Barber Shop Episode with Kip and Akhil

hi everyone welcome to a brand new episode of The Barber Shop uh when you usually watch a barber shop episode it&#39;s typically an entrepreneur a business leader a CEO and it&#39;s a reflective long conversation which kind of unpeel the layers of the person&#39;s experience and what they think about their business or their company or whatever they&#39;re doing uh but one area that we wanted to go deeper on uh especially after we started the barber shop razor Series where we invest in young entrepreneurs is actually the element of knowing your business inside out which a lot of young entrepreneurs are doing better and better and I learn a lot from them but something that we could not give the flavor of to our view viewers till now today we have with us an amazing company started by a trio from I goti it&#39;s in the food and beverage industry which I&#39;m very excited about in general today out of the trio we only have two uh Kip and akill the founders of anv and we want to learn all about their business as quickly as possible and who better than Kip and akill to talk about it so welcome to the barber shop cuep and akill um have you guys watched the barber shop before yeah obviously yes for sure so for us like it&#39;s a very big thing to come here like people who we Aspire uh about and you know watched for like learned from how to build businesses they have been on this and we&#39;ve watched so many episodes trying to understand and to be here and also share our story is a great honor it&#39;s our privilege to be you know for you to have allowed us to invest in you guys and to be you know we call it U Equity Seekers right when we seek Equity from Founders like you and we are glad that you thought of us as worthy to do it but uh today I wanted to kind of Deep dive uh on unan so imagine that people who are viewing probably don&#39;t know anv yet and start from there so what was the idea you guys are three years old clocking 70 crores plus in Revenue first of all huge kudos to you in 3 years we will not even at like I think 10 gr uh per year it took us took Bombay shiing company a lot longer but you guys have HD the ground running uh and built out something amazing but in in short what does anv do what do you guys stand for so we are basically a food brand which stands for high quality minimally processed food which is free from chemicals preservative and we have a very unique backend model so when we started this brand our aim was not to sell food products but was to generate employment in rural areas like it started out of my own village where it was like a passion project awesome so describe what what what is like if you were to tell me what unvision looks like today at a supply and product standpoint as well as a consumer brand so can you describe these two things so we basically uh deliver or we provide high quality food products in staple category which ones are they so we have two major categories ghee and oils okay where we are trying to you know revive the traditional methods of manufacturing these products so for example in our older days ghe used to made out of Bona method the right way of consuming oil is through cold press or wood press so but these days what has happened that people are or brands are basically valuing quantity over quality so they are heavily processing it they are putting a lot of chemicals preservatives so that&#39;s actually doesn&#39;t remains as a food like you&#39;re just putting in your body and you then they fortify it with a lot of vitamins chemic like which which actually doesn&#39;t your body takes in the same manner so that&#39;s when we actually started researching in this area and we realize that there&#39;s a mass deficit in the consumer Brands which are today in Market most of them are you know more price sensitive than quality sensitive they are not actually caring about quality for them price is more important all so G and oil are the two ones and are there subcategories in terms of ghee like what kind of leg is in Buffalo so we have like three types of ghee within ghee so we have a Gea ghee it&#39;s a specific breed found in Gujarat then we have a harar Ki which is a specific breed found in Tamil Nadu and third one is a cream ghee which is a mixed cow breed but all of the GES are A2 ghee which is made from an indigenous uh cow yes oils are wood press or gold press yeah cold press oils which which which oil so we have six kinds of oil ground nut sunflower coconut mustard so basically we uh we we saw the data that you know almost 30 40 years ago India was a self- sustained oil country where we don&#39;t used to import much but and and these were the major oils which we used to Brut sunflow coconut mustard and then we have yellow mustard and and sesame oil got it break up the six crores in Revenue uh six per month in Revenue so how channel is it online offline So currently we are a primary online company so around out of this six like one to one and a half cor comes from our own d2c website okay uh then we have Amazon so we do almost like 2 to two and a half cores on Amazon then we have quickcom where we cumulatively do around two car which includes like blinket zepto instamart and all and then we do a little bit of retail so around 30 to 4 lakhs monthly revenues contributed to retail Channel when you say retail it is like General trade model it is completely modern trade right now and for us like it is more of getting to the right eyeballs so customers who are buying in like premium stores in like Metro cities like Deli Bangalore and Mumbai so we are just the presence there in those empty stores Wonder can me a little bit about the pricing like uh for both G and oil how are you compared to what is competition like in each of sure so so first of all like if we see within the oil category also like usually currently India consumes refined oil the most almost 304 this was DDA you know where DDA was the main cooking ingredients now refined oil is the ingredient and slowly slowly this cold press oil is coming into market so if we compare ourselves with you know refined oil then we are almost two to two and a half time expensive okay but if we compare ourselves within the category of the cold press then we are at par with most of the competitors okay and how how big is cold press versus total oil like what what percentage of the category is cold press currently it would be around 6 to 7% of the total that&#39;s pretty high yeah 6 to 7% of oil is now cold press yes and it&#39;s a growing market like bigger fmcg Giants have also recently entered into this category so which like create it it is a good thing for our company as well that like even the bigger players are now supporting that this should become the norm so from Recently Tata daber all of them launched a cold press category so which was not there like two or three years ago gold is two to two and a half times more expensive than defined oil yes at a per liter level yes wow understood and ghee uh ghee is again uh in India it&#39;s around 2 ,000 Market out of which actually there is no report which states how much is A2 G Market but if you again calculate through online market and all it&#39;s around 6 to 7% understood so you guys are basically in the wave that is premiumize hean oil in India by making it more healthy yeah understood and you saying larger fmg companies are also doing this now no they have recently started like this was not there when we started the brand but in last one year we have seen Tata daber all of even Del Monte these brands are also now entering and getting into it because consumer habits are changing you know this was the same Trend which was happening 30 40 years ago when people were shifting from daa to refine and now you know all these conscious consumers who are facing through any kind of ailments they are now shifting because they dietitian nutritionist are recommending that you should consume cold press file understood out of these nine products that you have right now is there a like is there a power hero SK So currently like for us like 40% of the sales is are a to halikar KI so whichi yeah which is a new like uh so actually like there are 18 different cow breeds native cow breeds in India so like H SAR so it is a consumer preference mostly like which taste taste Aroma green size and that varies but like overall the process is same so we primarily like like this the most when we were there so like we went on so we actually did a very thorough research where we analyzed and obviously taste was one of parameter like arom I was talk chakar G at Country Delight so for him the danar G