Shark Tank India Season 4: Peyush Bansal breaks record by investing in ‘Next Sabyasachi’

Shark Tank India Season 4: The ‘sharks’ panellist Peyush Bansal is in the limelight after he broke the show’s record by investing ₹5 crore in a lifestyle and accessories in the third episode of the fourth season of Shark Tank India. The brand that cracked a deal with Lenskart CEO was ‘NOOE,’ founded by two entrepreneurs – Piyush and Neetika.

Let’s find what happened in episode 3 of Shark Tank India Season 4. Notably, NOOE creates high-end products utilising a “Japandi” aesthetic. The entrepreneurs, with an ask of ₹50 lakh in exchange of 1% equity, against ₹50 crore valuation came to the show. But to everyone’s surprise high drama unfolded and they went back with 10 times the investment they had asked for.

The ‘sharks’ panel comprised Anupam Mittal, Vineeta Singh, Aman Gupta and this season’s newcomer Kunal Bahl, apart from Peyush Bansal. Although impressed by NOOE’s quality products, all panellists seemed unconvinced by the business operations except for Lenskart chief.

Although this brand features at the iconic British retail store Harrod’s but this was not providing much revenue. According to Piyush, margins were erased simply by the shipping costs involved to export their products to UK.

‘Next Sabyasachi’

Vineeta suggested that this brand has the potential to become ‘next Sabyasachi.’ All sharks were stunned when pricing of the products was discussed, Piyush revealed that NOOE sell a product worth ₹15,000 in India for around ₹40,000 in Harrod’s.

However, the founders were in debt, amounting to over ₹1.2 crore and just had ₹22 lakh in the bank. Suggesting that investment in NOOE would need a ‘clean-up’ first since the founders were surviving ‘hand-to-mouth’ at the moment, Anupam questioned, “Why don’t you ask for more money?” Aman replied, “Aap dete nahi (As if you’d give them more).”

Record breaking investment

After Kunal, Anupam and Vineeta backed out, Aman offered ₹3 crore investment and later revised it to ₹2 crore in exchange of 30% equity. After subsequent deliberations, the founders decided to present counteroffer for ‘controlling stake’ of 51% in the company but against ₹5 crore investment, to which Peyush agreed.

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