In this episode of shark tank India episode 33 CMM- customizable footwear brand that aims to solve the problem of flat feet, Mavi’s-a fermented food and beverage company,Tweek Labs- a smart wearable brand geared towards athletes, and Proxgy-a company that will usher in the age of virtual teleportation are the pitches.
1. CMM(Colour Me Mad Pvt. Ltd.)
- Owners: Rajeev Surana and Trishla Surana.
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About CMM
About 70% of the Indian people have a foot pain and 2 out of 5 people have flat feet which cause the serious pain. So for solving this problem CMM was born which is a foot-tech company and first in the history to make personalised doctor soles and foot wear in just 10 minutes. They customise by the following steps:
- Check the size of the footwear.
- Select the arch size.
- Select the arch.
- Stick the arch on the sole.
- Take a blank insole.
- Heat proof fabric on blank insole.
- Mould it with a hot gun.
- Put insoles on the sole.
- Shape the insole with a shaper.
- Customised insoles are ready.
The insoles can be removed and replaced or washed. The material used in their products is cork. They were in the lifestyle footwear products.
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CMM Gross Profit and Sales
The company’s valuation is 4cr. Sales generated in the last year is 8 lakhs rupees. They are B2C models. They have generated a funding of 4 lakhs rupees from an angel.
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Asks by the Pitchers of CMM
Pitchers approach with a ask of 40 lakhs for 4% equity of the company.
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Counter Offers for CMM
Peyush was not interested and stepped out of the deal. Anupam mittal stepped out. Aman didn’t negotiate in the deal. Namita counter offers for 40 lakhs in exchange of 25% equity. Pitchers counter offers 40 lakh in exchange 20.
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Final Offer for CMM
The deal was finalised with Namita for 40 lakhs in exchange of 25% of the equity.
2. Mavi’s
- Owners: Vikram Mittal, Meenakshi Bhanj
Vikram Mittal is 36 years old and Meenakshi Bhanj Deo is 41 years old. They are the owners. They were born and brought up in Jaipur. Vikram was a merchant Navy officer.
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About Mavi’s:
Their product is suitable from a designated driver friend to cocktail loving friend. It can be drunk by elders and children as well. Their product fits from an office party to family picnics. They are a fermented food and beverage company that makes gut friendly food like kombucha,kvass,tepache, sauerkraut,kafir and many such foods. These products are artisanal and made from local seasonal food. Fermentation is a part of food representation that not only makes food delicious but also good for digestion. They have developed foods according to Indian taste buds. MAVI means miraculous and vital indulgence. They started this in 2018.
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Mavi’s Gross Profit and Sales
The company’s valuation is 8 cr. The last year sales were 24.5 lakhs. Year before that they did sales of 12 lakhs.This year they did sales of 21.5 lakhs and projected sales is 35 lakhs.
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Asks by the Pitchers of Mavi’s
Pitchers approach with a ask of 40 lakhs for 5 % equity of the company
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Final Offer for Mavi’s
All the shark tank india judges stepped out and no final deal was done.
3. Tweek Labs
- Owners: Anant Sharma, Ayush Kushwaha, Shwetank Shrey, Aman Parnami are a team of professors and students.
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About Tweek Labs
They have made a smart wearable that captures the motion of an athlete in 3D. It looks for athletes performance and the insights resulted from that is provided to them and their coach through an app. There are 12 sensors attached to the body which capture different limbs of the body. The player needs to stand in T pose which forms a calibration and after this athletes motions are captured in 3D. They judge every moment of the player and tell the player about their KPI. Their vision is to provide every athlete with the best coaching with techniques so that they can discover their maximum potential. They have both B2B and B2C models.
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Tweek Labs Gross Profit and Sales
The company’s valuation is 20 cr. They offer the suit at ₹5k per month at rent. 35k is the manufacturing cost per unit. Out of 10lakh active cricket players, 1lakh goes to academy. Out of this one lakh, they are targeting 20% people.
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Asks by the Pitchers of Tweek Labs
Pitchers approach with a ask of 40 lakhs for 2 % equity of the company
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Counter offers for Tweek Labs
Ashneer and Peyush gave a joint offer of 40 lakhs for 8% equity of the company. Anupam gave a jomoffer of 40 lakhs for 7 % equity of the company.
Later they changed and came together to offer the deal at 40 lakhs for 12% equity of the company. The owners gave a counter offer of 60 lakhs for 6 % equity
Again a counter offer given by them 60 lakhs for 8% equity This is countered by sharks at 60 lakhs for 10% equity
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Final Offer for Tweek Labs
The final deal was done with Anupam, Ashneer and Peyush at 60 lakhs for 10% equity.
Checkout: Shark Tank India Controversy | Indian Mentality | Season 1
4. Proxgy
- Owners: Pulkit Ahuja, Inderjit Singh Makkar
Pulkit Ahuja is an entrepreneur, author and inventor. Inderjit Singh Makkar is an entrepreneur and they are from team proxgy. They were born and brought up in Delhi. Pulkit did their engineering from Delhi and completed MBA from Lal Bahadur Shastri institute.
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About Proxgy
Proxgy has brought made in india patented technology. With its help one can know anything from anywhere and also can book a live assist to see something. To stay at more than one place, you have to download proxgy app and book Proxgy in your favourite place. In a normal video call, one hand is always engaged in holding the phone which gives a gittery experience and one needs to have a contact number before calling . The contact details are shared immediately in that process.
But Proxgy is solving all this problem by providing privacy ,discoverability, and immersive experience. 6 inventions of proxgy is patented and multiple patents are pending. Their products have more than 1.2 lakhs pre orders in market having an order value more than 10 cr. Their product has four main domains. They are multi payment gateway audio boxes and usage in warehouses. It has a tap to scan feature and voice enabled property. It records video from POV.
Ashneer Grover‘s use case suggestions were:
- High value delivery
- Food delivery
- Video KYC
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Proxgy Gross Profit and Sales
The company’s valuation is 35 cr.
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Asks by the Pitchers of Proxgy
Pitchers approach with a ask of 35 lakhs for 1 % equity of the company
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Counter Offers for Proxgy
- Ashneer and Peyush gave an offer of 50 lakhs for 10% equity. Pulkit and Inderjit gave a counter offer of 50 lakhs for 2.5% equity.
Ashneer and Peyush again gave a counter offer of 1cr for 10% equity.Final Offer for Proxgy
The final deal was done with Ashneer and Peyush of 1cr for 10% equity at 10cr valuation of the company.
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Shark Lesson of the Day
Shark Namita Thapar told the meaning of SKU. It means Stock keeping unit which defines the range of your product and how many types of a product there are.
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