Shark Tank India Episode 23: What Happened in the Show?

In episode 23, Four companies came on the show. First was Namhya by Ridhima Arora, Second was Urban Monkey by Yash, Third was Guardian Gears by Ismail and Tasneem and Fourth was Modern Myth by Oshina Hans and Saurabh Tokas.

In between, Ashneer explained about commodity business which means it does not matter whether you buy it from supplier A or supplier B, it goes into marketing at the rate of KG, and making a brand of it is a bit difficult. At the end of the episode, the shark lesson of the day was given by Peyush about EBIDTA is Net Income of business aspect, four key components which are interest, tax, depreciation, and amortization.

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Index:

Namhya Foods:

Namhya is discovered from the spiritual word Namha. Namhya is India’s first Ayurvedic Brand in Preventing Healthcare. Namhya manufactures daily eatable products with herbal and medicinal benefits. Namhya manufactures Tea blends, breakfast cereals, and Lattes that are completely preservatives-free.

Namhya follows ancient recipes, sources its raw materials directly from framers. Namhya can eradicate irregular period cycles and PCOS.

Who were the founders of Namhya?

Ridhima Arora is the founder of Namhya from Jammu. Ridhima is a very confident speaker and pitcher. Ridhima has the vision to make Namhya a popular Indian brand that can be known and trusted at the International level too. Ridhima has followed spiritual Buddhism for the last 4 years, from where she got this idea and the name of her brand.

Did Namhya get a deal in Shark Tank?

Namhya came on Shark Tank looking for an investment of 1 crore for 5% equity, company valuation 20 Crore. Ridhima wanted to make Namhya a human consciousness brand and she claimed that it could help to get the periods in a regular cycle to which Vineeta said that it is next to impossible, Aman said that it is possible with Ayurveda.

Peyush said that his mom is pre-diabetic if Namhya can cure it, he wanted all the catalogs. Aman said that he wanted to give an offer but first asked her why she needed 1 crore. Ridhima said that she needed a marketing expert and it was not about money, it was about getting a strategic partner who can give inputs. Ashneer said that he was not interested in health products and went out.

Peyush said that he also didn’t find any uniqueness in the product and moved out. Vineeta and Anupam seemed interested as they came together and gave an offer of 50 lakhs for 30% equity and 50 lakhs as debt, Aman gave the same offer for 15% equity in exchange. Ridhima took a moment and gave a counter of 50 lakhs for 7% equity and the rest remained the same, Aman asked her to do it at 12% equity.

Ridhima again countered it for 8% equity and Aman gave a final offer of 50 lakhs for 10% equity and 50 lakhs as debt and asked her to either take it or leave it. Ridhima accepted the offer and took her check. Ridhima received a course in finance from Up Grad.

Urban Monkey:

Urban Monkey is an OG streetwear label in India. Urban Monkey was started in 2014 with caps, wallets, and bags. Urban Monkey has 10 categories and 500 plus products. Urban Monkey sells its product only on its own website. Urban Monkey serves drip products that are kind of similar to Quirky wearables. Urban Monkey is a well-established and growing brand in India.

Who were the founders of Urban Monkey?

Yash is the founder of Urban Monkey. Yash was born and brought up in Hong Kong and came back to India 8 years ago, alone. Yash loves to skate and he is doing it since he was 12 years old. When he came to Mumbai, he had no friends. So, he joined the Skate Boars group of Mumbai where he got feedback that there are such product gaps in the market and that’s how Urban Monkey was born.

Did Urban Monkey get a deal on Shark Tank?

Urban Monkey, a brand that represents hip-hop culture, came on Shark Tank looking for an investment of 1 Crore for 1% equity, company valuation is 100 crore. Urban Monkey’s biggest problem is it runs out of stock. During the pitch, Yash got a bit nervous and took a minute and started his pitch again.

After the demonstration, Aman said that the brand Bewkoof does the same thing to which Yash said that it makes Quirky products and Urban Monkey makes Drip, Aman asked what is drip to which Yash said that Drip is Drip and all the Sharks started laughing. Ashneer asked him why he was not selling it in open market places? Yash said that they tried but were not able to stay stable there.

