During a recent episode, Ajay and Ruchika Bhuwalka, founders of a brand centered around millets, recounted their journey. They emphasized the significant impact millets had on Ajay’s health and expressed their goal of securing investment.
Shark Tank India is one of the loved shows on the Television. Different people from diverse backgrounds across India come to the show and pitch their products. In the recent episode of Shark Tank India season 3, a tragic story was unveiled which touched the hearts of the Sharks. The story of Ajay Bhuwalka and Ruchika Bhuwalka, the owners of a millet-based brand shared details about their brand and product. Ruchika, during the show, revealed how millets saved her husband Ajay’s life and improved his health. Also, how the couple thought to begin a business with the same.
The couple’s ask was for Rs. 1 Crore for 3% equity. As the show progressed, Peyush, co-founder of Lenskart, refused to believe that millets can be good for health. However, Namita, who is the CEO of Emcure Pharmaceuticals said “For years, people in rural areas have had a millet diet. So this is not at all a fad.” Peyush then comprehends why India shifted from millets to wheat as its primary crop. Following this, Namita inquires about Ajay and Ruchika’s background. Ajay proceeds to discuss his father’s involvement in the steel manufacturing business.
Later, Ajay can be seen saying, “Unfortunately, in 2016 everything came to a grinding halt, and it came through a journey of bankruptcy. In 2010, the steel industry’s markets came crashing and our inventory and orders backed out, due to which our 30 years of reserves and inventory got wiped out. We lost around Rs 100 cr, and our turnover was Rs 1100 cr. Dad wanted to maintain the topline so, we started taking debt, but that grew huge, and we went into Rs 300 cr debt. We have lost everything that Dad created, including our house and him as well. We lost dad in 2016 due to severe cardiac arrest. For us, 2016 has been a tsunami.”
Amit subsequently grasps the various categories within Millet’s business and its unit economics. Azhar then inquires about aspects such as repeat audience and return on investment. Anupam and Peyush comprehend the revenue and marketing expenses.
Further, Amit asked how they pitched in money, and that’s when Ruchika revealed that she used her savings of Rs. 3 Crore. To this, Anupam is astonished and asks her how she managed to save such a whooping money during the time of crisis. Ruchika says, “I used to save every month, and that is how we made this money.” Anupam lauds her, “Yeh bhartiya naari ki khoob khasiyat hai, jab kathinayi aati hai toh wohi kaam aati hai, well done.” However, after a lot of grilling and questions, the sharks decide to opt-out of the picture, and the couple goes back without a deal.
