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Shark Tank India 3: The startup, Daak Room, which was once praised by Prime Minister Narendra Modi, was featured in a recent episode of Shark Tank India season 3. During the episode, Daak Room founders Shivani Mehta and Harnehmat Kaur introduced their startup and said that they promote physical writing among people through school programs, campaigns, events and products. The sharks were impressed by the tone and received written letters from their loved ones. The founders asked $36 lakh for 4 per cent equity.
What did Sharks say in Daak Room?
The founder of boAt called writing an ancient practice and decided to opt out as he shared the same passion for writing as them. He said: “This was common in ancient times, when people used to write. I agree that children write. “It’s not a business.” “I’m opting out because I don’t share the same passion for writing as you, so I won’t be able to provide more value,” he said.
Edelweiss CEO Radhika Gupta felt that Mehta and Kaur didn’t know if Dark Room was their passion project or their business. She added: “I feel like they’re confused about whether this is a passion project or a business. I won’t be able to consider it as an investment at this time. I will surely attend your carnival and as I am so passionate about this topic, if I can advise or be of any support, including with CSR, I will be more than happy.”
Lenskart founder Peyush Bansal also did not identify with the speech and said, “I did not understand what service exactly they offer and what is the mode of income.”
They explained: “We have three sectors: the first is for the education sector, the second is for marketing campaigns and events and the third is our main event, which is the letter writing carnival.”
Talking about revenue collection for FY23-24, Mehta said that they collected a total revenue of $90 lakh and has planned to make $1.46 crore this. Outside $90 lakh revenue, Mehta added that from school programs they collected 41 per cent of the revenue, 55 per cent from marketing campaigns and 4 per cent from carnival.
However, opting out of the deal, Bansal advised the founders to shift it to a stationary brand. He said: “I think the path you are on is deciding whether it is the right thing to do to seek investment for this business. Because, three years later, you have to turn Daak Room into a big stationery brand and sell commercial products. The profits you obtain from it can be used for your carnival.”
The Daak Room deal with Ritesh Agarwal
Finally, Daak Room reached an agreement to $36 lakh in exchange for 6% equity with OYO CEO Ritesh Agarwal. He further stated that he will reduce his ownership to 5% if his business reaches its income targets.
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Posted: Feb 12, 2024, 11:25 am IST