is like d he call it danar G and is he a compe to you guys yeah in a way but again it&#39;s a different price point they are they are not giving A2 G they are giving normal G so you were able to figure out that think is fting also talk about the concept of your core goal which is to increase the income of people who you are working with so talk sure so uh like we so when we started like you know uh we realized that uh in India India is a diversified country right where you grow a lot of different crops in different parts of country but if you&#39;ll see today how food is made there is a very big Factory of a very big company they will manufacture everything they will stock everything you know for the entire year and then they will do it we realize that you know we need to do some sort of innovation over here that somehow this money can go to the end farmer and at the same time we have have to manage quality also so at that point of time we thought of this decentralized model where we you know thought that we will set up a small unit where we will manufactur the food right there itself and we will set up the Sops we will train them and we&#39;ll be basically more closer to the source so that our food can be more fresh and you know we can be revive their traditional wisdom because these Farmers know a lot of things so they started out of my village where we installed pis our first uh Factory so we took a loan of 10 lakh Rupees during college only and we just installed that 10 lak P machine for my Chacha he was a driver in Delhi uh and one day like we were there and I just told him that you don&#39;t have you don&#39;t need to you know work there anymore we start so from there it started almost it took me one year to convince my dad that I want to quit job and start this because they were like I come from a middle class family so they were like so like it was a social project we wanted to do something in the agre space like during our College times we had worked on like projects in ml space and Robotics like where how to predict which crop to S Etc and like while working on those projects we met a lot of farmers went to mundies and this unit was also set up but uh like we realized for the farmers the main problem was getting the right price for the produce and not about like you know taking the yield from 100 to 120 kg but like getting right price for those 100 kg so that&#39;s uh when we went on to sell that oil that we were making weiz Market forces you to adate because if the our costing for the oil is like 120 rupees and the market is operating at a trading at 100 rupe Mark so it is like kind of bad calculation that you need to add palm oil to it delate it and then sell sell it to the bigger market so that is where the brand angle came in we were like no we won&#39;t adulterate and that whole move started we&#39;ll create a brand which will focus on Pure Food and that is our yeah and you felt that there was a consumer will pay for yeah so I&#39;ll tell you interesting fact so while while we were reading a lot of about data over there so in us like almost 5 six years ago the health and uh healthy food market was just 9% of the total Food Market but today it is standing somewhere around 29 31% so this change has happened in last 57 years in us and a similar Trend was expected to happen in India not at that growth rate but maybe at a similar or a comparable rate where India in India also consumers are you know becoming more conscious about quality about chemicals preservative they want to invest in their body so we were seeing that this space is also growing at a very fast rate and hardly anyone has you know figured out a model through which they can manufacture these kinds of products at scale like there are many brands in India which is doing you know 50 40 60 laks Revenue per month but they fail after a certain scale because when you uh scale you actually have to set up multiple of those units and these things are not standardized like no one makes oil through kou and all everyone do ex methods and there are proping Refinery for that and you require 100 CR Kix to start that versus our was a completely different model so so when when we installed our first factory in my Village that was in hatus for the mustard plant so the second unit which we were installing was in Tamil Nadu uh near namal so at that point of time uh we started understanding that you know managing quality in food is very very critical like that is the foremost thing which any consumer will expect and you know right now the entire supply chain how it operates is like it is done at a central place where you know the entire stock for the entire year is procured and then stored in cold storages and then you they add lot of chemicals preservatives so then we realize that you know if we really want to give fresh food to end consumers we have to go to the source so we understood that you know India is a quite Diversified country where you know coconuts are grown better in Tamil Nadu for example mustard is grown better in ut Pradesh so it&#39;s like you have different regions which is you know famous for growing different crops as per their geographical conditions so we understood that you know boss if we want to manufacture best food then we have to go to that source and we have to set up a small Factory over there and we have to empower farmers who are living over there sence so for example how we started doing it this food is packed under supervision so we have created two mother warehouses where we receive these batches from these micro entrepreneurs so we have 15 16 of the such micro entrepreneurs in India where we are getting these products manufactured by them we bring it to our own Warehouse there we have proper high quality testing Labs where each and every batch goes through several parameters end right to the F level and like on the final product that you receive there will be a QR code scanning which you can see like the photo of the farmer photo of the micro entrepreneur testing parameters at the warehouse like where it was tested testing parameters at the factory where it was processed so all those things can be seen at just scanning the QR code right now we disabled it because you know we were using it only for internal quality purposes but like soon we&#39;ll make it live for the end consumers as well incredible so we manage like our entire supply chain through this in-house build Tech Erp through which we can see movement of each and every object like micro for example D BRS each and full to full backend example we have to do something in supply chain so that customer I remember talking to the founder of egos yeah he&#39;s a very good friend abish three years back I was on a call he told me something that has not left my mind he said the day the egg is hatched versus day three versus day six right protein quantity kind of goes down by 60% or 50 some crazy number right when it wased have no thoughts about it at all right so this is something I think and especially with people becoming very conscious like I see now on Instagram there&#39;s this food farmer right he&#39;s like educating a lot of people are now becoming very conscious and that&#39;s kind of playing out in their consumption pattern you guys when when I think we invested a year back right you guys were in a like we were just discussing when the cameras were off you guys were in a financially tight spot you guys were burning money and you thought that that was a norm talk about the transformation from then till so if we have to see a last Financial year closing so we were doing around uh 31 cres net revenue and at that point we had a burn of like 7 and half cres okay uh and like for us like we never the focus was on profitability it was the monthly Mis was like just like a reporting tool we never thought you know aeda we control it was always about growth grow growth and you know funding win came and things went downhill and we realized that no like that all that focus of the industry changed how much raised before this so in totality like we we raised before that around 18 CRS and like 15 CRS in the last round okay but 33 total yeah 33 CR total so when when we were uh January last year we were at around 2 and half CRS of net revenue with a 40 lakh monthly loss and at that point we realized like we had money for 2 month month only in the bank and we immediately started you know revamping the whole uh working style the whole organization and focus were you guys and it was very tough Al almost learning for us we are also going through something similar in terms of just expanding Ross margin expanding contribution