Peyush, Aman, and Anupam all told him to focus on two of his SKUs rather than taking too much pressure. Anupam was interested in the business but went out because of so many products. Vineeta said that she was not interested in this business and moved out. Peyush gave an interesting offer of 5 crores for 50% equity with a condition to go only with caps and glasses with a guarantee that he would make it 100 crores in 3 years. Aman said that Peyush was playing a game, Anupam asked him to give an offer rather than doing a gamble.

Ashneer and Aman came together and gave an offer of 1 crore for 10% equity in the business. Peyush also matched the offer. Yash gave a counteroffer of 1 crore for 1.33% equity at a 75 crore valuation. Peyush said that he didn’t have an interest in it and went out. Aman asked him to give a final counteroffer, Yash gave a second counteroffer for 1.5 crores for 1.3 % equity. Aman said goodbye and No deal was made on the show.

Guardian Gears:

Guardian Gears based in Sikandrabad started in 2018. Guardian Gears is the main business model of the company which manufactures bag packs for the riders also. It manufactures premium quality bags, tail bags, Saddle, and more.

Guardian Gears is available on Amazon and its own website. Guardian Gears also supplies good gears for bikes.

Who were the founders of Guardian Gear?

Ismail and Tasneem Badri are the founders of Guardian Gears. The story of Guardian Gears was started in 2015 when Ismail saw a bike picture in a newspaper and he bought it after two years. After that, when he started looking for good rider gear, he didn’t find one in the market to which they started their own ‘Gear up your motorcycle’ store. When they got into the biker community, they found a gap of bag packs for the riders community and started Guardian Gears after that.

Did Guardian Gears get a deal on the Shark Tank?

Guardian Gears came on the show looking for an investment of 30 lakhs for 5% equity, company valuation is 6 crore. Aman asked how they were different and they said that in terms of quality, they were better. After checking the bags, Ashneer said that it is a niche market and too risky to go so, he went out.

Aman also turned down as he found it competitive. Anupam, Peyush, and Vineeta came together and gave an offer of 30 lakhs for 30% equity, Ismail countered to do it at 15% equity in exchange. All the sharks went out after the counter. No deal was made on the show.

Modern Myth:

Modern Myth is a vegan bag manufacturing business company that was started in 2019. Modern Myth serves variations in products and designs. Modern Myth is a made-in-India brand.

Who were the founders of Modern Myth?

Oshina Hans and Saurabh Tokas from Delhi are the founders of Modern Myth. They are friends from school and are dating currently. They started their brand in 2019 and it was Oshina’s idea to do something with bags and create Modern Myth. They started their business with 4 artists and 30 catalogs and that’s how Modern Myth came into the market.

They also provide custom designs, if a customer likes a design, then she makes that design for them. The founder is an animal lover who does not support leather products made from animal skin. All their products are 100% vegan and they do handcraft design in their product by Indian artists.

Did Modern Myth get a deal on the shark tank?

Modern Myth came on Shark Tank in search of expertise and investment. Oshina pitched for an amount of 75 lakhs for 5% equity. Modern Myth wanted to explore the untapped market of it. During the pitch, it came to know that Modern Myth had done to date 25 crore sales.

After seeing the bags, Ashneer said that if you saw the Gucci bags, you feel something but theirs looked like they had purchased it from the roadside and had gone there to sell. Ashneer didn’t like the design and went out. Aman asked about the USP to which they said that it was their design, which didn’t convince Aman and he turned it down.

Peyush said that it was too early to raise funds and moved out. Anupam said that they manufactured a Vegan product, which was their USP, but they were not clear with their ideas and dropped himself down. Peyush also suggested they should work on their products and went out.

Vineeta suggested them to work on the quality and duration of the product and went out. No deal was made on the show. Oshina and Saurabh received an exclusive course in Digital Marketing from Up Grad.

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Which companies presented in Episode 23?

Who are the investors in Shark Tank India?

Ghazal Alagh – Co-founder and Cheif Mama of Mamaearth
Aman Gupta – Co-founder and CMO of BoAt

Vineeta Singh – CEO & Co-founder of SUGAR Cosmetics
Ashneer Grover, Founder, and MD of BharatPe
Peeyush Bansal – Founder & CEO of Lenskart.com

Namita Thapar – ED of Emcure Pharmaceuticals
Anupam Mittal – Founder and CEO of Shaadi.com