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Shark Tank India 3: Ajay and Ruchika share inspiring journey; say, ‘We lost around Rs 100 crore, and our turnover was Rs 1100 crore’
In a recent episode, Ajay and Ruchika Bhuwalka, creators of a millet-based brand, shared their story. They highlighted the transformative role of millets in Ajay's health and aimed to secure investment.
Shark Tank India Season 3 has garnered significant attention and viewership. This distinctive show celebrates the entrepreneurial drive of Indians, with several startups already presenting their ideas on the platform, aspiring to secure investments from the Sharks.
Inspiring millet-based startup:
In the recent episode of Shark Tank India 3, viewers were introduced to the tragic story of Ajay Bhuwalka and Ruchika Bhuwalka, the creators of a millet-based brand. The duo delved into the details of their brand and its offerings, with Ruchika revealing how millets played a pivotal role in saving Ajay's life and bolstering his health. Motivated by this transformative experience, they resolved to launch a business centered around millets. Ajay and Ruchika were seeking Rs 1 crore in exchange for a 3% equity stake.
Peyush initially doubts the health benefits of millets, but Namita counters, stating, "For generations, people in rural areas have relied on a millet-based diet. It's not just a passing trend." This insight prompts Peyush to consider why India shifted from millets to wheat. Curiously, Namita inquired about Ajay and Ruchika's background.
Struggles in the steel industry:
Ajay reflects on his father's steel manufacturing enterprise, recalling, "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 crore, and our turnover was Rs 1100 crore.”
When Amit inquired about their initial investment, Ruchika revealed that they utilized her savings of Rs 3 crore. Anupam questioned how she managed to accumulate such a substantial amount during a crisis. Ruchika said, "I used to save every month, and that is how we made this money." Anupam praised her, saying, "Yeh bhartiya naari ki khoob khasiyat hai, jab kathinayi aati hai toh wohi kaam aati hai, well done."
Eventually, the sharks decided to opt-out, and ultimately, Ajay and Ruchika left the tank without securing a deal.
ALSO READ: Shark Tank India: Check out THESE 5 startups that failed to secure deal, but made it big after show
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