s dream by asking the sharks to invest in their company for Rs. 2.8 crores against 0.5% equity.
Hearing the percentage of stake offered to them, the sharks are left speechless. Repeat rate for the brand is marked at 32%, however, them pandering out to skincare doesn’t make sense to the sharks, especially since their speciality is the range of hair products. Peyush speaks of the “forward looking” aspect of a business and how they’ll be building the brand further since some categories of items haven’t yet been consolidated on their catalogue.
By incorporating multiple concepts, the team has come up with the ask for the day and the sharks try their best to wrap their head around the amount. While Nana ji’s spirit inspires and impresses the shark, however, the business model itself doesn’t hit the mark. Aman advises them to focus on marketing more, while Amit just can’t accept their valuation, but has an offer of his own to deal out.
He offers them Rs. 1 crore for 2.5% equity and Rs. 1.8 crores Debt at 12% interest, which is soon followed by an offer by Anupam as well for Rs. 70 lakhs against 2% equity and Rs. 2.1 crores Debt at 15% equity.
We all know Peyush, the founder-CEO of Lenskart, but now it’s time for us all to get acquainted with another Piyuesh, dealing with the same line of business. Piyuesh Kalra and Sunil Chhabra present an ‘eye’-catching ‘iconic’ introduction of their brand ‘Eyenic’ which specialises in trendy, durable, affordable and customisable eyewear. Not wanting to walk into a deal with the debt label, the team forwards a counter of Rs. 2.8 crores for 1.5% equity. The family business can’t lower its offer and walks out without a deal, but after having received a ton of positive remarks otherwise.
The ‘made for Indians brand’ started in 2017-18 and its eyewear is available across 300+ retail stores across 5 states, and hopes to become the most in-demand brand in market. To turn this into a reality, the team asks the sharks for Rs. 75 lakhs against 6% equity. Self-proclaimed ’emerging kings’ in the competition break down their production split as follows: 60% in China, 30% in India and 10% in Turkey, and are well connected with market resources and contacts.
With 50+ SKUs for turban wearers (20% of the total sales), their monthly sales flesh out 5000-6000 pieces. Their Airman range follow the price rates between Rs. 500 – Rs. 1200, while the Eyenic Range falls under Rs. 1200 – Rs. 2500. The only difference between the two brands (Lenskart and Eyenic), as mentioned by Peyush Bansal, is that all Lenskart frames are made of cellulose acetate, and they’ve never used plastic or mixed it with the former for preparations unlike Eyenic.
Lifetime sales are recorded more than Rs. 4 crores, with last financial year’s sales standing at Rs. 1 crore and last month sales at Rs. 15 lakhs with a gross margin of 45% and net margin at 21%. Amit notes the lacking technology as the business’ missing element, so he can’t take a chance on them at this stage.
Aman doesn’t join the deal either, but lists out their positives relating to the quality of their product, hustling attitude, and indomitable spirit despite arising competitions. However, he also points out their Direct to customer approach (D2C) needs to be built up as they’ve not been able to create a pull in the market for their products. ‘Eyenic’ asks for the sharks’ expertise in the brand building arena, but, Anupam clearly shuns their business model of reaching out to the retailers and the promotion of their bulk sales concept.
On another note, Peyush clarifies it first hand that he invests in eyewear brands as well, but for the day he can’t offer them a deal because he personally sides along with the D2C concept for eyewear. He appreciates their design sense, but can’t pinpoint any differentiation in the supply chain. He also warns them about the credit system they’re working with.
The mother-daughter duo of Minakshi and Aishwarya Jhawar join the sharks to lay out the last pitch of the day for their brand ‘Ekatra’, curating a range of artistic lifestyle products while also pushing for women empowerment and employment. The sustainable artisanal brand for stationeries presents an ask for Rs. 40 lakhs against 10% equity.
With 23 women employees in their team, they’re training even more people to join them and challenge the pre-existing unstable employment connections for women. Having launched the brand a year and a half ago, the company’s online sales stand at 65%. Aman thinks the business is small-scaled at the moment, Namita thinks they don’t need investors right now. She guides them to use 2-3 items as their “hero products” to welcome more target audience.
Peyush applauds their design sensibility, but the business model itself seems quite branched out . Anupam wants to support the cause, but from the business perspective it doesn’t present itself as an opportunity for him. Aman, too, speaks up about the designs being quite conventional and similar to what they’ve seen before. However, Peyush praises the ‘feel good factor’ of their branding and packaging highly.
Amit agrees with other sharks but still forwards an offer with the condition that they focus on particular aspects instead of tackling several things simultaneously. Peyush and Amit’s offers co-incidentally match and they’re willing to join hands, keeping the cause of women empowerment in mind. However, his offer is a non-negotiable thing on the table. While Amit brings his technical and marketing expertise to the arena for this deal, Peyush would like to focus more on the manufacturing aspect. ‘Ekatra’ closes the deal at Rs. 20 lakhs for 20% equity and Rs. 20 lakhs debt with the two sharks and walks home happily.
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.
Also read: MasterChef India Season 7 Episode 17 Review: Another Team Challenge in a Professional Kitchen