and completely compressing cost without compromising on investment for your future entrepreneur important it&#39;s very easy for example it&#39;s very easy for you in my view to go to a four CR per month business and dish out 10% right EAS it&#39;s not about being profitable at a small scale it&#39;s about being profitable while growing right so and it&#39;s good that you guys got into this habit very early in your life we were also funded well funded through and funding wrong and it&#39;s just human nature right when you are overfunded you tend to invest more to just grow more and sometimes when that you assume that funding will always be there because you&#39;re invest the backing you but uh you sometimes don&#39;t build a cash strong business yeah that is more important I think like one thing we realized uh it&#39;s not important to look at the aidda but on the cash flows as well so you might be doing like burning 10 lakh on the BDA level but cash flow 50 lakh 60 LH that is also important you know controlling your payables your receivables your inventory collection hey so sorry for disturbing your uh viewing experience but if you like the content we&#39;re putting out please like And subscribe uh it will help us bring more content to you enjoy the moment this business which is where I think a bulk of oil and GES still sits offline the moment you start doing this if it&#39;s your own store it&#39;s great but if it&#39;s in other stores you have collections become important and a lot of businesses I think have shut down because they didn&#39;t collect properly right so you know in fact there also we did a great work where we used to operate with 90 days of inventory weating on almost 15 to 16 days of inventory which is helping us to deliver fresh and pure C product to customer also comp correct so we were able to do that because of I Inventory management happen at scale a lot better because once you become scale you have you develop some regular room across cues that you were able to reduce because of minimum order quantities or because of the storage issues you&#39;re not able to manage but so you reduce inventory you went into cost and now and you took 2 and a half cres and 40 lakhs to now what sorry so like January for us was a w dep positive we made like 7 lakhs uh profit in well done congratulations so the idea is like by March next year to scale up the revenue to around 11 cres monthly with a bit of like 4% plus wow 11 CR and you want to take a bit out of 50 lakhs or so yeah and you know like during this period we actually created some rules for the company so for example as entrepreneur although think agree same we also same and not only channels products 20% we have probably a much larger fix than you guys for us we are completely saying 20% not not acceptable about understood grow more products more channels I want to ask you this quick com you&#39;re seeing the growth yeah yeah it&#39;s amazing like I thinkom channel so we started like in June last year probably and between blinket and some which is the biggest it&#39;s also a you know function of we started with blink so now it has become almost like 50% of this comes from blinket and remaining 2525 from zepto and instram because same here even we are doing quick Commerce believe but you&#39;re right even for us it&#39;s roughly 40% is blinket 35 but habit change I think is definitely there so people are like whom I know in my friend Circle everyone&#39;s ordering from zip to blinket people have stopped going to these retail shops was time order in fact you know like we had a very good repeat rate so almost 70% of our revenue on our website used to come from repeating customers wow and recently this went down to 60% and we were amazed at why this is happening moving to blinket moving to blinket and then we were like take Channel but actually no if you are able to become meaningful to blinket your Logistics Cost Plus handling charges plus commission on blinket would be lesser than your own logistic cost end of the day of the so that compared to the farmer who ends up giving so much more right Brands like us are able to do this in much less to growth from a channel level like where do you think growth will come from like so like the most important thing is that the category itself is expanding very quickly so on the no like ghee and oils cold bre oils so on Amazon and on like Chanel like blinket like it has been growing like uh 50% year on year so one is like definitely we&#39;ll ride the wave of category expansion and also within the category we&#39;ll try and expand our market share so actually these categories are quite deep you know G is 20,000 crores out of which okay 810 is premium ghee but still it is expanding same oil is also 1 lakh CR so these are very big markets so we were having this discussion that you know should we enter into more categories or you know we should so we took a hard call that again we have to start saying no so we don&#39;t want to do more products we want to become the best company in oils and ghe that is amazingly sharp yeah that is amazingly sharp I was going to ask very tempting try foods and burning categories again [Music] based growth is good like people think it&#39;s good growth but it&#39;s not because you end up like the organizational Focus becomes completely right and brand food like each product is a different supply chain like someone is at 6 month shelf someone is at 12 month like our oil and gear 12 month shelf life spices was 6 months and we also launched a dry fruit maai which was at a 60-day shelf life so managing all those creating inventory replicating them everything becomes a challenge I think of the day but I sometimes feel in business building don&#39;t try to solve very hard problem solve easier problem but them really well and go deep we&#39;ll end up creating a lot more I&#39;ll tell you like we actually launched sweets or there was a time when T basically basically gifts to all their premium basically customers and we used to do some 70 laks monthly sales from that M or festive season but again it had a six month of shelf life sorry 60 days of shelf due toly we properly again focusing and priori right thing is very important that&#39;s we learned and that&#39;s amazing it&#39;s these are not easy calls when you are only 2 and a half crores that that would been like 20 25% of your business say we won&#39;t do this it&#39;s it&#39;s kudos to you guys like I think telling you from personal experience it&#39;s very hard to shut down Revenue uh High Revenue stuff understood to G so let me let me understand they said you&#39;re at you&#39;re at roughly uh 1% deit right now yeah as of January uh you want to double the business and 6X the abda which is great you&#39;re focusing on Guan oil as core uh and you extremely Tech enabled on this you&#39;re able to find Micro entrepreneurs and track quality back which is which is what I think is resulting in your consumers also loving you right uh that is showing in your repeat rates that is showing in your growth across um uh all the channels and it&#39;s good that you have cash cash friendly cash management friendly channels like d2c Amazon it&#39;s good portfolio in terms of split it&#39;s good because for example we reached 15 to 20% market share on eCommerce at some point have to be about going other that&#39;s totally different game for us so that big yes wow wow and like this conservative number but expectation already for next one year and if things goes well I think things can become very good because these channels are quite deep in this category understood and you know as a product also this categor is which has in general very high repeat think about it in the last 10 years up d2c Commerce you&#39;re right but Lous is not a food not a food brand it&#39;s a it&#39;s a meat brand meat brand it&#39;s a retail meat brand it&#39;s not a food brand right ghee oil biscuits chocolates health food I think Lori jira for example is now 350 CR that&#39;s a drink brand uh paper B become 600 which is again a beverage brand but compared to Beauty personal care brand fashion my people have hit Etc uh food and beverages has become a little harder I feel because taste is a lot more sensitive people can experiment with fashion people experiment with creams razors right uh but something that goes inside your mouth and you enjoy right difficult but once you&#39;re in you&#39;re in I right so it&#39;s difficult to convert but convert very sticky very sticky agree agree and uh what&#39;s what is in it for you both of you and iosi like what is in it from as an entrepreneur like what&#39;s the end game here IPO