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Shark Tank Season 2 Episode 1: Pitches and Offers
Shark Tank India Season 2 Episode 1: Pitches and Offers (Image Credit: Trend Bazar)

Shark Tank India Season 2 Episode 1: Pitches and Offers

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Shark Tank India Season 2 has officially returned for its much-awaited season 2, and the first episode already aired on the 2nd of Jan, 2023. 

Although there are a few changes in the faces, such as Rannvijay Singha has been replaced by Rahul Dua and Ashneer Grover Ex MD of Bharat Pe, who was in Shark Tank Season 1, being replaced by Amit Jain, who is the Co-Founder & CEO of CarDekho Group and InsuranceDekho.com.

The new season features the rest of the 5 judges as before: 

  1. Anupam Mittal, CEO of Shaadi.com and People Group.
  2. Aman Gupta, Co-Founder and CMO of boAt.
  3. Namita Thapar, Executive Director of Emcure Pharmaceuticals 
  4. Vineeta Singh, Co-Founder and CEO of SUGAR Cosmetics.
  5.  Peyush Bansal, Founder and CEO of Lenskart.com

In the first episode of Shark Tank Season 2, we have seen a total of 3 pitches and here are the offers given by the Sharks on those. 

Hoovu Fresh

Hoovu Fresh was the first pitch of the season, where Yeshoda Karuturi (CEO) and Rhea Karuturi (CTO) gave their first pitch. 

The idea behind the pitch was that, as Indians, we generally interact with flowers daily, such as in the morning prayers and decorations, etc.

But the flower market has a high wastage of 40 per cent because of the reduced shelf life. 

Even if the flowers reach the consumer within 12 hrs to 24 hrs after they are plucked but because of the low turnaround time, there is a high chance that there would be a certain amount of wastage at the time of using those flowers.

Yeshoda Karuturi and Rhea Karuturi saw an enormous opportunity here.  

They thought of increasing the life of the newly plucked flowers using their technology from 12-24 hours to 3-5 days, bringing the wastage from 40% to 2%. 

They directly buy the flowers from the farmers at a reasonable price, and then with their excellent packaging technology, they increase the shelf-life of the flowers so that it stays fresh before reaching to the end customers. 

Offers:

The original ask was 80 lakhs rupees for 1% equity because of their average sales of 50-55 lakhs every month, which goes up to 1 crore/month during peak times with a profit margin of 15-20 lakhs/month.  

The duo received offers from Peyush and Aman for 1 crore for 2% equity; hence they accepted that offer. 

Dorje Teas

In the next pitch, we saw two pitchers from West Bengal, Kolkata and Darjeeling, Ishaan Kanoria and Sparsh Agarwal, with their startup, Dorje Tea. 

As the Darjeeling Tea Gardens are at a loss because of urbanisation, the duo is on a journey to save Darjeeling’s Tea industry the duo set on a journey to save the Darjeeling Tea Gardens’ and the workers who work there who are at risk of losing their job because of the loss. 

They directly connect the consumers with the garden rather than depending on the exporters or retailers. 

Sparsh’s narration of the different weathers of Darjeeling and the different types of Darjeeling Teas impressed the judges. 

Offers: 

The original ask from Ishaan Kanoria and Sparsh Agarwal was 30 lakhs for 5% equity, but as they were recording 11 lakhs monthly with a gross margin of 75% and presently 2 lakhs/month cash burn they received two offers: 

  1. Vinita for 30 lakhs 10% equity
  2. Peyush, Anupam and Vinita 30 lakhs 15% equity. 

The duo selected the second offer of all the 3 sharks for 15% of their company. 

Recode Studios

The final pitch was from Dheeraj Bansal and Rahul Sachdeva of Recode Studios, who appeared before the Sharks to raise investment for their makeup brand. 

Their goal is to sell makeup at a reasonable price range, and makeup products are generally expensive in the case of other multi-national brands. 

Their marketing strategies impressed the judges, such as influencer marketing and free makeup classes and lunch in a 5-star hotel for every product purchase of 1500rs to attract their customers. 

They both had profitable businesses with project business of 30 crores for the Year 2023, 

Their original ask was 1 crore for 1% equity, but the Sharks seemed hesitant to invest in this business; hence they didn’t receive any offers in the first episode. 

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