Sometimes, people just need someone to take a chance on their dreams and follow the path they had always been destined for. Balika Vadhu star Neha Marda, who played Gehna on Colors’ longest running show, got her chance on the latest episode of Shark Tank India – allowing her dreams of entrepreneurship to take flight.
On episode 16 of the hit show, Marda pitched her unique deodorant to the sharks alongside the two other co-founders and walked away with an impressive deal that was fair to both the pitchers and the investors. Judges Anupam Mittal and Aman Gupta sealed the deal for Rs 1.8 crore each for 1% equity of the company, agreeing to the proposed valuation of Rs 180 crore.
How Neha Marda convinced the sharks
As an actress, Marda can also pull out the moves when required. She kick-started her pitch in a unique way; A dance performance presenting her product, an alum based deodorant called Phitku, which had the sharks suitably impressed. Alum or Fitkari, as it is commonly known as, has long been used in Ayurveda as a natural astringent and antiseptic. It is also famous for its purifying and deodorizing properties.
Marda took a centuries old concept and gave it a modern twist: different flavours, quirky twist-out packaging and a convenient stick form. She opened up about developing intense body odour after her pregnancy and the toll it took on her confidence as the sharks empathetically listened. She claimed what set her product apart from others in the market, was that it offered a toxin-free, fragrance-free and long-lasting deodorizing experience for its users.
Her personal struggles tied into the company’s pitch perfectly, with her co-founders compounding on its benefits and justifying the Rs 999 price-tag. However, some sharks were a hard sell and less than impressed with the lack of transparency from the founders in terms of positioning. Phitku’s team was questioned about the price point, the inconvenience of needing water to use the product and numbers that just didn’t add up.
Three of the five sharks – Namita Thapar, Ritesh Agarwal and Amit Jain – dropped out while Anupam Mittal and Aman Gupta negotiated a fair deal. These sharks weren’t impressed by the misrepresentation of figures but appreciated the innovativeness of the product and believed it showed promise.
A fair deal for both parties
Mittal and Gupta thoroughly negotiated with Marda and her co-founders and finally agreed upon a deal which gave Phitku Rs 1.8 crores each from the investors for 1% of equity. This put the valuation of the company at Rs 180 crores, which was what had originally been pitched, versus Anupam Mittal’s initial offer of Rs 1.8 crore for 3% of the equity. The two investors also countered with a 5% share of the royalty that would be received by them until Rs 5.4 crores was recouped.
After thinking about it for a moment, the Phitku team agreed that it was fair trade and accepted the deal whole-heartedly with Neha Marda’s brother – one of the co-founders – even exclaiming, “Deal pakki hai!”(The deal is sealed!) The investors and pitchers then shook hands and everyone was smiles as they posed with the cheques. As the trio of Phitku made their exit, the sharks were seen congratulating Mittal and Gupta on a solid deal while the pitchers were also seen jumping around in excitement; a truly beneficial deal for all parties.
