Introduction
Abbas Gabajiwala, the CEO of Blix Education, comes from a family with a history of making toys, spanning three generations. Abbas has taken a step forward by introducing STEAM toys. These toys are designed to help children develop various skills. Recognizing the significance of such skills in a career, Abbas, who holds a Bachelor's degree in Mechanical Engineering from Vishwakarma Institute of Technology and an MBA completed in 2011 from Singapore, has elevated the family business.
Blix offers four types of toys on their website: Robotics Sets, Spare Parts, Stem Toys, and Queaky, each aiming to engage and educate children in a fun and educational manner.
| Startup | Blix |
| Founder | Abbas Gabajiwala |
| Ask | ₹80 lakhs for 2% equity |
| Final Deal | ₹80 lakhs for 4% equity |
| Shark Onboarded | Aman Gupta & Ritesh Agarwal |
All About the Pitch
On January 24, 2024, Blix Education's founder appeared on Shark Tank, showcasing beloved toy products. Abbas sought 80 lakhs in exchange for 2% equity. Aman offered 40 lakhs for 4% equity and 40 lakhs as a loan with 11% interest, but Abbas declined the loan due to lack of profitability. Aman added a condition about future conflicts with Abbas's brother, which Abbas accepted. Vineeta Singh and Anupam Mittal offered 80 lakhs for 5% equity, while Aman and Ritesh Agarwal proposed 1 Crore for 6.25% equity. Peyush offered 80 lakhs for 4% equity. Abbas talked with his COO wife and countered with 90 lakhs for 3%, excluding Vineeta and Anupam. Aman and Ritesh secured the deal for 80 lakhs in exchange for 4% equity.
Takeaways from the Pitch
1.Communication skills: Abbas effectively communicated the key aspects of his business, product offerings, and negotiation points to the investors on Shark Tank.
2. Effective Decision-Making: Abbas demonstrated strategic decision-making by rejecting a debt offer due to the company's lack of profitability.
3. Flexibility: The founder displayed flexibility by accepting certain conditions, such as Aman's clause about potential conflicts with his brother which shows his will to succeed
4. Teamwork spirit: He also showed the true essence of teamwork by consulting with his COO wife during the pitch. highlighted a collaborative and strategic approach to decision-making.
5. Negotiation skills: He also exhibited negotiation skills by making a counteroffer of 90 lakhs for 3%, excluding some investors.
6. Deal-making abilities: He successfully closed the deal with Aman Gupta and Ritesh Agarwal, showcasing effective negotiation and deal-making abilities.