private uh India&#39;s biggest oil and ghe private company like what what do you guys want to build so uh for us like I think the mission holds true which is like reaching the customers and uh having them like get getting to them the best quality food natural food 100% pure food whatever be the medium for that whether IP as long as the mission that is more important I think I think for me it was I was always very passionate you know that how I can deliver more impact in this area and it started out of my family but now I want to create more of such family across India so I think I I to strongly want to go to that ipu route where you know we can actually go and Empower maybe 10,000 or 20,000 farmers in India your Chacha for example who was in Delhi at that time is he a part of the business so he earns almost 1.5 to 1.8 lakh rupees per month as profit which he was just earning 10 12,000 rupees before and you know we I we have more such stories where you know these micropreneurs used to earn but many people are earning 10 12,000 R per month factories lision so you know I think that is beyond like basically that person is is like each unit around Farmers on average so the good thing for the farmers is like they don&#39;t have to you know collect all the goods get payment they can directly go to the nearby invation unit sell their produce there and get a better price for the crop and are you measuring which farmers are coming over and over again Monday Traders will tell you think and are you doing like referrals if Farm brings neighboring yeah yeah so mostly so now we have you know so that we can actually impact these many people over there amazing so I think is this will be for you to get to 10 is my very personal opinion you guys are entrepreneurs but to get to 10% share of ghee and 10% share of oil which is I think what you guys want to do over the next let&#39;s say 10 years market share level Maybe not immediately immediately you might want to onl it&#39;s easier for you to manage but at some point if you want to become 10% of the whole Market you have to go offline offline is capital intensive I think more and more micro entrepreneurs mobilize you will need to create demand demand generation in building a category where category prices doubling will again require education marketing branding to and this is very personal I think you will need I think a few hundred crores more to to to achieve your let&#39;s say 10e vision of becoming India&#39;s biggest Gan oil player which is genuinely giving high quality GE and oil to Consumers for nutritional and uh consumption purposes um we had we had invested at what valuation so you came at 160 CR 160 Post Yeah okay uh and you you you guys are now operating at at six cror and that to Aid up positive yeah so when are you planning to raise next when you hit 100 cror yeah mon 88 and half of monthly Revenue probably by August this year we&#39;ll go to the market and another 50% growth basically I don&#39;t think you&#39;ll have to go to the market I think Market will come to you especially after an episode like this hopefully Market should come to you so at 100 crores and what what be happening will will happen at 100 4 to 5% 4 to 5% what what kind of value will you be expecting at this point I&#39;m asking you purely to see what is our what&#39;s the metric for this with it what do you call it mic multiple on invested Capital but what are you expecting at in terms of preone valuation again I think valuation is set by investors you you guys can I think you my viewers see if you&#39;re an aidda negative company then I think at 100 cres you can say you know char C but if you&#39;re AIT positive then the sky is the lower limit right uh and but my again as an entrepreneur I&#39;m telling you personally I don&#39;t believe in overvaluing the business also when we invested also I told you don&#39;t overvalue the business because you don&#39;t want to put yourself under pressure to grow into valuation uh take the higher end of that maybe 5 6X 6 to 7x in case you&#39;re if you&#39;re able to hit 8 and a bid positive 7x is also I think between 550 to 700 I think an investor should should bite if you&#39;re a Aida positive so high growth and Aida slope right is is golden for you so for us then that becomes almost a 4X 4X mic with it which is great for us but uh I think yeah internally also like we were on the same number only he planning to raise 100 120 Cod this valuation of math standpoint basically 16% which is right I think x 12 upon 72 one upon 6 6% which absolutely fine ab and you have a good ESOP policy Etc you have your people with well incentivized on equity and so yes so one more interesting thing I would like to tell you recently experts first princip think but recently we have started hiring you know experts in this domain because we need experienced people recently we have started that so we have laid out up esops policies and all of that very properly with people very good and we had like for the existing people also like we G we&#39;ve given like good esops and you have a good board board struct Kunal and Rohit are involved like do you have a board or do you guys so we have a board uh again like Titan came early so they didn&#39;t have a board seat but DSG has taken a board seat okay so DSG Titan Titan has board Observer rights okay but you have more than board are there a group of people who get together every quarter and you present to them every month you present to them and and M is now more than just something so they also have their office is here only in so we regularly like once a month go to their office discuss the you know product La Journey or the Mis in retail yeah and DG like har has also been a great person in our life especially like when this down thing was happening in our life because he only you know said that no don&#39;t wor just work on the fundamentals fix the basics and I think he keeps on connecting with us maybe every once in two week they only used to tell us a lot of things with time I think we got to know this was important and [Music] [Music] say very good yeah very good um yeah again thank you so much Kul akill and aushi she&#39;s not here but in spirit we missed her today uh but uh amazing to understand the business thank you so much for allowing us to be investors thank you for being generous with your time and your insights to tell you know people who are watching genuinely are watching to become like you like to become entrepreneur you guys come from background which give you passion to build something in the food agriculture space um what I personally loved is your focus on profitability and your focus on core products I&#39;m so happy that you&#39;re not expanding products you&#39;re not expanding things that are not like core to your business um you guys have a very smart Capital allocation judgment I&#39;m not sure about actual decision making because I&#39;m not a part of it but your judgment on Capital allocation also something that I have learned a lot from uh I think when you hit 100 crores if you&#39;re at 4 5% deit I think you&#39;ll have investors knocking on your door I have a feeling after this episode airs you might have maybe food food like Market found product Market F profitable well I I really don&#39;t see what like unless there&#39;s a diligence issue or there is like there is uh you know there is something of that nature I I don&#39;t see why this should be a difficult round to raise at all uh actually we were in talks with many VCS but we realize that we have to fix fundamentals first you have cash in the bank yeah we have good cash in Bank Run profitable like last round last round is nearly completely in the bank yeah we didn&#39;t use that so around 13 cods still in the bank beautiful beautiful that&#39;s such a position of power yeah I hope you guys are able to uh raise quickly because honestly you know there&#39;s a there&#39;s a there&#39;s a benefit to being first in the market and doing things you know people people don&#39;t like IND an enterprising country don&#39;t take much time for for someone to come and copy this right protective but this has been amazing I hope uh you know people who are watching uh you know feel empowered and and and influenced uh to start their own Journeys but you guys are amazing thanks a lot for calling us and [Music]

