Shark Tank India has returned with its second instalment on Sony Entertainment Television and Sony LIV. Shark Tank India Season 2 episode 23 titled “Changing the World”, premiered on February 1, 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 23 Recap Contains Spoilers-
Disposing sanitary napkins has turned into a health as well as environmental hazard which still hasn’t been solved despite the various cutting-edge technologies being on the rise every now and then. With 1200 crore sanitary napkins being used annually in India and 98% of them contaminating landfills and water bodies, ‘Padcare’ seeks to counter all these issues.
Through his business model, founder Ajinkya Dharıya from Pune, provides menstrual hygiene management ecosystem, and a dignified means of disposal. He introduces the technology developed by his company to counter these problems, starting with the ‘PadCare bin’, a decentralised disposable bin which can store hazardous waste for 30 days. Then, he moves on to India’s first 5D technology based patented sanitary napkin disposal and recycling system, i.e., ‘PadCareX’ and ‘PadCare Vend’, a sanitary napkin vending machine for washrooms.
Ajinkya’s innovative approach for safe means of disposing sanitary napkins comes along with the opportunity to become even bigger by reaching out the corners of the world, and in order to achieve this feat, his ask from the Sharks is for Rs. 50 lakhs for 2% equity.
The pitch also opens us up to another conversation around Ajinkya’s family according him with enough space to build up an open chain of communication. It inspires the rest of the nation to think openly on the matter at hand and dissociate the notion of menstruation from being a taboo as per the conventional thought-process. He’s even installed 4000 units without any failure and raised the bar in the business with his success rate, while also reaching out to a social cause that not only humanises menstruation, but also raises a counter against the deteriorating condition of the environment.
The mission was supported by government grants, TATA Trust, Infosys Foundation, in addition to a Rs. 2.25 crores grant from the government. Aman coins Ajinkya as the ‘Padman of 2022’. Sales for the financial year of 2021-2022 stood at Rs. 1.05 crores, while annual burns were worth Rs. 5 lakhs. Aman lauds him once again for knowing the business down to the core in spite of not having pursued MBA.
While the other Sharks keep up with the talks, Peyush shoots away the first offer for Ajinkya for Rs. 1 crore against 4% equity. He’s even willing to give him as much is necessary, that too at his choice of valuation. In the meantime, Vineeta and Namita brew up their joint offer, and Aman enjoys watching the tussle between Peyush and Vineeta.
Anupam joins in the negotiation by matching the same offer as Peyush. This brings us to Vineeta and Namita’s offer for Rs. 25 lakhs for 1% equity and Rs. 25 lakhs debt at 0% interest. Deals keep shifting, which leads Peyush to race towards the founder with a blank cheque as he’s more than eager to join his mission, also making it the first open offer handed out by any Shark to the entrepreneur on the set of Shark Tank India. Ajinkya places a counter of Rs. 1 crore for 4% equity for all four Sharks together, and it goes as planned with Namita, Vineeta, Anupam and Peyush funding the vision.
‘Swadeshi Blessings’ comes in with the second deal, bringing a variety of clay products created by local artists that result in healthier cooking. The artisanal kitchenware and home decor brand has made successful deliveries across India and exports to 25 countries.
To move on the global phase of their mission and aid rural art development, founders Dattatreya Vyas, Sunita Vyas and Madhavi Paliwal ask for Rs. 50 lakhs for 5% equity. The monthly breakage of their products is as low as 3%. The team is on a cash crunch and is looking for funds to expand via marketing. With sales for the financial year 21-22 recorded at Rs. 1.2 crores, the Sharks are evidently wowed.
Depsite no marketing, their projected sales for the 22-23 cycle look high to a stand of Rs. 3.6 crores. The highest selling product is their frying pan and the monthly profit marked at 15%. Anupam is over the moon for their social cause, but he can’t see the market for this business in India.
Vineeta and Namita bring in their non-negotiable offer for Rs. 25 lakhs for 5% equity and Rs. 25 lakhs debts at 12% interest, which is eventually agreed upon and sealed. Anupam bids them farewell while advising them to attach a sentimental value to the brand by making a shift in their name as ‘Mitti’.
Shreyaan Daga’s ‘OLL’ pitch comes in next to display his skill learning platform in all its glory. Courses ranging from art to technology and coding are providing children from grades 1-10 with skills through live interactive group classes certified by STEM and UNESCO. Having helped 35,000 students, the founder’s vision is to reach out to 1 billion students and help achieve their dreams.
Aiding children to get their hands on essential skills of the 21st century, the annual subscription for the model is worth rs. 2000. Lifetime sales of the business were recorded at Rs 2.2 crores in 28 months, while last month sales at the time measured up to Rs. 28 lakhs with a net profit of Rs. 18 lakhs. ‘OLL’ has partnered with teachers who are paid on per-hour-basis, and in order to achieve the aforementioned vision, Shreyaan asks the Sharks for Rs. 30 lakhs for 2% equity.
While all factors seem to be in the founder’s favour, Namita thinks the business model to be at crossroads with scalability, and moves out of the deal. Anupam, too, seems confused about the growth aspect, and since the platform has already received two rounds of funding, he declines as well. While speaking with Vineeta and Peyush, Shreyaan reveals his milestone as wanting to buy out brands like BYJUS and UnAcademy. Peyush is completely bowled over by the 18 year old founder’s talks and eventually joins Vineeta for a joint offer that is sealed at Rs. 30 lakhs for 5% equity.
For the final pitch of the day, ‘Febris’ founder Dr. Vishal Bajaj steps out first, and is later joined in by his father and co-founder of the company, Girdhar Bajaj. Highlighting the unattractive attire adorned by the healthcare sector personnel, which further creates a gloomy ambiance at hospitals, Dr. Bajaj has started his own medical lifestyle brand that offers a range of colourful and bright scrubs, caps and other pieces crafted out of a fabric that is antimicrobial, 4 way stretchable, breathable, and mastered by a spill proof technology.
Asking funds for Rs. 1 crore against 2.5% equity, he wants to bring the present price rate of his products lower. Peyush straightaway points out the similarities between this pitch and the one he saw on Shark Tank US, but Dr. Bajaj relays his story and source of inspiration as a separate narrative. As his medical practice is still ongoing at the moment, the Sharks aren’t able to take his business frontier seriously. Moreover, Anupam finds his valuation unreasonably high, and unfortunately, no deal is offered to ‘Febris’.
Shark Tank India Season 2 Episode 23: Final Thoughts
With better social causes, and even better pitches setting the bar high for entrepreneurship in the nation, this episode emerges as one of the best entries on the season to this date. Especially, with PadCare winning not only the Sharks, but the overall business scene, ‘Swadeshi Blessings’ bringing us back to our roots and creating even more employment opportunities in the rural sector and the wise young ‘OLL’ founder inducing an existential crisis among most of us viewers, episode 23 balanced out everything and showcased the true potential of Indian entrepreneurs.
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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