“Sapne toh bahot log dekhte hain par duniya mein bahot log aise hain jo dekh hi nahi sakte.”
This is what Peyush said at the starting of his pitch. The entire pitch was based on the fact as if they have gone back to 2010 and Peyush is just starting off the company and wanted guidance.
Peyush offer to the investors was, Rs. 1 crore for 1% equity in his business and also a lot of guidance.
This was basically the last episode of the current season of Shark Tank India, and as for the end of it it was a surprise pitch from Peyush Bansal pitching his mutli crore valued company, Lenskart to the other judges – Namita Thapar, Ashneer Grover, Aman Gupta, Vineeta Singh, Anupam Mittal, and Ghazal Alagh.
Watching his previous episodes with other contestants one can tell that he likes very well-planned, data and purpose-driven pitches and that is exactly how he laid his pitch out for the sharks.
Peyush was asked about the name of the company and whether he ‘stole’ that name from the company, ‘Flipkart’, to that he replied that he registered that domain name way before Flipkart did. And he also has side business ideas like ToysKart, JewelsKart, etc and how he had around 20 names with the suffix ‘Kart’ registered under his name.
To which one of the sharks, Anupam Mittal replied that he might be a risky person since he already has ideas of side businesses and he might get distracted from LensKart because of those. And Peyush with full honestly said that he might get distracted, but then he started talking about his background and how he was inspired to be something different and set himself apart from the crowd.
When he was interning for Microsoft he met Bill Gates once, and there we had the thought in his head that Gates actually did something and around 50 thousand people work under Microsoft. He did not want to be a part of that 50000 rather he wanted to create something by himself. And set himself out through which he decided to come back to India from Canada after completing his graduation in electrical engineering.
He was then countered with a question, “yeh product business hai, aap technology sey product mai kaise agaye”? To which Peyush replied, how his business is not totally product-based but also technology because of how the work goes and making the lenses with the perfect power is a part of technology. Thus it is a mixed business constituting product and technology.
After this explanation, he faced another challenge when he got asked that this business was mostly a retail business and he probably doesn’t have any experience with it so why does he wanna take this idea forward. He backed himself up by saying, “is category mai bohot margin hai aur bohot paisa hai” and went on explaining why would people want to buy their eye-wear from an online shop.
Watch the inspiring pitch by Peyush Bansal below
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There were a lot of things to learn from the pitch at the end of season one. Where it kinda made things clear for the upcoming contestants to be prepared with the kind of pitch investors expect and the questions they’ll be countering them with.
Also read: 8 Myths About ‘Shark Tank India’ Debunked By Anupam Mittal