In the world of Shark Tank India, there are always unique and innovative business ideas that are pitched to the sharks. And in season 2, one such idea caught the attention of viewers and sharks alike. Magic of Memories, founded by Priti Magoo, is a company that specializes in creating jewelry from the DNA of human beings. From umbilical cords to breast milk and even human blood, Magic of Memories can create jewelry pieces that preserve precious memories for a lifetime.
Priti Magoo, a former optometrist, left her job to start this venture in 2019. She was inspired by a concept popular in Germany and Australia and decided to bring it to India. With 60,000 followers on Instagram and a successful track record of delivering over 500 orders, Magic of Memories has made a name for itself in the industry. The company's website and Facebook presence have helped to establish its brand, and the unique offering has been well-received by customers.
During the pitch on Shark Tank India, Priti Magoo asked for 25 lakhs rupees for 5% equity in the company. She also provided the sharks with additional information about the company's financial performance. From August 2019 to August 2020, the company had sales of 8 lakhs rupees. In the following year, sales increased to 17 lakhs, and in the current year, sales have reached 27 lakhs. December's sales were 4.17 lakhs, with an average order value of 11,000. The company has a gross margin of 55% and a net profit of 50%.
Despite the unique and innovative idea, none of the sharks showed interest in investing in Magic of Memories. The lack of offers and counter offers resulted in no deal being finalized. However, this does not detract from the potential that the company holds in the market.
Moreover, the company has established a strong online presence, with a considerable following on social media. This indicates that there is significant potential for growth through e-commerce channels. With the right marketing strategy and partnerships, Magic of Memories could expand its reach and potentially tap into other markets beyond mothers.
In conclusion, while Magic of Memories may not have secured a deal on Shark Tank India, the company has the potential to grow and succeed in the market. Its unique offering and emotionally charged concept will continue to attract customers, and with the right strategy, the company could expand its reach and tap into other markets. As we continue to navigate the world of entrepreneurship, it is ventures like Magic of Memories that remind us of the power of innovative thinking and the emotional value that can be derived from a business idea.
Magic of Memories and their pitch on Shark Tank India provides several key learnings that can be applied by women in business or businesses in general.
- Pursue unique and innovative ideas: Magic of Memories' idea of creating jewellery from human DNA is unique and innovative, and it sets them apart from other jewellery companies. Pursuing unique and innovative ideas can help businesses stand out in the market and attract customers.
- Build a strong online presence: Magic of Memories has a strong online presence, with a significant following on social media. Building a strong online presence is essential in today's digital age, as it can help businesses reach a broader audience and increase their visibility in the market.
- Provide emotional value: Magic of Memories' concept of creating jewellery from human DNA taps into the emotional value that people place on memories. Providing emotional value to customers can help businesses develop a loyal customer base and attract new customers.
- Be prepared with financial information: Magic of Memories provided the sharks with detailed financial information about the company's performance. Being prepared with financial information is essential when pitching to investors, as it shows that the business is well-managed and has a solid financial foundation.