hi everyone welcome to a brand new episode of The Barber Shop uh when you usually watch a barber shop episode it&amp;#39;s typically an entrepreneur a business leader a CEO and it&amp;#39;s a reflective long conversation which kind of unpeel the layers of the person&amp;#39;s experience and what they think about their business or their company or whatever they&amp;#39;re doing uh but one area that we wanted to go deeper on uh especially after we started the barber shop razor Series where we invest in young entrepreneurs is actually the element of knowing your business inside out which a lot of young entrepreneurs are doing better and better and I learn a lot from them but something that we could not give the flavor of to our view viewers till now today we have with us an amazing company started by a trio from I goti it&amp;#39;s in the food and beverage industry which I&amp;#39;m very excited about in general today out of the trio we only have two uh Kip and akill the founders of anv and we want to learn all about their business as quickly as possible and who better than Kip and akill to talk about it so welcome to the barber shop cuep and akill um have you guys watched the barber shop before yeah obviously yes for sure so for us like it&amp;#39;s a very big thing to come here like people who we Aspire uh about and you know watched for like learned from how to build businesses they have been on this and we&amp;#39;ve watched so many episodes trying to understand and to be here and also share our story is a great honor it&amp;#39;s our privilege to be you know for you to have allowed us to invest in you guys and to be you know we call it U Equity Seekers right when we seek Equity from Founders like you and we are glad that you thought of us as worthy to do it but uh today I wanted to kind of Deep dive uh on unan so imagine that people who are viewing probably don&amp;#39;t know anv yet and start from there so what was the idea you guys are three years old clocking 70 crores plus in Revenue first of all huge kudos to you in 3 years we will not even at like I think 10 gr uh per year it took us took Bombay shiing company a lot longer but you guys have HD the ground running uh and built out something amazing but in in short what does anv do what do you guys stand for so we are basically a food brand which stands for high quality minimally processed food which is free from chemicals preservative and we have a very unique backend model so when we started this brand our aim was not to sell food products but was to generate employment in rural areas like it started out of my own village where it was like a passion project awesome so describe what what what is like if you were to tell me what unvision looks like today at a supply and product standpoint as well as a consumer brand so can you describe these two things so we basically uh deliver or we provide high quality food products in staple category which ones are they so we have two major categories ghee and oils okay where we are trying to you know revive the traditional methods of manufacturing these products so for example in our older days ghe used to made out of Bona method the right way of consuming oil is through cold press or wood press so but these days what has happened that people are or brands are basically valuing quantity over quality so they are heavily processing it they are putting a lot of chemicals preservatives so that&amp;#39;s actually doesn&amp;#39;t remains as a food like you&amp;#39;re just putting in your body and you then they fortify it with a lot of vitamins chemic like which which actually doesn&amp;#39;t your body takes in the same manner so that&amp;#39;s when we actually started researching in this area and we realize that there&amp;#39;s a mass deficit in the consumer Brands which are today in Market most of them are you know more price sensitive than quality sensitive they are not actually caring about quality for them price is more important all so G and oil are the two ones and are there subcategories in terms of ghee like what kind of leg is in Buffalo so we have like three types of ghee within ghee so we have a Gea ghee it&amp;#39;s a specific breed found in Gujarat then we have a harar Ki which is a specific breed found in Tamil Nadu and third one is a cream ghee which is a mixed cow breed but all of the GES are A2 ghee which is made from an indigenous uh cow yes oils are wood press or gold press yeah cold press oils which which which oil so we have six kinds of oil ground nut sunflower coconut mustard so basically we uh we we saw the data that you know almost 30 40 years ago India was a self- sustained oil country where we don&amp;#39;t used to import much but and and these were the major oils which we used to Brut sunflow coconut mustard and then we have yellow mustard and and sesame oil got it break up the six crores in Revenue uh six per month in Revenue so how channel is it online offline So currently we are a primary online company so around out of this six like one to one and a half cor comes from our own d2c website okay uh then we have Amazon so we do almost like 2 to two and a half cores on Amazon then we have quickcom where we cumulatively do around two car which includes like blinket zepto instamart and all and then we do a little bit of retail so around 30 to 4 lakhs monthly revenues contributed to retail Channel when you say retail it is like General trade model it is completely modern trade right now and for us like it is more of getting to the right eyeballs so customers who are buying in like premium stores in like Metro cities like Deli Bangalore and Mumbai so we are just the presence there in those empty stores Wonder can me a little bit about the pricing like uh for both G and oil how are you compared to what is competition like in each of sure so so first of all like if we see within the oil category also like usually currently India consumes refined oil the most almost 304 this was DDA you know where DDA was the main cooking ingredients now refined oil is the ingredient and slowly slowly this cold press oil is coming into market so if we compare ourselves with you know refined oil then we are almost two to two and a half time expensive okay but if we compare ourselves within the category of the cold press then we are at par with most of the competitors okay and how how big is cold press versus total oil like what what percentage of the category is cold press currently it would be around 6 to 7% of the total that&amp;#39;s pretty high yeah 6 to 7% of oil is now cold press yes and it&amp;#39;s a growing market like bigger fmcg Giants have also recently entered into this category so which like create it it is a good thing for our company as well that like even the bigger players are now supporting that this should become the norm so from Recently Tata daber all of them launched a cold press category so which was not there like two or three years ago gold is two to two and a half times more expensive than defined oil yes at a per liter level yes wow understood and ghee uh ghee is again uh in India it&amp;#39;s around 2 ,000 Market out of which actually there is no report which states how much is A2 G Market but if you again calculate through online market and all it&amp;#39;s around 6 to 7% understood so you guys are basically in the wave that is premiumize hean oil in India by making it more healthy yeah understood and you saying larger fmg companies are also doing this now no they have recently started like this was not there when we started the brand but in last one year we have seen Tata daber all of even Del Monte these brands are also now entering and getting into it because consumer habits are changing you know this was the same Trend which was happening 30 40 years ago when people were shifting from daa to refine and now you know all these conscious consumers who are facing through any kind of ailments they are now shifting because they dietitian nutritionist are recommending that you should consume cold press file understood out of these nine products that you have right now is there a like is there a power hero SK So currently like for us like 40% of the sales is are a to halikar KI so whichi yeah which is a new like uh so actually like there are 18 different cow breeds native cow breeds in India so like H SAR so it is a consumer preference mostly like which taste taste Aroma green size and that varies but like overall the process is same so we primarily like like this the most when we were there so like we went on so we actually did a very thorough research where we analyzed and obviously taste was one of parameter like arom I was talk chakar G at Country Delight so for him the danar G is like d he call it danar G and is he a compe to you guys yeah in a way but again it&amp;#39;s a different price point they are they are not giving A2 G they are giving normal G so you were able to figure out that think is fting also talk about the