The meeting included business pitches from three startups: a cricket technology company (StraightBat), a clean beauty D2C brand (Ruby's Organics), and a socially conscious rag doll brand (The Good Doll).
Key themes discussed were product-market fit, business scalability, financials, investor interest, and market size.
Investment deals were proposed and negotiated, with Ruby's Organics securing a funding deal at 8% equity for ₹1 crore.
Insights on investor-founder engagement were provided in a closing Q&A session with Kunal Bahl of Titan Capital.
Action Items
(No explicit due dates or owner assignments were mentioned in the transcript; no action items to list.)
StraightBat: Smart Cricket Analytics Device
Founders pitched a patented technology device that turns any cricket bat into a smart bat, measuring metrics like bat and impact speed, timing, and sweet spot index, without cameras.
Product-market fit was achieved with pro teams such as Rajasthan Royals and Cricket Australia as clients; global partnerships and large B2B deal with SG highlighted.
Revenue showed flat growth from 2022–2024 due to D2C channel issues and lack of manufacturing scale, but a shift to contract manufacturing is expected to unlock scalability.
Company has a complex cap table with notable investors and recent Series A funding; current burn rate reduced but large expenses remain.
Investors raised concerns about business model clarity, cap table complexity, scaling, and valuation (requested ₹1.5 CR for 1% equity).
Negotiations led to an offer of ₹1.5 CR for 4%, countered at 2.5%, and finalized at ₹1.5 CR for 3%.
Ruby's Organics: Plant-Based Clean Beauty Brand
Founder emphasized the need for safe, plant-based cosmetics in a petrochemical-heavy Indian market; brand claims ingredient certifications (EcoCert, Cosmos).
Company has shown steady growth: FY21–22: ₹2.2 CR; FY22–23: ₹3.2 CR; FY23–24: ₹4.5 CR; projected FY24–25: ₹7.5 CR.
Transitioned from profitability to losses post-fundraising, now at -8% net margin but improving.
Gross margin at 61%; marketing expense is high (37%); direct-to-consumer channels drive 58% of sales, with 35% D2C repeat customers.
Challenges include small market size, heavy marketing spend, need for third-party certification to build trust, and competition from large, well-funded brands.
After multiple sharks declined, Kunal Bahl offered ₹1 crore for 8% equity (matching last valuation), and the deal was accepted after a brief negotiation.
The Good Doll: Upcycled, Inclusive Indian Rag Dolls
Founders shared the social mission to create locally-made inclusive dolls promoting body positivity, environmental consciousness, and women’s employment.
Dolls are made from upcycled fabric by local women; business has grown from ₹6.5 lakhs (FY22) to a projected ₹1.2–1.5 CR (FY25).
Revenue primarily comes from retail concept/lifestyle stores; online channels are underutilized.
The business operates at a loss due to scaling challenges; funding has been raised via grants and angel investments with a focus on impact.
Investors appreciated the social impact and storytelling but cited limited scalability, market size, and profitability as reasons for not investing.
Advice focused on prioritizing commercial strategy, storytelling (using the Nila character), and navigating the balance between impact and business growth.
Investor Q&A: Portfolio Engagement
Kunal Bahl explained his approach to portfolio management: frequent founder meetings initially, then quarterly, with ongoing availability as needed.
Emphasis was placed on backing self-driven founders who require minimal ongoing investor management.
Decisions
StraightBat investment at ₹1.5 CR for 3% equity — Sharks valued the patented technology and pro traction, but required a lower valuation and business model adjustment.
Ruby's Organics investment at ₹1 crore for 8% equity — Kunal Bahl offered the deal based on founder quality and potential for growth despite small market size and recent losses.
No investment in The Good Doll — Rationale: social impact lauded, but cited insufficient scale, profitability, and market reach for VC investment.
Open Questions / Follow-Ups
Will StraightBat successfully scale with the new SG contract and manufacturing pivot?
How will Ruby's Organics address certification and reduce marketing dependency to achieve profitability?
Can The Good Doll find scalable online sales strategies and commercial success while maintaining its social mission?