Nanaji founded Avimee and currently, they were seen on Shark Tank India season 2.
Last Updated: 03.45 PM, Jan 29, 2023
Shark Tank India season 2 has seen some great pitches. While some get accepted, others go back empty-handed. While they do not receive a funding from the Sharks, there’s a lot that happens for them anyway. Avimee is one such pitcher whose turnover doubled since the episode aired and currently, they are on track with their brand. OTTplay caught up with them to discuss where they currently are and where they’re headed.
Excerpts from the interview…
Did you get any offers after Shark Tank India? Any that you were interested and invested in?
We have been receiving offers before Shark Tank and after it also but we don’t just want money. We want someone who can hold our hand and guide us. It is why we came to Shark Tank India – because the Sharks are experienced and best in their field. That is why we came to get money from Sharks.
In the episode that aired, we did not see you'll ask Peyush if he wants to take up the offer. Did that happen and wasn't air or what happened there?
He was out initially only. Which is why he didn’t give us the offer and why we didn’t ask him.
Ayurveda is an age-old practice and many experts are doing it even now. What was it about your brand that sets it apart?
Today, everybody is doing ayurveda and using the term but the essence of ayurveda is lost. Most of the companies have commercialized the word ayurveda. What we’re doing different is that every herb has different components. Some are oil soluble, some water soluble, others alcohol soluble. The drugs which we require for haircare or skincare, we extract them in the proper solvent and extract them in-house. Cosmetics industry today is one of the most corrupted. If you are a brand owner, you will go to manufacturer and tell them to make a cream for you. The manufacturer might put 2% neem oil in the cream and claim it as herbal. The main USP of our brand is that we manufacture every product in-house. Also, we extract each herb in-house in the proper solvent. We make rose water in-house and I can easily say that it’s the best rose water in the world because we’re extracting the pigment, fragrance and drugs present in the rose. What the others are selling in the name of rose water is fragrant water. The main product – rose – is sold off as a different cosmetic product at the rate of Rs. 10-20 lakh/litre. We put the right qualities, quantities and use the right solvents. That is what sets us apart.
While you have said that you don't like debts, is that the only reason for rejecting Anupam and Amit's offer?
Yes, that was the only reason.
Are you confident about the net profit you mentioned on the show? At the current rate, do you see your brand heading in the right direction?
Since we went to Shark Tank, our turnover has almost doubled without any marketing cost involved. As we’re growing, our production cost is going down. Our net profitability is increasing. Currently, we’re the top selling brand among one million products listed. We’re ahead of big brands who have crores of budgets for marketing daily. Our brand is built on customer’s trust and it is result-oriented.
You also mentioned that you guys could tap into the Dubai market. Is there any other market that you are looking to explore?
We are dispatching our products all over the world currently. We’ve already started a company in Dubai. They look after our marketing and legalities in the Gulf region. Going forward, we’ll set up an office is the US as well. Through the US, we’ll be dealing with Mexico and Canada.
Where is the most demand for your brand?
Currently around 80% orders come from India and it is without marketing. It is mainly coming from our Instagram reels in Maharashtra. Our major market remains Maharashtra, Karnataka and Telangana.
The Sharks gave you two advice - one about not expanding to skincare if the growth and profit is from hair and the second was to include Nanaji in your profit margin. Have you followed the advice yet? Any plans to?
Our customers request us to find cure for certain skincare problems. Nanaji, due to his nature, cannot deny his customers. We will be expanding to the skincare category but slowly and gradually. Keeping the Sharks’ feedback in mind, we will be moving extremely slowly there.
Secondly, like I mentioned on Shark Tank too, when one sees it from outside, it might appear to be a huge issue but is not. We’re a very small and close-knit family and thus, it really doesn’t matter to us who has and doesn’t have the equity. The decision wasn’t taken by me or my brother. It was a decision taken after a good and healthy discussion. They’re right when you talk about good business but it isn’t applicable to our family. Nanaji has been with us for more than 16-20 years and even before this business, we were taking care of him and vice-versa. It will remain the same. I’m looking at most part of the business but I don’t have equity either. The reason is not significant for us.