The anticipation was palpable as the founders of Bhaskar's Puranpoli Ghar made their way onto the set of Shark Tank India Season 2. Vittal Shetty, Saurabh Chowdhary, and Bhaskar KR had come a long way since Bhaskar's humble beginnings selling puran poli on cycles in Bangalore. With four outlets in Mumbai, and plans to expand to over 100 outlets across the country, the founders were looking for an investment to help them achieve their vision.
As the sharks listened to the founders' pitch, they were impressed by the variety of puran poli on offer - from coconut to carrot, and even badam and dates. The fact that the puran poli contained no chemicals or added preservatives was also a major plus. The sharks were further impressed by the fact that the company had already achieved sales of 18 crores, with a profit margin of 20%. The founders' ask of 75 lakhs for 1% equity at a valuation of 75 crores seemed reasonable, given the company's potential for growth.
However, as the sharks began to ask more probing questions, it became clear that there were some potential pitfalls. For example, the fact that the company had already opened seven outlets in Bangalore raised concerns about saturation in that market. Furthermore, the fact that the founders were only offering a 5% loyalty share to franchisees seemed low, and could lead to difficulties in recruiting new franchises in the future.
Despite these concerns, the sharks were intrigued by the potential of Bhaskar's Puranpoli Ghar. With 24 varieties of puran poli on offer, and plans to expand to over 100 outlets across the country, the company seemed poised for success. However, as the sharks began to discuss potential deals, it became clear that they were unable to agree on terms. Some of the sharks were hesitant to invest in a company that was already operating in a crowded market, while others were concerned about the founders' lack of experience in managing a large franchise operation.
Despite their disappointment, the founders of Bhaskar's Puranpoli Ghar remained optimistic about the future of their company. With sales of 18 crores and a profit margin of 20%, the company was already a success. Moreover, the fact that they had been able to open four outlets in Mumbai, with plans for over 100 more across the country, was a testament to their tenacity and drive.
In the end, the failure of Bhaskar's Puranpoli Ghar to secure a deal on Shark Tank India Season 2 was a reminder that even the most promising businesses face challenges on the road to success. However, the fact that the founders were able to present their company to a national audience, and generate interest from potential investors, was a major accomplishment in itself. With their commitment to quality and innovation, and their plans for ambitious expansion, it seems likely that Bhaskar's Puranpoli Ghar will continue to grow and thrive in the years to come.
Here are some key learnings that new businesses can take away from the story of Bhaskar's Puranpoli Ghar:
- Focus on quality: One of the key reasons for Bhaskar's Puranpoli Ghar's success is the quality of their product. They use natural ingredients and avoid chemicals and preservatives, which sets them apart from their competitors. As a new business, it's important to prioritize quality and make sure that your product or service stands out in the market.
- Be innovative: Bhaskar's Puranpoli Ghar offers a wide variety of puran poli flavors, which has helped them attract customers and generate interest in their brand. When starting a new business, it's important to think creatively and come up with unique ideas that can set you apart from competitors.
- Don't be afraid to start small: Bhaskar's Puranpoli Ghar started out by selling puran poli on cycles in Bangalore, before gradually expanding to more outlets and franchises. Starting small can help you test the waters and refine your product or service before committing to larger investments.
- Have a clear vision: Bhaskar's Puranpoli Ghar's founders had a clear vision for their company from the beginning - to offer high-quality puran poli in a variety of flavors, and to expand to over 100 outlets across the country. Having a clear vision can help you stay focused and make strategic decisions for your business.
- Be prepared for challenges: Despite their success, Bhaskar's Puranpoli Ghar faced challenges in securing an investment on Shark Tank India Season 2. As a new business, it's important to be prepared for challenges and setbacks, and to have a plan in place for how to address them.
Overall, the story of Bhaskar's Puranpoli Ghar highlights the importance of quality, innovation, and strategic planning in building a successful business. By focusing on these key areas, new businesses can set themselves up for long-term success and growth.