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Shark Tank India 4 panelists back out, but Ritesh Agarwal believes in 12th pass entrepreneur: ‘I will bet on you’
A small business from the villages of Rajasthan impressed Ritesh Agarwal on Shark Tank India 4's latest episode. Read on to know how much the Shark offers.
Shark Tank India 4 gives a platform to budding entrepreneurs from different corners of the country to show their unique businesses on national television and secure investments from seasoned investors. This season saw many small businesses winning over Sharks, and in the latest episode (March 4), another small business from a small village in Rajasthan impressed Sharks.
TribalVeda, started by husband-wife Rajesh Ojha and Pooja Ojha, residents of Jaswantgarh, Udaipur, sells natural products made from jamun (java plum) online. Their business employs many tribal women, and so far, they have processed more than 5 lakh kg of fruit in collaboration with about 5000 tribal women. They asked for Rs 50 lakhs for 2% equity.
As the Sharks taste their product, they remember their childhood. Namita Thapar says that growing up, she ate the fruit a lot as they had a tree in her grandmother's house. Vineeta Singh, excited to taste the jamun shot, shares a positive review after having it. Ritesh Agarwal also shares that seeing jamun brings back fond memories of his childhood.
The founder, Rajesh, says that he left the village at the age of 16 and came to Mumbai. He worked as a delivery person for years, then started his own business but failed. After returning to his village, Rajesh, who studied till class 12th, started Tribal Veda.
Talking about Tribal Veda, he shares that there were a lot of jamuns in the forest near the village. The fruit comes only for one month a year, and after plucking from the tree, its shelf life is only 1 day. In such a situation, the tribal women had to sell this fruit at a very low price. From there came the idea of doing something with Jamun.
The founders claim that their products are mostly used by people above the age of 35 as a health product. About 40 percent of the total sales come from Mumbai and 20 percent from Bengaluru. The company earns 8 percent from the marketplace, and 22 percent from channels like events and farmer markets. At the same time, 70 percent of the income comes from the company's website. The company claims it is currently earning a gross margin of about 45 percent in B2B.
Sharks Namita Thapar, Vineeta Singh, Anupam Mittal, and Kunal Bahl back out from offering a deal after listing the different challenges. But Ritesh Agarwal says that although there are challenges, he sees a lot of opportunity. "I will bet on you," adds Agarwal.
Ritesh offers a deal of Rs 50 lakh in exchange for 7.5% equity, in contrast to the founders offered Rs 1 crore in exchange for 5% equity. Ultimately, Ritesh gives Rs 50 lakh in exchange for 5% equity, which the pitchers accept. It has 2.8% equity; the remaining 2.2% is advisory equity.
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