Shark Tank India Season 3: A lot of ambitious young business owners hope to get into Shark Tank India and close the biggest deal of their careers. Startup founders from all walks of life pitch their ideas to the masters of the Indian entrepreneurial scene on Shark Tank India, a cauldron of up-and-coming business concepts. The three founders of the firm Nasher Miles, Abhishek, Lokesh, and Shruti Kedia Daga, recently made an appearance in an episode of Shark Tank India-3.
Fair Assessment from Sharks
All they sought from the sharks was a fair assessment of their fledgling company. The founders of Nasher Miles assert that their bags are distinct from the many other bags on the market. The creators of Nasher Miles were grilled by sharks Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Aggarwal, and Vineeta Singh.
With a perfect score, the three of entrepreneurs received a valuation of Rs 200 crore for their business. The fact that it was only the second All 5 Shark trade of the season strengthens their argument. For the business owners who started this company six years ago without any money and rose to national prominence thanks to the Shark Tank deal, it was like a dream come true. Discover the tale of this firm from Mumbai that appeared in Shark Tank India-3 after starting from zero.
First Mover Advantage
The narrative begins in 2017, a year in which the virtual market for bags was still relatively new and barely discernible from the real one. The creators of the firm began as aggregators. The three joined the market and gained the first mover advantage because it was a small market. Style, variety, and fashion were their three main focuses when they first started, and they have stayed true to that formula to this day. According to the founders, their firm offers bags in over 100 tones.
According to them, numerous well-known tourist spots served as inspiration for their bags. According to the startup, these bags are robust and reasonably priced. However, India makes the remaining 20% of their bags, with China producing the majority of them. The creators said that within the next three years, they hope to begin producing half of the bags in India.
Live Demonstration on Shark Tank
It can be risky for a start-up in its early stages of funding to offer a lifetime warranty on its products. However, this startup asserts the following regarding its bags. The founders guarantee that any bag that cracks in the future will be replaced. The polypropylene used to make the bags prevents cracking. Shark Anupam Mittal leaped on the bar above these bags to confirm their allegation, but it did not break. The bag partially deflated before regaining its shape.
Executive Salaries and Bonuses
Shruti receives a salary of Rs 5.75 lakh each month, while Abhishek and Lokesh receive salaries of Rs 7 lakh each month. In addition, each of the three of them receives a one- to two-month bonus each year. The Sharks were big fans of this company.
The founders of Nasher Miles stated that cabin bags cost between Rs. 2700 and 3200, mid-sized bags between Rs. 3200 and Rs. 3700, and large luggage between Rs. 3700 and Rs. 4200. The firm has named Indian cricketer Rishabh Pant as its brand ambassador, realising the importance of doing so. The company intends to join retail establishments and open a few of its own stores in order to concentrate on offline operations in the upcoming years.
Valuation and Equity Offer
At a valuation of Rs 400 crore on Shark Tank India, the firm founders requested Rs 3 crore for 0.75 percent equity. After protracted negotiations with the Sharks, Nasher Miles ultimately secured a significant agreement. At a valuation of Rs 200 crore, the business struck a deal of Rs 3 crore for 1.5% equity. The firm was fortunate to secure an All Shark contract, which included the addition of Aman Gupta, Anupam Mittal, Namita Thapar, Ritesh Aggarwal, and Vineeta Singh. This season, the transfer marked just the second All 5 Sharks transaction.
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