The new episode of ‘Shark Tank India 3’ witnessed an all sharks deal with Dharaksha Ecosolutions at Rs 1,250 for one per cent equity, and an added 100 hours.
The 31-year-old Anand Bodh and Arpit Dhupar are the founders of Dharaksha Ecosolutions, which is a biotech-driven R&D company specialising in the production of alternative sustainable materials.
During the pitch, Arpit said: “Thermocol is a petroleum-driven product which takes 2,000 years to degrade.” Anand continued, saying, “Thermocol is a bigger problem than plastic because its ability to be recycled is less than 2 per cent.”
Arpit shared their vision, which is to create a sustainable future where everyone gets clean air and water. They asked for Rs 1,250 for one per cent equity. “We want your 100 hours to help our business grow. We want your 100 hours against one per cent equity,” said Arpit.
He further said: “I had a realisation and a clear vision to recreate clean blue skies. All of you are well-travelled. When you go to Europe or the US, the world appears to be in HD. The colours appear bright. It's not the same in Delhi or any other big city. I felt that access to clean air should be democratised. It's not fair that the West has clean air but we don't.”
Anupam Mittal (Founder and CEO of Shaadi.com) said: “It's a nice thinking”. The founders then gave the Sharks a tour of their products, saying, “Crop stubble is transported to Dharaksha, where they add their engineered mushroom strain. The mould is baked in an oven to kill the mycelium and the product is then ready.”
The unique selling propositions are -- box size can be reduced by up to 15 per cent-20 per cent, and it is hydrophobic. Founders will be taking a debt of Rs 2 crore for machine automation, and their target industries are -- cosmetics, and consumer electronics.
The guidance required will be for -- Moat strategy, technology and automation, market access and networking. Their future plans are to develop a harder version of the product within 3-4 years, match the price of thermocol packaging in 3-4 years, and match the price of paper packaging.
The Sharks were left impressed by their vision. Ritesh Agarwal (Founder and CEO of OYO Rooms) said: “What a bright guy!” Vineeta Singh (Co-Founder and CEO of SUGAR Cosmetics) said: “Amazing. You are awesome!”
Aman Gupta (Co-Founder and CMO of boAt) added: “Please take it. How will I write hours on it?”
However, the Sharks Aman Gupta, Anupam, Peyush, Ritesh and Vineeta's kept two conditions infront of the founders -- Claims of Debt and LOls have to be verified, and secondly the Sharks will receive a 20 per cent discount on the valuation of the next investment round.
Finally, it was an all Sharks deal at Rs 1,250 for one per cent equity, plus 100 hours. ‘Shark Tank India 3’ streams on SonyLIV.