concept of your core goal which is to increase the income of people who you are working with so talk sure so uh like we so when we started like you know uh we realized that uh in India India is a diversified country right where you grow a lot of different crops in different parts of country but if you&amp;#39;ll see today how food is made there is a very big Factory of a very big company they will manufacture everything they will stock everything you know for the entire year and then they will do it we realize that you know we need to do some sort of innovation over here that somehow this money can go to the end farmer and at the same time we have have to manage quality also so at that point of time we thought of this decentralized model where we you know thought that we will set up a small unit where we will manufactur the food right there itself and we will set up the Sops we will train them and we&amp;#39;ll be basically more closer to the source so that our food can be more fresh and you know we can be revive their traditional wisdom because these Farmers know a lot of things so they started out of my village where we installed pis our first uh Factory so we took a loan of 10 lakh Rupees during college only and we just installed that 10 lak P machine for my Chacha he was a driver in Delhi uh and one day like we were there and I just told him that you don&amp;#39;t have you don&amp;#39;t need to you know work there anymore we start so from there it started almost it took me one year to convince my dad that I want to quit job and start this because they were like I come from a middle class family so they were like so like it was a social project we wanted to do something in the agre space like during our College times we had worked on like projects in ml space and Robotics like where how to predict which crop to S Etc and like while working on those projects we met a lot of farmers went to mundies and this unit was also set up but uh like we realized for the farmers the main problem was getting the right price for the produce and not about like you know taking the yield from 100 to 120 kg but like getting right price for those 100 kg so that&amp;#39;s uh when we went on to sell that oil that we were making weiz Market forces you to adate because if the our costing for the oil is like 120 rupees and the market is operating at a trading at 100 rupe Mark so it is like kind of bad calculation that you need to add palm oil to it delate it and then sell sell it to the bigger market so that is where the brand angle came in we were like no we won&amp;#39;t adulterate and that whole move started we&amp;#39;ll create a brand which will focus on Pure Food and that is our yeah and you felt that there was a consumer will pay for yeah so I&amp;#39;ll tell you interesting fact so while while we were reading a lot of about data over there so in us like almost 5 six years ago the health and uh healthy food market was just 9% of the total Food Market but today it is standing somewhere around 29 31% so this change has happened in last 57 years in us and a similar Trend was expected to happen in India not at that growth rate but maybe at a similar or a comparable rate where India in India also consumers are you know becoming more conscious about quality about chemicals preservative they want to invest in their body so we were seeing that this space is also growing at a very fast rate and hardly anyone has you know figured out a model through which they can manufacture these kinds of products at scale like there are many brands in India which is doing you know 50 40 60 laks Revenue per month but they fail after a certain scale because when you uh scale you actually have to set up multiple of those units and these things are not standardized like no one makes oil through kou and all everyone do ex methods and there are proping Refinery for that and you require 100 CR Kix to start that versus our was a completely different model so so when when we installed our first factory in my Village that was in hatus for the mustard plant so the second unit which we were installing was in Tamil Nadu uh near namal so at that point of time uh we started understanding that you know managing quality in food is very very critical like that is the foremost thing which any consumer will expect and you know right now the entire supply chain how it operates is like it is done at a central place where you know the entire stock for the entire year is procured and then stored in cold storages and then you they add lot of chemicals preservatives so then we realize that you know if we really want to give fresh food to end consumers we have to go to the source so we understood that you know India is a quite Diversified country where you know coconuts are grown better in Tamil Nadu for example mustard is grown better in ut Pradesh so it&amp;#39;s like you have different regions which is you know famous for growing different crops as per their geographical conditions so we understood that you know boss if we want to manufacture best food then we have to go to that source and we have to set up a small Factory over there and we have to empower farmers who are living over there sence so for example how we started doing it this food is packed under supervision so we have created two mother warehouses where we receive these batches from these micro entrepreneurs so we have 15 16 of the such micro entrepreneurs in India where we are getting these products manufactured by them we bring it to our own Warehouse there we have proper high quality testing Labs where each and every batch goes through several parameters end right to the F level and like on the final product that you receive there will be a QR code scanning which you can see like the photo of the farmer photo of the micro entrepreneur testing parameters at the warehouse like where it was tested testing parameters at the factory where it was processed so all those things can be seen at just scanning the QR code right now we disabled it because you know we were using it only for internal quality purposes but like soon we&amp;#39;ll make it live for the end consumers as well incredible so we manage like our entire supply chain through this in-house build Tech Erp through which we can see movement of each and every object like micro for example D BRS each and full to full backend example we have to do something in supply chain so that customer I remember talking to the founder of egos yeah he&amp;#39;s a very good friend abish three years back I was on a call he told me something that has not left my mind he said the day the egg is hatched versus day three versus day six right protein quantity kind of goes down by 60% or 50 some crazy number right when it wased have no thoughts about it at all right so this is something I think and especially with people becoming very conscious like I see now on Instagram there&amp;#39;s this food farmer right he&amp;#39;s like educating a lot of people are now becoming very conscious and that&amp;#39;s kind of playing out in their consumption pattern you guys when when I think we invested a year back right you guys were in a like we were just discussing when the cameras were off you guys were in a financially tight spot you guys were burning money and you thought that that was a norm talk about the transformation from then till so if we have to see a last Financial year closing so we were doing around uh 31 cres net revenue and at that point we had a burn of like 7 and half cres okay uh and like for us like we never the focus was on profitability it was the monthly Mis was like just like a reporting tool we never thought you know aeda we control it was always about growth grow growth and you know funding win came and things went downhill and we realized that no like that all that focus of the industry changed how much raised before this so in totality like we we raised before that around 18 CRS and like 15 CRS in the last round okay but 33 total yeah 33 CR total so when when we were uh January last year we were at around 2 and half CRS of net revenue with a 40 lakh monthly loss and at that point we realized like we had money for 2 month month only in the bank and we immediately started you know revamping the whole uh working style the whole organization and focus were you guys and it was very tough Al almost learning for us we are also going through something similar in terms of just expanding Ross margin expanding contribution and completely compressing cost without compromising on investment for your future entrepreneur important it&amp;#39;s very easy for example it&amp;#39;s very easy for you in my view to go to a