Nitin and Divya Jain, a couple’s gifting brand with the tagline “Swag Bhi, Sanskar Bhi,” successfully secured a deal, making all Sharks contended.
Shark Tank India S3 EP46, Monday: Shark Tank India Season 3 has been a roller coaster of ideas and pitches. In this season’s Episode 46, sharks like Anupam Mittal, Peyush Bansal, Vineeta Singh, Aman Gupta, and Ritesh Agarwal were presented with three unique ideas. However, the one who caught their attention was a couple with a business in the gifting industry, who charmed the sharks with their unique ideas and humility.
Nitin Jain and Divya Jain introduced their company, Indigifts, with a story about Indi, a new-age gift-giver.
Nitin said in the pitch that the brand’ name ‘Indi’ comes from the names Nitin and Divya listening to which Anupam said “pagle rula kar jayega kya” (Are you planning to make us cry?).
He added that the company was founded in 2017 and since then it has made a lifetime turnover of ₹45 crores, while the last year turnover was ₹7.4 crores which, according to Shark Ritesh, “gifting industry mein scale banana bohot badi baat hai” (it is not easy to make a scale income in the gifting business), while alongside their website, 70% of their sales come from online shopping platforms Amazon and Flipkart, with a review rating of 4.5 stars and a gross margin of 75%, and they are yet to open their offline selling outlets.
Divya and Nitin met each other in college and Nitin was Divya’s senior, Anupam laughed it out and said “us saal fail ho gaye hoge, sab chodke iske piche par gaye honge gifts banane” (did you fail that year, you were always trying to woo her by making gifts). They have a lovely relationship of 6 years and Divya said that Nitin has gifted her more than 100 gifts specially made by him. Vineeta wanted Divya to say about it loudly so that all the husbands can hear it and eventually follow it in their lives too. Aman acted coy in that comment and said, “eiye baat edit karwa dete hain”(let’s edit this part out) and Anupam said, “kafi romantic ho yaar” (you are romantic)
Aman asked why are they looking for investors in this business and to which Nitin replies they have a missing technology layer in their business and they require AI Intelligence for catering customers with customised gifts of their choices based on a few questions asked. They are strong willed in making a gifting brand.
Nitin claims that all their products are his brainchild; he is the creative brain of Indigifts. While Nitin works on the framework of overall lead direction, Divya handles the sales along with execution and operations so that her husband’s creative imaginations come into reality. Nitin mentions that they launch three to four new creative products every year. Shark Peyush advised them, with real-life experience, to increase their new item launch, which will eventually help in their marketing. Vineeta questioned them about why and how they discontinued their products, and their answers left the sharks happy and satisfied.
On the other hand, Divya captured the shark’s heart with her words, “Emotions ko express karne ke liye gift nahi milenge” (You will not find gifts that will express your emotions). Nitin and Divya showcased their star products, including Seed Rakhi, “If Kar Na But, Biwi Jo Kahe Wo Kar Jhat” Kit With Patni Chalisa, and cab pillows.
Taking the questions further, the sharks inquired about the seed rakhi. They were surprised to know that the seed rakhi can grow into a plant if planted or dropped somewhere, and also that the seed rakhi is a product with a purpose. Indigifts collaborated with 300+ NGO women to make the idea come to life. Anupam was delighted to know of these good grounds behind the creation of seed rakhi.
Leaving all of the sharks happy with their pitch, Indigifts was showered with offers from the Sharks.
Shark Peyush was the first one to make a decision. He commented that the business has creativity, great founders, and a future, but he is not ready to invest in it yet. He further stated, “Fund raise Karlo, then we should meet again” (raise some funds, then we will meet again).
Vineeta praised the tagline ‘Swag Bhi Sanskar Bhi’ and was ready to be on board with Indigifts and made a beneficent and interesting offer of 25 lakhs for 2% equity with a valuation of 12.5 crore, alongside an additional 25 lakhs as debt with 12% interest payable over 3 years.
Aman had to back off from making an offer and said, “Maine offer banaya tha, par wo offer na inse kharab hain, toh inke hi offer per aap jao” (I made an offer, but her offer is better than mine, so go with her). He said all the best to Nitin and Divya and said he and his company would buy gifts from them.
Ritesh said they have an opportunity to make a successful business, and they’ll be able to relate to what the large mass wants. He wanted to make a joint offer with Vineeta, which was readily accepted by her, and the offer was changed to 50 lakh for 4% equity, which is 2% equity for each shark.
Anupam did not make any offer to Nitin and Divya but advised them to continue being a bootstrapped company, and for advisory needs, they should work with Vineeta and Ritesh.
On the other hand, Nitin’s plan of making a counteroffer was straight away rejected by Vineeta.
In the end, Nitin and Divya’s dream of elevating their New Age Gifting Brand ‘Indigifts’ with the help of sharks was actualized, and they took the offer made by Sharks Vineeta and Ritesh.
