Shark Tank India 3: A revolutionary technology with a smart bag company cuts a deal with Anupam Mittal only on THIS condition. Watch.
Shark Tank India 3: The popular business show Shark Tank India season 3 has seen some of the futuristic innovations that were left undiscovered, and once again, the pitchers brought a technology-packed product. In one of the episodes of Shark Tank India, judges were shocked to see the kind of technology that the pitchers had brought with them. A smart luggage company shocked the ‘Sharks’ with their revolutionary smart luggage. It is worth noting smart luggage company managed to cut a deal with Shark Anupam Mittal. Read along.
Anupam Mittal Vineeta Singh Get a Ride On Smart Luggage- Watch
While the pitchers were busy talking about their business, Shark Aman Gupta tested their technology of riding on the smart luggage. Yes! You read that correctly, the smart luggage does not only have cool features but one of the key parts of the luggage of riding on it with navigation technology known as ‘follow me technology’. An important thing the pitcher mentioned was that their technology was supported by the Ministry of Electronics and Information Technology (MeitY).
The pitchers not only specified their flagship product but also focused on their essential products like smart wallets with navigation technology, handbags with cameras, and bags with fingerprint technology. After presenting their premium range of products the company pitched the deal of Rs 45 lakhs in exchange for 1.5 per cent equity, with a valuation of Rs 30 crore.
Sharks Go Bonkers On Smart Bag Company’s Annual Sale
After trial and testing the product, Sharks took a brief look at their annual sales and were shocked. The pitcher stated, in the year 20-21 they made sales of Rs 75 lakh, in 21-22 the firm made sales of Rs 1.57 crore, in 22-23 it generated sales of 3.6 crores, and in 23-24, the company has orders worth Rs 5 crore.
Take a look at Shark Tank India Season 3 Episode:
All Sharks Make Exit Except Anupam Mittal Here’s Why
Shark Aman Gupta suggested the pitchers update their technology as they can be quickly chased in terms of tech, this was the main concern of Aman. Vineeta Singh also makes her way out of the deal due to the complexity of the product making it hard for the consumers to understand. Shark Radhika Gupta also recommends the pitchers stick to one product, as their best-selling product is yet to be chosen, narrowing down and focusing on one product at the start could benefit the company, stating that Radhika refused to offer a deal.
Anupam on the other hand criticized the pitchers for making their product too complex for its consumers. He suggested they not only look at tech, but also focus on quality, and branding too.
Anupam Mittal Offers a Deal To Smart Luggage Company But Only On This Condition
While the other Sharks rejected the offer due to multiple reasons, Shark Anupam had second thoughts of investing his money in this company. He stated that the pitchers have proved to double their sales every year and that shows a positive sign. Anupam offers a deal of Rs 15 lakh in exchange for one percent equity adding Rs 30 lakh as debt at 18 percent of interest for two years. Later the pitchers come with a counter offer of Rs 20 lakh in exchange for one per cent equit and Rs 25 lakh as debt with the same interest rate. However, Anupam Mittal sets a condition where he agrees to invest only if the company signs a deal in Dubai. Agreeing to Anupam’s terms and conditions the company finally takes their deal in Shark Tank India.
What are your thoughts about the smart luggage company? Do you think with this technology the business can bring a revolution?