four CR per month business and dish out 10% right EAS it&amp;#39;s not about being profitable at a small scale it&amp;#39;s about being profitable while growing right so and it&amp;#39;s good that you guys got into this habit very early in your life we were also funded well funded through and funding wrong and it&amp;#39;s just human nature right when you are overfunded you tend to invest more to just grow more and sometimes when that you assume that funding will always be there because you&amp;#39;re invest the backing you but uh you sometimes don&amp;#39;t build a cash strong business yeah that is more important I think like one thing we realized uh it&amp;#39;s not important to look at the aidda but on the cash flows as well so you might be doing like burning 10 lakh on the BDA level but cash flow 50 lakh 60 LH that is also important you know controlling your payables your receivables your inventory collection hey so sorry for disturbing your uh viewing experience but if you like the content we&amp;#39;re putting out please like And subscribe uh it will help us bring more content to you enjoy the moment this business which is where I think a bulk of oil and GES still sits offline the moment you start doing this if it&amp;#39;s your own store it&amp;#39;s great but if it&amp;#39;s in other stores you have collections become important and a lot of businesses I think have shut down because they didn&amp;#39;t collect properly right so you know in fact there also we did a great work where we used to operate with 90 days of inventory weating on almost 15 to 16 days of inventory which is helping us to deliver fresh and pure C product to customer also comp correct so we were able to do that because of I Inventory management happen at scale a lot better because once you become scale you have you develop some regular room across cues that you were able to reduce because of minimum order quantities or because of the storage issues you&amp;#39;re not able to manage but so you reduce inventory you went into cost and now and you took 2 and a half cres and 40 lakhs to now what sorry so like January for us was a w dep positive we made like 7 lakhs uh profit in well done congratulations so the idea is like by March next year to scale up the revenue to around 11 cres monthly with a bit of like 4% plus wow 11 CR and you want to take a bit out of 50 lakhs or so yeah and you know like during this period we actually created some rules for the company so for example as entrepreneur although think agree same we also same and not only channels products 20% we have probably a much larger fix than you guys for us we are completely saying 20% not not acceptable about understood grow more products more channels I want to ask you this quick com you&amp;#39;re seeing the growth yeah yeah it&amp;#39;s amazing like I thinkom channel so we started like in June last year probably and between blinket and some which is the biggest it&amp;#39;s also a you know function of we started with blink so now it has become almost like 50% of this comes from blinket and remaining 2525 from zepto and instram because same here even we are doing quick Commerce believe but you&amp;#39;re right even for us it&amp;#39;s roughly 40% is blinket 35 but habit change I think is definitely there so people are like whom I know in my friend Circle everyone&amp;#39;s ordering from zip to blinket people have stopped going to these retail shops was time order in fact you know like we had a very good repeat rate so almost 70% of our revenue on our website used to come from repeating customers wow and recently this went down to 60% and we were amazed at why this is happening moving to blinket moving to blinket and then we were like take Channel but actually no if you are able to become meaningful to blinket your Logistics Cost Plus handling charges plus commission on blinket would be lesser than your own logistic cost end of the day of the so that compared to the farmer who ends up giving so much more right Brands like us are able to do this in much less to growth from a channel level like where do you think growth will come from like so like the most important thing is that the category itself is expanding very quickly so on the no like ghee and oils cold bre oils so on Amazon and on like Chanel like blinket like it has been growing like uh 50% year on year so one is like definitely we&amp;#39;ll ride the wave of category expansion and also within the category we&amp;#39;ll try and expand our market share so actually these categories are quite deep you know G is 20,000 crores out of which okay 810 is premium ghee but still it is expanding same oil is also 1 lakh CR so these are very big markets so we were having this discussion that you know should we enter into more categories or you know we should so we took a hard call that again we have to start saying no so we don&amp;#39;t want to do more products we want to become the best company in oils and ghe that is amazingly sharp yeah that is amazingly sharp I was going to ask very tempting try foods and burning categories again [Music] based growth is good like people think it&amp;#39;s good growth but it&amp;#39;s not because you end up like the organizational Focus becomes completely right and brand food like each product is a different supply chain like someone is at 6 month shelf someone is at 12 month like our oil and gear 12 month shelf life spices was 6 months and we also launched a dry fruit maai which was at a 60-day shelf life so managing all those creating inventory replicating them everything becomes a challenge I think of the day but I sometimes feel in business building don&amp;#39;t try to solve very hard problem solve easier problem but them really well and go deep we&amp;#39;ll end up creating a lot more I&amp;#39;ll tell you like we actually launched sweets or there was a time when T basically basically gifts to all their premium basically customers and we used to do some 70 laks monthly sales from that M or festive season but again it had a six month of shelf life sorry 60 days of shelf due toly we properly again focusing and priori right thing is very important that&amp;#39;s we learned and that&amp;#39;s amazing it&amp;#39;s these are not easy calls when you are only 2 and a half crores that that would been like 20 25% of your business say we won&amp;#39;t do this it&amp;#39;s it&amp;#39;s kudos to you guys like I think telling you from personal experience it&amp;#39;s very hard to shut down Revenue uh High Revenue stuff understood to G so let me let me understand they said you&amp;#39;re at you&amp;#39;re at roughly uh 1% deit right now yeah as of January uh you want to double the business and 6X the abda which is great you&amp;#39;re focusing on Guan oil as core uh and you extremely Tech enabled on this you&amp;#39;re able to find Micro entrepreneurs and track quality back which is which is what I think is resulting in your consumers also loving you right uh that is showing in your repeat rates that is showing in your growth across um uh all the channels and it&amp;#39;s good that you have cash cash friendly cash management friendly channels like d2c Amazon it&amp;#39;s good portfolio in terms of split it&amp;#39;s good because for example we reached 15 to 20% market share on eCommerce at some point have to be about going other that&amp;#39;s totally different game for us so that big yes wow wow and like this conservative number but expectation already for next one year and if things goes well I think things can become very good because these channels are quite deep in this category understood and you know as a product also this categor is which has in general very high repeat think about it in the last 10 years up d2c Commerce you&amp;#39;re right but Lous is not a food not a food brand it&amp;#39;s a it&amp;#39;s a meat brand meat brand it&amp;#39;s a retail meat brand it&amp;#39;s not a food brand right ghee oil biscuits chocolates health food I think Lori jira for example is now 350 CR that&amp;#39;s a drink brand uh paper B become 600 which is again a beverage brand but compared to Beauty personal care brand fashion my people have hit Etc uh food and beverages has become a little harder I feel because taste is a lot more sensitive people can experiment with fashion people experiment with creams razors right uh but something that goes inside your mouth and you enjoy right difficult but once you&amp;#39;re in you&amp;#39;re in I right so it&amp;#39;s difficult to convert but convert very sticky very sticky agree agree and uh what&amp;#39;s what is in it for you both of you and iosi like what is in it from as an entrepreneur like what&amp;#39;s