Have you watched Episode 26 of Shark Tank India? This article aims at the rare planet, rare planet shark tank India, rare planet net worth, founder, store, online shopping, copper bottle, and handicrafts Banglore
|Company name||Rare Planet|
|Founders||Renu Deep and Vijay Kumar|
|Business Category||Handicrafts and Culture Gift Items|
|Net Worth||Rs 12 Crore|
|Investors||EMCURE PHARMACEUTICALS AND NAMITA THAPAR|
|Valuation||Rs 65 Crores|
|Funding Asked||Rs 65 Lakhs for 1% Equity|
|Funding Given||Rs 65 Lakhs for 3% Equity|
Rare Planet Shark Tank India | Introduction to Pitch
Ranu Deep and Vijay Kumar are the co-founders of Rare Planet. Ranu displayed Sharks two Kullhads one of them was a normal one and another one was painted. You will be surprised to know that the non-painted one sells for Rs10 and the painted one is sold in the market for Rs400. Both of them were made by the same artist. They started their pitch by comparing the Kulhads made in the normal process In India after every 100Kms you will see people with different culture, their clothes, language and art, and culture. As art and culture are changed the artists do not get the payment as per their hard work.
What is Rare Planet?
Rare Planet gives a platform to these artists to list their Terracotta Ceramic copper Studio Pottery. Today they are present in more than 4 locations. Thye are having a variety of Terracotta Ceramic, Copper, and Studio Pottery. They want to make the artists of India AATAMNIRBHAR. The specialty in products sold by Rare Planet is that they are Dishwasher Proof, Microwave safe and color will never go off even if you wash it unlimited times.
What is their ask for funding from Sharks?
They are here to ask Rs65 Lakhs in exchange for 1% Equity. You will be surprised to know that the valuation of this startup is Rs65 Crores.
QnA | Sharks asks Rare Planet | Shark Tank India
How did this business got started?
When ranu was doing engineering in 2015 his family’s financial condition was not os good. Therefore he decided to sell these Kulhads after painting them and with this only he funded his engineering. When he started online the response was not so good then he decided to go offline and they set up their small store in Kolkata. You will be amazed to know that they had sold Rs1.5 Lakh worth of items in their first month. Then they covered all the book stores after that they moved to Airport. Vijay who is cofounder is in Airport retail for the last 10 years. Today Indian soil is also competing with China’s ceramic.
How is the pricing done?
Ranu shows the copper bottle to vineeta Ranu gave the example of a Copper Bottle as it is sold for Rs1799.
How many SKUs do they have?
They are having 6000 SKUs. What is their sales and NetWorth? In the last 1 month from their 4 Airport Retail outlets and online stores, Rare Planet has clocked Sales of Rs 1 Crore. Of which 78 Lakhs were from offline and the rest was online. In last month they are having net profit of Rs12-13 Lakhs
How many funds this startup has raised?
Ranu explained that they have raised Rs 1.2 Crore at the valuation of 6.5 Crore. At that time their revenue was Rs4-5 Lakhs. In August 2020, they have raised Rs2.5 Crores.
How they are going to scale?
They are doing B TO B at present will be looking forward to the Corporate gifting sector and Airports. Due to the pandemic, many outlets have exited the Airport and they are in talks with 11 Airports. Once they get this airport game then they will be stretching towards stores in Malls and they will start with Select City Capital. They hope to add clothes and furniture.
How much revenue they will be sharing with airports
Rare Planet disclosed that they are in talks with 11 Airports and they will give 28% to The airports.
1:1 | Sharks investing in Rare Planet | Shark Tank India
She will not be a passive investor in the company but she will give her Network, Expertise, and Time.Offer- Rs 65 Lakhs for 5% Equity.
Your pricing is quite high and it is moving you towards a luxury brand. When people on Airport they are in a hurry to get gifts for their home so the self-consumption market is more. She does not seem that it is fit for her so she is out.
She agrees with the point of Vineeta and says that their products are very beautiful but branding is not at that point. She is out for this reason
Airport dependence is becoming the major point for Peyush as If the team proves that this business can also work in retail then he will invest. For today he is out.
When he is watching at the team he does not seem that branding is their strength. Anupam loves what he is doing but for today he is out.
Where does the deal meet?
Ranu thanked Namita for her offer and presented their counter offer.
Counter Offer from Rare Planet
Rs 2 Crores in exchange for 5% Equity.
Emcure Pharmaceuticals VS Rare Planet
Namita did not agree to this and said that she is not going to increase the Amount. The deal closed at Rs65 Lakhs for 3% Equity. Company Valuation becomes Rs21.67 Crores.
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