the end game here IPO private uh India&amp;#39;s biggest oil and ghe private company like what what do you guys want to build so uh for us like I think the mission holds true which is like reaching the customers and uh having them like get getting to them the best quality food natural food 100% pure food whatever be the medium for that whether IP as long as the mission that is more important I think I think for me it was I was always very passionate you know that how I can deliver more impact in this area and it started out of my family but now I want to create more of such family across India so I think I I to strongly want to go to that ipu route where you know we can actually go and Empower maybe 10,000 or 20,000 farmers in India your Chacha for example who was in Delhi at that time is he a part of the business so he earns almost 1.5 to 1.8 lakh rupees per month as profit which he was just earning 10 12,000 rupees before and you know we I we have more such stories where you know these micropreneurs used to earn but many people are earning 10 12,000 R per month factories lision so you know I think that is beyond like basically that person is is like each unit around Farmers on average so the good thing for the farmers is like they don&amp;#39;t have to you know collect all the goods get payment they can directly go to the nearby invation unit sell their produce there and get a better price for the crop and are you measuring which farmers are coming over and over again Monday Traders will tell you think and are you doing like referrals if Farm brings neighboring yeah yeah so mostly so now we have you know so that we can actually impact these many people over there amazing so I think is this will be for you to get to 10 is my very personal opinion you guys are entrepreneurs but to get to 10% share of ghee and 10% share of oil which is I think what you guys want to do over the next let&amp;#39;s say 10 years market share level Maybe not immediately immediately you might want to onl it&amp;#39;s easier for you to manage but at some point if you want to become 10% of the whole Market you have to go offline offline is capital intensive I think more and more micro entrepreneurs mobilize you will need to create demand demand generation in building a category where category prices doubling will again require education marketing branding to and this is very personal I think you will need I think a few hundred crores more to to to achieve your let&amp;#39;s say 10e vision of becoming India&amp;#39;s biggest Gan oil player which is genuinely giving high quality GE and oil to Consumers for nutritional and uh consumption purposes um we had we had invested at what valuation so you came at 160 CR 160 Post Yeah okay uh and you you you guys are now operating at at six cror and that to Aid up positive yeah so when are you planning to raise next when you hit 100 cror yeah mon 88 and half of monthly Revenue probably by August this year we&amp;#39;ll go to the market and another 50% growth basically I don&amp;#39;t think you&amp;#39;ll have to go to the market I think Market will come to you especially after an episode like this hopefully Market should come to you so at 100 crores and what what be happening will will happen at 100 4 to 5% 4 to 5% what what kind of value will you be expecting at this point I&amp;#39;m asking you purely to see what is our what&amp;#39;s the metric for this with it what do you call it mic multiple on invested Capital but what are you expecting at in terms of preone valuation again I think valuation is set by investors you you guys can I think you my viewers see if you&amp;#39;re an aidda negative company then I think at 100 cres you can say you know char C but if you&amp;#39;re AIT positive then the sky is the lower limit right uh and but my again as an entrepreneur I&amp;#39;m telling you personally I don&amp;#39;t believe in overvaluing the business also when we invested also I told you don&amp;#39;t overvalue the business because you don&amp;#39;t want to put yourself under pressure to grow into valuation uh take the higher end of that maybe 5 6X 6 to 7x in case you&amp;#39;re if you&amp;#39;re able to hit 8 and a bid positive 7x is also I think between 550 to 700 I think an investor should should bite if you&amp;#39;re a Aida positive so high growth and Aida slope right is is golden for you so for us then that becomes almost a 4X 4X mic with it which is great for us but uh I think yeah internally also like we were on the same number only he planning to raise 100 120 Cod this valuation of math standpoint basically 16% which is right I think x 12 upon 72 one upon 6 6% which absolutely fine ab and you have a good ESOP policy Etc you have your people with well incentivized on equity and so yes so one more interesting thing I would like to tell you recently experts first princip think but recently we have started hiring you know experts in this domain because we need experienced people recently we have started that so we have laid out up esops policies and all of that very properly with people very good and we had like for the existing people also like we G we&amp;#39;ve given like good esops and you have a good board board struct Kunal and Rohit are involved like do you have a board or do you guys so we have a board uh again like Titan came early so they didn&amp;#39;t have a board seat but DSG has taken a board seat okay so DSG Titan Titan has board Observer rights okay but you have more than board are there a group of people who get together every quarter and you present to them every month you present to them and and M is now more than just something so they also have their office is here only in so we regularly like once a month go to their office discuss the you know product La Journey or the Mis in retail yeah and DG like har has also been a great person in our life especially like when this down thing was happening in our life because he only you know said that no don&amp;#39;t wor just work on the fundamentals fix the basics and I think he keeps on connecting with us maybe every once in two week they only used to tell us a lot of things with time I think we got to know this was important and [Music] [Music] say very good yeah very good um yeah again thank you so much Kul akill and aushi she&amp;#39;s not here but in spirit we missed her today uh but uh amazing to understand the business thank you so much for allowing us to be investors thank you for being generous with your time and your insights to tell you know people who are watching genuinely are watching to become like you like to become entrepreneur you guys come from background which give you passion to build something in the food agriculture space um what I personally loved is your focus on profitability and your focus on core products I&amp;#39;m so happy that you&amp;#39;re not expanding products you&amp;#39;re not expanding things that are not like core to your business um you guys have a very smart Capital allocation judgment I&amp;#39;m not sure about actual decision making because I&amp;#39;m not a part of it but your judgment on Capital allocation also something that I have learned a lot from uh I think when you hit 100 crores if you&amp;#39;re at 4 5% deit I think you&amp;#39;ll have investors knocking on your door I have a feeling after this episode airs you might have maybe food food like Market found product Market F profitable well I I really don&amp;#39;t see what like unless there&amp;#39;s a diligence issue or there is like there is uh you know there is something of that nature I I don&amp;#39;t see why this should be a difficult round to raise at all uh actually we were in talks with many VCS but we realize that we have to fix fundamentals first you have cash in the bank yeah we have good cash in Bank Run profitable like last round last round is nearly completely in the bank yeah we didn&amp;#39;t use that so around 13 cods still in the bank beautiful beautiful that&amp;#39;s such a position of power yeah I hope you guys are able to uh raise quickly because honestly you know there&amp;#39;s a there&amp;#39;s a there&amp;#39;s a benefit to being first in the market and doing things you know people people don&amp;#39;t like IND an enterprising country don&amp;#39;t take much time for for someone to come and copy this right protective but this has been amazing I hope uh you know people who are watching uh you know feel empowered and and and influenced uh to start their own Journeys but you guys are amazing thanks a lot for calling us and [Music]

Transcript for:Barber Shop Episode with Kip and Akhil

Transcript for:
Barber Shop Episode with Kip and Akhil